Cement Shares Buck Market Downturn

At the close, the Nifty 50 was at 17,944.20 down by 0.51%

The NSE Nifty 50 is an index of the National Stock Exchange of India, and it tracks the performance Indian companies across various sectors. If the index opened lower and closed in the red, it means that the overall sentiment in the market was negative, and investors were selling more than buying. A decline of 0.51 percent is a moderate decline, but the fact that the index is below 18000 could be a cause for concern for some investors.

The Indian market ended the week on a sour note, with stocks declining across sectors except for capital goods. It appears that the market started the last day of the week on a negative note. Weak global cues could refer to negative sentiment in international markets, which can often have a spillover effect on other markets.

However, it’s worth noting that some last-hour buying narrowed the losses. This suggests that there were investors who saw buying opportunities at the end of the trading day, perhaps due to attractive valuations or other factors.

Buzzing

Investors Service believes that India is poised to experience robust demand for cement in the next two fiscal years. This positive outlook has caused an upswing in the share prices of cement producers on February 17. It is predicted that India’s cement production will have a 6-8% increase during the fiscal years of 2023 and 2024, following a whopping 21% surge during the fiscal year of 2021-2022.

Despite the Nifty50 seeing a drop of more than 100 points intraday on February 17th, Larsen & Toubro (L&T) emerged as the biggest gainer, even with the majority of the broader markets experiencing heavy selling pressure.

Larsen & Toubro is a major Indian multinational conglomerate that operates in a variety of sectors, including engineering, construction, technology, and manufacturing. It’s possible that the company’s positive performance on February 17 was driven by strength in one or more of these sectors.

Share price of the largest engineering and infrastructure company in the country (which is likely Larsen & Toubro, as mentioned earlier) was trading higher by more than 2 percent at Rs 2,227. This suggests that investors may have continued to be bullish on the company

Bank Nifty: Down by 1.20%

The Bank Nifty is an index of the National Stock Exchange of India that tracks the performance of the banking sector, while the BSE Sensex is a benchmark index of the Bombay Stock Exchange that tracks the performance of 30 large-cap companies. If both of these indices opened lower and closed in the red, it indicates that the overall sentiment in the market was negative, and investors were selling off bank stocks and companies. A decline of 1.20 percent for the Bank Nifty and 0.52 percent for the BSE Sensex is a significant drop, and it could be a cause for concern for some investors.

Nifty Bank, information technology, PSU bank, metal, and pharma, with each of these indices down 1 percent. There was also selling in auto and FMCG names. However, there was some positive performance in the Nifty Infra index, which added 0.44 percent.

Bank Nifty

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

There are no gainers today. On the other hand, the biggest losers in the sector included IndusInd Bank with a 3.17% decline, Bandhan Bank with a 2.87% decline, Federal Bank with a 2.42% decline, Punjab National Bank with a 2.26% decline and IDFC First Bank with a 2.11% decline. These results suggest that banking stocks not performed better for the day.

Advance Decline Ratio

Today, the advance-decline ratio was 0.57, and the market breadth was negative. The volatility index India Vix increased by 1.51 percent to settle at 13.09 and the FIIs were net sellers today.

DAILY MARKET ACTION
Advancers – 808
Decliners – 1407
52Wk High –  36
52Wk Low – 98
High Band Hitters – 54
Low Band Hitters – 68
200d SMA – 17332
50d SMA – 18034
20d SMA – 17848

Top Gainers and Losers Stocks

The top gainers were LT (+2.24%), UltraTech Cement (+1.92%), BPCL (+1.78%), Hero Moto Corp (+1.74%), and Asian Paint (+1.14%).

The top losers were Adani Enterprises (-4.32%), Nestle India (-3.19%), IndusInd Bank (-3.17%), SBI Life (-2.58%), and HDFC Life (-2.06%).

Top Gainers and Losers Sector

The top gainers sector were Oil & Gas (+0.15%).

The top losers sectors were Realty (-1.78%), IT (-1.21%), Pharma (-1.18%), Metal (-0.91%), and Financial Services (-0.83%).

The Nifty Midcap 50 was down by 1.04 percent, while the Nifty Small Cap 50 down by 0.78 percent on the day.

The Nifty Midcap 50 index currently closed at 8,658.85, while the Nifty Small Cap 50 index currently closed at 4,261.40.

SECTORS – NOTABLE ACTION
OIL & GAS +0.15%
REALTY -1.78%
IT -1.21%
PHARMA -1.18%

Stocks Ban List

(SEBI) F&O ban list (IBULHSGFIN open at 117.00 and close at 113.05), (PNB open at 50.55 and close at 49.70), (AMBUJACEM open at 346.40 and close at 353.30), and (BHEL open at 72.25 and close at 72.40), are not currently on the stock exchange.

The Securities and Exchange Board of India (SEBI) has banned IBULHSGFIN, PNB, AMBUJACEM, and BHEL 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.

PNB, AMBUJACEM and BHEL are exited from ban list.

IDEA, ADANIENT, and DELTACORP has a possibilites of entery in a ban list.

Daily Pivots

As per the above pivots data, 17860 to 18040 is the Nifty 50 trading range

Read previous -Daily Insights- here
Market Gives Up Gains in the Last Hour
Nifty Closes Above 18K
Directionless Market makes a Flat Weekly Close – Waiting for Trigger!

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