MarketsmithIndia Articles

SGX Nifty Indicates Positive Opening; Tata Motors and Canara Bank to Announce Results Today

Posted Date: May 18 2021
At 8:00 am IST, SGX Nifty Futures was trading at 15,118, compared with Nifty’s close of 14,923, yesterday.
 
Market Pulse: Confirmed Uptrend
Distribution Day Count: Three
 
Global stock markets: Dow30, -0.2%; S&P 500, -0.3%; Nasdaq, -0.4%; Kospi, +1.2%; Nikkei, +2.2%; Shanghai Composite, +0.1%
 
Nifty opened around 100 points higher yesterday, tracking global cues. The index continued to be in the green through the session and, in the process, reclaimed its 50-DMA. As volume was lower than the previous session, yesterday’s action didn’t qualify as an additional follow-through day. Of the Nifty50 stocks, 78% advanced led by Indusind Bank (Nse) (+7.5%) and State Bank Of India (+6.7%).
 
Barring Nifty Media (-0.5%) and Pharma (-0.2%), all the sectoral indices closed in the green. Financial related indices led the rally followed by Metal stocks. The advance-decline ratio was in favor of advancers. Of the 2,299 stocks traded, 1,333 advanced, 627 declined, and the rest remained unchanged.
 
On a technical perspective, Nifty retook its 50-DMA, which is a good sign. 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, adds a distribution day, and breaches its key moving averages, 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: Tata Motors, Canara Bank (Nse), Aarti Industries (Nse), Pi Industries, Torrent Pharmaceuticals, and others.
 
Key News:
Bharti Airtel reported its Q4 FY21 results. Revenue was down 2.9% q/q to Rs 25,747 crore. PAT declined 11.1% to Rs 759 crore.
 
Orient Cement  reported its Q4 FY21 results. Revenue increased 27.1% y/y to Rs 831 crore. PAT surged 1.3x to Rs 99 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.

Related Article

Loading...