At 8:15 am IST, SGX Nifty Futures was trading at 14,664, compared with Nifty’s close of 14,634 yesterday.
Market Pulse: Confirmed Uptrend
Day Count: One
Global stock markets: Dow30, +0.7%; S&P 500, +0.3%; Nasdaq, -0.5%; Kospi, -0.04%
Nifty gapped lower yesterday and breached its 21- and 100-DMA. However, after hitting a low of 14,414 in the opening hour, it staged an upside reversal and gained more than 200 points. It closed above its 21- and 100-DMA. The broader market was in momentum. The advance-decline ratio was in favor of advancers. Of the 2,248 stocks traded, 1,177 advanced, 736 declined, and the rest remained unchanged.
On the sectoral front, Nifty Bank (-0.8%) was the top loser. Nifty Metal (+2%) continues to outperform. Nifty FMCG also closed 1% higher. In April, FIIs sold equities worth Rs 2,655 crore, while DIIs bought shares worth Rs 476 crore.
Looking ahead, without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. Stocks that are breaking out of consolidation have higher relative strength and with superior fundamentals can do well. Continue to trim or avoid ideas lagging and/or breaking down below major moving averages.
Key News
Key Q4 FY21 results today: ADANIPORTS, ALEMBIC, DCMSHRIRAM, LTI, and RBLBANK.
SBILIFE reported its Q4 FY21 results yesterday. Net premium grew 31.1% y/y to Rs 15,555 crore. PAT increased slightly to Rs 532 crore compared with Rs 530 crore in Q4 FY20.
LTTS reported its Q4 FY21 results on Friday after market close. Revenue was flat y/y at Rs 1,440 crore. PAT was down 5% to Rs 194 crore. In the quarter, it won six deals with TCV worth more than $10M, including two deals exceeding $25M.
O’Neil Market Condition Report
For the 24 emerging markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 46%; Rally Attempt, 12%; Uptrend Under Pressure, 42%; Downtrend, 0%.
For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 84%; Rally Attempt, 8%; Uptrend Under Pressure, 8%; Downtrend, 0%.