At 8:00 am IST, SGX Nifty Futures was trading at 14,781, compared with Nifty’s close of 14,942 yesterday. Market Pulse: Confirmed Uptrend Distribution Day Count: Two Global stock markets: Dow30, -0.1%; S&P 500, -1.0%; Nasdaq, -2.6%; Kospi, -1.6%; Nikkei, -2.7%; Shanghai Composite, -1.2% Yesterday, Nifty started the session on a positive note, opening around 100 points higher. It traded in a narrow range of just 70 points, relatively lower than in recent times. Thus, it closed in the green for the fourth consecutive session, advancing almost 450 points. Of Nifty50 stocks, 76% closed in the green, led by COALINDIA (+7.5%) and UPL (+7.2%). All sectoral indices closed in the green. Nifty Metal (+3.1%) and Pharma (+2.8%) advanced the most. The advance-decline ratio was in favor of advancers. Of the 2,298 stocks traded, 1,344 advanced, 612 declined, and the rest remained unchanged. Currently, Nifty is just 4% off highs, but it has advanced higher on less than average volume, which is not a good sign. Ideally, we would want the volume to be above average for any upward move. However, without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions. If the index falls further and adds a couple of distribution days, we may change the market status to an Uptrend Under Pressure. Continue to trim or avoid ideas lagging and/or breaking down below major moving averages. Key Results Today: Alembic (Nse) , Siemens, KEC international, Granules India, Godrej csm.products (Nse), Linde India, and others. Key News: HFCL announced Q4 FY21 results yesterday. Revenue was up 109% y/y to Rs 1,391.4 crore. PAT came in at Rs 84.7 crore compared with Rs 5.8 crore in Q4 FY20. Jmc projects India announced Q4 FY21 results yesterday. Revenue rose 42.6% y/y to Rs 1,392.2 crore. It reported a profit of Rs 41.4 crore against loss of Rs 54.8 crore in Q4FY20. Chambal Fert & Chems’s Q4 FY21 revenue fell 16.7% y/y to Rs 1,640.8 crore. PAT was up 126% to Rs 447.9 crore.
What do you think? Please email us any questions or comments.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.