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SGX Nifty Indicates Muted Opening; IGL and M&M to Announce Results Today

Posted Date: November 09 2021 | Reading Time: 2 Minutes
At 8:10 am IST, SGX Nifty Futures were trading at 18,121, compared with Nifty’s close of 18,068, on Monday.
Market Pulse: Confirmed Uptrend
Distribution Day Count:
Nifty50: Four Nifty Midcap100: Three Nifty Smallcap100: Six
Global stock markets: Dow 30, +0.3%; Nasdaq, +0.1%; S&P 500, +0.1%; Nikkei, +0.1%; Kospi, -0.1%; Shanghai Composite, -0.1%.
Yesterday, Nifty started the session with gains of more than 100 points. However the index was down nearly 200 points within the first 15 minutes, indicating volatility in the current market. From the day’s low, the index progressed to close near the day’s high on good buying. Most sectoral indices closed higher. Nifty PSU Bank (+2.2%) was the top gainer, followed by Nifty Metal, Media, Realty, and IT, which gained 1.2-1.5%. 
Yesterday, one distribution day expired due to the 25-trading-session rule. The distribution day count has decreased to four. If the market succumbs to selling pressure and breaches its 50-DMA, 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.
Results Today: Indraprastha Gas, Mahindra & Mahindra, Bharat Heavy Electricals Ltd, IDFC, Mrf, Max Financial Services Ltd, and others
Key News

Britannia Inds’s Q2 FY22 results missed estimates on all fronts except top-line growth. Revenue beat estimates by 1.3%. Earnings missed estimates by 23% and margins missed estimates by 120bps.


Shankara Building Products   reported Q2 FY22 results. Profit increased 42.9% y/y, revenue increased 24.1% y/y. However, margins contracted 40bps y/y.

Action Construction Equ reported Q2FY22 results. Revenue increased 34.3% y/y and 12.1% q/q to Rs. 360.9 crore. EBITDA margins remained stable at 10.2% and PAT increased 56.8% y/y and 18.6% q/q to Rs. 22.9 crore.

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