Today’s Action:
Both the indices hold their morning gains today to inch closer to their all time highs.
Daily Market Review:
Markets embraced BJP win state election with both arms; as both the indices are trading marginally below their all-time high, broader indices came back on winning streak, and auto sector rallied after government decided to give incentives to boost electric vehicles.
The Nifty started the day at 10,414.80 and made an intraday high of 10,472.20. After falling down till 10,406, it finally ended the day at 10,463.20 to post a gain of 0.72%. The BSE Sensex also came close to its all-time high today; after opening today at 33,732.08 it traded in the range of 33,666.62-33,862.07 to finally close at 33,836.74 to gain 0.70% for today.
The Nifty Midcap and Smallcap indices made merry today, as they gained 1.45% and 1.31%, respectively.
The market breadth, which indicates the overall health of the market was also in favor of gainers today. On the NSE, 1,171 stocks advanced and 307 stocks declined. A total of 42 stocks remain unchanged.
In a rare occurrence, apart from Nifty IT (-0.66%), all the sectors witnessed heavy accumulation today, the top-performing sectors were Nifty Auto (+3.48%), Realty (+1.62%), and Metal (+1.46%).
The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in technical chart and fundamental chart, gained 1.87% today, outperforming the major indices.
Today both the Sensex and the Nifty observed lower trading volume compared to yesterday’s trading session. Today the Nifty dropped one distribution day, due to ageing; and hence, the total distribution day count dropped to five on the Nifty and four on the Sensex.The market status remains at ‘Uptrend Under Pressure.
Current Outlook:
– Be cautious with any new purchases.
– Make a defensive game plan for your portfolio.
– Stay disciplined and exercise sound buy and sell rules.
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