Nifty Falls Below 17,000 as Market Loses Ground !

At the close, the Nifty 50 was at 16,972.15 down by 0.42%

Today, NSE Nifty 50 started the day with gains, but then declined and closed in the negative territory, with a decrease of 0.42%. Additionally, the index closed below the 17,000 level.

Indian shares extended their losses for the fifth consecutive trading session. Financial stocks seem to have been the primary drag on the market. However, the market losses were limited due to favourable inflation data in the US, which improved the odds of a smaller rate hike at the upcoming Federal Reserve meeting.

The Federal Reserve is the central bank of the United States and plays a crucial role in setting the country’s monetary policy, including interest rates. Changes in the Fed’s policy can have a significant impact on global markets, including the Indian stock market. The favourable inflation data in the US may have provided some relief to investors who were concerned about the potential for a more aggressive rate hike by the Fed.

Bank Nifty: Down by 0.91%

Bank Nifty opened with gains but declined and closed in the negative territory with a decrease of 0.91%. The index closed at a level of 39,051.50. Similarly, the BSE Sensex also opened higher but declined throughout the day and closed with a decrease of 0.59%. The index closed at a low of 57,555.90.

Sectors in the Indian stock market Nifty metal index has shown an increase of nearly 2 percent, while the pharma index has gone up by 0.3 percent. However, the PSU Bank index has shed 1.2 percent, the Nifty Bank index has decreased by 0.9 percent, and the auto and FMCG sectors have both gone down by 0.5 percent each.

Bank Nifty

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

The gainers included Kotak Bank with a 1.10% increase and IDFC First Bank with a 0.18% increase. On the other hand, the biggest losers in the sector included Bank of Baroda with a 2.22% decline, IndusInd Bank with a 1.90% decline, AU Bank with a 1.63% decline, State Bank of India with a 1.45% decline and HDFC Bank with a 1.37% decline. These results suggest that some banking stocks not performed better for the day.

Buzzing

Nifty and Sensex in the Indian stock market. It seems that despite the recovery in global markets, the Sensex and Nifty have not performed well. This could be due to a variety of factors, including company-specific news, industry trends, and macroeconomic indicators.

In-line US inflation data has bolstered bets of a smaller 25 basis-point rate hike by the Federal Reserve at its upcoming policy meeting. This news may have had an impact on the Indian stock market, as changes in the US monetary policy can have a ripple effect on global markets.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.71 percent. This suggests that other markets in the Asia-Pacific region have performed well.

Indian rupee’s performance against the US dollar. It seems that the rupee has declined by 25 paise to 82.62 (provisional) against the US dollar on Wednesday. This could be due to a variety of factors, including a strong US dollar against major currencies overseas and foreign fund outflows.

The US dollar is considered a safe-haven currency and tends to appreciate during times of uncertainty and volatility in global markets. Additionally, foreign fund outflows can put pressure on the value of the Indian rupee, as these funds need to be converted into dollars to be repatriated.

The global oil benchmark, Brent crude futures, increased by 0.46 percent to reach $77.81 per barrel.

Advance Decline Ratio

Today, the advance-decline ratio was 0.78, and the market breadth was negative. The volatility index India Vix increased by 0.47 percent to settle at 16.30 and the FIIs were net sellers today.

DAILY MARKET ACTION
Advancers – 982
Decliners – 1257
52Wk High –  22
52Wk Low – 181
High Band Hitters – 66
Low Band Hitters – 55
200d SMA – 17441
50d SMA – 17759
20d SMA – 17545

Top Gainers and Losers Stocks

The top gainers were Adani Enterprises (+5.74%), Adani Ports (+4.19%), Asian Paint (+3.11%), Tata Steel (+2.16%), and Titan (+1.88%).

The top losers were Bharti Airtel (-1.92%), IndusInd Bank (-1.90%), Reliance (-1.69%), Hindustan Unilever (-1.45%), and SBIN (-1.45%).

Top Gainers and Losers Sector

The top gainers sectors were Metal (+1.80%), Consumer Durables (+0.83%) and Pharma (+0.31%).

The top losers sectors were Media (-1.22%), Realty (-0.85%), Financial Services (-0.77%), Oil & Gas (-0.57%) and FMCG (-0.56%),.

The Nifty Midcap 50 was down by 0.14 percent, while the Nifty Small Cap 50 was up by 0.71 percent on the day.

The Nifty Midcap 50 index currently closed at 8,411.40, while the Nifty Small Cap 50 index currently closed at 4,107.45.

SECTORS – NOTABLE ACTION
METAL +1.80%
CONSUMER DURABLES +0.83%
PHARMA +0.31%
MEDIA -1.22%
REALTY -0.85%
FINANCIAL SERVICES -0.77%

Stocks Ban List

(SEBI) F&O ban list (IBULHSGFIN open at 103.00 and close at 100.70) and (GNFC open at 539.00 and close at 528.45) are not currently on the stock exchange.

The Securities and Exchange Board of India (SEBI) has banned IBULHSGFIN and GNFC from trading in the futures and options (F&O) segment of 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.

AMBUJACEM has a possibilites of entery in a ban list.

BALRAMCHIN is currently under scrutiny and has the potential to be removed from the banned list. The ban has caused significant setbacks for Balramchin, but with the possibility of an exit from ban list.

Daily Pivots

As per the above pivots data, 16860 to 17150 is the Nifty 50 trading range.

Read previous -Daily Insights- here
US Unemployment and Non-Farm Payroll Data Awaited by Market
Global Sell-Off Causes Turmoil in Equity Markets
Relief Rally Ends as Nifty 50 Succumbs to Selling Pressure

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