At 8:00 am IST, the SGX Nifty Futures was trading at 11,261, compared with Nifty’s close of 11,214 on Friday.
Market status: Confirmed Uptrend
Global stock markets: Dow 30, +0.2%; S&P 500, +0.1%; Nasdaq, -0.9%; KOSPI, +0.6%; Nikkei, -0.4%; Hang Seng, -0.2%
Nifty started the last week on a weaker note. On Monday, it breached its 21-DMA and also added a distribution day, taking its total count to three. However, it staged an upside reversal on Tuesday and closed in positive territory during the rest of the week.
On the weekly front, barring Nifty IT (-0.4%), all other indices closed in the green. Nifty Metal (7.8%) and Auto (+3.8%) were the outperformers. Nifty FMCG, Pharma, and Realty closed the week with a gain of 1.5–2.0%. The action in Nifty Midcap (+4%) and Smallcap (+5%) was excellent. Many quality names, especially from the Pharma sector, broke out from their base and rallied.
The Indian market remains in a Confirmed Uptrend. We would like to see fresh names flexing their muscles for a sustainable rally. Finding favourable 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 behaviour of the market and keep an open mind as to how it unfolds.
Key News
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Akzo Nobel India (Nse), Bank Of Baroda, Ipca Laboratories (Nse), Titan Company, and Kec International will report their Q1 FY21 results today.
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Bata India announced Q1 FY21 results on Friday after market hours. Standalone revenue from operations dipped 84.7% y/y to Rs 134.8 crore. It reported a loss of Rs 101.1 crore compared with Rs 100.7 crore profit in the corresponding quarter last year.
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Affle (India) released their Q1 FY21 results during the weekend. Standalone revenue from operations increased 38.8% y/y to Rs 42.2 crore. PAT decreased by 42.9% to Rs 3.6 crore.
Divis Laboratories (Nse) released Q1 FY21 results during the weekend. Standalone revenue from operations increased 50% y/y to Rs 1,709.9 crore. PAT grew 84% to Rs 492.2 crore.
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