Indices Slip, Small Caps Lag, But IND 47 Growth Stocks Shine Again
Today's Action: Benchmarks post modest losses. The Nifty records a distribution day.
Current Outlook: - Market environment conducive for new purchases, but remain selective. - Focus on fundamentally strong stocks breaking out of strong technical patterns. - Stay disciplined and exercise sound buy and sell rules.
14-11-2017
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Daily Market Review Indian Benchmark indices closed lower on Tuesday, for the second consecutive session. The downward journey was on account of rise in both consumer and wholesale price index data. Inflation at the wholesale level increased to six-month high of 3.59% in October, as compared to 2.60% in September. Consumer inflation also jumped to a seven-month high of 3.58% in October. The Nifty started the day on a flat-to-positive note at 10,223.40. However, profit booking session in the first hour dragged the market down and lost 0.38% to close at 10,186.60. The trading range, for the Nifty, was 10,175.55-10,248.00. Similarly, the BSE Sensex ended the day on a negative note and deflated 0.28% to close at 32,941.87. The trading range was observed to be 32,907.11-33,126.55. The actions in the broader markets were also weak, as the Nifty Midcap and the Nifty Smallcap deflated 0.21% and 0.64%, respectively. The market breadth, which indicates the overall health of the market, was tilted toward losers in today's session. On the NSE, 605 stocks advanced, while 906 stocks declined, and 48 stocks remained unchanged. The weakness in the market was witnessed across the board, with all sector indices closing in red, barring Nifty Realty (+0.48%) and Auto (+0.20%). Stocks from the PSU bank, IT, and metal, majorly suffered as these sector indices slipped 0.65%, 0.60%, and 0.52%, respectively. On the contrary, MarketSmith IND 47 Index, our proprietary lists of the top 47 stocks in technical chart and fundamental chart, outperformed the benchmark indices with a gain of 0.90% today. In other news, shares of Vakrangee, Petronet LNG, and Britannia got included in MSCI Global Standard Index. Inclusion in the MSCI index indicates that the stock will captivate foreign fund managers' attraction. Foreign fund managers closely track the MSCI index and are likely to buy and sell stocks, depending on the addition and removal of the stock from the index. On a positive note, today's loss on the Sensex came on lower volumes. However, the Nifty added a distribution day, as today's volume was higher than yesterday's session. The distribution count is now four on the Nifty, while the count remains unchanged at two on the Sensex. The Indian market remains in Confirmed Uptrend.
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