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Nifty Ends Flat Amid Volatility; Pi Industries Shares Rally after Q2 FY22 Results

Posted Date: November 15 2021 | Reading Time: 2 Minutes
Daily Action

Nifty, +0.04%; Sensex, +0.05%; Nifty Midcap, +0.3%; Nifty Smallcap, -0.3%; Model Portfolio, +0.2%.

Market PulseConfirmed Uptrend

Distribution Day Count: Four

Nifty started the session gapping up 20 points and made the day’s high of 18,210 within the first 10 minutes. However, the index could not sustain the gains as it succumbed to selling pressure and pared gains to close flat.

Of the Nifty50 stocks, 44% advanced led by Power Grid Corp.Of India (+3.5%) and Oil & Natural Gas (+2.0%). On the flipside Coal India (Nse) (-4.3%) and Tata Steel (-3.3%) were the major decliners.

It was a mixed reaction on the sectoral front. Nifty Pharma (+2.8%) and FMCG (+2.7%) were the top performers for the day. Nifty Metal (-1.8%) and PSU Bank (-1.4%) were the major decliners. Today, of the 2,088 stocks traded, 695 advanced, 1,332 declined, and the remaining closed flat.

The distribution day count currently stands at four. If the market succumbs to selling pressure and breaches its 50-DMA, we may change the market status to an Uptrend Under Pressure. Nifty is trading just 1.6% above its 50-DMA. Reducing exposure to stocks breaking below their 21- or 50-DMA on higher volume is important.

Key News

Wholesale inflation for October came in at 12.5%, an increase from 10.6% in September and 11.6% in August.

The joint venture of Hindustan Con. (Nse) and Kec International won a Rs 1,309 crore contract from Chennai Metro Rail Limited. This is the second order secured by the consortium.

Pi Industries shares rallied 5.6% after its Q2 FY22 results. Net sales increased 17% to Rs 1,354.2 crore. PAT rose 5.5% to Rs 229.6 crore.

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