SGX Nifty Indicates Negative Opening; 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.

Market Pulse: Confirmed Uptrend

Distribution Day Count: Two

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 ManagementBajaj FinanceSbi Cards And Payment ServicesPage IndustriesState Bank Of IndiaAmbuja CementsEveready Inds.(India)Varun BeveragesColgate-Palmolive IndiaSharda CropchemBerger Paints IndiaIcici BankCholamandalam Inv.& Fin.Tata PowerRatnamani Metals & TubesMinda Industries, and Apollo Hosps.Enterprise.

Sell Watchlist: Advanced Enzyme Techs.

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Today’s Action

Nifty, -0.6%; Sensex, -0.5%; Nifty Midcap, -0.9%; Nifty Smallcap, -0.5%; Model Portfolio, -0.3%.

Market Pulse: Confirmed Uptrend

Distribution Day Count: Two

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 ensured Nifty ended near the day’s low. Today’s action qualified as a distribution day as the fall was more than 0.2% on volume higher than yesterday’s. It was a broad-based sell-off today as broader market indices Nifty Midcap (-0.9%) and Smallcap (-0.5%) also close 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. The advance-decline ratio was in favor of decliners, as out of 2,263 stocks traded, 662 stocks advanced, 1,286 stocks declined, and the remaining closed flat.

Addition of distribution days is a sign of weakness in the market. However, the count remained at two as one distribution day expired today. 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

Rites announced its Q4 FY21 results. Consolidated revenue increased 11.4% to Rs 636 crore. PAT declined 1.6% to Rs 141 crore. EBITDA margin expanded 50bps y/y to 29.1%.

Larsen & Toubro Infotech signed a definitive agreement to acquire Cuelogic Technologies, a Pune-based digital engineering company.

Alembic Pharmaceuticals’s joint venture Aleor Dermaceuticals received final approval from the U.S. FDA for its abbreviated new drug application for testosterone topical solution USP.

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At 8:00 am IST, SGX Nifty Futures was trading at 15,843, compared with Nifty’s close of 15,869 yesterday.

Market Pulse: Confirmed Uptrend

Distribution Day Count: Two

Global stock markets: Dow30, -0.3%; S&P 500, -0.2%; Nasdaq, -0.7%; Kospi, +0.6%; Nikkei, -0.3%; Shanghai Composite, -0.3%

Yesterday, Nifty opened gap up and traded sideways in a narrow range throughout the session. It made a new all-time high of 15,901.6. Volume was on the lower side. On the sectoral front, barring Nifty Metal (-0.1%) and Pharma (-0.9%), all other major indices closed higher. Nifty Bank, FMCG, IT, and Realty closed 0.2–1.0% higher. Asian Paints, Axis Bank, and HDFC Life were the top Nifty50 gainers. Nifty is trading 2.5% and 5.7% above its 21- and 50-DMA. FIIs were net buyers at Rs 634 crore while DIIs were net sellers at Rs 650 crore.

Nifty trading at its all-time high, low distribution day count, and broader market outperformance are positive signs and indicate further upside. One distribution day is set to expire today. However, if the index falls, adds  distribution days, 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:

For May, the trade deficit was at $6.28B compared to $3.15B y/y and $15.1B in April. In May, engineering goods exports were at $8.65B compared to $7.96B in April.

Lic Housing Finance ’s Q4 FY21 PAT was down 5% y/y to Rs 398.92 crore. It was lower mainly due to higher provisioning for bad loans. The company will raise funds via preferential issue to promoters. LIC’s stake will increase to 45.24% post fund infusion.

Jet fuel price increased by Rs 1,790/KL to Rs 65,908/KL. 

Buy Watchlist: Nippon Life India Asset ManagementBajaj FinanceSbi Cards And Payment ServicesPage IndustriesState Bank Of IndiaAmbuja CementsEveready Inds.(India)Varun BeveragesColgate-Palmolive IndiaSharda CropchemBerger Paints IndiaIcici BankCholamandalam Inv.& Fin.Tata PowerRatnamani Metals & TubesMinda Industries, and Apollo Hosps.Enterprise.

Sell Watchlist: Advanced Enzyme Techs.

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Nifty Scales Fresh High; Jubilant Food Q4 Results Miss Estimates

Today’s Action

Nifty, +0.4%; Sensex, +0.4%; Nifty Midcap, +0.6%; Nifty Smallcap, +0.5%; Model Portfolio, +2.3%.

