Nifty, +0.8%; Sensex, +0.5%; Nifty Midcap, +1.5%; Nifty Smallcap, +1.4%; Model Portfolio, +1.5%
Market Pulse Confirmed Uptrend
Distribution Day Count: Five
Nifty opened about 100 points higher and hit the day’s high in the initial hour. As the session progressed, it traded in the narrow range consolidating gains amid volatility to close the session holding decent returns. Volume was higher than the previous session. In the broader market, both midcap and smallcap outperformed to close with a gain of 1.5% and 1.4%, respectively.
Barring Nifty Finservice (-0.2%) and Nifty FMCG (-0.3%), all the sectoral indices closed in the green. Metal-related stocks advanced the most followed by Nifty Realty and Nifty Media, which advanced 1.7% and 1.3% for the day. Advance-decline ratio was skewed toward advancers. Out of 2,234 stocks, 1,264 advanced, 622 declined, and the remaining were unchanged.
The distribution day count decreased to five on Monday as one distribution day expired. A couple of more distribution days will expire by Monday next week. However, we may downgrade the status to an Uptrend Under Pressure if it falls on higher volume and distribution day count increases. However, without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions.