Today’s Action:
Equity indices extended their gains during the day, however, as the day progressed the Sensex ended flat, while the Nifty lost 0.14%.
Daily Market Review
Benchmark Indices started the day positively, but both the indices lost most of the day’s profit in the last hour of the trade. Broader indices also lost most of the gains it had accumulated in the last two trading sessions.
In today’s session, the Nifty opened positively at 10,099.25, but as the day progressed it turned negative to lose 0.14%. After trading in the range of 10,063.15-10,131.95 it finally closed at 10,079.30. Similarly, the BSE Sensex started the day at 32,188.95 and after trading in the wide range of 32,126.77-32,348.30 it finally settled with gains of 0.09% at 32,186.41.
The market breadth, indicating the overall health of the market, was tilted towards the losers in today’s session. On the NSE, 559 stocks advanced, compared with 1079 stocks declining, and 81 stocks remaining unchanged.
Today, broader indices lost most of the gains it accumulated during the week and the Nifty Midcap lost 0.58%, while the Smallcap lost 0.85%.
Today, the MarketSmith India IND 47 Index, which lists the top 47 stocks in chart on fundamental characteristics, lost 1.07% today.
The Sectoral chart depicted a mixed picture today with half of the sectors gaining, while the other half was on the losing side. Nifty Pharma, PSU BANK, and Energy were the top three gainers with gains of 1.61%, 0.35%, and 0.24%, respectively. Nifty Realty sector declined the most with loss of -1.26% while the Metal and FMCG lost 1.08% each.
India’s retail inflation data was released yesterday after the market hours. The retail inflation continued to grow at 3.36% in August, mainly due to an increase in food prices and higher service costs. The inflation rate is still below the Reserve Bank of India’s medium target rate of 4%.
In the stock news, Domino’s operator in India Jubilant Foodworks falls 6% intraday on reports of bugs in seasoning sachets.
The Indian Mutual Fund Industry has been witnessing phenomenal growth since the last three years. Investors have infused approximately INR 62,000 crore into various mutual fund schemes in the month of August.
Today, both the Sensex and the Nifty observed a higher trading volume compared to the previous day trading session. The total distribution day count remains 5 for the Sensex and 6 for the Nifty. The Indian market status remains in 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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