Watch out for these breakout stocks today

Nifty 50 opened lower on the weekly expiry day amid weak global cues. In this article, watch out for breakout stocks on Thursday.

Nifty 50 opened lower on Thursday at 17,097.4 against its previous close of 17,151.9. This was a result of weak global cues. Key Wall Street indices on Wednesday ended lower as the US Fed raised interest rates but signalled that further hikes might be limited.

Global Markets

The US Federal Reserve increased the interest rates by 25 basis points (100 basis points equals 1%). Moreover, the US Fed Funds target rate is slightly higher than street expectations in the range of 4.75% to 5%.

Nasdaq Composite sank 1.6%, Dow Jones Industrial Average drowned 1.63%, and S&P 500 declined 1.65%, in overnight trade. However, their respective futures were trading in the green at the time of writing. Asian market indices, however, were trading mostly higher on Thursday. Apart from Japan’s Nikkei 225 index all the other indices were trading flat to positive.

Domestic Markets   

At 10:00 a.m., Nifty 50 was trading at 17,130.3, down by 21.6 points or 0.13 per cent. Broader market indices, on the other hand, outperformed frontline indices. Nifty Mid-Cap 100 index and Nifty Small-Cap 100 index gained 0.02% and 0.04%, respectively.

Market Statistics

On BSE, the advance-decline ratio was positive with 1738 stocks advancing, 1144 declining and 115 remaining unchanged. On the sectoral front, apart from IT, banks and realty, all other sectors were trading in the green.

According to the data as on March 22, FIIs and DIIs were net buyers. Foreign Institutional Investors (FIIs) bought shares to the tune of Rs 61.72 crore. Domestic Institutional Investors (DIIs) bought shares worth Rs 383.51 crore.

Breakout Stocks to Watch Out for Today