Zubu Client Sentiment Nifty50 Report:
It is a Post Market Analysis, by which one can understand Retail trader’s sentiment and discover who was going long and short, the percentage change over time, and whether market signals are bullish or bearish.
Nifty50 retail trader data shows 50.65% of traders are net-long ,while the number of retail traders net-short was 49.35%. FII’s created decent longs 1225 & unwinded decent shorts -2252, while retailers unwinded decent longs -2192 & created decent shorts 1845.
The markets opened with a gap-up and continued to rise steadily for most of the day. However, strong selling pressure in the last hour of trading wiped out the day’s gains, with 28 of the Nifty50 stocks closing in the red. Among the sectoral indices, Nifty Financial Services and Nifty Bank rose about 0.2% each. Meanwhile, the Nifty Media (-1.8%) and Nifty Auto (-1.3%) indices were the top losers.
Balaji Amines posts bumper profits
The amines and speciality chemicals maker reported a nearly 160% YoY rise in profits to ₹70 crore. Its sales rose 64% YoY to ₹366 crore, supported by a 34% increase in volumes and better price realisation.
Exports contributed nearly 20% of the revenues. The company also exports certain chemicals to China, which were previously dumped in India.
The stock has seen strong investor interest in the recent past and closed at its lifetime high, rising nearly 14.3% today. Since the March ’20 lows, the stock has gained over 7 times.
Sun TV witnesses profit-booking
The Chennai-based TV network reported an18% YoY rise in Q3 net profit to ₹442 crore. Revenues grew around 19% YoY to ₹972 crore.
Subscription revenues for the quarter were up 3% to ₹424 crore. Further, tax outgo for the quarter soared nearly 20% to ₹147 crore. The stock witnessed profit-booking today and fell 4.3%.
Selling pressure hits Balkrishna Industries
The Mumbai-based tyre maker reported a 45% YoY rise in net profits to ₹325 crore and a 31% rise in consolidated sales to ₹1,509. The figures beat the street’s estimates of ₹210 crore and ₹1,385 crore, respectively, and were supported by a 26% rise in volumes to 59,810 MT.
Despite the strong quarter, the stock plunged nearly 10% today. As per reports, the selling pressure is on account of the company’s Capex plans of ₹1,900 crore.
Auto retail sales decline in January
Contrary to the automobile wholesale numbers (sales from company to dealers), the retail figures (dealers to consumers) show a different picture. Except for tractors, all other categories showed degrowth with commercial vehicle retail sales dropping as much as 25% YoY.
Overall, January auto registrations were down 10% YoY. Fading pent-up demand and recent price hikes are being cited as reasons for the drop.
Today, the Nifty50 fell just 6 points from yesterday’s closing and showed signs of cooling off after a rally. However, if one looks at the market movement in the last hour today, the index gave away all the gains during the day and appeared shaky.
Except for the financial sector, all other sectors ended in the red. Major European markets are trading in the negative at the time of closing and the US Dow Jones futures are down, indicating weak global cues.