Today’s Action:
Frontline indices extend their bull run to hit all-time highs; broader indices outperform. Nifty, +0.2%; Sensex, +0.4%; Model portfolio, +0.6%; and MSI Ind 47, +0.03%.
Daily Market Review:
Bulls continued to outsmart the bears, as frontline indices extended their record breaking spree.
Both the Nifty and the Sensex hit all time highs and gained 0.2% and 0.4%, respectively. For the first time the Sensex crossed the 38,000 mark.
The broader market outperforms as the Nifty Midcap and Smallcap gained 0.5% and 0.9%, respectively.
The market breadth tilted in favor of gainers in today’s session. Out of the 2,072 stocks traded on the NSE, 867 advanced, 865 declined, and 340 remained unchanged.
Out of 12 sectors on the NSE, eight sectors ended in positive territory with the Nifty PSU Bank (+3%) was the top gainer. On the downside, the Nifty Pharma (-0.6%) was a laggard.
The market direction remains unchanged at a Confirmed Uptrend with a low distribution day count of one on the Nifty and two on the Sensex. The Nifty Midcap and Smallcap remain in a Rally Attempt.
Current Outlook:
– Market environment conducive for purchases, but remain selective.
– Focus on fundamentally strong stocks breaking out of solid technical patterns.
– Stay disciplined and exercise sound buy and sell rules.
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