| Index | Price | Change | % Chg |
| Nifty 50 | 18,972.10 | +154.70 | +0.82% |
| Nifty Bank | 44,327.80 | +206.30 | +0.47% |
| BSE SENSEX | 63,915.42 | +499.39 | +0.79% |
At the close, the Nifty 50 was at 18,972.10 up by 0.82%
In today’s trading, the benchmark indices surged to unprecedented levels, as the sheer resilience of stock prices, including in the broader markets, left numerous experienced investors, who were patiently anticipating a significant correction, mere bystanders. The continuous upward momentum has captivated market participants, rendering them spectators of this remarkable market rally.
The NSE Nifty 50 commenced the trading session on a positive note, with an initial surge in value. It displayed a notable increase of 0.82 percent throughout the day, indicating a strong upward momentum. As the trading session drew to a close, the Nifty 50 sustained its positive trajectory, settling above the significant level of 18,950.
Financial Services Index came tantalizingly close to reaching the 20,000 mark, marking a significant milestone for the year, as credit demand shows signs of resurgence. This positive development coincides with the Monsoon season reclaiming its progress in various regions across the country, indicating a promising outlook for economic growth.
Bank Nifty: Up by 0.47%
Following numerous endeavors, the domestic market effectively upheld its unprecedented levels, courtesy of heightened purchasing enthusiasm for prominent stocks. The market’s positive momentum was further fortified by robust foreign institutional investor (FII) inflows and a reduction in the current account deficit, both of which considerably boosted investor confidence.
Bank Nifty commenced the trading session on a positive note, registering a 0.47 percent increase, and concluded the day in the green, settling at 44,327.80. Similarly, the BSE Sensex exhibited a gain of 0.79 percent, closing at a high of 63,915.42, sustaining its positive trajectory throughout the trading session.
In the sectorial front, the Pharmaceutical sector recorded the highest gain of 1.46%. Among the companies in this sector, GLAND PHARMA LIMITED witnessed a gain of 4.44%, GLENMARK PHARMACEUTICALS LIMITED gained 3.40%, and TORRENT PHARMACEUTICALS LIMITED experienced a gain of 2.75%. On the other hand, the Media sector observed a decline of 0.67%. Within this sector, NAVNEET EDUCATION LIMITED recorded a loss of -2.31%, and DISH TV INDIA LIMITED incurred a loss of -1.65%.
Bank Nifty
The Nifty Banking sector had some gainers and some losers for the day.
The gainers included IDFC First Bank with a 1.98% increase, IndusInd Bank with a 1.57% increase, HDFC Bank with a 0.87% increase, State bank of India with a 0.87% increase, and Axis Bank with a 0.74% increase. On the other hand, the biggest losers in the sector included Punjab National Bank with a 0.49% decline, Federal Bank with a 0.45% decline, AU Bank with a 0.32% decline, Bandhan Bank with a 0.29% decline and Kotak Bank with a 0.04% decline. These results suggest that some banking stocks performed better for the day.
Buzz
During the early trading session on Wednesday, the Indian rupee showcased strength, with a gain of 5 paise, reaching 81.97 against the US dollar. This positive momentum can be attributed to foreign fund inflows and the strong performance of domestic equities. The currency opened higher by 2 paise at 82 in the interbank foreign exchange market and maintained a narrow trading range of 82.01 to 81.97. At 9.35 am, the rupee was trading at 81.97 against the US dollar, marking a 5 paise increase compared to the previous close of 82.02. The rupee sentiment received a boost from foreign portfolio investments into equities and the overnight decline of the US dollar in global markets. Additionally, the global crude oil benchmark, Brent crude, experienced a 0.69 percent rise, reaching $72.76 per barrel in trading.
Buzzing
Adani Enterprises Ltd. witnessed a significant increase in its share price, surging by 5.63% compared to its previous closing value of Rs 2,284.45. The stock’s latest traded price stands at Rs 2,413.00. Over the course of three years, the stock has delivered an impressive return of 1308.85%, outperforming the Nifty 100, which yielded a return of 76.26%. Additionally, the company’s annual revenue growth of 96.18% has surpassed its three-year Compound Annual Growth Rate (CAGR) of 45.79%. Moreover, on May 4, 2023, the company declared a dividend of Rs 1.2 per share, with a record date of July 7, 2023.
HDFC Life Insurance Company Ltd. experienced a decline in its share price, with a decrease of -1.12% from its previous closing value of Rs 667.20. The stock’s latest traded price stands at Rs 659.70. Over a three-year time period, the stock generated a return of 23.12%, whereas the Nifty Financial Services index provided investors with a higher return of 84.37%. In comparison to the Nifty 100, which yielded a return of 76.26%, HDFC Life Insurance Company Ltd. delivered a similar return of 23.12% during the same three-year duration.
Advance Decline Ratio
Today, the advance-decline ratio was 1.01, and the market breadth was positive. The volatility index India Vix increased by 1.02 percent to settle at 10.89 and the FIIs were net buyers today.
DAILY MARKET ACTION
Advancers – 1169
Decliners – 1161
52Wk High – 121
52Wk Low – 18
High Band Hitters – 58
Low Band Hitters – 40
200d SMA – 17947
50d SMA – 18380
20d SMA – 18704
Top Gainers and Losers Stocks
The top gainers were Adani Enterprises (+5.63%), Adani Ports (+4.84%), JSW Steel (+3.12%), Bajaj Auto (+2.32%), and Sun Pharmaceutical (+2.32%).
The top losers were HDFC Life (-1.12%), Tech Mahindra (-1.02%), M&M (-0.39%), Apollo Hospitals (-0.21%), and Hero MotoCorp (-0.18%).
Top Gainers and Losers Sector
The top gainers sectors were Pharma (+1.46%), Metal (+1.36%), Oil & Gas (+0.78%), Auto (+0.75%), and FMCG (+0.57%).
The top losers sectors were Media (-0.67%).
The Nifty Midcap 50 was up by 0.95 percent, while the Nifty Small Cap 50 was up by 0.37 percent on the day.
The Nifty Midcap 50 index currently closed at 10,040.05, while the Nifty Small Cap 50 index currently closed at 4,854.15.
SECTORS – NOTABLE ACTION
PHARMA +1.46%
METAL +1.36%
OIL & GAS +0.78%
MEDIA -0.67%
Stocks Ban List
(SEBI) F&O ban list (L&TFH open at +123.90 and close at +123.60), and (MANAPPURAM open at +126.80 and close at +129.25) are not currently on the stock exchange.
The Securities and Exchange Board of India (SEBI) has banned L&TFH, and MANAPPURAM, 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.
ZEEL, BALRAMCHIN, IBULHSGFIN, PEL, IDFC, METROPOLIS, and INDIACEM are stocks that are potentially facing the possibility of being included in the ban list.
Daily Pivots
| S2 | S1 | R1 | R2 |
| 18798 | 18885 | 19035 | 19098 |
As per the above pivots data, 18880 to 19040 is the Nifty 50 trading range.
Read previous -Daily Insights- here
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What is Cross-Chain Interoperability & why should traders worry about it?
Global Market Bears Witness to Growth Concerns Amidst Russian Instability
Nifty Extends Decline on Negative Global Cues
This article is only for educational purposes and is not an investment advice.
