Today’s Action
Nifty, +0.7%; Sensex, +0.7%; Nifty Midcap, +1.6%; Nifty Smallcap, +1.6%; Model Portfolio, +1.3%.
Market Pulse: Confirmed Uptrend
Nifty opened the session over 50 points higher. It stayed in positive territory throughout the session with little intraday swings. Being a weekly expiry, today’s volatility was on the lower side versus a normal expiry session. Today’s volume was lower than in the previous session. Starting May 28, volume has been below the 50-day average. Of the Nifty50 stocks, 68% advanced, among which Bajaj Finance (+7.3%) and Bajaj Finserv (+3.8%) were the major advancers.
Barring Nifty Auto (-0.1%), all sectoral indices closed in the green. Nifty Media (+4.6%) advanced the most, followed by Realty (+3.3%) and financial related sectors. The advance-decline ratio was in favor of advancers, as out of 2,256 stocks traded, 1,523 stocks advanced, 439 stocks declined, and the remaining closed flat.
Yesterday, Nifty succumbed to a distribution day for the first time since May 11. If the index falls further, adds a distribution day, and breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Focus on quality ideas emerging out of sound bases with RS line at or near new highs while reducing exposure to stocks breaking below key support levels.
Key News
Mazagon Dock Shipbuilders announced its Q4 FY21 results. Revenue was up 5.9% y/y to Rs 1,105.1 crore. Net profit surged 247% to Rs 259.1 crore.
Cera Sanitaryware ’s Q4 FY21 revenue increased 47.2% y/y to Rs 438.4 crore. PAT rose 23% to Rs 45.8 crore.
Gail (India) (Nse) announced its Q4 FY21 results. Revenue came in flat at Rs 15,449 crore against Rs 15,454 crore in Q3 FY21. Net profit increased 28.3% to Rs 1,908 crore.
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