Stagnant Markets Consecutive Unchanged Sessions

At the close, the Nifty 50 was at 19,342.65 up by 0.19%

Steady Performance Amid Volatility despite initial volatility, the Indian market managed to end the day with a marginal gain. This consistency in performance is a testament to the underlying strength of the market.

Positive Streak Continues the benchmark indices continued their upward trajectory for the second consecutive session, with the NSE Nifty 50 starting strong and closing in the green, rising by 0.19 percent and settling above the 19,300 mark.

Lack of Catalysts for Positive Momentum the range-bound trading was largely attributed to subdued investor participation, influenced by sluggish cues from Asian markets. Investors, it seems, are cautious due to the absence of new catalysts for generating positive momentum.

Global Influence on Indian Markets the global market’s optimism, driven by expectations of no further Fed rate hikes and subdued economic data, reverberated in the Indian market. While heavyweight stocks remained muted, the sector-wise and mid & small-cap segments saw gains.

Winners and Rallying Sectors in the Indian market, the chemical sector emerged as a clear winner, benefiting from stabilized demand-supply dynamics. The metals sector rallied, propelled by hopes of further support from the Chinese government and central banks, aimed at boosting the local economy.

Bank Nifty: 0.00%

Subdued But Steady Performance the Bank Nifty price action exhibits a favorable bias, suggesting a strong possibility of an upcoming rally, and concluded in the green zone at 44,495.25. Similarly, the BSE Sensex exhibited a modest upswing of 0.12 percent, closing strong at 65,075.82.

Awaiting a Decisive Breakthrough the Bank Nifty’s journey has been marked by lateral movement, symbolizing the ongoing battle between bullish and bearish sentiments. However, market observers are eyeing a significant breach above current levels, which has the potential to trigger a renewed upward trajectory.

The Path Forward should the index successfully surpass this critical level, it’s expected to catalyze a fresh wave of upward momentum. This breakthrough might serve as a compass, directing the index towards the coveted 45,000 mark, generating renewed investor interest.

A glance at recent sectorial movements, the realty sector has experienced a robust upturn, recording a notable gain of 1.69%. In this sector, Indiabulls Real Estate Ltd. emerged as a standout performer, securing an impressive gain of 4.91%. Likewise, Macrotech Developers Ltd. witnessed substantial growth, marking a gain of 4.35%.

Conversely, the FMCG sector faced challenges, registering a decline of 0.33%. Within this sector, Procter & Gamble Hygiene And Health Care Ltd. grappled with a significant loss of -3.97%. Similarly, Godrej Consumer Products Ltd. experienced a dip, recording a loss of -1.35%.

Foreign institutional investors (FII/FPI) displayed a buying value of Rs. 10,515.48 crore and a selling value of Rs. 10,453.97 crore, resulting in a net value of Rs. 61.51 crore. On the other hand, domestic institutional investors (DII) showcased a buying value of Rs. 8,131.87 crore, countered by a selling value of Rs. 7,826.78 crore, leading to a net value of Rs. 305.09 crore.

Bank Nifty

The Nifty Banking sector had some gainers and some losers for the day.

The gainers included HDFC Bank with a 0.86% increase, Punjab National Bank with a 0.56% increase, Bank of Baroda with a 0.50% increase, Federal Bank with a 0.49% increase, and State Bank of India with a 0.42% increase. On the other hand, the biggest losers in the sector included AU Bank with a 0.87% decline, Axis Bank with a 0.84% decline, IndusInd Bank with a 0.60% decline, IDFC First Bank with a 0.49% decline, and Kotak Bank with a 0.47% decline. These results suggest that some banking stocks performed better for the day.

Buzzing

Jio Financial Services Ltd. experienced a remarkable upward trajectory in its share price, marking a substantial increase of 5.00% from its previous close at Rs 211.15. The stock’s most recent trading price stands at Rs 221.70, reflecting this significant uptrend.

Robust Investment Activities company’s investment activities have been substantial, utilizing Rs 1166.32 crore. This figure represents a remarkable year-on-year (YoY) increase of 849.08%, underscoring the company’s proactive approach towards strategic investments.

