At 8:00am IST, the SGX Nifty Futures was trading at 10,685, compared with Nifty’s close of 10,607 on yesterday.
Market status: Confirmed Uptrend
Global stock markets: Dow 30, +2.3%; S&P 500, +1.3%; Nasdaq, +0.9%; KOSPI, +0.9%; Nikkei, +1.5%; Hang Seng, -0.1%
Yesterday, Indian markets opened on a negative note, with Nifty gapping down more than 50 points and remained under selling pressure throughout the day. Nifty escaped distribution as the decline was on a lower volume compared with the previous session. Of the Nifty50 stocks, 92% ended in the red. In the broader market, Nifty Midcap and Smallcap lost 1.1% and 1.5%, respectively. FIIs’ net selling was Rs 1,565 crore while DIIs’ net selling was Rs 650 crore.
Barring Nifty Pharma (+0.5%), all the sectoral indices closed lower. Nifty Pvt Bank (-3.3%) and other finance-related sectors declined the most. Market breadth was inclined toward decliners. Of 2,186 stocks traded, 1,079 advanced, 777 declined, and the remaining traded flat. Nifty breached its 10-DMA but still 1.5% above its 21-DMA (10,445).
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.
Oberoi Realty announced its Q1 FY21 results. PAT was down 81.5% y/y to Rs 28.1 crore. Revenue declined 80.4% y/y to Rs 118 crore. Margin expanded 1,010bps y/y to 49.1%.
Wipro (Nse)’s PAT rose 2.8% q/q to Rs 2,411 crore for Q1 FY21, above consensus. Total revenue fell 5.3% q/q to Rs 14,922 crore. According to management, margins expanded despite lower revenue on the back of solid execution of several operational improvements and rupee depreciation.
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, 35%; Rally Attempt, 0%; Uptrend Under Pressure, 65%; Downtrend, 0%.