SGX Nifty Indicates a Positive Opening; Suzuki Targets 50% Market Share in the Passenger Car Segment

Market Preview

At 8:00am IST, the SGX Nifty Futures was trading at 15,100, compared with Nifty’s close of 14,982 yesterday.

Market status: Confirmed Uptrend

Distribution days: Five

Global stock markets: Dow30, +1.4%; S&P 500, +1.2%; Nasdaq, +1%; Kospi, +2.2%; Hang Seng, +2%; Nikkei, +1.7%

Yesterday, it was a never before trading session at NSE as trading came to a halt due to technical glitches. It was halted from 11:40am to 3:30pm, after which the session was extended till 5PM. Before the technical glitch, it was a volatile session but ended flat. In the extended session, Nifty rose sharply and hit 15,000 intraday. Barring Nifty IT (-0.1%), all the sectoral indices closed in the green. Financial-related sectors advanced the most as the government lifted an embargo on the grant of private businesses to private banks. Yesterday, FIIs were net buyers at Rs 28,729 crore, while DIIs were net buyers at Rs 230 crore.

The distribution day count decreased to five on Monday as one distribution day expired. A couple of more distribution days will expire by Monday next week. However, we may downgrade the status to an Uptrend Under Pressure if it falls on higher volume and the distribution day count increases. Without trying to predict and decode stories, we will take what the market gives and continue to monitor unfolding conditions.

Key News

Cadila Healthcare's wholly-owned subsidiary Sentynl Therapeutics signed an agreement with Cyprium Therapeutics to acquire Cyprium Therapeutics’ Copper Histidinate product candidate for the treatment of Menkes Disease.

Tata Power has raised Rs 900 crore through the issuance of non-convertible debentures (NCDs).

Maruti Suzuki India Suzuki formulated a mid-term management plan for five years, beginning April 2021.  In India, Suzuki will take the initiative in promoting electrification in response to environmental issues in India, and maintain a market share of more than 50% in the passenger car segment.

O’Neil Market Condition Report

For the 24 emerging markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 50%; Rally Attempt, 4%; Uptrend Under Pressure, 46%; Downtrend, 0%.

For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 46%; Rally Attempt, 0%; Uptrend Under Pressure, 54%; Downtrend, 0%.