Today’s Action:
After starting the day flat, benchmark indices ended the day with modest gains; however, broader indices extended their gains.
Daily Market Review:
Benchmark indices started the day on a positive note, after tracking strong cues from its Asian peers. As the day progressed, they could not sustain the early morning gains, but still managed to post healthy gains on the bourses. Broader indices underperformed the key indices today.
The Nifty started the day at 10,329.25 and gained 0.27% to end at 10,326.90. It traded in the range of 10,315.05-10,358.70. The BSE Sensex started the day at 33,438.28, and gained 0.36% today. After trading in the range of 33,437.61-33,625.05 it ended the day at 33,478.35.
Broader indices displayed a muted performance today, compared to the benchmark indices; the Nifty Midcap gained 0.16%, while the Smallcap posted an increment of 0.22% today.
The market breadth, which indicates the overall health of the market was in favor of gainers today. On the NSE, 932 stocks advanced and 754 stocks declined. A total of 296 stocks remains unchanged.
Nifty Pharma hogged the limelight today as it gained 2.22% in today’s trading session; other top gainers were Nifty Energy and Media, gaining 0.97% and 0.87%, respectively. The top-three losers were Nifty Realty, PSU Bank, and FMCG losing 1.14%, 0.91%, and 0.59%, respectively.
The MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in technical chart and fundamental chart, gained 0.87% today, outperforming the major indices.
Today, the stock of Reliance Communications surged 14% intraday after the report that the lenders of the Company have approved the sale of real estate assets in Delhi and Chennai to a Canada-based Company.
Yes Bank has raised USD 400M in syndicated loans from lenders in Taiwan, and Japan to lend the money to their clients. Its overall foreign asset book stood at USD 1.4B, as of September.
Both the Sensex and the Nifty observed a higher trading volume today, compared to yesterday’s trading session. The distribution day count remains at three on the Nifty, while two on the Sensex, while the Indian market remains in Confirmed Uptrend.
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.
To Read Detailed Reports including Stock Recommendations, Idea Lists, Evaluate Stocks etc. Subscribe to MarketSmith India.
Hello there! I could have sworn I’ve visited this blog before but after going through many of the articles I realized it’s new to me. Anyhow, I’m certainly pleased I stumbled upon it and I’ll be bookmarking it and checking back regularly!