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SGX Nifty Indicates Flat Opening; U.S. Aurobindo Pharma seeks EMA Approval for its Biosimilars

Posted Date: September 24 2021 | Reading Time: 2 minutes
At 8:20 am IST, SGX Nifty Futures was trading at 17,858, compared with yesterday’s Nifty’s close of 17,822.

Market Pulse: Confirmed Uptrend

Distribution Day Count:

Nifty50: Two Nifty Midcap100: Two Nifty Smallcap100: Two

Global stock markets: Dow 30, +1.5%; Nasdaq, +1%; S&P 500, +1.2%; Nikkei, +1.9%; Kospi, 0%; Shanghai Composite, +0.1%.

Yesterday, Nifty took cues from global markets and gapped up, starting the session with a gain of 120 points. It retained positive momentum throughout the session. It made higher highs and higher lows on the hourly chart, which is a bullish sign. The benchmark made a fresh all-time high of 17,843 in the process and closed near the day’s high. Barring Nifty Media (-1.7%), all sectoral indices closed higher. Nifty Realty (+8.7%) advanced the most, followed by financial-related indices. The advance-decline ratio was in favor of advancers. Of 2,045 stocks traded, 1,201 stocks advanced, 743 stocks declined, and the remaining closed flat.

The distribution day count currently stands at two, and one will expire next week. Further, Nifty is now trading above all its key moving averages. We would like the index to continue to trade above its key moving averages. After such a sudden rally, one must also be prepared for some mild profit booking. In the process, 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.

Key News

Aurobindo Pharma’s subsidiary CuraTeQ Biologics has submitted an application to the European Medicines Agency (EMA) seeking marketing approval for its biosimilar.

Jbm Auto Limited has received orders for the supply of 500 CNG and electric buses from various state governments.

Lupin (Nse) is confident of satisfactorily addressing the observations from the U.S. FDA regarding certain material testing deficiencies at its Goa plant.

What do you think? Please email us any questions or comments.

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