Today’s Action:
Benchmark indices experienced a range-bound trading session today. The Nifty closing above 10k and higher trading volumes in both the indices depicts a positive sentiment among the investors. Broader and Sectoral indices were also in a bullish mood.
Current Outlook:
– Be cautious with any new purchases.
– Make a defensive game plan for your portfolio.
– Stay disciplined and exercise sound sell rules.
Daily Market Review
Equity indices observed a volatile trading session today, ahead of earnings season and continued tensions in korean peninsula. However, both the indices extended their gains today, while the Nifty reclaims the 10k peak.
The Nifty opened at 10,013.70 today. It traded in a bounded range of 10,002.30-10,034 and could hold on above the 10k mark.It closed the day at 10,016.95 with gains of 0.28%. The BSE Sensex also extended its gains by 0.24% today. After starting the day at 31,910.82 it traded between 31,896.90 and 31,994.77 points and finally settled at 31,924.41.
The market breadth, indicating the overall health of the market ,was in favor of gainers today. On the NSE, 888 stocks advanced, compared with 593 stocks declining, and 52 stocks remaining unchanged.
The broader markets outperformed the benchmark indices today. The Nifty Midcap gained 0.83%, while the Smallcap posted an increment of 0.81% in today’s trading session.
The MarketSmith India IND 47 Index, which lists the top 47 stocks in chart on fundamental characteristics, gained 1.51% today.
On the sectoral chart, barring Nifty Realty and FMCG which lost 0.86% and 0.32%, respectively, today, all the sectors displayed some strength. The top-three winners were Nifty IT, PVT Bank, and Bank with gains of 0.43%, 0.40% and 0.39%, respectively.
In stock news, Biocon received a complete response letter from USFDA for Mylan Biologics License Application for a drug—MYL-H. After receiving the license, the company is quite optimistic about launching the drug on time.
Mahindra & Mahindra announced today about its plan of launching electric KUV100 within a year. Management also guided about their intentions to launch SUVs with electric motors in future. It is currently the sole manufacturer and seller of electric cars in the country and has made huge capital expenditure toward setting up a battery plant, electric motors, etc.
SH Kelkar & Co. witnessed a surge of more than seven percentage intraday today. The Company is into the business of making fragrance and is eyeing to enter Southeast Asia and Middle East, where the growth of fragrance business is high.
Both the Nifty and the Sensex witnessed higher trading volume in today’s session, compared to yesterday. Today, the Sensex dropped a distribution day, and therefore the distribution day count now stands at three on both the indices. The market status remains in an Uptrend Under Pressure.
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