Today’s Action:
Key Indices rebound from previous session’s loss. Broader markets outperform.
Daily Market Review:
After two consecutive sessions of heavy sell-off, the Indian market blocked the bears on Thursday. Mirroring the strength in the global market, bulls took the center stage at the market open and marched higher.
Both the indices started the day on a positive note, where Nifty opened at 10,063.45 (+0.19%) and Sensex at 32,615.05 (+0.05%). The icing on the cake was the indices kept on inching higher aided by strong buying interest throughout the session. In the end, the Nifty pocketed a gain of 1.22% to close at 10,166.70, reclaiming its 10,050 levels, whereas the Sensex surged 1.08% to close at 32,949.21.
Broader markets were on the investor’s radar as the Nifty Midcap and Small cap managed to recoup from their previous losses to gain 1.43% and 1.44%, respectively.
The market breadth, which indicates the overall health of the market, was also in favor of gainers today. On the NSE, 1,135 stocks advanced and 366 stocks declined. A total of 55 stocks remained unchanged.
In a rare occurrence, all the sectors ended in positive territory. The top sectoral gainers in today’s trades were the Nifty Auto (+1.95%), Metal (+1.87%), and Media (+1.39%).
The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in technical and fundamental charts, outperformed to post a gain of 1.7 % today.
On the stocks front, Tata Motors gained 1.81% intraday to INR 404. The Company’s British luxury car unit, Jaguar Land Rover sold 52,332 vehicles in November 2017, a 10% growth in volume when compared with November last year. The increase was primarily driven by the introduction of the new Land Rover Discovery and the Range Rover Velar.
Today’s action does not demand any change in the Indian market outlook of Under Pressure. India’s barometer index Nifty is still trading below its 50-DMA with a high distribution count of five and is down almost 3% from its previous high.
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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