| Index | Price | Change | % Chg |
| Nifty 50 | 20,937.70 | +82.60 | +0.40% |
| Nifty MidCap 50 | 12,549.40 | +41.35 | +0.33% |
| Nifty SmallCap 50 | 6,743.60 | +27.10 | +0.40% |
| Nifty Bank | 46,834.55 | -177.70 | -0.38% |
| Nifty Financial | 21,026.75 | -29.05 | -0.14% |
| BSE SENSEX | 69,653.73 | +357.59 | +0.52% |
At the close, the Nifty 50 was at 20,937.70 up by 0.40%
The NSE Nifty 50 soared by 0.40% from the onset, maintaining its upward trajectory and concluding in the green, surpassing the 20900 mark. This marked the seventh consecutive day of gains for domestic equity indices, largely attributed to robust buying in the information technology and power sectors. Continuous foreign inflows propelled benchmarks to a new high for the third day, elevating investor wealth by Rs 2.17 lakh crore. Blue-chip stocks surged, supported by substantial institutional inflows, propelling the Sensex and Nifty to record highs at the beginning of trading.
Following the state elections, market optimism persists, confirming policy continuity and meeting investor expectations. A robust Foreign Institutional Investor (FII) reversal, driven by declining inflation and yields in both US and Indian markets, contributed to the Indian market’s allure post-China’s credit rating downgrade and decreased oil prices. The IT sector’s resurgence, fueled by reduced US recession risks and anticipation of robust summer demand, bolstered the power sector’s momentum.
Despite this positive outlook, short-term profit booking might occur due to concerns about domestic premium valuations. Factors such as lingering El Nino risks, decreased reservoir levels, and reduced sowing could influence the RBI’s approach to revising H2FY24 growth and future inflation estimates.
India’s GDP growth of 7.6% in Q2 FY24 has exceeded the RBI’s expectations, complemented by consumer inflation comfortably within the RBI’s comfort zone. With these favorable economic indicators, the likelihood of a rate hike in the upcoming Monetary Policy Committee (MPC) meeting is minimal.
Despite potential challenges like possible food inflation upticks and external volatility, the RBI is poised to maintain its hawkish stance, keeping the repo rate steady at 6.5% for the fifth consecutive time this year. This decision aligns with the need for stability amid evolving economic landscapes.
Bank Nifty: Down by 0.38%
The Bank Nifty commenced its trading session on a positive note, marking an initial upward movement. However, as the day progressed, it experienced a downturn of 0.38%, concluding the session in the red zone at a closing value of 46,834.55. Conversely, the BSE Sensex showcased a contrasting performance by initially climbing 0.52% and sustaining the bullish momentum, ultimately closing in the green at a high point of 69,653.73.
In the sectorial front, the media sector has seen a notable surge of 2.11%. TV18 Broadcast Ltd. showcased a remarkable gain of 8.24%, positioning itself as a frontrunner within the sector. Following closely, Network18 Media & Investments Ltd. exhibited a strong increase of 7.49%. Conversely, the pharmaceutical industry experienced a dip, marking a decline of 0.37%. Within this sector, Gland Pharma Ltd. observed a loss of -2.03%, while IPCA Laboratories Ltd. encountered a decrease of -1.63%.
Foreign Institutional Investors/Foreign Portfolio Investors (FII/FPI) displayed a net negative value of -79.88 (Rs. Cr.). Their buy value amounted to 11,836.42 (Rs. Cr.), while their sales reached 11,916.30 (Rs. Cr.), resulting in a marginal net decrease. Conversely, Domestic Institutional Investors (DII) exhibited a positive net value of 1,372.18 (Rs. Cr.). With a buy value of 12,323.18 (Rs. Cr.) and sales amounting to 10,951.00 (Rs. Cr.), DIIs maintained a favorable net increase, indicating a higher buying activity compared to selling.
Bank Nifty
The Nifty Banking sector had some gainers and some losers for the day.
The gainers included IDFC First Bank with a 1.34% increase, Punjab National Bank with a 0.59% increase, HDFC Bank with a 0.16% increase. On the other hand, the biggest losers in the sector included AU Bank with a 1.83% decline, Axis Bank with a 1.18% decline, ICICI Bank with a 1.06% decline, Federal Bank with a 0.83% decline and Bandhan Bank with a 0.73% decline. These results suggest that some banking stocks not performed better for the day.
