Power Grid and Tube Investment to Report Results Today

At 8:15 am IST, SGX Nifty Futures was trading at 15,661, compared with Nifty’s close of 15,767 yesterday.

Global stock markets: Dow30, -0.8%; S&P 500, -0.5%; Nasdaq, -0.2%; Kospi, -1.4%; Nikkei, -1.4%; Shanghai Composite, -0.2%

Yesterday, Nifty started the session on a flat note and quickly started to fall. After noon, it observed buying at the dip, but a sell-off in the last hour made Nifty ended near the day’s low. Action qualified as a distribution day as the fall was more than 0.2% on volume higher than Tuesday’s session. It was a broad-based sell-off as broader market indices Nifty Midcap (-0.9%) and Smallcap (-0.5%) also closed in the red. Barring Nifty FMCG (+0.6%) and IT (+0.3%), all the sectoral indices closed lower. Nifty Media (-2.9%) and Realty (-1.3%) declined the most. FIIs and DIIs were net sellers at Rs 870 crore and Rs 875 crore, respectively.

Addition of distribution days is a sign of weakness in the market. However, the count remained at two as one distribution day expired yesterday. If the index falls, 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:

Power Grid Corp Of India , Nacto Pharma, Tube Investments Of , and others will report Q4 FY21 results today.

Wipro partners with Exaware to accelerate innovation in communication networks and 5G upgrades.

Cesc ’s Q4 FY21 PAT grew 14% y/y to Rs 429 crore. Revenue grew to Rs 3,003 crore, compared with Rs 2,729 crore in Q4 FY20.

-The U.S. Fed holds rates at zero, projects two hikes by the end of 2023.

Buy Watchlist: Nippon Life India Asset Management, Bajaj Finance, Sbi Cards And Payment Services, Page Industries, State Bank Of India, Ambuja Cements, Eveready Inds.(India), Varun Beverages, Colgate-Palmolive India, Sharda Cropchem, Berger Paints India, Icici Bank, Cholamandalam Inv.& Fin., Tata Power, Ratnamani Metals & Tubes, Minda Industries, and Apollo Hosps.Enterprise.