At 8:00 am IST, SGX Nifty Futures was trading at 15,324, compared with Nifty close of 15,198 yesterday.Market Pulse: Confirmed UptrendDistribution Day Count: Three Global stock markets: Dow30, +0.5%; S&P 500, +1%; Nasdaq, +1.4%; Kospi, +0.7%; Nikkei, +0.6%; Shanghai Composite, +1.3% Yesterday, Nifty opened briefly in the green and made a high of 15,251. However, it turned negative in the opening hour. The index was range-bound and closed 0.15% higher. Broader indices outperformed benchmark indices. The advance-decline ratio was in favor of advancers. Of the 2,259 stocks traded, 1,189 advanced, 760 declined, and the rest remained unchanged. On the sectoral front, barring Nifty FMCG (-0.3%) and Metal (-0.6%), all other indices closed in the green. Nifty PSU Bank closed more than 2% higher, followed by 1.3% gain in Nifty Realty. Nifty Bank, Financial Services, IT, and Pharma closed 0.2–0.9% higher. Last week, Nifty retook its 50-DMA, did not add a distribution day, and registered an additional follow-through day, which are positive signs. We would like the index to hold its 50-DMA and trade above that. 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. Focus on quality ideas emerging out of sound bases with relative strength line at or near new highs while reducing exposure to stocks breaking below key support levels. Key Results Today: Emami, Alkem Laboratories, Lux Industries, Polyplex, and others. Key News:Mahanagar Gas reported its Q4 FY21 results. Revenue was up 7.7% q/q to Rs 717.6 crore. Profit moderated 2% q/q to Rs 212.8 crore. EBITA remained flat at Rs 316.6 crore. Grasim Industries reported its Q4 FY21 results. Revenue increased 18.4% y/y to Rs 4,394.2 crore. Profit surged 35.7% y/y to Rs 480.2 crore. EBITA stood at Rs 810.9 crore. Balaji Amines Limited reported its Q4 FY21 results. Revenue increased 60.9% y/y to Rs 417.6 crore. It reported a profit of Rs 88.80 crore compared with a profit of Rs 29.6 crore in Q4 FY20. EPS for the quarter stood at Rs 26. Chart :
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