A strong breakout is witnessed in these stocks; do you hold them?

Nifty 50 had a gap down opening at 17,485.7 but is trading off lows. In this article, we would be listing stocks that have shown strong breakout. 

Nifty 50 opens lower as April-June quarter Gross Domestic Product (GDP) misses expectations. According to the data that was released on Wednesday, the Indian economy grew by 13.5%, which also is the fastest growth in a year. The central bank forecasted growth of 16.2%, while expectations were around 15.2%.

Largest share of growth (60%) was accounted for by private consumption. Consumer spending, which is considered to be one of the major drivers of the Indian economy, has been daunted amid rising inflation. 

For the fourth successive session, major Wall Street indices ended with a decline. This selling pressure can be attributed to Powell’s ultra-hawkish approach. Nasdaq Composite ended down by 0.56%, Dow Jones declined 0.88% and S&P 500 sank 0.78% in overnight trade.  

At the time of writing, Nifty 50 was trading at 17,599.6, down by 159.8 (0.9%). Broader market indices outperformed frontline indices. Nifty Mid-Cap 100 index is trading down by 0.03% and Nifty Small-Cap 100 index was up 0.12%.  

Market breadth seems to be somewhat positive. On BSE, a total of 1,946 stocks were advancing, 1,329 were declining and 166 remained unchanged. On the sectoral front, sectors like realty, PSU banks, automobile and media topped the charts. IT, FMCG, pharma and metals were the top losers. 

According to the preliminary data as on August 30, FIIs were net buyers while DIIs were net sellers. Foreign Institutional Investors (FII) bought shares worth Rs 4,165.86 crore, while Domestic Institutional Investors (DII) sold shares to the tune of Rs 656.72 crore.