The major indices recovered with good gains after last session’s slump. The NiftyMidcap and Smallcap indices outperform key composites.
– 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
The benchmark indices put up a decent show today, tracking positive momentum from its Asian peers after a landslide victory for Emmanuel Macron in French polls on Sunday. The key indices trimmed their intraday highs in the second half of the day to end in the bottom half of the range. However, today’s significant increment helped offset some of the losses from Friday’s trading session.
The Nifty closed at 9,314.05 to gain 0.31% in today’s trading session. It opened at 9,311.45 points and traded in the range of 9,297.95-9,338.70.
The Sensex moved 67.35 points and closed at 29,926.15, gaining 0.23% at the end of today’s trading session. It started the day off at 29,915.12 mark and the trading range was observed between 29,877.41-30,016.04.
Both the Sensex and the Nifty observed a lower trading volume than the previous trading session.
Continuing their winning momentum, the Nifty Midcap and Smallcap indices gained 0.63% and 1.20%, respectively, today.
The William O’Neil IND 47 Index, which lists the top 47 stocks in chart and fundamental characteristics, outperformed the benchmark indices by gaining 0.93% in today’s trading session.
Talking about the sectoral indices, Nifty Realty performed exceptionally well today to gain 4.20%. Other sectors to gain significantly were Nifty IT and Nifty PSU bank gaining 1.22% and 1.07%, respectively. The Nifty FMCG, Energy and Metal indices were the only losing sectors with decrements of 0.80%, 0.13% and 0.08%, respectively.
In the final showdown, Centrist candidate Emmanuel Macron comfortably won the French Presidential election over the far-right national leader, Marine Le Pen. The former economy minister emerged victorious with a 66% share of the vote. In a post win speech, he vowed to unite the divided and fractured France, as the world, as well as Europe watches them. Macron became the youngest French president to be elected to power.
In the stock talk, the prospective merger of cement companies, ACC and Ambuja Cements, propelled accumulation of the stocks. In their respective board meetings, the companies initiated the evaluation process, to understand the joint synergies.
Eicher Motors was in spotlight after reporting good Q4 FY 2017 results that were declared on Friday. It reported a 33.9% jump in its consolidated net profit, fueled by a 23.3% growth in its total income.
Today, positive global cues provided a much-needed breather to the key composites after a sharp decline in the last session. The Sensex and the Nifty are currently holding 4.0 and 3.0, distribution days, respectively. The Indian market condition is in a Confirmed Uptrend.
For more updates, Subscribe to MarketSmith India.
Disclaimer: William O’Neil India Investment Adviser division, is one of the divisions of William O’Neil India Private Limited, which is a company incorporated under the Companies Act 1956. William O’Neil India Investment Adviser division is a registered investment advisor with the Securities and Exchange Board of India and through its online product, MarketSmith Indiaintends to provide quality equity research material and information to its customers. The investments discussed or recommended through MarketSmith India may not be suitable for all investors and hence, you must rely on your own examination and judgement of the stock and company before making investment decisions. Data provided through MarketSmith India is for information purposes only and should not be construed as an offer or solicitation of an offer to buy or sell any securities. Information and discussions made available through MarketSmith India contain forward looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. William O’Neil India Investment Adviser division or its employees / directors or any of its affiliates are not responsible for any losses that may arise to any person who has made investments based on the contents of this document. Past performance never guarantees future results. Investment in equities are subject to market risks and despite the best efforts to provide market leading research, William O’Neil India would like to exhort its users to acknowledge and fully understand the risks involved which might include but not limited to loss of both principal and income. Data and content provided through MarketSmith India is to be consumed only by the intended recipient and must not be redistributed any further.
Registered office address: William O’Neil India, Technomark Building, A-4, NGEF Ancillary Industrial Estate, Graphite India Road, Mahadevapura, Whitefield, Bangalore 560048, Phone: + 91 80 67453802, Fax: + 91 80 6745381, Website: http://www.williamoneil.com/india/, For investor queries:email@example.com; For grievances: firstname.lastname@example.org; For compliance officer:email@example.com, Corporate Identity Number: U74999KA2012FTC066881, Investment Adviser SEBI Regn. Nos: INA200005125 valid till 11 July 2021.