Today’s Action:
Benchmark indices traded with gains for most part of the day and closed with minor gains. Broader indices show a mixed picture, with the Nifty Smallcap index notching up gains, while the Midcap index ends flat with a negative bias.
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
The benchmark indices opened on a positive note in today’s session. After slipping into losses in the early part of the day, the headline indices marched higher as the day progressed. By the close of the session, however, the indices could not hold onto most of their gains and eventually ended flat with a positive bias.
The Nifty opened higher at 9,988.20. After hitting the day’s low of 9,959.45, the index headed higher to reach a peak of 10,015.75 for the day. By the close of the session, the index settled at 9,988.75, gaining 0.09% from Friday’s close. The BSE Sensex gained 0.10% in today’s session and closed at 31,846.89. The index opened higher at 31,862.20 and traded in the range of 31,781.75-31,935.63.
The market breadth, indicating the overall health of the market, was in favor of gainers today. On the NSE, 850 stocks advanced, compared with 648 stocks declining, and 46 stocks remaining unchanged.
The broader markets had a mixed outing in today’s session. While the Nifty Smallcap index put on gains of 0.32%, the Nifty Midcap index closed flat with a loss of 0.02% for the day.
The MarketSmith India IND 47 Index, which lists the top 47 stocks in the chart on fundamental characteristics, gained 1.08% today.
On the sectoral chart, barring three, all indices notched up gains for the day. The top-three gainers in today’s session were the Nifty Realty, Media, and FMCG indices, rallying 2.33%, 1.06%, and 0.62%, respectively. Among the losers, the Nifty Energy, PSU Bank, and Auto indices slipped 0.95%, 0.04%, and 0.01%, respectively.
According to the data released by the Society of Indian Automobile Manufacturers (SIAM) today, domestic passenger vehicle sales grew 11.32% y/y, to 3,09,955 units in September. Total two-wheeler sales in September increased 9.05% to 20,41,024 units compared with 18,71,621 in the year-ago period, while sales of commercial vehicles increased 25.27% y/y to 77,195 units in September.
Jewelry stocks were up in today’s session after the Government withdrew its GST notification on gems and jewelry. Accordingly, Permanent Account Number (PAN) card and Aadhaar card will no longer be mandatory for purchase of jewelry exceeding INR 50,000 in value. Market has cheered the development, which is likely to increase demand for jewelry during Diwali, especially on the Dhanteras day.
In stock news, Ceat has purchased a 163-acre land parcel in Chennai for more than INR 60 crore. The Company plans to set up a radial tire manufacturing facility at the site, and will invest about INR 5,000 crore over the next five years for this major greenfield project. The proposed facility—Ceat’s first in South India—is strategically important for its proximity to OEMs such as Hyundai, Renault Nissan, Ford, Daimler, KIA, and Isuzu among others.
Both the Nifty and the Sensex witnessed lower trading volume in today’s session, compared to Friday. The distribution day count now stands at three and four on the Nifty and the Sensex, respectively. The market status remains in an Uptrend Under Pressure.
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