At the close, the Nifty 50 was at 17,359.75 up by 1.63%
NSE Nifty 50 index started the day on a positive note and continued to rise throughout the day, closing in the green with a gain of 1.63 percent. The fact that it closed above the 17300 mark is a positive sign for the market.
Investors’ risk appetite improved on Friday, which led to a positive market sentiment for a third consecutive day. The easing of fears surrounding a global banking crisis could have played a significant role in boosting investor confidence.
Indian benchmark indices posted handsome gains on the last day of the financial year 2022-23, extending the winning streak to a second day and closing more than a percent higher on March 31. This suggests that the market sentiment remained positive
Bank Nifty: Up by 1.75%
Bank Nifty index opened in the green and continued to rise throughout the day, closing in the green with a gain of 1.75 percent at 40,608.65. Similarly, the BSE Sensex also opened in the green and closed at a high of 58,991.52, up by 1.78 percent. The positive performance of both indices suggests a bullish sentiment in the market.
On Friday, Indian equities began positively with the support of IT and financials stocks, which carry significant weightage, as analysts discovered appealing valuations after a recent correction. This positive start came before the release of crucial economic data that could help determine the trajectory of future rate hikes.
The entire set of 13 major sectoral indexes made gains, with the financials index, which holds significant weightage, rising by 1.2%. Similarly, the IT sector surged by 1.5%.
The Nifty Banking sector had some gainers and some losers for the day.
The gainers included Bandhan Bank with a 3.08% increase, ICICI Bank with a 3.04% increase, Bank of Baroda with a 2.77% increase, Federal Bank with a 2.44% increase and Axis Bank with a 1.72% increase. On the other hand, the biggest losers in the sector included AU Bank with a 1.29% decline. These results suggest that some banking stocks performed better for the day.
With the financial year coming to an end, the stock market observed an upward trend, primarily fueled by bullish moves in the banking and IT sectors, bolstered by strong global cues. Additionally, foreign institutional investors showed increased interest in Indian stocks due to the moderation in valuations. As the US market awaits personal consumption expenditures data, a crucial indicator for forecasting future Federal Reserve actions, domestic investors are keeping an eye out for the upcoming RBI MPC meeting scheduled next week.
During Friday’s intra-day trade, the shares of Reliance Industries, a heavyweight in the index, surged over 4% to Rs 2,333 per share following the company’s announcement that it will convene a meeting on May 2, 2023, to consider the demerger of its financial services unit. Under the proposed plan, RIL’s shareholders would receive shares in the demerged entity for each share held in the company.
In light of the global financial turbulence that adversely affected markets, foreign institutional investors (FIIs) have redirected their focus towards Indian markets, which have become more appealing due to favorable valuations. In the last two days alone, FIIs have acquired equities worth Rs 2,776.5 crore, with total purchases amounting to Rs 1,639.8 crore for the month.
In Friday’s early trade, the rupee gained 24 paise to reach 82.1, propelled by robust global cues and an influx of foreign funds. Concurrently, the dollar index, a metric that measures the strength of the US dollar against six significant currencies, concluded 0.05% higher at 102.2.
Following the lows observed earlier this month, crude oil prices rose this week. Market participants will continue to pay close attention to inflation data in major economies and the corresponding actions of central banks. The upcoming RBI policy meeting is of particular interest to domestic markets. Additionally, the market will shift its focus towards the Q4FY23 earnings season over the next few weeks.
Advance Decline Ratio
Today, the advance-decline ratio was 2.47, and the market breadth was positive. The volatility index India Vix decreased by 5.08 percent to settle at 12.94 and the FIIs were net buyers today.
DAILY MARKET ACTION
Advancers – 1632
Decliners – 661
52Wk High – 43
52Wk Low – 128
High Band Hitters – 138
Low Band Hitters – 44
200d SMA – 17473
50d SMA – 17557
20d SMA – 17214
Top Gainers and Losers Stocks
The top gainers were Reliance (+4.31%), Nestle India (+3.29%), Infosys (+3.05%), ICICI Bank (+3.04%), and Tata Motors (+2.88%).
The top losers were Apollo Hospitals (-1.30%), Sun Pharmaceuticals (-0.98%), Adani Ports (-0.74%), Asian Paint (-0.23%), and Bajaj Finance (-0.18%).
Top Gainers and Losers Sector
The top gainers sectors were IT (+2.45%), Oil & Gas (+1.74%), Realty (+1.63%), Financial Services (+1.49%), and FMCG (+1.06%).
The Nifty Midcap 50 was up by 1.11 percent, while the Nifty Small Cap 50 was up by 1.39 percent on the day.
The Nifty Midcap 50 index currently closed at 8,466.80, while the Nifty Small Cap 50 index currently closed at 4,097.70.
SECTORS – NOTABLE ACTION
OIL & GAS +1.74%
Stocks Ban List
The Securities and Exchange Board of India (SEBI) Futures and Options (F&O) ban list has not included any stocks on the ban list for today.
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.
As per the above pivots data, 17230 to 17440 is the Nifty 50 trading range.
Read previous -Daily Insights- here
Late Surge Lifts Nifty Index Above 17,100 after Trading in Narrow Range
Indian Equity Markets Experience Sharp Decline in the Closing Hours of the Session
Market Gives Up Gains in Last Hours
This article is only for educational purposes and is not an investment advice.