At 8:00 am IST, SGX Nifty Futures was trading at 14,833, compared with Nifty’s close of 14,850 yesterday.
Market Pulse: Confirmed Uptrend
Distribution Day Count: Three
Global stock markets: Dow30, -1.4%; S&P 500, -0.9%; Nasdaq, -0.1%; Kospi, -0.8%; Nikkei, -0.7%; Shanghai Composite, +0.1%
Nifty gapped lower yesterday on weak global cues. However, it recovered around 80 points in the opening hour. After a little consolidation, it further moved higher and made a high of 14,900. From there, it reversed and closed around 14,850. As the volume was higher compared with the previous session, we considered it a distribution day.
The positive momentum remained intact in the broader market. Midcap and Smallcap indices outperformed benchmark indices. There was a mixed action on the sectoral front. Nifty PSU Bank (+1.2%), Realty (+0.3%), and Auto (+0.3%) closed higher, while Nifty Private Banks, Financial Services, and Metals closed more than 1% lower. The advance-decline ratio was in favor of advancers. Of the 2,257 stocks traded, 1,162 advanced, 757 declined, and the rest remained unchanged.
Looking forward, 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. Continue to trim or avoid ideas lagging and/or breaking down below major moving averages.
Key Results Today: Asian paints, Lupin (Nse), UPL, Apollo Tyres (Nse), Tata Power, Vaibhav Global and others.
Key News:
Linde India announced Q4 FY21 results yesterday. Revenue rose 16.9% y/y to Rs 441 crore. PAT came in at Rs 303 crore compared with Rs 39 crore in Q4 FY20.
Siemens announced Q4 FY21 results yesterday. Revenue increased 31.9% y/y to Rs 3,483 crore. PAT was up 90% to Rs 334 crore.
Godrej Consumer Product’s Q4 FY21 revenue grew 26.7% y/y to Rs 2,730 crore. PAT was up 59% to Rs 365 crore.
Buy Watchlist: Ramkrishna Forgings, Hindustan Zinc (Nse), PI industries, Relaxo Footwears, Tata power, Gujarat State Petronet, Apollo hosps. enterprise, Eris Lifesciences, Asian paints, Wipro (Nse), Amrutanjan health care , LUX industries, Rain industries, Apollo tricoat tubes, and Balkrishna industries
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