Domestic Equity Surges as Global Markets Recover in Nifty50

At the close, the Nifty 50 was at 17,107.50 up by 0.70%

Indian stock market! The NSE Nifty 50 is a popular index that tracks the performance of 50 major companies listed on the National Stock Exchange of India. A positive start and a closing in green indicates that investors have confidence in the current state of the market and the economy.

The 0.70 percent increase is a significant rise, and the fact that the Nifty closed above 17100 is a positive sign. It suggests that there is a high level of buying interest in the market, which could lead to further gains in the future.

Indian indices ended on a positive note on March 21. The fact that the indices were able to erase the previous session’s losses suggests that investors have taken a positive view of the recent developments in the global markets.

One such development is the easing banking crises in the US, which could have a positive impact on the Indian markets. Another factor that could have contributed to the positive sentiment is the possibility of a pause in rate hikes from the Federal Reserve policy meeting this week. This could lead to increased liquidity and a boost in investor confidence.

However, it’s important to note that market sentiment can change quickly and that investors should always exercise caution when making investment decisions.

Bank Nifty: Up by 1.35%

Indian stock market is not limited to the Nifty 50 alone, as the Bank Nifty and BSE Sensex have also shown significant gains. The Bank Nifty is a popular index that tracks the performance of major banking stocks listed on the National Stock Exchange of India. The fact that it opened in green and closed with a 1.35 percent increase suggests that investors have confidence in the banking sector and the economy as a whole.

Similarly, the BSE Sensex, which is a benchmark index of the Bombay Stock Exchange, also showed a positive trend, with a 0.77 percent increase and closing at a high of 58,074.68. This indicates a bullish sentiment in the market, with investors showing confidence in the overall performance of the Indian economy.

Bank Nifty

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

The gainers included Bank of Baroda with a 2.80% increase, IDFC First Bank with a 2.67% increase, Axis Bank with a 2.04% increase, ICICI Bank with a 1.83% increase and IndusInd Bank with a 1.72% increase. On the other hand, the biggest losers in the sector included Federal Bank with a 0.27% decline. These results suggest that some banking stocks performed better for the day.

Financial stocks have performed well, as indicated by the gain of up to 2 per cent in the Nifty Bank, PSU Bank, Pvt Bank, and Financial Services indices. This suggests that investors have shown confidence in the financial sector, and there has been an increase in demand for financial stocks.

On the other hand, defensive plays, which are typically considered to be more stable investments, were on the backfoot. This is indicated by the Nifty IT and FMCG indices being down, with losses of up to 0.8 per cent. This suggests that investors may have been less interested in these sectors, possibly due to concerns about the overall market conditions

Buzzing

Reliance Industries, the stock with the highest weightage in the Nifty 50, has advanced more than 2.5% following the “bargain buy” recommendation from global brokerage firm CLSA.

However, it’s important to note that while the quick execution of Credit Suisse’s takeover is a temporary relief, worries of contagion in the global banking sector remain. This could have a negative impact on the global and Indian markets in the future, and investors should keep this in mind when making investment decisions.

Domestic equity indices have witnessed gains, buoyed by the recovery in global markets. This positive sentiment has been further supported by strong gains in the financial sector. However, there are potential hurdles to this optimistic outlook, as recent turmoil in large banks in the US and Europe has shaken investor sentiment.

Buzz

The upcoming US FOMC meeting on Wednesday will be closely watched by investors, as any decision regarding interest rate hikes could potentially unsettle markets if it exceeds street expectations. The US Federal Reserve has significant influence over global financial markets, and any unexpected changes to interest rates or monetary policy can have a significant impact on investor sentiment and market performance.

Additionally, falling crude oil prices at a faster pace are raising concerns about the weakening global economic health. Crude oil is a key commodity in the global economy, and its price movements can have a ripple effect across a wide range of industries and sectors. If crude oil prices continue to fall, it could signal weaker demand for commodities and suggest that the global economy may be slowing down. This could lead to increased volatility and uncertainty in financial markets.

Advance Decline Ratio

Today, the advance-decline ratio was 1.41, and the market breadth was positive. The volatility index India Vix decreased by 5.77 percent to settle at 15.08 and the FIIs were net sellers today.

DAILY MARKET ACTION
Advancers – 1311
Decliners – 928
52Wk High –  20
52Wk Low – 139
High Band Hitters – 70
Low Band Hitters – 49
200d SMA – 17451
50d SMA – 17680
20d SMA – 17362

Top Gainers and Losers Stocks

The top gainers were HDFC Life (+3.82%), Reliance (+3.21%), Bajaj Finance (+2.89%), Bajaj Auto (+2.76%), and SBI Life (+2.27%).

The top losers were Power Grid (-1.93%), Hindustan Unilever (-1.88%), Britannia (-1.50%), Tech Mahindra (-1.17%), and Divi’s Laboratories (-1.05%).

Top Gainers and Losers Sector

The top gainers sectors were Consumer Durables (+1.48%), Financial Services (+1.46%), Oil & Gas (+1.27%), Media (+1.23%), and Metal (+0.43%).

The top losers sectors were IT (-0.98%), FMCG (-0.66%), Pharma (-0.25%), and Realty (-0.08%).

The Nifty Midcap 50 was up by 0.49 percent, while the Nifty Small Cap 50 was up by 0.91 percent on the day.

The Nifty Midcap 50 index currently closed at 8,433.60, while the Nifty Small Cap 50 index currently closed at 4,137.50.

SECTORS – NOTABLE ACTION
CONSUMER DURABLES +1.48%
FINANCIAL SERVICES +1.46%
OIL & GAS +1.27%
IT -0.98%
FMCG -0.66%
PHARMA -0.25%

Stocks Ban List

(SEBI) F&O ban list (BIOCON open at 203.60 and close at 201.10) and (IBULHSGFIN open at 100.00 and close at 100.15) 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.

PEL, RBLBANK, DELTACORP, HAL and AMBUJACEM has the possiblities of entrance in the ban list.

GNFC has exited from ban list.

Daily Pivots

As per the above pivots data, 17030 to 17160 is the Nifty 50 trading range.

Read previous -Daily Insights- here
Nifty50 Under Pressure! Falls Below Previous Week’s Low During Trading
Indian Market Remains Under Pressure: Nifty 50 Experiences Another Volatile Week
Nifty’s Rollercoaster Session! Marginal Gains of 13 Points After Positive Opening

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