Today’s Action:
The Nifty and the Sensex displayed some signs of strength today as they closed above their 50-DMA mark; broader indices outperformed the frontline indices.
Daily Market Review:
Indian market observed a yet another volatile trading session thus keeping the investors on toes; however, the benchmark indices made a remarkable recovery today after posting losses in the last seven trading sessions.
Broader indices posted solid gains in today’s trading session, after they fell over 10% from their all time highs over the last two weeks. They are displaying some signs of improvement; however, the conviction is yet to be proved because they remain in correction at present and thus warranting an extra caution while investing.
The Nifty and the Sensex gained 0.96% and 0.97%, respectively, while the Nifty Midcap and Small cap indices gained 1.78% and 2.40%, respectively.
The sectoral chart depicted a very bullish picture today where all the sectors ended the day in green, the top performing sectors were Nifty Pharma (+3.66%), PSU Bank (+2.64%) and Realty (+2.57%).
The market breadth remained in favor of gainers today. On NSE, 1289 shares advanced against a decline in 223 shares. A total of 59 shares remain unchanged.
The IND 47 index, a list of top 47 stocks in chart and fundamental characteristics, gained 3.06% today, thus outperforming the benchmark indices.
ACC cement announced its Q4 FY 2017 numbers today, the net profit doubled for the company on account of strong sales volume growth of 27%, y/y, and increase in EBIDTA due to reduction in operating cost. The stock of ACC cement surged 5% intraday post the announcement of results.
There is no change in distribution day today. The total distribution day count stands at three each on the Sensex and the Nifty, while the market condition remains at Uptrend Under Pressure.
Current Outlook:
– Be cautious with any new purchases.
– Form a defensive game plan for your portfolio.
– Stay disciplined and exercise sound sell rules.
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