Daily Big Picture – Key Indices Trade Flat in a Lacklustre Session


DailyBigPicture-MarketSmithIndia-WilliamOneilIndiaToday’s Action:

The benchmark indices ended the day with marginal losses. The broader indices recorded minor gains.

Daily Market Review

The benchmark indices were range bound in today’s session due to lack of domestic and global market triggers. Further, investors seemed to take a cautious stance as the roll-out date for GST approaches. After starting the day in the positive territory, benchmark indices pared its initial small gains to end flat.

The Nifty opened today on a positive note at 9,664.10. However, the index closed for the day down 4.05 points from yesterday’s close. After trading in the range of 9,644.65-9,676.25, it closed at 9,653.50 in today’s trading session.

Opening higher at 31,392.53, the Sensex gave away its gains to close at 31,297.53, down 14.04 points or 0.04. The trading range observed for the day was 31,261.49-31,392.53.

Trading activity on the benchmark indices was higher than yesterday, as reflected by their volumes.

Positive breadth was observed in broader markets, as the Nifty Midcap and Smallcap indices recovered yesterday’s losses with gains of 0.11% and 0.18%, respectively.

The MarketSmith India IND 47 Index, which lists the top 47 stocks in chart and fundamental characteristics, lost 0.19% in today’s trading session.

The Nifty IT, Metal, and Realty indices gained 0.90%, 0.21%, and 0.19%, respectively, to remain on top of the sector chart. On the negative end, the Nifty Media, Financial Services, and FMCG indices weighed down on markets with losses of 0.88%, 0.44%, and 0.27%, respectively.

In a development that should boost demand in the economy, about 4.9 million central government employees are set to receive the revised allowances under the seventh pay commission from next month.

Good news continues to pour in, regarding the southwest monsoon. The Indian Meteorological Department has said that favorable conditions are developing for the monsoon to advance further into some more parts of Chattisgarh, Vidarbha, Odisha, Jharkhand, Bihar, and Uttar Pradesh during the next two to three days.

In an announcement that should bring relief to investors, Finance Minister Arun Jaitley today said that the central government is not considering any proposal for farm loan waiver. The minister added that the government will adhere to its fiscal deficit target under the FRBM Act. The minister has also mentioned that the much-awaited GST will be rolled out from the midnight of June 30.

The distribution day count for the Nifty and the Sensex stands unchanged from yesterday; at 2.0 and 3.0, respectively. Trading in the vicinity of their all-time highs, the Indian markets remain in a Confirmed Uptrend.

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