Today’s Action:
Benchmark indices bounced back strongly. The Nifty reclaims the 10K mark.
Daily Market Review
The benchmark indices started the week on a positive note, making a strong bounceback after observing a few weeks of volatility. The Nifty reclaimed the 10K mount while the Sensex added almost 194 points in today’s trading session. The broader indices followed the frontline indices and extended their rally further today.
In today’s session, the Nifty opened on a positive note at 9,971.75 and hit an intraday high of 10,028.65. The index traded in the range of 9,968.80-10,028.65 and finally added 0.72% to end the day at 10,006.05. Similarly, the BSE Sensex opened at 31,798.31, and traded in the range of 31,797.89-31,952.87 before ending the day with gains of 0.61% at 31,882.16.
The market breadth, indicating the overall health of the market, was tilted towards the gainers in today’s session. On the NSE, 800 stocks advanced, compared with 685 stocks declining, and 45 stocks remaining unchanged.
The broader markets followed the frontline indices today. The Nifty Midcap and the Smallcap posted gains of 0.87% and 0.54%, respectively.
The MarketSmith India IND 47 Index, which lists the top 47 stocks in chart on fundamental characteristics, advanced higher by 0.99% today.
All the sectoral indices, barring the Nifty Pharma (-0.41%) and PSU Bank (-0.04%) managed to take away gains home. The top three gainers of the day were the Nifty PVT Bank (+1.31%), Bank (+1.24%), and Realty (+0.67%) indices.
Lupin today received FDA approval for its Doxycycline Hyclate tablet. Jain Irrigation was trading 6% up intraday after the GST rate cut for irrigation equipment was announced, from 18% to 12%.
The IT major, Cyient, today declared that it has entered into a definitive agreement to acquire 100% in the U.S.- based B&F Design Inc. However, the amount for which the acquisition will be made was not disclosed.
Jaypee Infra lost over 4.5% intraday after Supreme Court orders the Company to deposit INR 2,000 crore. The court also asked the interim resolution panel (IRP), a body formed by NCLT, to take over the management of Jaypee Infratech.
Today, the key indices observed higher trading volume compared with yesterday’s session. Today, both the Sensex and the Nifty dropped one distribution day each, resulting in a total distribution day count of 5 in the Sensex and 6 in the Nifty. The Indian market status remains in an 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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