Today’s Action:
Both the Sensex and the Nifty observed an intraday all-time high today, however, it couldn’t sustain those levels and started consolidating as the day progressed. Finally, the Nifty managed to end flat while the Sensex ended the day with a marginal loss.
Current Outlook:
– Market environment conducive for new purchases, but remain selective.
– Focus on fundamentally strong stocks breaking out of strong technical patterns.
– Stay disciplined and exercise sound buy and sell rules
Daily Market Review
After scaling to a fresh high in yesterday’s trading session, the benchmark indices experienced a consolidation today as investors remained subdued in anticipation of quarterly earnings.
The Nifty started the day at 10,227.65 and made an intraday all-time high at 10,251.85. After dropping to 10,212.60 points, it ended the day at 10,234.45 with marginal gains of 0.04%. The Sensex also observed an intraday all-time high at 32,699.86 points today. After dropping to 32,556.74, it ended the day at 32,609.16 with losses of 0.08%.
The market breadth, indicating the overall health of the market was in favor of losers today. On the NSE, 744 stocks advanced, compared with 773 stocks declining, and 60 stocks remained unchanged.
The Nifty Midcap and the Smallcap indices outperformed the frontline indices today with gains of 0.58% and 0.71%, respectively.
The MarketSmith IND 47 Index, which lists the top 47 stocks in chart and fundamental characteristics, gained 0.46% today.
The sectoral chart depicted a mixed picture today. Nearly half of the sectors emerged as losers, while the rest emerged winners. The Nifty Realty, Pharma, and the Metal were the top gainers with the gains of 0.89%, 0.50%, and 0.33% respectively. The top three losers were Nifty Media, Financial Service, and Bank each losing 1.75%, 0.27% and 0.23% respectively.
Both the Sensex and the Nifty observed a lower trading volume in today’s session. The distribution day count remains at 3 for the Nifty and 4 for the Sensex. The market status remains at a Confirmed Uptrend.
In stock news, Air India’s date of disinvestment is yet to be finalized but there is a high chance that more than one buyer may get a share of its different business. Earlier, Indigo, Tata Sons, and the Bird group had expressed their interest in buying the stakes of the debt ridden airlines.
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