UK U-Turn boosts Market Sentiments

UK U-Turn boosts Market Sentiments

Benchmark Index closed at 17487 before touching 17528.

UK U-Turn boosts markets sentiments and healthy buying continued amid strong global indicators that lifted the benchmark indices today.

To reassure investors, the British Finance Minister Jeremy Hunt reversed Prime Minister Liz Truss’s economic plan, which had hammered the UK markets earlier. The dramatic shift in British fiscal policy improved investor sentiments. Anything and everything can be done to keep the investors optimism!

The Nifty 50 closed at 17487, up 175 points or 1.01 percent. During the day, it reached a high of 17528 and a low of 17434. Compared to previous closing prices, the Nifty made a higher-high and a higher-low. 

Today, the advance-decline ratio was 1.69, and the market breadth was positive. The volatility index India Vix, on the other hand, further decreased 5.23 percent to settle at 17.43. This is a lowest reading of volatility index in last one month.

Further, the FII’s were net sellers today and the DII’s, as has been the case for past few trading sessions, were the net buyers and provided the much need support and direction to the market.

DAILY MARKET ACTION
Advancers – 1359
Decliners – 805
52Wk High – 44
52Wk Low – 42
High Band Hitters – 71
Low Band Hitters – 35
200d SMA – 16988
50d SMA – 17488
20d SMA – 17222

UK U-Turn –Top Gainers and Losers

The top gainers were SBIN (+3.45%), Adani Ports (+3.13%), Eicher Motors (+3.05%), ITC (+2.59%), and SBI Life (+2.54%),.

The top losers were NTPC (-0.86%), HDFC (-0.61%), Sun Pharmaceuticals (+0.53%), Britannia (-0.53%), and Tech Mahindra (-0.28%).

UK U-Turn – Sectors & Broader Indices

The top gainers were Media (+2.14%), Realty (+1.72%), Auto (+1.35%), FMCG (+1.23%), and Oil & Gas (+1.12%).

All sectoral indices closed in green, Nifty Media, Realty, Auto and FMCG were the biggest gainers. Similarly, the broader indices followed the benchmark indices. The Nifty Midcap 50 was up by 1.60 percent, while the Nifty Small Cap 50 rose by 0.77 percent.

SECTORS – NOTABLE ACTION
MEDIA +2.14%
REALTY +1.72%
AUTO +1.35%

Daily Pivots

As noted in earlier blog, the Nifty was trading in box range of 16800-17400 for past few sessions, which it has broken today on the higher side. This is positive for the overall trend in the market. Trading range for tomorrow is 17440 – 17580 with positive bias.

Further, the market opened with a gap up, and made NR-7. The high low gap was only 94 points, showing an up trend in the short term. The Nifty 50s closing price is now above the 20-day, 50-day and 200-day moving average, showing bullishness and positive sentiments.

Read previous -Daily Insights- here
Nifty Zoomed
Rising Inflation Spooks Market Sentiments
Nifty below 16000

This article is only for educational purposes and is not an investment advice.