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.
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