Today’s Action:
The markets observed a turn of events in today’s trading session. After opening 200 and 800 points down, respectively, the Nifty and the Sensex marched strongly towards reclaiming their all-time highs. Gujarat election results spurred the demand in the market; however, the indices closed below the day’s high.
Daily Market Review:
The markets rejoiced as the BJP expands its empire by winning the assembly election in Gujarat and Himachal Pradesh today. After opening gap down in the morning, the key indices recovered in synchronization with the increase in BJP votes and ultimately made a solid comeback in today’s trading session.
The Nifty started the day at 10,263.10 and traded between 10,074.80-10,443.55. It posted gains of 0.54% to close the day at 10,388.75. The BSE Sensex advanced 0.41% today, after starting the day at 33,364.52. It traded in the wide range of 32,595.63-33,801.90.
Talking about the broader indices, the Nifty Midcap (+0.84%) and Smallcap indices (+0.21%) tried to make up for last week’s losses.
The market breadth, which indicates the overall health of the market, was also in favor of gainers today. On the NSE, 808 stocks advanced and 729 stocks declined. A total of 45 stocks remain unchanged.
Apart from Realty (-0.50%), all the sectors ended in green today. The top three gainers were Nifty PSU Bank (2.35%), Metal (1.66%), and Pharma (1.43%).
The MarketSmith IND 47 Index, our proprietary list of the top 47 stocks in technical chart and fundamental chart, gained 0.20% today.
Welspun Corporation has received an order for the supply of 57K MTs pipes for a water project in India. The order is expected to improve revenue visibility going forward.
Today, both the Sensex and the Nifty observed lower trading volume compared with Friday’s trading session. The distribution day count remains at six on the Nifty and five on the Sensex. The market status remains in an Uptrend Under Pressure.
Current Outlook:
– Be cautious with any new purchases.
– Make a defensive game plan for your portfolio.
– Stay disciplined and exercise sound buy and sell rules.
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