At 8:00am IST, the SGX Nifty Futures was trading at 11,317, compared with Nifty’s close of 11,308 yesterday.
Market status: Confirmed Uptrend
Global stock markets: Dow 30, +1.1%; S&P 500, +1.4%; Nasdaq, +2.1%; KOSPI, +0.5%; Nikkei, +1.7%; Hang Seng, -0.2%
Yesterday, after a gap-down opening, Nifty witnessed buying interest and traded toward the day's high of 11,322 in the first half of the trading session. During the second half, it moved sideways near the day's high and closed the volatile day holding minor loss. Volume was slightly higher compared with Tuesday’s session. Nifty avoided a distribution day as loss was less than 0.2%. Broader markets closed in the green. Nifty Midcap was up 0.1%, while Smallcap closed 0.5% higher.
On the sectoral front, mixed results were observed. Nifty PSU Bank led the rally with a gain of 2.7%, followed by Nifty Auto, which was up 2%. On the flip side, Nifty Pharma continued to witness profit booking and declined 1.6%, whereas Nifty Metal and Realty were down 0.7% each. Market breadth continues to remain skewed toward advancers. Of 2,183 stocks traded, 1,002 advanced, 847 declined, and the remaining traded flat.
The Indian market remains in a Confirmed Uptrend. We would like to see fresh names flexing their muscles for a sustainable rally. Finding favorable entries into powerful breakouts may be the best use for new money in the current market. However, things can change quickly due to high volatility. We are operating in an uncertain environment where information is distributed unevenly, wherein outside forces, either intentionally or unintentionally, affect prices across various time frames. We will continue to monitor the behavior of the market and keep an open mind as to how it unfolds.
Aurobindo Pharma: released Q1 FY21 results yesterday after market close. Revenue from operations grew 11% y/y to Rs 3,419 crore. PAT increased 116% to Rs 714 crore.
Ashok Leyland: released Q1 FY21 results yesterday after market close. Consolidated revenue from operations declined 88% y/y to Rs 650 crore. It reported a loss of Rs 388 crore compared with a profit of Rs 230 crore in the corresponding quarter last year.
Cummins India (Nse): released Q1 FY21 results yesterday after market close. Consolidated sales from operations declined 63% y/y to Rs 488 crore. PAT decreased 65% to Rs 53 crore.
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, 46%; Rally Attempt, 12%; Uptrend Under Pressure, 42%; Downtrend, 0%.
For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 42%; Rally Attempt, 0%; Uptrend Under Pressure, 54%; Downtrend, 4%.