Auto, Media and Pharma Drag the Index; Berger Paints Posts Strong Q3 Results

Nifty, -0.04%; Sensex, -0.04%; Nifty Midcap, -0.1%; Nifty Smallcap, -0.5%; Model Portfolio, +0.8%

Market Pulse Confirmed Uptrend

Distribution Day Count: Six

Nifty opened higher and gained strength to make a day's high of 15,256. However, the index witnessed profit booking in the last hour and declined about 150 points off highs, and closed flat for the day. Volume was higher compared with the previous session. Both Midcap and Smallcap indices were down 0.1% and 1.5%, respectively.

The majority of sectors closed in the red. Nifty Auto and Nifty Media were the major decliners which lost 1.4% and 1.9%, respectively. Similarly, Nifty Pharma was down 1.2% and Nifty Realty declined 0.7%.  Advance-decline ratio was skewed toward decliners. Out of 2,231 stocks, 792 advanced and 1,111 declined.

On last Wednesday, Nifty made a new high and moved above the previous rally high of 14,754. Hence, we changed the market status to a Confirmed Uptrend. However, the distribution day count remains elevated at six. Nifty is more than 5.1% above its 21-DMA. If the 21-DMA is breached, we may downgrade the status to an Uptrend Under Pressure. Without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions.