At 8:00am IST, the SGX Nifty Futures was trading at 15,240, compared with Nifty’s close of 15,163 on Friday.
Market status: Confirmed Uptrend
Distribution days: Five
Global stock markets: Dow 30, +0.1%; S&P 500, +0.5%; Nasdaq, +0.5%; Nikkei, +1.2%; Kospi, +1.9%
Last week, barring Monday and Thursday, Nifty went sideways and closed flat. However, Nifty and Sensex had overall weekly gains of 1.6% each, while Nifty Midcap and Smallcap closed 2.2% and 3.9% higher, respectively. Nifty IT (+3.0%) was the top gainer for the week, followed by Realty (+2.7%). On the flip side, Nifty PSU Bank (-2.3%) succumbed to profit booking and was the top decliner, followed by FMCG (-2.1%).
December IIP growth was at 1.0% compared with -1.9% in November. The Electric sector grew at 5.1% compared with 3.5% m/m. For January, CPI was at 4.06%, compared with 4.59% in December. Vegetable inflation was down 15.8% m/m but Fuel and Light inflation was at 3.87% due to increasing prices of petrol and diesel.
The market status remains in a Confirmed Uptrend. However, the distribution day count is at five. Nifty is more than 4% above its 21-DMA. If the 21-DMA is breached, we may downgrade the status to an Uptrend Under Pressure. Without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions.
Vodafone Idea reported Q3 FY21 results. It was above estimates on all fronts. Revenue grew 1% y/y to Rs 10,894 crore. Loss was down to Rs 4,532 crore compared with a loss of Rs 7,218 crore y/y.
Glenmark Pharms. (Nse) reported Q3 FY21 results. It came in below estimates on all fronts. Revenue increased 1.9% y/y to Rs 2,787 crore. PAT up 30% y/y to Rs 248 crore. Margin expanded 290bps y/y to 19%.
Tata Motors appointed Marc Llistosella as the new CEO and MD.
O’Neil Market Condition Report
For the 24 emerging markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 50%; Rally Attempt, 4%; Uptrend Under Pressure, 46%; Downtrend, 0%.
For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 46%; Rally Attempt, 0%; Uptrend Under Pressure, 54%; Downtrend, 0%.