FY25 Starts Strong with Nifty Reaching Unprecedented Heights

At the close, the Nifty 50 was at 22,462.00 up by 0.61%

The NSE Nifty 50 started the day positively, marking a 0.61% gain and maintaining its upward trajectory throughout the trading session. This bullish trend was fueled by strong showings in the financial and information technology sectors, bolstered further by favorable global market conditions. Notably, a moderation in key US inflation figures contributed to the overall positive sentiment.

After an impressive 29% rally in FY24, the Nifty 50 entered the new financial year with optimism, supported by the strength seen in Asian markets. April 1 witnessed the market reaching new heights, extending its winning streak for the third consecutive session. The surge was led by robust buying across various sectors, particularly in power, real estate, and metal industries. Despite initial profit booking, the Nifty closed at 22,462.00, up 135.10 points.

Small-cap and mid-cap stocks outperformed the benchmark, with gains of over three percent and one and a half percent, respectively, highlighting the market’s resilience. Expectations of a Fed rate cut in June and optimistic forecasts for domestic earnings growth in Q4FY24 further bolstered confidence.

Metal stocks particularly shone, buoyed by positive Chinese PMI data indicating progress in economic recovery. Looking ahead, market direction will be influenced by key events such as the RBI monetary policy, India PMI data, and US non-farm payroll figures. With ongoing favorable momentum, investors can anticipate an exciting journey ahead in the new financial year.

Bank Nifty: Up by 0.96%

The Bank Nifty commenced the trading session on a positive note, opening in the green with a notable increase of 0.96%. Maintaining its upward trajectory, the Bank Nifty closed in the green at 47,578.25, reflecting a robust performance in the banking sector.

Similarly, the BSE Sensex also witnessed a favorable movement, recording a gain of 0.49% during the trading session. Closing at a high of 74,014.55, the Sensex showcased resilience and strength in the broader market sentiment.

In the sectorial front, the media sector witnessed a significant surge, marking a notable gain of 4.69%. Noteworthy performers in this sector include Hathway Cable & Datacom Ltd., which recorded a remarkable gain of 10.97%, closely followed by Dish TV India Ltd., with a gain of 6.57%.

Conversely, the auto sector faced a minor setback, experiencing a decline of 0.16%. Eicher Motors Ltd. and Balkrishna Industries Ltd. were among the top losers in this sector, recording losses of -1.66% and -1.39%, respectively.

Foreign Institutional Investors (FIIs/FPIs) showcased a buy value of Rs. 8,817.98 crore while their sale value amounted to Rs. 9,340.28 crore, resulting in a net value deficit of Rs. -522.30 crore.

On the other hand, Domestic Institutional Investors (DIIs) demonstrated robust activity with a buy value of Rs. 10,193.47 crore, complemented by a sale value of Rs. 8,985.05 crore, culminating in a significant net value surplus of Rs. 1,208.42 crore.

Bank Nifty

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

The gainers included Bandhan Bank with a 4.44% increase, AU Bank with a 4.08% increase, IDFC First Bank with a 3.05% increase, Federal Bank with a 1.83% increase, and HDFC Bank with a 1.53% increase. On the other hand, the biggest losers in the sector included IndusInd Bank with a 0.65% decline. These results suggest that most of the banking stocks performed better for the day.

Stocks Highlights

JSW Steel Ltd. witnessed a commendable increase in its share price by 4.86%, reaching Rs 870.55 from its previous close of Rs 830.20. The company’s prudent financial management is evident, with 4.16% of its operating revenues allocated towards interest expenses and 2.36% towards employee costs in the fiscal year ending March 31, 2023. Additionally, JSW Steel Ltd. outperformed the Nifty 100 index, delivering a remarkable 3-year return of 63.18%, while Nifty Metal index provided a return of 97.11%.

On the other hand, Eicher Motors Ltd. experienced a slight decline in its share price by -1.66%, dropping to Rs 3,952.40 from its previous close of Rs 4,019.30. The company allocated less than 1% of its operating revenues towards interest expenses and 6.94% towards employee costs in the same fiscal year. Eicher Motors Ltd.’s performance, however, lagged behind both Nifty 100 and Nifty Auto indices, with a 3-year return of 52.76% compared to 52.88% and 113.71%, respectively.

Advance Decline Ratio

Today, the advance-decline ratio was 6.89, and the market breadth was positive. The volatility index India Vix decreased by 5.84 percent to settle at 12.08 and the FIIs were net sellers today.

DAILY MARKET ACTION
Advancers – 2279
Decliners – 331
52Wk High –  104
52Wk Low – 20
High Band Hitters – 408
Low Band Hitters – 37
200d SMA – 20418
50d SMA – 21972
20d SMA – 22201

Top Gainers and Losers Stocks

The top gainers were JSW Steel (+4.86%), Tata Steel (+4.46%), Divi’s Laboratories (+4.14%), Shriram Finance (+3.27%), and Adani Ports (+2.69%).

The top losers were Eicher Motors (-1.66%), Titan (-1.47%), Nestle India (-1.25%), LTIM (-0.98%), and Tata Consumer (-0.78%).

Top Gainers and Losers Sector

The top gainers sector were Media (+4.69%), Realty (+4.36%), Metal (+3.70%), Pharma (+1.11%), and Financial Services (+1.00%).

The top losers sector were Auto (-0.16%), and FMCG (-0.11%).

SECTORS – NOTABLE ACTION
MEDIA +4.69%
REALTY +4.36%
METAL +3.70%
AUTO -0.16%
FMCG -0.11%

Stocks Ban List

(SEBI) F&O ban list (ZEEL open at -141.90 and close at +147.10) 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 stocks has the possibilities of entrance in the ban list.

ZEEL stocks has the possibilities of exit from the ban list.

Daily Pivots

As per the above pivots data, 22400 to 22600 is the Nifty 50 trading range.

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