Today’s Action:
Tracking from its Asian peers, benchmark indices traded flat amidst volatility.
Daily Market Review:
Indian markets traded flat today, as markets lack the positive trigger. Broader indices stole the limelight today, as they continue their winning streak.
The Nifty lost 0.04% to close at 10,440.30 in today’s trading session. After opening the day at 10,473.95 it traded in the narrow range of 10,426.90- 10,473.95. The BSE Sensex lost a 0.06% today to close at 33,756.28, it was range bound in between 33,707.80 and 33,860.99.
The Nifty Midcap and Smallcap indices extended their gains 1.08% and 1.52%, respectively.
The market breadth, which indicates the overall health of the market was also in favor of gainers today. On the NSE, 987 stocks advanced and 537 stocks declined. A total of 44 stocks remain unchanged.
The top gainers in the Sectoral chart were Nifty Metal (+0.88%), Realty (+0.76%), and IT (0.62%); while the top losers were Nifty Auto (-0.65%), FMCG (-0.23%), and PVT Bank (-0.22%).
The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in the technical chart and fundamental chart, gained a 0.74% today; hence, outperforming the major indices.
In Stock news, Reliance Infrastructure announced that it will sell its 100% stake in the Mumbai Power business to Adanis for INR 18,800 crore.
ABB India has announced that it won an order worth INR 134 crore, from the Indian Railways. The Company will supply traction equipment, for electric locomotives manufactured by Chittaranjan Locomotive Works.
Both the indices diverged with respect to trading volume today. The Nifty observed a lower trading volume, contrary to the Sensex. Talking about the distribution day count, there is no change today; thus, the total distribution day count remains to five on the Nifty while four on the Sensex and the market status is 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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