Daily Big Picture – Markets rebound with the Sensex hitting record high

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Today’s Action:

Markets make a bullish reversal after a short haul. The Nifty surged 1.59% on heavy volumes with the Sensex closing at a record high.

Daily Market Review

After a few dull days in the past, the sentiments on the domestic bourses revived on positive global cues and F&O expiry. The markets registered modest gains today with the Nifty once again crossing the 9,500 level and the Sensex making a fresh all-time high. A similar strength was seen in the broader markets, with the Nifty Smallcap outperforming the market, posting a gain of 2.92%.

On a closing below the 9,400 level yesterday, the Nifty was able to cross and close above 9,500 levels at 9,509.75. During the day, the index gained 149 points or 1.59% and traded in the wide range of 9,379.2 – 9,523.30. It remains 0.24% off its all-time high.

Closing at a gain of 1.48%, the Sensex flashed an all-time high of 30,793.43 in today’s session. After opening at 30,374.81, the index closed at 30,750.03 or 0.14% off from today’s high. The range observed for the day was 30,352.26 – 30,793.43.

A huge surge in volumes was observed in the Nifty today as compared to yesterday’s session.

The broader indices also showed some signs of recovery, with the Nifty Smallcap leading the market with a gain of 2.92%. The Nifty Midcap and Smallcap rose by 1.31% and 2.92%, respectively.

The MarketSmith India IND 47 Index, which lists the top 47 stocks in chart and fundamental characteristics, gained 2.27% in today’s trading session, heavily outperforming the key composites.

On the sectoral front, almost all the sectors cheered today’s rally posting significant gains. The Banking sector outperformed the market today with Nifty Bank, Private Bank, and PSU Bank closing at a gain of 2.9%, 2.9%, and 2.63%, respectively. However, the only sector to close in red being, Nifty Pharma (-2.62%).

The Indian market outlook stays at Confirmed Uptrend as the Nifty and the Sensex are trading near their all-time highs. The distribution day count stands at 1.0 and 4.0, for the Nifty and the Sensex, respectively.

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