Daily Big Picture – Key Composites Mark Record Highs; Sensex Embarks 30k Mark

Today’s action:

The Sensex soars to a fresh all-time high, while the Nifty extends its high. The broader indices performed in contrast to the key indices, ending with significant losses.

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.

Daily Market Review

Frontline indices surged to a record high after the Sensex crossed the 30,000 mark in today’s session. Positive momentum in the quarterly earnings and strong global cues lifted investor spirits. Further, the Nifty extended its all-time high from yesterday’s session.

The Nifty hits an all-time high of 9,367 after it grew by 45.25 points to gain 0.49% in today’s trading session. It started off the day at 9,336.20 points and traded in the range of 9,301.35 – 9,367.00 to finally close at 9,351.85.

The Sensex advanced by 190.11 points after it ended today’s trading session at 30,133.35, gaining 0.63%. Opening at 30,030.20 points, it traded in the range of 29,968.57 – 30,167.09. The index closed above the 30k mark for the first time and notched an all-time high of 30,167.09.

The Nifty and the Sensex observed lower trading volume compared to the previous trading session. Market volatility is expected in tomorrow’s session, keeping in view April’s F&O expiry.

Today, the broader indices performed poorly in contrary to the frontline indices as the Nifty Midcap and Smallcap retracted -0.22% and -1.36%, respectively.

The William O’Neil IND 47 Index, which lists the top 47 stocks in chart and fundamentals, lost -1.06% in today’s trading session.

On the sectoral front, the Nifty FMCG, Auto, and Private Bank indices posted solid gains of 2.27%, 0.98%, and 0.89%, respectively, while the Nifty Realty, IT, and Energy were the biggest losers declining by -2.97%, -1.23%, and -1.03%, respectively.

Global markets witnessed a similar rally in equities throughout this week. French elections and expectations of the U.S. government’s impending corporate tax reforms propelled investor sentiment. U.S. President Donald Trump is expected to announce corporate tax changes on Wednesday as the government tries to foster momentum in the economy.

In the results corner, Wipro reported its Q4 FY 2017 results yesterday after the close of markets. The IT Company, reported a consolidated net profit of INR 2,267 crore for the quarter ended Q4 FY 2017 as compared to INR 2,257.30 in the last quarter, translating to a marginal growth of 0.4%. Its revenue grew 5.3%, y/y, beating the market estimates comfortably. At its meeting the Company also announced an issue of 1:1 bonus share. However, on the downside, the Company’s outlook for the first quarter of FY 2018 came well below expectations. Later today, Axis Bank is due to release an update on its Q4 earnings.

Benchmark Indices have looked past the recent consolidation to reclaim their all-time highs. Today, both the key composites dropped the March 20 distribution day due to ageing, giving some relief to their high distribution day count. The distribution day count for the Sensex and the Nifty now stands at 4.0 and 3.0, respectively. The Indian market condition remains in a Confirmed Uptrend.

For more updates, 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:queries@marketsmithindia.com; For grievances: grievances@marketsmithindia.com; For compliance officer:compliance@marketsmithindia.com, Corporate Identity Number: U74999KA2012FTC066881, Investment Adviser SEBI Regn. Nos: INA200005125 valid till 11 July 2021.

Leave a Reply

Your email address will not be published. Required fields are marked *