Nifty 50 uptrend, ₹8.8K Cr outflow

MarketSmith India still had the Nifty 50 in a confirmed uptrend on April 22, even after the index fell 0.81% and added a second distribution day. (marketsmithindia.com) A distribution day is a session when an index falls on higher volume, a sign that large investors are selling into weakness. MarketSmith said the Nifty’s April 22 drop came with volumes up 3% from the prior session. (marketsmithindia.com) The index closed at 24,378.10 that day, with only 20 Nifty stocks advancing against 30 declines. It still remained 3.75% above its 21-day moving average and 0.08% above its 50-day moving average. (marketsmithindia.com) Leadership inside the benchmark was uneven. Tata Consumer Products rose 3.20%, Hindustan Unilever gained 2.51% and NTPC added 2.32%, while HCL Technologies fell 10.82%, Infosys lost 3.40% and Tata Consultancy Services dropped 2.76%. (marketsmithindia.com) Two sessions later, foreign institutional investors turned the pressure up. Moneycontrol’s daily flow data showed foreign investors were net sellers of ₹8,827.87 crore in cash equities on April 24, while domestic institutional investors bought ₹4,700.71 crore. (moneycontrol.com) (upstox.com) That April 24 selloff came with another sharp market drop. The Nifty 50 fell 275.10 points, or 1.14%, to 23,897.95, according to Moneycontrol’s session data. (moneycontrol.com) Oil added another headwind for India, which imports most of its crude. Reuters reported Brent crude at $106.06 a barrel on April 24, and ICE data showed the June Brent contract above $111 on April 29. (kelo.com) (ice.com) The setup leaves the rally intact on paper but narrower in practice: defensive names and domestic-facing stocks have held up better than information technology. MarketSmith’s April 22 note said market breadth had turned negative even before the larger April 24 foreign outflow hit. (marketsmithindia.com)