Watch out for these powerful breakout stocks today

Nifty 50 opened lower on the day of weekly expiry amid mixed global cues with a bearish tilt. In this article, watch out for powerful breakout stocks on Thursday.

Nifty 50 opened lower on Thursday at 17,533.85 as against its previous close of 17,557.05. This was a result of mixed global cues. Key Wall Street indices on Wednesday ended mostly lower as investors focused on fresh signs of a slowing US economy.

Global Markets

On Wednesday, a report from ADP, a payroll-processing firm, revealed that nonfarm private sector jobs increased by 1,45,000 in March which is below economists’ expectations. In February, nonfarm private sector jobs gained 2,61,000. This is a decline of almost 80% on a Month-on-Month basis.

Nasdaq Composite sank 1.07%, Dow Jones Industrial Average gained 0.24%, and S&P 500 declined 0.25%, in overnight trade. However, their respective futures were trading in the red at the time of writing. Tracking the overnight action on Wall Street, Asian market indices mostly traded lower on Thursday. Japan’s Nikkei 225 index and South Korea’s KOSPI suffering the most.

Domestic Markets   

At 10:50 a.m., Nifty 50 was trading at 17,594.5, up by 37.45 points or 0.21%. Broader market indices, on the other hand, outperformed frontline indices. Nifty Mid-Cap 100 index and Nifty Small-Cap 100 index jumped 0.45% and 0.64%, respectively.

Market Statistics 

On BSE, the advance-decline ratio was positive with 2200 stocks advancing, 955 declining, and 113 remaining unchanged. On the sectoral front, apart from FMCG and IT, all the other sectors were trading in the green.

According to the data as on April 5, FIIs were net buyers and DIIs were net sellers. Foreign Institutional Investors (FIIs) bought shares worth Rs 806.82 crore. Domestic Institutional Investors (DIIs) sold shares to the tune of Rs 947.21 crore.

Breakout Stocks to Watch Out for Today