At 8:00 am IST, SGX Nifty Futures was trading at 14,548, compared with Nifty’s close of 14,496 yesterday.Market Pulse: Confirmed UptrendDistribution Day Count: TwoGlobal stock markets: Dow30, +0.06%; S&P 500, -0.7%; Nasdaq, -1.9%; Kospi, +0.6% Nifty gapped higher yesterday, but failed to hold gains. After falling 150 points in the opening hour, it attempted to move higher. However, in the second half, it fell sharply, closing below 14,500. As the volume was higher than the previous session, we considered yesterday’s action as a distribution day. The broader market was in good momentum in the first half. It fell sharply along with the benchmark indices. The advance-decline ratio was in favor of decliners. Of the 2,247 stocks traded, 808 advanced, 1,078 declined, and the rest remained unchanged. On the sectoral front, barring Nifty PSU Bank (+3.4%), all others closed in the red. Nifty Pharma (-2%) was the top loser. Nifty Bank, Auto, Financial Service, FMCG, and IT closed 0.5–1% lower. Looking ahead, without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. If Nifty falls further and adds a couple of more distribution days, we may change the market status to an Uptrend Under Pressure. On the flip side, if Nifty reclaims its 21-DMA and moves higher, stocks that are breaking out of consolidation have higher relative strength and with superior fundamentals can do well. Continue to trim or avoid ideas lagging and/or breaking down below major moving averages. Key Results Today: ADANIENT, TATASTEEL, POWERINDIA, DEEPAKNTR, JMFINANCIAL,
and others. Key News: LTI reported Q4 FY21 results yesterday after market hours. Revenue grew 8.5% y/y to Rs 3,269 crore. PAT increased 27.6% to Rs 545 crore. RBLBANK reported Q4 FY21 results yesterday after market hours. Net interest income declined 11.1% y/y to Rs 906 crore. PAT was down 34.2% to Rs 75 crore.
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