Market Pulse: Confirmed Uptrend

Distribution Day Count: Two

After a gap-up opening, Nifty traded sideways in a narrow range throughout the session. It made a new all-time high of 15,901.6. Volume was on the lower side. On the sectoral front, barring Nifty Metal (-0.1%) and Pharma (-0.9%), all other major indices closed higher. Nifty Bank, FMCG, IT, FMCG, and Realty closed 0.2–1.0% higher. Asian Paints, Axis Bank, and HDFC Life were the top Nifty50 gainers. Nifty is trading 2.5% and 5.7% above its 21- and “50-DMA“. The advance-decline ratio was in favor of advancers, as out of 2,263 stocks traded, 1,141 stocks advanced, 794 stocks declined, and the remaining closed flat.

Nifty trading at its all-time high, low distribution day count, and broader market outperformance are positive signs and indicate further upside. One distribution day is set to expire tomorrow. However, if the index falls, adds a distribution day, and breaches its key moving averages, we may change the market status to an Uptend 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

Jubilant Foodworks announced its Q4 FY21 results. It missed estimates on all fronts. Q4 FY21 PAT grew 3.2x y/y to Rs 104 crore. Revenue grew 14.3% y/y to Rs 1,025 crore. Margin expanded 540bps y/y to 24.3%.

Whirlpool Of India (Nse)’s Q4 FY21 revenue increased 31.5% y/y to Rs 1,779 crore. PAT rose 41% to Rs 130 crore. Margin improved 50bps y/y to 10.6%.

Easy Trip Planners’s Q4 FY21 revenue increased 82% y/y to Rs 57.5 crore. It reported a profit of Rs 30.5 crore compared to Rs 3.4 crore in Q4 FY20.

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SGX Nifty Indicates Muted Opening; Jubilant Foodworks and Power Finance to Report Results Today

At 8:00 am IST, SGX Nifty Futures was trading at 15,846, compared with Nifty’s close of 15,811 yesterday.

Market Pulse: Confirmed Uptrend

Distribution Day Count: Two

Global stock markets: Dow30, -0.3%; S&P 500, +0.2%; Nasdaq, +0.7%; Kospi, -0.1%; Nikkei, +0.7%; Shanghai Composite, -0.8%

After a muted opening yesterday, Nifty quickly fell over 180 points within the first 30 minutes of the session. However, as the session progressed, Nifty staged an upside reversal to pare all its losses and managed to close in the green. Thus, it closed above 15,800 for the first time. Of the Nifty50 stocks, 50% closed in the green, led by Tata Motors (+1.5%) and Reliance Industries (+1.4%).

The majority of sectoral indices closed in the red. Nifty Realty (-1.5%) declined the most, followed by Media (-0.8%) and Metal (-0.7%). On the flipside, Nifty FMCG, IT, and PSU Bank gained 0.1-0.5%. The advance-decline ratio was in favor of decliners, as out of 2,303 stocks traded, 887 stocks advanced, 1,094 stocks declined, and the remaining closed flat.

Nifty is trading at an all-time high, which is a good sign and indicates further upside. One distribution day is set to expire during the week. However, 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:

Jubilant Foodworks, Power Finance, Lic Housing Finance, Easy Trip Planners , and others will report Q4 FY21 results today.

Coal India ’s Q4 FY21 revenue fell 3.1% y/y to Rs 26,700 crore. PAT decreased 0.8% to Rs 4,588 crore.

Satin Creditcare Network announced its Q4 FY21 results. Revenue fell slightly to Rs 372 crore from Rs 375 crore in Q4 FY20. PAT surged ~250% to Rs 42 crore.

Nhpc signed a MoU with Bihar State Hydro-Electric Power Corporation (BSHPCL) for execution of Dagmara HE Project (130.1 MW).

Buy Watchlist: Kajaria CeramicsSequent ScientificBajaj FinanceSbi Cards And Payment ServicesPage IndustriesState Bank Of IndiaAmbuja CementsCoromandel InternationalShriram Tran.Fin.Colgate-Palmolive IndiaSharda CropchemBerger Paints IndiaIcici BankRamkrishna ForgingsGujarat State PetronetApollo Hosps.Enterprise,  and Apollo Tricoat Tubes

Sell Watchlist: Advanced Enzyme Techs. and Ghcl

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