Nifty, -0.2%; Sensex, -0.2%; Nifty Midcap, +0.9%; Nifty Smallcap, +1.0%; Model Portfolio, +0.9%.
Market Pulse: Confirmed Uptrend
Distribution Day Count: Five
Nifty started the session with mild gains of around 40 points and, within the first five minutes, made the day’s high of 18,012. It quickly succumbed to profit booking and turned negative. Trading was highly volatile and in negative territory for most of the session. Of Nifty50 stocks, 44% ended higher, led by Maruti Suzuki India (+2.3%) and Titan Company (+1.9%). Tata Steel (-3.8%) and Jsw Steel (-2.3%) lost the most.
It was a mixed reaction on the sectoral front. Nifty Realty (+3.6%) continues to be the top gainer, followed by Nifty PSU Bank (+2.4%). Of the 2,059 stocks traded, 1,280 advanced, 702 declined, and the remaining closed flat.
Today’s session will be considered a distribution day as the fall is more than 0.2% on volume higher than that of yesterday’s session. Thus, the distribution day count has increased to five. However, two distribution days will expire in the next two sessions. If the market succumbs to selling pressure and breaches its 50-DMA, 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.
-Jindal Steel & Pwr.(Nse)’s Q2 FY22 revenue surged 67% y/y to Rs 13,612 crore. PAT galloped 209% to Rs 2,584 crore. EBITDA margin came in at 33.7% against 29.4% y/y.
-Dabur India announced Q2 FY22 results. Revenue grew 12% y/y to Rs 2,817.6 crore. PAT was up 4.7% to Rs 505.3 crore. EBITDA margin declined 60bps to 22%. Domestic volume growth was at 10%.
-Hindustan Ptl. (Nse) reported Q2 FY22 results. Revenue grew 12.9% y/y to Rs 83,063 crore. PAT increased 7.2% to Rs 1,923.5 crore.
-Sun Pharm.Industries reported Q2 FY22 results. Revenue was up 12.5% y/y to Rs 9,626 crore. PAT increased 12.9% to Rs 2,047 crore.