Today’s Action:
Markets displayed some strength, ahead of Gujrat exit polls; and broader indices continue to disappoint.
Daily Market Review:
Key indices reversed their gear in the second half of the trading session today, though the markets opened positively. They could not sustain the morning gains and came down below yesterday’s closing price; however, some heavy buying in the afternoon helped the indices in posting some gain after gruelling for the last two trading days.
The Nifty started the day at 10,229.30 and traded in between 10,141.55 and 10,276.10. It posted a gain of 0.58% at 10,252.10. The BSE Sensex also advanced 0.59% today, after starting the day at 33,114.69. It traded in the range of 32,886.93-33,321.52.
Talking about the broader indices, the Nifty Midcap (-0.04%) remained flat today, while the Smallcap indices (-0.32%) extended their losses.
The market breadth, which indicates the overall health of the market was also in favour of losers today. On the NSE, 556 stocks advanced and 976 stocks declined. A total of 45 stocks remain unchanged.
Apart from Media (-0.26%), all sectors ended in green today, the top-three gainers were Nifty FMCG (0.85%), Pharma (0.76%), and Bank (0.67%).
The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in the technical chart and fundamental chart, lost 0.10% today.
India’s wholesale inflation rate hit an eight-month high rising 3.93% during November v/s 3.59% in October. The wholesale inflation rate is an indicator for price movements in bulk buys for traders, and it ultimately indicates the price that the consumer would pay.
Today, both the Sensex and the Nifty observed lower trading volume compared to yesterday’s trading session. The distribution day count remains at six on the Nifty, while five on the Sensex and the market status remains at 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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