All Sectors Close in the Green, Nifty Pharma up 5.5%; IPCA Q1 PAT grew 244% y/y, Margin Up 19.9% y/y

Nifty, +0.5%; Sensex, +0.4%; Nifty Midcap, +1.4%; Nifty Smallcap, +1.7%; Model Portfolio, +5.3%

Market Pulse Confirmed Uptrend

After a gap-up opening, Nifty made a high of 11,337. However, the index staged a reversal and fell about 100 points off highs. With a volatile move in the last hour, it closed in the mid-range holding meaningful gains. Volume was higher compared with yesterday’s session. Nifty Midcap advanced 1.4%, while Smallcap closed 1.7% higher.

On the sectoral front, all the sectors closed in the green. Nifty Pharma led the rally with a gain of 5.5% followed by Nifty Realty which was up 2.8%. Nifty IT, Auto, Bank, Financial Services, and Metal also closed 0.5–1.0% higher. Market breadth continues to remain skewed toward advancers. Of 2,161 stocks traded, 1,237 advanced, 612  declined, and the remaining traded flat.

The Indian market remains in a Confirmed Uptrend. We would like to see fresh names flexing their muscles for a sustainable rally. Finding favorable entries into powerful breakouts may be the best use for new money in the current market. However, things can change quickly due to high volatility. We are operating in an uncertain environment where information is distributed unevenly, wherein outside forces, either intentionally or unintentionally, affect prices across various time frames. We will continue to monitor the behavior of the market and keep an open mind as to how it unfolds.

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