Nifty 50 Takes a Wild Ride, But Bulls Manage to Buck Bronco!

At the close, the Nifty 50 was at 23,537.85 up by 0.16%

The NSE Nifty 50 commenced on a cautious note today, with a slight uptick of 0.16% before closing in the green. Despite early dips, the indices rebounded, showcasing resilience amidst choppy market conditions. Initially subdued by global cues and concerns over the Quant Mutual Fund situation, benchmarks staged a notable recovery during the trading session. The day culminated with the Nifty maintaining its position above 23,500, reflecting investor optimism.

Practically, the Nifty 50 demonstrated a bullish Piercing Line candlestick pattern, signaling potential upward momentum. However, the broader range-bound movement suggests a cautious approach among investors. While the index faces challenges at 23,650-23,700 levels, a sustained positive trend remains contingent upon external triggers.

Sectoral rotations were evident, particularly in FMCG and consumer durables, as market participants anticipate budget-related developments. Government initiatives aimed at boosting rural spending and providing tax incentives are anticipated, influencing investor sentiment. Despite valuation concerns in mid- and small-cap segments, focus remains on growth sectors such as capital goods, infrastructure, and automotive, reflecting market optimism towards future prospects.

In a volatile market environment, strategic planning is crucial. Short-term trends indicate positivity, with opportunities for buy-on-dip strategies, particularly above the 23,300 mark. However, prudent monitoring of sectoral shifts and budget-related announcements is advisable for informed decision-making amidst ongoing market consolidation.

Bank Nifty: Up by 0.08%

The Bank Nifty commenced trading in the red but managed to eke out gains, closing in the green with a modest rise of 0.08% at 51,703.95. Similarly, the BSE Sensex saw a slight uptick of 0.17%, culminating in a green finish, reaching a high of 77,341.08. Despite initial fluctuations, both indices demonstrated resilience, reflecting underlying market strength amidst prevailing economic dynamics.

Today’s market witnessed contrasting performances across sectors. The auto sector emerged as the clear winner, surging by 0.87%. Leading the charge within auto were Mahindra & Mahindra Ltd. and Ashok Leyland Ltd., which rose by an impressive 2.86% and 2.27% respectively.

On the flip side, the media sector took a tumble, registering a loss of 1.87%. Tips Industries Ltd. and Sun TV Network Ltd. were the biggest losers in this space, with their share prices dipping by a significant -3.80% and -2.72% respectively.

Foreign Institutional Investors (FIIs/FPIs) recorded a buy value of Rs. 13,720.30 crore, juxtaposed with a sale value of Rs. 14,374.27 crore, resulting in a net value deficit of Rs. 653.97 crore. Conversely, Domestic Institutional Investors (DIIs) engaged in transactions amounting to a buy value of Rs. 11,251.18 crore and a sale value of Rs. 12,071.65 crore, leading to a net value decline of Rs. 820.47 crore.

Bank Nifty

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

The gainers included AU Bank with a 2.23% increase, ICICI Bank with a 0.94% increase, Bank of Baroda with a 0.59% increase, HDFC Bank with a 0.32% increase, and Federal Bank with a 0.07% increase.

On the other hand, the biggest losers in the sector included IndusInd Bank with a 2.42% decline, Bandhan Bank with a 0.83% decline, Punjab National Bank with a 0.73% decline, Axis Bank with a 0.63% decline, and State Bank of India with a 0.33% decline. These results suggest that some of the banking stocks performed better for the day.

Gold and Silver

Today 22 Carat Gold Price Per Gram in India (INR)

Today 24 Carat Gold Price Per Gram in India (INR)

Today Silver Price 1 Gram/KG in India (INR)

Rupee Rides a Wave of Optimism, Inches Up Against Dollar

On Monday, the rupee showed a bit of muscle, gaining 11 paise to close at 83.46 against the US dollar. This boost came thanks to a lively domestic equity market and steady global crude oil prices.

The US dollar’s slump against major currencies worldwide gave the rupee a helping hand, though its rise was tempered by sluggish Asian markets and fresh geopolitical jitters in West Asia. Starting the day at 83.52, the rupee climbed to an intraday high of 83.44 before finally settling at 83.46, marking a modest but welcome gain from its previous close.

