Today’s Action:
After starting high, the key indices lost most of their increments and ended the day with marginal gains. Broader indices outperformed the frontline indices.
Daily Market Review
After starting the day on a positive note, the benchmark indices lost their momentum and started consolidating amidst mixed global cues.
The Nifty opened at 10,107.40 points, but as the day progressed it couldn’t hold its momentum. After trading in the range of 10,070.35-10,126.50 it closed flat at 10,086.60 with marginal gains of 0.07%. Similarly, the BSE Sensex started the day with 32,289.26 points and after trading in the wide range of 32,186.84-32,328.61 it finally settled with gains of 0.17% at 32,241.93.
The market breadth, indicating the overall health of the market, was tilted towards the gainers in today’s session. On the NSE, 779 stocks advanced, compared with 732 stocks declining, and 61 stocks remaining unchanged.
The broader indices performed well today with the Nifty Midcap gaining 0.61%, while the Smallcap gained 0.36% today.
Today, the MarketSmith India IND 47 Index, which lists the top 47 stocks in chart on fundamental characteristics, gained 0.59% today.
Barring four sectors, most of the sectors ended in the green territory today. Nifty Pharma, PSU BANK, and PVT BANK were the top gainers with increments of 2.63%, 0.69%, and 0.37%, respectively, while Nifty Metal, Realty, and Energy were the top losers with declines of 0.57%, 0.52%, and 0.37% respectively.
China’s August Industrial output and retail sales data were down for the second consecutive month and it reveals fresh signs of headwinds for the country.
Tata Steel clarified today that it continues to be in strategic discussions with the German major ThyssenKrupp for the merger of their steel business. Both the Companies have been in discussion for a merger of their steel business for almost over a year now.
Tata Chemicals has said that it is in advanced talks with the Netherlands-based Indorama Holdings BV to sell its Haldia fertilizer unit in West Bengal for INR 400-500 crore.
Tech-firm Cyient today announced that it will divest its 49% equity ownership in joint-venture firm Infotech Aerospace Services to its partners Pratt & Whitney. This joint venture was set up in 2013 in Isabela, Puerto Rico and it provides aerospace defense design, development, and related services.
Today, both the Sensex and the Nifty observed a higher trading volume compared to the previous day trading session. The Nifty dropped a distribution day today and therefore the total distribution day count remains at 5 in both Nifty and the Sensex. The market status remains at Uptrend Under Pressure.
Current Outlook:
– Be cautious with any new purchases.
– Make a defensive game plan for your portfolio.
– Stay disciplined and exercise sound sell rules.
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