SGX Nifty Indicates Flat Opening; ONGC, IGL, and Grasim to Announce Results Today
Market Pulse: Confirmed Uptrend
Distribution Day Count: Three
Global stock markets: Dow 30, +0.04%; Nasdaq, +0.4%; S&P 500, +0.3%; Nikkei, +0.03%, Kospi, -1.61%; Shanghai Composite, -0.3%
Yesterday, Nifty witnessed strong buying interest from investors after a flat start. It formed higher highs and higher lows on the hourly chart and closed 0.5% higher. The index hit a fresh high in the process, with volume being higher than the previous session. The broader market halted its underperformance. Both Midcap and Smallcap advanced 1% and 2.1%, respectively. On the sectoral front, all sectors closed in the green, barring Nifty Pharma (-1.11%). FII’s net selling was Rs 212 crore, while DIIs net buying was Rs 308 crore.
Currently, the distribution day count stands at three. Nifty is trading near its all-time high. If the index adds a couple of distribution days, stages a reversal, or breaches its key moving averages, we may change the market status to an Uptrend Under Pressure. Reducing exposure to stocks breaking below their 21- or 50-DMA on higher volume is important. As the broader market is volatile, we recommend being selective when investing in new stock.
Companies Announcing Results Today: Nhpc, Oil & Natural Gas, Sun Tv Network (Nse), Hindustan Aeronautics, Godrej Industries, Grasim Industries, Indraprastha Gas, and others.
Key News
Tata Steel’s Q1 FY22 PAT advanced to Rs 9,768 crore from a loss of Rs 4,648 crore in Q1 FY21. Revenue more than doubled y/y to Rs 53,371 crore. Margin expanded to 30.2% against 2.1% for the corresponding period last year.
Hero Motocorp’s Q1 FY22 gain stood at Rs 365 crore against Rs 61 crore in Q1 FY21. Revenue grew 84.7% y/y to Rs 5,487 crore. Margin expanded to 9.4% against 3.6% for the corresponding period last year.
-June IIP grew 13.6% y/y. The manufacturing sector grew 13%, the mining sector grew 23.1%, and the electricity sector grew 8.3%.
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