Today’s Action:
After displaying some strength in the previous few trading sessions, the benchmark indices observed some heavy distribution today. This selling could be attributed to the global tensions, which keep worrying the investors and partly to the earnings announcement.
Current Outlook:
– Be cautious with any new purchases.
– Make a defensive game plan for your portfolio.
– Stay disciplined and exercise sound sell rules.
Daily Market Review
The market started on an up note today, and was trading in a positive quadrant until afternoon. However, there was a sudden turn of events in the afternoon trade, as the equity indices lost their vigour to end the day with losses more than 0.25%. Both Midcap and the Smallcap also observed a subdued performance.
The Nifty started the day at 10,042.60 points, and lost 0.32% today to end at 9,984.80. The trading range was observed between 9,955.80 and 10,067.25. The Sensex after opening high at 31,975.59 declined 0.28% in today’s trading session. It traded in the wide range of 31,769.40-32,098.46 and finally settled at 31,833.99.
The market breadth, indicating the overall health, was in favour of losers today. On the NSE, 419 stocks advanced, compared with 1079 stocks declining, and 58 stocks remaining unchanged.
The broader markets lost most of their yesterday’s gain. The Nifty Midcap lost 1.06%, while the Smallcap posted a decrement of 1.39% today.
The MarketSmith India IND 47 Index, which lists the top 47 stocks in chart on fundamental characteristics, lost 1.51% today.
Sectoral chart displayed a gloomy picture today. Apart from the Nifty IT and Energy which gained 0.55% and 0.07%, respectively, all the sectors dragged down the market. The top-three losers were the Nifty PSU Bank, Realty, and Media with a loss of 2.40%, 1.93% and 1.92%, respectively.
Both the Nifty and the Sensex witnessed higher trading volume in today’s session; thus, adding one distribution day each today. Therefore, the distribution day count now stands at four, on both the indices. The market status remains in an Uptrend Under Pressure.
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