Global stock markets: Dow30, +1.8%; S&P 500, +1.4%; Nasdaq, +0.8%; Kospi, +0.7%; Nikkei, +3%; Shanghai Composite, +0.8%
Yesterday, Nifty gapped lower by over 150 points. However, it gradually recovered from the low and turned positive in the second half. The broader market also staged an upside reversal after opening lower. On the sectoral front, Nifty Bank recovered more than 900 points from its low and closed 0.9% higher. Nifty PSU Bank (+4.1%) and Realty (+2.3%) were the top gainers. On the flip side, Nifty IT and Auto closed in the red.
The distribution day count currently stands at three. If the index falls further, adds a distribution day, and breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Focus on quality ideas emerging out of sound bases with RS line at or near new highs while reducing exposure to stocks breaking below key support levels.
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Kpit Technologies Limited signed a definitive agreement to acquire a controlling stake in PathPartner Technology.
Vst Tillers Tractors posted Q4 FY21 results. It reported PAT of Rs 12.93 crore as against a loss of Rs 3.38 crore for Q4 FY20. Revenue advanced to Rs 194.5 crore from Rs 119.8 crore in Q4 FY20.
Dish Tv India received the Board’s approval to raise funds up to Rs 1,000 crore through a rights issue