Nifty, +0.4%; Sensex, +0.4%; Nifty Midcap, +0.5%; Nifty Smallcap, +0.3%; Model Portfolio, +0.9%.
Daily Market Review
Market Status: Confirmed Uptrend
Nifty closed positive after trading in negative territory for the most part of the session, thanks to broad-based buying toward the fag end of the trading session. Tata Motors (+7.1%) was the top gainer following strong sales by its JLR brand followed by Yes Bank (+5.9%) and Icici Bank (+3.9%).
After ETF for equities, the government today launched ETF for bonds (Bharat Bond), which will offer additional liquidity for state-owned firms and other government organizations. Bharat Bond ETF would be the first corporate bond ETF in the country.
On the sectoral front, Nifty PSU Bank index advanced 1.9%, followed by the Metal (+1.5%). On the downside, Nifty Realty closed 0.07% lower.
Though maintaining a positive view on the general market, we are taking note of higher number of distribution days. Nifty is less than a percent above its 21-DMA. If the 21-DMA is breached and the distribution day count remains elevated, we may downgrade the market to an Uptrend Under Pressure. If the rally sustains, look for stocks that had pulled back in price on low volume. If those stocks rebound from their moving averages when the market starts making higher highs, then they can do well.
Wipro announced the launch of advanced cloud Security Operations Centre (SOC) services using Microsoft Azure Sentinel. The stock gained 2.3%.
Eris Lifesciences acquired trademark Zomelis and its associated trademarks from Novartis AG. The stock gained 2.4%.
Tata Motors’s shares rose 7.1% as the company reported double-digit growth in Land Rover sales that drives the overall sales in the U.S. In November, Jaguar Land Rover sold 12,472 units in the US, an increase of 6.2% y/y and 19.4% m/m. The company also announced that it will increase the prices of its passenger vehicles from January.