Today’s Action:
The benchmark indices witnessed a choppy session. Broader indices scale all-time highs.
Daily Market Review
The benchmark indices were range bound in today’s trading session, after recording significant losses yesterday. Starting mildly higher, the indices lost momentum and retreated from the day’s highs. By the close of trading, the Nifty managed to garner small gains, while the Sensex ended flat. The market lacked fresh cues that could guide investors ahead.
In today’s session, the Nifty opened on a positive note at 9,946.85 and soon hit an intraday high of 9,963.90. The index gave up its early gains and hit an intraday low of 9,917.50, before finally settling at 9,929.90, up 0.14% from the previous close. Similarly, the BSE Sensex opened at 31,738.74, and traded in a range of 31,626.14-31,814.46, before ending the day flat at 31,662.74.
The market breadth, indicating the overall health of the market, was tilted towards the gainers in today’s session. On the NSE, 794 stocks advanced, compared with 633 stocks declining, and 43 stocks remaining unchanged.
Broader markets comfortably outperformed the key composites, as the Nifty Midcap and Smallcap indices gained 0.30% and 0.36%, respectively. Both the indices recorded fresh all-time highs, today.
Today, the MarketSmith India IND 47 Index, which lists the top 47 stocks in chart on fundamental characteristics, advanced higher by 0.33%.
All the sectoral indices, barring the Nifty FMCG (-0.64%), Energy (-0.39%), and Media (-0.02%), managed to end in the positive territory. The top three gainers of the day were the Nifty Metal (+1.15%), Auto (+0.85%), and Realty (+0.80%) indices.
In news from the European continent, policymakers of the European Central Bank (ECB) are scheduled to meet today and discuss their future course of action on the monetary stimulus program. The Central Bank is also expected to trim its inflation forecasts, while slightly increasing its growth projections, keeping in view the current rate of inflation. However, a few economists expect the ECB to provide details on its Quantitative Easing program only after its October meeting.
In the stock talk, shares of Eicher Motors witnessed demand, on the news that the Company is planning to acquire motorcycle manufacturer, Ducati, for $1.2-2B. Shares of Wipro had a positive outing at the bourses as the IT major bagged a five year IT management contract from Outokumpu.
Today, the key indices observed higher trading volume in comparison to yesterday’s session. The distribution day count for the Sensex and the Nifty stands at 7.0, each. The Indian market status remains in Uptrend Under Pressure.
Current Outlook:
– Be cautious with any new purchases.
– Make a defensive game plan for your portfolio.
– Stay disciplined and exercise sound sell rules.
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