At 8:00am IST, the SGX Nifty Futures was trading at 11,363, compared with Nifty’s close of 11,270 yesterday.
Market status: Confirmed Uptrend
Global stock markets: Dow 30, +1.3%; S&P 500, +0.3%; Nasdaq, -0.4%; KOSPI, +1.3%; Nikkei, +1.6%; Hang Seng, +2.3%
After a gap-up opening yesterday, Nifty made a high of 11,337. However, the index staged a reversal and fell about 100 points off highs. With a volatile move in the last hour, it closed in the mid-range holding meaningful gains. Volume was higher compared with yesterday’s session. Nifty Midcap advanced 1.4%, while Smallcap closed 1.7% higher.
On the sectoral front, all the sectors closed in the green. Nifty Pharma led the rally with a gain of 5.5% followed by Nifty Realty which was up 2.8%. Nifty IT, Auto, Bank, Financial Services, and Metal also closed 0.5–1.0% higher. Market breadth continues to remain skewed toward advancers. Of 2,161 stocks traded, 1,237 advanced, 612 declined, and the remaining traded flat.
The Indian market remains in a Confirmed Uptrend. We would like to see fresh names flexing their muscles for a sustainable rally. Finding favorable entries into powerful breakouts may be the best use for new money in the current market. However, things can change quickly due to high volatility. We are operating in an uncertain environment where information is distributed unevenly, wherein outside forces, either intentionally or unintentionally, affect prices across various time frames. We will continue to monitor the behavior of the market and keep an open mind as to how it unfolds.
Kec International announced Q1 FY21 results yesterday after market hours. Consolidated revenue from operations decreased 8.5% y/y to Rs 2,206 crore. PAT declined 20.1% to Rs 70 crore.
Power Grid Corp.Of India released Q1 FY21 results yesterday after market hours. Standalone revenue from operations increased 2.1% y/y to Rs 8,988 crore. PAT decreased 18.5% to Rs 1,978 crore.
Bank Of Baroda released Q1 FY21 results yesterday after market hours. Net interest income increased 5% y/y to Rs 6,816 crore. NIM declined 8bps q/q to 2.55%. Due to higher provisions it posted a loss of Rs 864 crore compared with a profit of Rs 709 crore in the corresponding quarter last year.
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, 46%; Rally Attempt, 12%; 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, 24%; Rally Attempt, 0%; Uptrend Under Pressure, 68%; Downtrend, 8%.