Today’s Action
Nifty, -0.1%; Sensex, -0.1%; Nifty Midcap, +0.6%; Nifty Smallcap, +0.5%; Model Portfolio, +1.5%.
Market Pulse: Confirmed Uptrend
Nifty opened higher with a minor 20 points and hit a fresh all-time high of 15,778.8. Within the first hour, it lost around 100 points and made a low of 15,680. As the session progressed, Nifty traded higher with volatility. Of Nifty50 stocks, 54% advanced, led by Tata Motors (+2.1%) and Tech Mahindra (+2.3%). Major decliners were Hindalco Industries (-1.8%) and Tata Steel (-1.6%).
On the sectoral front, there was mixed action. Nifty IT (+1.2%) advanced the most, followed by Media (+0.9%) and Pharma (+0.9%). On the flip side, financial–related indices closed 1.0–1.5% lower. The advance-decline ratio was in favor of advancers, as out of 2,254 stocks traded, 1,051 stocks advanced, 880 stocks declined, and the remaining closed flat.
Nifty making a new high, the broader market back in momentum, distribution day count down to two, and no distribution day after May 11 are positive signs for a sustainable rally. However, without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. 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
Suven Pharmaceuticals ’s Q4 FY21 revenue increased 38.1% y/y to Rs 262.5 crore. Net profit increased 12.1% to Rs 83.2 crore, while EBITDA margin declined to 37% against 43.1% y/y.
Dewan Housing Finance ’s shares are locked in a 10% upper circuit as the NCLT approved Piramal Group’s resolution plan.
Hester Biosciences reported Q4 FY21 results. Revenue increased 47.2% y/y to Rs 64.2 crore. Profit came in at Rs 9.7 crore against Rs 2.7 crore in Q4 FY20.
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