Nifty, +0.1%; Sensex, +0.1%; Nifty Midcap, +0.1%; Nifty Smallcap, +0.5%; Model Portfolio, +0.8%
Market Pulse Confirmed Uptrend
Nifty opened around 60 points higher today but traded sideways in the first half of the session. In the second half, it declined sharply over 50 points and pared most of its gains. Today, futures and options contracts of the August series expired. Relatively, today’s expiry was slightly less volatile compared with previous expiries. 46% of Nifty50 stocks advanced today, led by Indusind Bank (Nse) (+6.7%) and Mahindra & Mahindra (+3.8%). On the flip side, Reliance and ONGC declined the most.
On the sectoral front, barring Nifty IT (-0.1%) and FMCG (-0.3%), all the sectoral indices closed higher. Nifty Realty (+6.4%) advanced the most, followed by Nifty PSU Bank (+1.1%) and Auto (+1.0%). Market breadth was skewed toward advancers. Of 2,190 stocks traded, 924 advanced, 892 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.