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Pharma and Realty Stocks Lead Rally; Yes Bank Gains 11% Today’s Action Nifty, +0.6%; Sensex, +0.6%; Model Portfolio, +0.7%; Nifty Midcap, +0.7%; Smallcap, +0.02%
Daily Market Review Market Status: Uptrend Under Pressure Benchmark indices closed positive for the second session in a row. Nifty hit an intraday high of 11,670.05 in the last hour from the day’s low of 11,573.95. The broader market also performed well with Nifty Midcap and Smallcap closing 0.7% and 0.2% higher, respectively. On the sectoral front, barring Nifty IT (-0.6%) and Media (-0.3%), all other sectors closed in the green. Nifty Realty (+1.9%) emerged as the top gainer followed by Nifty Pharma (+1.5%) and PSU Bank (+1.4%). The advance-decline ratio leaned toward decliners. Of the total 2,094 stocks traded on the NSE, 853 advanced, 912 declined, and the rest ended flat. On July 8, we changed the market status to an Uptrend Under Pressure from a Confirmed Uptrend, driven by factors such as the Nifty breaching its 50-DMA, accumulation of distribution days, and stalling days. The distribution day count now stands at three on the Nifty. From here, if 2-3 more distribution days are added, we will change the status to a Downtrend. The status will be back to a Confirmed Uptrend if Nifty retakes 12,104 (its high during the recent rally).
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