Daily Big Picture – Market On Song; Reliance Leads Rally

Daily Big Picture

Today’s Action:

Benchmark indices extend record-breaking spree, broader market outperforms.

Daily Market Review:

Market bulls arrived late at the scene to turn a dull session into a cheerful one.

The day began on a gloomy note for the bourses, but benchmark indices flexed their muscles in the final hours.

Today, both the Nifty and the Sensex gained 0.3% and entered new high ground. The wide rally was majorly led by Reliance Industries (+3%), which hit a new high today and snatched back the tag of India’s most valued company in terms of market capitalization. The Company is now worth Rs. 7.44 lakh overtaking Tata Consultancy Svs. market cap of Rs. 7.39 lakhs.

The broader market followed suit as the Nifty Midcap and Smallcap advanced 0.4% each. This was the eighth straight session of gains for the broader market.

The market breadth remained in favor of gainers in today’s session. Out of the 2,067 stocks traded on the NSE, 992 advanced, 747 declined, and 328 stocks remained unchanged.

Sectoral performance gave a mixed view today. The top-performing sectors were Nifty Realty (+1.7%), Energy (+1.6%), and IT (+1.2%). On the downside, Nifty PSU Bank (-1.3%), Financial services (-0.7%) and Media (-0.3%) were the worst performers.

MarketSmith India’s IND 47 index, our proprietary list of top 47 stocks in chart and fundamental characteristics, outperformed key indices as it inched 0.6% higher.

Talking about the overall market direction, the distribution day count stands at one on both the Nifty and the Sensex. With the Nifty and the Sensex scaling new highs today, the market continues to be in a Confirmed Uptrend.

On the economic front, India’s fiscal deficit rose further to Rs 4.3 lakh crore that is 68.7% of the targeted Rs 6.24 lakh crore in FY 2019.

Current Outlook:

– Market environment conducive for purchases, but remain selective.

– Focus on fundamentally strong stocks breaking out of strong technical patterns.

– Stay disciplined and exercise sound buy and sell rules.

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