Bharti Airtel Ltd. witnessed a decline in its share price, marking a decrease of -1.73% from its previous close at Rs 870.35. The most recent trading price stands at Rs 855.30, reflecting this downward shift. Despite the recent decline, Bharti Airtel Ltd. has delivered a commendable 3-year return of 66.27%, outperforming the Nifty 100’s return of 62.78%.

The appearance of a 20-day moving crossover is a recent development, potentially signaling market shifts. Historical data indicates an average price decline of -2.28% within 7 days of this signal over the last 5 years. Bharti Airtel Ltd. exhibits strong annual revenue growth of 19.64%, surpassing its 3-year compound annual growth rate (CAGR) of 15.94%. Remarkably, only 1.77% of trading sessions over the past 18 years have experienced intraday declines exceeding 5%.

Advance Decline Ratio

Today, the advance-decline ratio was 1.40, and the market breadth was positive. The volatility index India Vix decreased by 1.39 percent to settle at 12.23 and the FIIs were net buyers today.

DAILY MARKET ACTION
Advancers – 1365
Decliners – 974
52Wk High –  117
52Wk Low – 11
High Band Hitters – 101
Low Band Hitters – 22
200d SMA – 18358
50d SMA – 19398
20d SMA – 19452

Top Gainers and Losers Stocks

The top gainers were Jio Financial (+5.00%), UPL (+2.44%), Hindalco (+2.38%), Tata Steel (+1.87%), and Hero MotoCorp (+1.80%).

The top losers were Bharti Airtel (-1.73%), Hindustan Unilever (-1.20%), Reliance (-0.89%), Dr. Reddy (-0.87%), and Axis Bank (-0.84%).

Top Gainers and Losers Sector

The top gainers sectors were Realty (+1.69%), Metal (+1.28%), Media (+0.77%), Auto (+0.67%), and Consumer Durables (+0.63%).

The top losers sectors were FMCG (-0.33%), Pharma (-0.27%).

The Nifty Midcap 50 was up by 0.33 percent, while the Nifty Small Cap 50 was up by 0.63 percent on the day.

The Nifty Midcap 50 index currently closed at 11,109.35, while the Nifty Small Cap 50 index currently closed at 5,524.35.

SECTORS – NOTABLE ACTION
REALTY +1.69%
METAL +1.28%
MEDIA +0.77%
FMCG -0.33%
PHARMA -0.27%

Stocks Ban List

(SEBI) F&O ban list  (IBULHSGFIN open at +193.00 and close at -188.70), (ESCORTS open at -3032.05 and close at +3045.40), (SUNTV open at -603.20 and close at +604.20), (HINDCOPPER open at +148.60 and close at +151.75), (RBLBANK open at +232.95 and close at +233.50), (MANAPPURAM open at +146.00 and close at +145.90), (INDIACEM open at +242.00 and close at +243.35), (GMRINFRA open at -60.80 and close at +61.05), and (BHEL open at +109.80 and close at +114.65) are not currently on the stock exchange.

A stock enters the Ban List if its MWPL is above 95%. Implying that, Ban List shows the Futures and Options (FnO ) stocks whose combined open interest in all FnO contracts for a given period crosses 95% of Market-Wide Position Limit.

PEL, ZEEL, SAIL, PNB, DELTACORP, HAL, GNFC, INDUSTOWER, RECLTD, BALRAMCHIN, NMDC and CANBK stocks has the possibilities of enterance in the ban list.

BHEL stock has the possiblities of exit from ban list.

Daily Pivots

As per the above pivots data, 19300 to 19390 is the Nifty 50 trading range.

Read previous -Daily Insights- here
Market Gains Marginally Amid Volatility & Positive Global Cues
Markets Under Pressure, Extend Thursday’s Decline
OKAYB: Gauging Crypto Market Sentiment and Assessing Bearish Trends
Market Loses Opening Gains, Closes Near Day’s Low in Volatile Session

This article is only for educational purposes and is not an investment advice.