Buzz
Rupee Closes Marginally Stronger at 83.32 Against the Dollar Amid Market Volatility
Wednesday witnessed the Indian rupee edging up by 5 paise to conclude at 83.32 against the US dollar. This upward movement was fueled by a bullish trend in domestic equities, coupled with consistent inflows from foreign funds. However, despite these positive factors, the rupee faced challenges due to the elevated American currency in international markets and the Reserve Bank of India’s active buying of dollars, which restrained sharper gains for the local unit.
Trading within a narrow range, the rupee remained relatively stable as investors adopted a cautious stance, anticipating the Reserve Bank of India’s upcoming monetary policy decision later in the week. Commencing at 83.35 against the greenback in the interbank foreign exchange market, the rupee witnessed fluctuations throughout the day, ranging between an intraday low of 83.37 and a high of 83.29, eventually settling at 83.32—a modest 5 paise increase from its previous closure.
Simultaneously, domestic benchmark indices soared to new record peaks while the dollar index, measuring the greenback against major currencies, saw a marginal 0.07% dip, trading at 103.97. In global oil markets, Brent crude futures experienced a slight decline of 0.38%, resting at $76.91 per barrel, signaling a minor shift in the energy landscape amidst ongoing market fluctuations.
Buzzing
Wipro Ltd.’s share price surged by 3.94%, reaching Rs 420.30 from its previous closing of Rs 404.35. However, cautionary indicators suggest a potential bearish trend with the emergence of a 5-day moving crossover, historically leading to an average decline of -2.03% within 7 days. Another sell signal emerged with a 200-day moving crossover, historically correlating with an average price decline of -3.96% within 30 days. Notably, only a mere 1.05% of trading sessions in the last 19 years experienced intraday declines exceeding 5%.
On the other hand, Adani Enterprises Ltd. witnessed a -2.24% dip, trading at Rs 2,893.00 compared to its previous closing of Rs 2,959.35. However, positive signals emerged with a 200-day moving crossover indicating potential bullish momentum. Historical data indicates an average price gain of 9.8% within 30 days following this signal. Furthermore, a mere 4.8% of trading sessions in the last 19 years recorded intraday gains surpassing 5%.
Advance Decline Ratio
Today, the advance-decline ratio was 1.04, and the market breadth was positive. The volatility index India Vix increased by 2.09 percent to settle at 13.74 and the FIIs were net sellers today.
DAILY MARKET ACTION
Advancers – 1256
Decliners – 1211
52Wk High – 217
52Wk Low – 10
High Band Hitters – 129
Low Band Hitters – 35
200d SMA – 18853
50d SMA – 19647
20d SMA – 19902
Top Gainers and Losers Stocks
The top gainers were Wipro (+3.94%), LTIM (+2.85%), ITC (+2.59%), LT (+2.16%), and TCS (+1.95%).
The top losers were Adani Enterprises (-2.24%), Eicher Motors (-2.10%), Cipla (-1.43%), NTPC (-1.42%), and Axis Bank (-1.18%).
Top Gainers and Losers Sector
The top gainers sector were Media (+2.11%), IT (+1.67%), Oil & Gas (+1.49%), FMCG (+1.02%), and Metal (+0.03%).
The top losers sector were Pharma (-0.37%), Realty (-0.29%), Financial Services (-0.14%), Consumer Durables (-0.13%) Auto (-0.02%).
SECTORS – NOTABLE ACTION
MEDIA +2.11%
IT +1.67%
OIL & GAS +1.49%
PHARMA -0.37%
REALTY -0.29%
FINANCIAL SERVICES -0.14%
Stocks Ban List
(SEBI) F&O ban list (IBULHSGFIN open at -197.60 and close at +200.10), (DELTACORP open at -140.25 and close at -138.90), (ZEEL open at -253.80 and close at +258.05), and (INDIACEM open at +256.00 and close at -252.40) are not currently on 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.
SAIL, HINDCOPPER, NATIONALUM, and MANAPPURAM stocks has the possibilities of enterance in the ban list.
Daily Pivots
| S2 | S1 | P | R1 | R2 |
| 20807 | 20873 | 20917 | 20982 | 21027 |
As per the above pivots data, 20850 to 21000 is the Nifty 50 trading range.
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This article is only for educational purposes and is not an investment advice.