Last Friday, the rupee had dipped to a low of 83.63 but managed to pull itself up to finish at 83.57 against the dollar. Market watchers are optimistic, expecting the rupee to maintain a slight upward trend, buoyed by strong domestic market performance and anticipated foreign investments.

On the global stage, the dollar index, which measures the greenback against six key currencies, dropped by 0.21% to 105.57. Meanwhile, Brent crude futures, the global oil benchmark, inched up by 0.36%, reaching $85.55 per barrel.

Stocks Highlights

Mahindra & Mahindra: Revving Up for Success

Buckle up, investors! Mahindra & Mahindra’s stock just zoomed ahead by 2.86%. Here’s why this auto giant is in the fast lane:

• Strong Profits: The company’s turning shareholder investments into serious cash. Their Return on Equity (ROE) just hit 17.02%, way above their 5-year average. Looks like they’re making their money work hard!
• Outperforming the Pack: Over the past 3 years, Mahindra & Mahindra has left the competition in the dust. Their stock returned a whopping 253.03%, compared to the Nifty 100’s measly 52.57%. No wonder investors are jumping on board!

IndusInd Bank: Stepping on the Gas with Loan Growth, but Hitting a Speed Bump

IndusInd Bank hit a rough patch today, with its stock price dropping 2.42%. Let’s see what’s under the hood:

• Dividend Delight: The bank recently announced a sweet dividend of Rs. 16.5 per share, putting some cash back in investors’ pockets. So why the drop?
• Loan Growth on Fire: The bank’s loan business is booming, growing at a healthy 18.41% year-over-year. That’s even faster than their average growth over the past 5 years! There might be other factors at play affecting the stock price.

Advance Decline Ratio

Today, the advance-decline ratio was 1.00, and the market breadth was positive. The volatility index India Vix increased by 6.65 to settle at 14.06 and the FIIs were net sellers today.

DAILY MARKET ACTION
Advancers – 1323
Decliners – 1319
52Wk High – 192
52Wk Low – 16
High Band Hitters – 155
Low Band Hitters – 69
200d SMA – 21335
50d SMA – 22685
20d SMA – 23091

Top Gainers and Losers Stocks

The top gainers were M&M (+2.86%), Power Grid (+2.22%), Shriram Finance (+2.17%), Sun Pharmaceutical (+1.99%), and Grasim (+1.96%).

The top losers were IndusInd Bank (-2.42%), Cipla (-2.19%), Adani Ports (-1.70%), Coal India (-1.20%), and Tata Steel (-1.19%).

Top Gainers and Losers Sectors

The top gainers sector were Auto (+0.87%), Consumer Durables (+0.75%), FMCG (+0.72%), Financial Services (+0.35%), and Realty (+0.30%).

The top losers sector were Media (-1.87%), Metal (-0.64%), Oil & Gas (-0.44%), IT (-0.16%), and Pharma (-0.04%).

SECTORS – NOTABLE ACTION
AUTO +0.87%
CONSUMER DURABLES +0.75%
FMCG +0.72%
MEDIA -1.87%
METAL -0.64%
OIL & GAS -0.44%

Stocks Ban List

(SEBI) F&O ban list (INDUSTOWER open at +338.95 and close at +339.85), (GNFC open at -701.00 and close at -706.95), (CHAMBLFERT open at -503.55 and close at +521.80), (GRANULES open at +492.00 and close at -487.60), (PEL open at -886.90 and close at -869.40), (HINDCOPPER open at -324.75 and close at -332.00), (HAL open at -5170.00 and close at +5325.05) and (BALRAMCHIN open at +445.00 and close at -442.70) 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.

PNB, SAIL, GMRINFRA, ABCAPITAL, IEX, ABFRL, IRCTC, INDIACEM, METROPOLIS, IDEA, LICHSGFIN, IDFCFIRSTB, and BIOCON stocks has the possibilities of entrance in the ban list.

HINDCOPPER, HAL, and BALRAMCHIN stocks has the possibilities of exit from the ban list.

Daily Pivots

As per the above pivots data, 23350 to 23750 is the Nifty 50 trading range.

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