Broader Market Outperforms Nifty; Kotak Mahindra Bank Results Beat Estimates
Nifty, 0.8%; Sensex, 0.8%; Nifty Midcap, 1.8%; Nifty Smallcap, 2.6%; Model Portfolio, 3.1%.
Market Pulse: Confirmed Uptrend
Distribution Day Count: Three
Nifty continued its momentum in today’s session after it staged a brief recovery yesterday. The index made a high of 18,265 and continued to trade near its highs for most of the day. After a dismal performance by the broader market in the last few trading sessions, Nifty Midcap and Smallcap ascended 1.8% and 2.6%, respectively.
Of 2,042 stocks traded, 1,526 stocks advanced, 453 declined, and the remaining closed flat. On the sectoral front, it was a one-way journey for almost all sectoral indices. Nifty Realty and Metal remained the top performers for the day, gaining 3.6% and 2.7%, respectively.
Source : Google Images
Distribution day count currently stands at three. The market remains in an Uptrend, but if the index adds a couple of distribution days, stages a reversal, or breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Reducing exposure to stocks breaking below their 21- or 50-DMA on higher volume is important.
Key News
-Kotak Mahindra Bank(Nse)’s Q2 FY22 results beat estimates. NII grew 3.2% y/y, while profit declined 7% y/y. NPA ratio improved 20bps q/q. Provisions declined 39.7% q/q.
-Sharda Cropchem reported Q2 FY22 results. Revenue grew 51.3% y/y to Rs 642.8 crore. PAT rose 68.4% y/y. Margin contracted to 14% from 15% in Q2 FY21.
-Jindal Stainless reported Q2 FY22 results, with revenue growing 51.7% y/y. Margin expanded 450bps y/y and PAT increased 399% y/y.
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