Market Pulse: Confirmed Uptrend
Nifty50: Four Nifty Midcap100: Three Nifty Smallcap100: Six
Global stock markets: Dow 30, -0.3%; Nasdaq, -0.6%; S&P 500, -0.3%; Nikkei, -0.6%; Kospi, -0.7%; Shanghai Composite, -1.3%.
Yesterday, Nifty started the session on a positive note and made an intraday high of 18,112. It then remained volatile throughout the day. However, the index traded in a narrow range of 125 points. Banking and Finance stocks were top decliners with HDFC Bank and HDFC declining 1.7% and 1.4%, respectively. The broader market indices continued to outperform the benchmark. Nifty Midcap and Smallcap closed in the green with gains of 1.2% and 0.5%, respectively. Sectoral indices were mixed with Nifty Auto and PSU Bank advancing 1% and 0.8%, respectively. Meanwhile, Nifty Financial Services and Metal declined 0.7% and 0.3%, respectively.
One distribution day expired yesterday due to the 25-trading-session rule. The distribution day count now stands at 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.
Petronet L N G (Nse)’s Q2 FY22 PAT was down 11.1% q/q to Rs 817 crore. Revenue grew 74% q/q to Rs 10,813 crore. Margin expanded 450bps q/q to 12%.
Indraprastha Gas reported Q2 FY22 results. PAT and revenue came above estimates, while margin missed estimates. Total volumes grew 36.6% q/q to 7.24 mmscmd.