The benchmark indices recover sharply, from yesterday’s fall. Broader indices continue to rally.
Daily Market Review
Benchmark indices advanced higher in today’s session on the back of RBI’s interest rate announcement. After a good opening, investors remained cautious for most of the session awaiting the monetary policy outcome. However, post the announcement of unchanged interest rates, benchmark indices picked up momentum to end the day with good increments.
The Nifty opened at 9,663.95 points and traded in a range of 9,630.55 – 9,678.55. It gained 26.75 points or 0.28% and closed at 9,663.90 points in today’s trading session.
The Sensex gained 80.72 points or 0.26% after opening at 31,252.71. After trading in the range of 31,172.98- 31,346.99 it closed at 31,271.28 points.
The broader indices gained more than the frontline indices with the Nifty Midcap and Smallcap indices adding 0.69% and 0.40%, respectively, in today’s trading session.
The MarketSmith India IND 47 Index, which lists the top 47 stocks in chart and fundamental characteristics, gained 0.71% in today’s trading session, outperforming the benchmark.
Sectoral indices responded quite opposite compared to yesterday’s session. The Nifty IT index is the only sector composite that recorded losses in today’s session, while all the other sectors increased significantly. Top three gaining sectors of the day were the Nifty Pharma (1.37%), PSU Bank (1.24%), and Metal (0.98%) indices.
In a much awaited outcome of the RBI’s bi-monthly monetary policy review, the central bank retained repo rate at 6.25%, giving more room to access the impending impact of GST launch and the progress of the monsoon season. Further, the RBI cut Statutory Liquidity Ratio (SLR) by 50 basis points to 20%. It also projected the inflation rate to remain in a range of 2-3.5% for H1 FY 2018.
After yesterday’s subdued performance, benchmark indices recovered sharply, to inch back closer to its all-time high. The Equity markets continue to trade in a Confirmed Uptrend with a distribution count of 2.0 and 4.0 on the Nifty and the Sensex, respectively.
To Read Detailed Reports including Stock Recommendations, Idea Lists, Evaluate Stocks etc. Subscribe to MarketSmith India.
Disclaimer: William O’Neil India Investment Adviser division, is one of the divisions of William O’Neil India Private Limited, which is a company incorporated under the Companies Act 1956. William O’Neil India Investment Adviser division is a registered investment advisor with the Securities and Exchange Board of India and through its online product, MarketSmith Indiaintends to provide quality equity research material and information to its customers. The investments discussed or recommended through MarketSmith India may not be suitable for all investors and hence, you must rely on your own examination and judgement of the stock and company before making investment decisions. Data provided through MarketSmith India is for information purposes only and should not be construed as an offer or solicitation of an offer to buy or sell any securities. Information and discussions made available through MarketSmith India contain forward looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. William O’Neil India Investment Adviser division or its employees / directors or any of its affiliates are not responsible for any losses that may arise to any person who has made investments based on the contents of this document. Past performance never guarantees future results. Investment in equities are subject to market risks and despite the best efforts to provide market leading research, William O’Neil India would like to exhort its users to acknowledge and fully understand the risks involved which might include but not limited to loss of both principal and income. Data and content provided through MarketSmith India is to be consumed only by the intended recipient and must not be redistributed any further.
Registered office address: William O’Neil India, Technomark Building, A-4, NGEF Ancillary Industrial Estate, Graphite India Road, Mahadevapura, Whitefield, Bangalore 560048, Phone: + 91 80 67453802, Fax: + 91 80 6745381, Website: http://www.williamoneil.com/india/, For investor queries:firstname.lastname@example.org; For grievances: email@example.com; For compliance officer:firstname.lastname@example.org, Corporate Identity Number: U74999KA2012FTC066881, Investment Adviser SEBI Regn. Nos: INA200005125 valid till 11 July 2021.