Daily Big Picture – Nifty Holds 9,300; Sensex Closes Flat; Midcap Index Hits All-time High

Today’s Action:

The major indices were range bound as they end with marginal gains. The Nifty Midcap index marks a fresh all-time high, while the Smallcap index extends gains.

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.

Daily Market Review

After an extended weekend holiday, the benchmark indices traded the day on a flat note. Both the Sensex and the Nifty had a good opening with significant increments from the previous session’s closing levels. The key composites dipped into the red zone on numerous occasions, but managed to end the day with marginal gains.

The Nifty held on to the 9,300 mark and ended at 9,313.80 to gain 0.10% in today’s trading session. It started off the day at 9,339.85 points and traded in the range of 9,269.90-9,352.55.

The Sensex ended flat at 29,921.18 gaining 0.01%. Opening at 30,019.80 points, its trading range was observed between 29,804.71 – 30,067.31.

The Nifty observed marginally lower trading volume compared to the previous trading session, while the Sensex observed high trading volume compared to the previous trading session. Market volatility was observed in today’s trading session ahead of crucial Fed policy.

Today, the broader indices outperformed the frontier indices as the Nifty Midcap and Smallcap gained 0.56% and 0.12%, respectively. The Nifty Midcap index scaled an all-time high today.

The William O’Neil IND 47 Index, which lists the top 47 stocks in chart and fundamentals, outperformed the market and gained 0.97% in today’s trading session.

Today’s sector wise performance chart showed a mixed picture, with equal number of sector indices showing positive and negative movement. The top three winning sectors for the day were Nifty Realty, IT, and Media posting gains of 1.83%, 0.63%, and 0.61%, respectively. On the negative end, the biggest losers were Nifty Pharma, Metal and Energy indices with losses of 0.84%, 0.57% and 0.17%.

Moving to the economic data released today, the Nikkei India Manufacturing Purchasing Managers Index for April, 2017 remained unchanged at 52.5, as it was in the previous month. A level above 50 indicates economic expansion. The country’s manufacturing sector witnessed growth for a fourth straight month, backed by strong growth in orders. Further, the rate of new orders peaked to a six-month high.

The Indian markets are comfortably trading close to their all-time highs, aided by positive Q4 FY 2017 results and fading geopolitical tensions. The Sensex and the Niftyare currently holding a distribution day count of 4.0 and 3.0, respectively. However, the market status remains positive in a Confirmed Uptrend.

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