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SGX Nifty Indicates Flat Opening; Shalimar Paints Loss Widens to Rs 19.5 Crore

Posted Date: August 17 2021 | Reading Time: 2 minutes
At 8:15 am IST, SGX Nifty Futures were trading at 16,538, compared with Nifty’s close of 16,563 yesterday.

Market Pulse: Confirmed Uptrend

Distribution Day Count: Nifty50 - Three Nifty Midcap100 - Four Nifty Smallcap100 - Five

Global stock markets: Dow 30, +0.3%; Nasdaq, -0.2%; S&P 500, +0.3%; Nikkei, +0.05%, Kospi, -0.7%; Shanghai Composite, -0.08%.

Nifty opened on a flat note yesterday and traded in a narrow range, making a new all-time high in the process. The index closed in the upper half of the day’s range with volume being comparatively low. The broader market underperformed. Midcap and Smallcap declined 0.4% and 0.8%, respectively.

On the sectoral front, there was mixed action. Nifty Metal (+1.5%) was the top gainer, followed by Nifty Financial (+0.4%) and FMCG (+0.3%). On the flip side, Nifty Bank, Auto, IT, Pharma, and Realty closed 0.2–0.8% lower. The advance-decline ratio favored decliners. Of 2,023 stocks traded, 631 stocks advanced, 1,326 stocks declined, and the remaining closed flat.

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 there is weakness in the broader market, we recommend being selective when investing in new stock.

Key News

Lupin (Nse) received tentative approval from the U.S. FDA for Brivaracetam tablets, which are indicated for the treatment of partial-onset seizures in patients aged four years and older.

Shalimar Paints announced its Q1 FY22 results. Revenue from operations grew 46.5% y/y to Rs 65.2 crore. Its loss widened to Rs 19.5 crore from a loss of Rs 10.6 crore in Q1 FY21.

Indian Terrain Fashions SBI Mutual fund has sold 1.77 lakh shares in the open market, reducing its shareholding to 5.31% from 5.74%.

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Disclaimer: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. It is for educational purposes only.For more information, see our Legal disclosures here.

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