Trade war fears weigh on market; midcap and smallcap indices hold ground.
Daily Market Review:
Global trade war concerns came back to haunt market bulls as the frontline indices slipped 0.9-1%. As a result of low volumes, today’s session did not qualify as a distribution day.
However, broader market indices latched on to their gains. The Nifty Midcap and Smallcap advanced 0.1% each.
The market breadth turned in favour of losers. Of the 2,069 stocks traded on the NSE, 850 advanced, 899 declined, and 320 stocks remained unchanged.
The broader market managed to hold ground as both the Nifty Midcap and Smallcap ended flat at 0.15% and 0.03%, respectively.
On the sectoral front, all indices ended in the red barring Nifty Pharma (+1.3%) and Metal (+0.2%). The top losers were Nifty Realty (-1.7%), Auto (-1.4%), and Financial Service (-1.1%).
The IND 47 index, MarketSmith India’s proprietary list of top 47 stocks in chart and fundamental characteristics, lost 0.2% in today’s session.
– Market environment conducive for purchases, but remain selective.
– Focus on fundamentally strong stocks breaking out of solid technical patterns.
– Stay disciplined and exercise sound buy and sell rules.
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