At 8:00 am IST, the SGX Nifty Futures was trading at 10,707, compared with Nifty’s close of 10,705 yesterday.
Market status: Confirmed Uptrend
Global stock markets: Dow 30, +0.7%; S&P 500, +0.8%; Nasdaq, +1.4%; KOSPI, +0.5%; Nikkei, +0.2%; Hang Seng, -0.1%
Yesterday, after a muted opening, Nifty traded in a narrow range. However, it succumbed to selling pressure in the last hour of the trading session and fell sharply to close the day with significant losses. It was considered as a distribution day as the index fell more than 0.2% on higher volume than that of the previous session. In the broader market, Nifty Midcap and Smallcap closed with a loss of 0.4% and 0.2%, respectively. FIIs’ net selling was Rs 995 crore and DIIs’ net selling was Rs 850 crore.
On the sectoral front, Nifty Auto and Realty declined 2% each. Further, Nifty IT and Nifty Media were down 1.5–2.0%. On the flip side, Nifty PSU Bank gained more than 2%, while Nifty Pharma, Nifty FMCG, and Nifty Metal advanced 0.5–1.5%. Market breadth was inclined toward decliners. Of 2,126 stocks traded, 784 advanced, 1,054 declined, and the remaining traded flat.
The Indian market remains in a Confirmed Uptrend. However, things can change quickly due to high volatility. We are operating in an uncertain environment, where information is distributed unevenly, and it is an environment where outside forces, either intentionally or unintentionally, affect prices across various time frames. We will continue to monitor the behavior of leading stocks and keep an open mind as to how it unfolds. We will wait for solid entry points before buying.
Gold futures prices on MCX hit an all-time high of Rs 49,045 per 10 grams.
Icici Bank’s board has approved raising of funds for an amount aggregating up to Rs 15,000 crore.
Cipla launches the generic version of the antiviral drug remdesivir.
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, 58%; Rally Attempt, 0%; Uptrend Under Pressure, 42%; Downtrend, 0%.
For the 24 developed markets tracked by our institutional research team, the market status breakdown is as follows: Confirmed Uptrend, 20%; Rally Attempt, 0%; Uptrend Under Pressure, 80%; Downtrend, 0%.