Today’s Action:
Major composites are at all-time highs; broader indices close on a divergent note. Nifty, +0.5%; Sensex, +0.6%; Model portfolio, +0.8%; and MSI Ind 47, +1.0%.
Daily Market Review:
Amid strong global cues, India’s frontline composites resumed their record breaking run led by Reliance Inudstries and banking stocks.
For the fourth consecutive trading session, the Nifty closed at record high and ended above the 11,400-mark. The Sensex closed 0.3% below the 38,000 level.
The broader market observed a divergent trend as the Nifty Midcap closed 0.01% lower and Smallcap gained 0.3%, respectively.
Decliners outnumbered gainers by a margin of 15:14 on the NSE.
Out of 12 sectors on the NSE, eight sectors were ended in positive territory with the Nifty Energy (+1.7%) topping the list. On the downside, the Nifty Pharma (-0.7%) was the laggard as major Indian drugmakers observed selling pressure after the U.S. President Donald Trump announced that he would bring down prescription drug prices lower.
The market direction remains unchanged at a Confirmed Uptrend with a low distribution day count of one on the Nifty and two on the Sensex. The Nifty Midcap and Smallcap remain in a Rally Attempt.
Current Outlook:
– 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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