Nifty, +0.04%; Sensex, +0.05%; Nifty Midcap, +0.3%; Nifty Smallcap, -0.3%; Model Portfolio, +0.2%.
Market Pulse: Confirmed Uptrend
Distribution Day Count: FourNifty 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.
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.
Wholesale inflation for October came in at 12.5%, an increase from 10.6% in September and 11.6% in August.
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.