At 8:15 am IST, SGX Nifty Futures was trading at 14,762, compared with Nifty’s close of 14,894 yesterday.
Market Pulse: Confirmed Uptrend
Global stock markets: Dow30, +0.7%; S&P 500, +0.7%; Nasdaq, +0.2%; Kospi, -0.7%; Nikkei, -0.5%
Yesterday, Nifty opened higher and moved above 15,000 for the first time since March 16. However, gains faded quickly and the index reversed more than 200 points from its high. The volatility was high due to the F&O expiry. During the day, Nifty gained 100 points from its low and managed to close in the green. The positive takeaway was that it traded above its 50-DMA.
Though there were pockets of strength, the broader market was a little weak. On the sectoral front, Nifty Metal (+4.5%) outperformed. Nifty Bank, Financial Services, and Realty closed flat. Nifty Auto closed 1% lower. FIIs and DIIs net buying was Rs 766 crore and Rs 436 crore, respectively.
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 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: YESBANK, ATUL, MARICO, RELIANCE, and INDUSINDBK.
PERSISTENT’s Q4 FY21 results beat estimates on all fronts. PAT grew 14% y/y to Rs 137.7 crore. Revenue grew 3.5% y/y to Rs 1,113 crore. Margin expanded 50bps y/y to 13.2%.
TITAN’s Q4 FY21 PAT and revenue were in line with estimates, and margin, slightly below estimates. PAT grew 48% y/y to Rs 529 crore. Revenue grew 61% y/y to Rs 7,135 crore. Margin contracted 250bps y/y to 11.1%.
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, 30%; Rally Attempt, 12%; Uptrend Under Pressure, 52%; Downtrend, 6%.
For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 65%; Rally Attempt, 10%; Uptrend Under Pressure, 25%; Downtrend, 0%.