Second Consecutive Day Sees Nifty50 Close in Green After Sharp Swings in Both Directions

At the close, the Nifty 50 was at 17,100.05 up by 0.67%

NSE Nifty 50 started high and closed in the green at 17,100.05, indicating positive momentum in the market. The increase of 0.67 percent in the index suggests that investors are optimistic about the future performance of the companies listed on the Nifty 50 index.

Indian shares opened higher on Friday, following a rebound in global equities. The measures taken to support the global banking system have helped ease concerns about a crisis in the financial sector, which has positively impacted the stock markets worldwide.

The easing of worries about the financial sector has led to increased investor confidence, which has resulted in a rebound in global equities. This positive sentiment seems to have spilled over into the Indian stock market as well, leading to a higher opening on Friday.

Bank Nifty: Up by 1.19%

Bank Nifty and BSE Sensex also opened in the green and closed in positive territory, indicating broad-based market strength. The increase in the Bank Nifty by 1.19 percent suggests that the banking sector has performed well, which is a positive sign for the overall economy.

Similarly, the increase of 0.62 percent in the BSE Sensex is an indication that the Indian stock market as a whole has been performing well.

Barring Media, Pharma, Auto, and FMCG, all other sectoral indices ended in the green, with some sectors performing particularly well. The Realty index was up by 3.03 percent, which could be attributed to positive sentiment around the real estate sector. Similarly, the Metal sector was up by 2.39 percent, which could be due to the increasing demand for metals, including steel and aluminum, in various industries.

The Bank and Information Technology indices were up by 1 percent each, which is a positive sign for these sectors. The increase in the Bank index could be due to the positive momentum in the banking sector. The Information Technology sector has been performing well due to the increasing adoption of technology and digitalization in various industries.

However, it’s important to note that the Media, Pharma, Auto, and FMCG sectors ended in the red. The reasons for this could be varied, including sector-specific issues, market sentiments.

Bank Nifty

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

The gainers included Kotak Bank with a 1.83% increase, HDFC Bank with a 1.72% increase, ICICI Bank with a 1.71% increase, Bandhan Bank with a 1.59% increase and State Bank of India with a 1.24% increase. On the other hand, the biggest losers in the sector included IDFC First Bank with a 0.09% decline. These results suggest that some banking stocks performed better for the day.

Buzzing

The sharp rebound in the US and European markets on Thursday, as well as the subsequent rise in the Indian equities, can be attributed to the news that a group of banks was infusing cash into the US lender First Republic Bank, and the Swiss National Bank was providing a lifeline to Credit Suisse. These developments have eased concerns about a crisis in the global banking system, which had been weighing on the markets for some time.

The infusion of cash into First Republic Bank and the lifeline to Credit Suisse have been viewed positively by investors, as they indicate that banks are taking measures to support each other during these challenging times. This has boosted investor confidence in the banking sector and the overall market sentiment.

On Friday, the Indian rupee closed 18 paise higher against the US dollar at 82.58. According to experts, India’s banking system is not likely to be affected by the recent troubles faced by Credit Suisse as the bank has a very small presence in the country.

Buzz

Crude oil traded higher on Friday morning due to discussions between Saudi Arabia and Russia about OPEC+ plans to maintain balance in the crude oil market. OPEC+ is a coalition of oil-producing countries that includes members of OPEC and non-OPEC countries, such as Russia.

Maintaining balance in the crude oil market is essential to ensure stable prices and avoid price volatility. OPEC+ has implemented production cuts in the past to control the supply of crude oil and stabilize prices.

The discussions between Saudi Arabia and Russia indicate that OPEC+ is committed to maintaining stability in the crude oil market, which has positively impacted the prices of crude oil.

Traders said that the sentiments were also influenced by the strengthening of the rupee and the decrease in crude prices in the international markets.

Advance Decline Ratio

Today, the advance-decline ratio was 1.53, and the market breadth was positive. The volatility index India Vix decreased by 8.94 percent to settle at 14.77 and the FIIs were net sellers today.

DAILY MARKET ACTION
Advancers – 1360
Decliners – 886
52Wk High –  15
52Wk Low – 139
High Band Hitters – 66
Low Band Hitters – 50
200d SMA – 17446
50d SMA – 17715
20d SMA – 17447

Top Gainers and Losers Stocks

The top gainers were HCL Technologies (+3.68%), Hindalco (+2.94%), UltraTech Cement (+2.68%), UPL (+2.53%), and JSW Steel (+2.34%).

The top losers were Eicher Motors (-1.83%), NTPC (-1.78%), Maruti (-1.51%), ITC (-1.31%), and Power Grid (-1.18%).

Top Gainers and Losers Sector

The top gainers sectors were Realty (+3.03%), Metal (+2.39%), Financial Services (+1.19%), IT (+1.18%) and Consumer Durables (+0.56%).

The top losers sectors were Media (-0.88%), Pharma (-0.57%), Auto (-0.48%), and FMCG (-0.25%).

The Nifty Midcap 50 was up by 0.39 percent, while the Nifty Small Cap 50 was up by 0.89 percent on the day.

The Nifty Midcap 50 index currently closed at 8,487.70, while the Nifty Small Cap 50 index currently closed at 4,127.95.

SECTORS – NOTABLE ACTION
REALTY +3.03%
METAL +2.39%
FINANCIAL SERVICES +1.19%
MEDIA -0.88%
PHARMA -0.57%
AUTO -0.48%

Stocks Ban List

(SEBI) F&O ban list (IBULHSGFIN open at 101.00 and close at 101.60) and (GNFC open at 526.50 and close at 527.10) 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.

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

Daily Pivots

As per the above pivots data, 16980 to 17190 is the Nifty 50 trading range.

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