Today’s Action:
India’s key indices remained flat today, however, markets displayed some strength during the end of today’s trading session. Broader indices followed the frontline indices today.
Daily Market Review:
Today, the benchmark indices started strongly tracking strength from their global counterparts, and during afternoon it observed some selling but that was lived short as the investors resort to some strong buying at the last hour; thus, helping the key indices to close in green.
The Nifty started the day 50 points higher at 10,358.65 and gained 0.06% or 5.80 points in today’s range-bound trading session. It traded in the range of 10,266.95-10,368.45 and finally settled at 10,308.95. Similarly, the BSE Sensex started on positive note at 33,376.62 and posted a modest gain of 0.10% to close at 33,250.93, the trading range was observed between 33,111.54 and 33,463.80.
The broader indices also made merry today, as the Nifty Midcap and Small cap posted gains of 1.19% and 0.82%, respectively.
The market breadth, which indicates the overall health of the market, was tilted toward gainers in today’s session. On the NSE, 862 stocks advanced, while 635 stocks declined, and 109 stocks remained unchanged.
Sectoral chart displayed a mixed picture today with equal winners and losers today. The Nifty Pharma was the biggest loser with a loss of 0.62%, while the Realty, Auto, and Media lost 0.10% each in today’s trading session. On the winning side, Nifty PSU Bank, Energy, and Metal were the top-three performers today with gains of 1.55%, 0.56%, and 0.46%, respectively.
The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in technical chart and fundamental chart, gained 1.11% today.
GST council meeting has started to cut rates on 150-200 items, and this is expected to reduce tax and compliance burden on small traders and businessmen.
Rain Industries posted stellar Q2 FY 2018 numbers yesterday, as a result of which stock hit an upper circuit in today’s trading session. Its EBIDTA grew 49%, y/y to INR 673 crore, on an account of an increase in sales volume and higher margins.
Today, both the Nifty and the Sensex observed a lower trading volume than yesterday’s trading session, the total distribution day count remains at three, for the Nifty and two for the Sensex, while the Indian market remains in Confirmed Uptrend.
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.
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