Indian Benchmark Indices Surge in Historic Second Session

At the close, the Nifty 50 was at 23,868.80 up by 0.62%

The NSE Nifty 50 exhibited robust performance on June 26, starting the day in the green and closing at a historic high of 23,868.80, marking a gain of 147.50 points or 0.62%.

Throughout the session, the index experienced intermittent dips but ultimately surged to an all-time peak, buoyed by sustained buying interest in heavyweight stocks, particularly in the banking sector. This bullish trend follows a breakout from previous consolidation ranges, indicating strong investor confidence and a positive market sentiment.

The day saw significant contributions from sectors like banking, oil & gas, and FMCG, which witnessed notable buying activity, bolstering the index to new heights. Heavyweights such as Reliance Industries played a pivotal role in driving the market upwards, reflecting a broad-based optimism among investors.

As the Nifty 50 continues its upward trajectory for the third consecutive session, nearing the milestone of 23,900, market observers are optimistic about further gains. The rally, however, highlighted a divergence as broader markets lagged behind benchmark indices, underscoring selective investor focus on specific sectors.

Technical indicators such as RSI and MACD suggest a positive bias, affirming the current momentum and potential for sustained upward movement in the near term.

In conclusion, the NSE Nifty 50’s record-breaking performance underscores resilience in the face of economic uncertainties, driven by sectoral strengths and heavyweight contributions, positioning the index for continued growth in the upcoming sessions.

Bank Nifty: Up by 0.50%

Today, the Bank Nifty and BSE Sensex both started positively and maintained strong upward momentum throughout the trading session. The Bank Nifty opened with a gain of 0.50%, closing at 52,870.50, reflecting robust buying interest in banking stocks. Similarly, the BSE Sensex surged by 0.80%, reaching a closing high of 78,674.25, driven by broad-based buying across various sectors.

In the sectorial front, the media sector emerged as the clear winner, surging by a significant 1.60%. Leading the pack within media was Zee Entertainment Enterprises Ltd., which saw an impressive gain of 4.18%. PVR Inox Ltd. also chimed in with a noteworthy increase of 1.88%.

On the flip side, the metals sector took a tumble, dropping a hefty 1.45%. Within this sector, NMDC Ltd. bore the brunt of the losses, plummeting by a concerning 3.35%. Vedanta Ltd. also experienced a significant decline, falling by 2.65%.

Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs) were active, recording a buy value of Rs. 19,920.57 crore and a sale value of Rs. 23,456.00 crore. This resulted in a net outflow of Rs. 3,535.43 crore, indicating a selling bias among foreign investors.

Conversely, Domestic Institutional Investors (DIIs) exhibited strong buying interest, with a buy value of Rs. 18,342.37 crore against a sale value of Rs. 13,238.70 crore. This led to a net inflow of Rs. 5,103.67 crore, showcasing robust domestic support in the market.

Bank Nifty

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

The gainers included AU Bank with a 1.51% increase, ICICI Bank with a 1.09% increase, Axis Bank with a 0.99% increase, Kotak Bank with a 0.89% increase, and Bandhan Bank with a 0.75% increase.

On the other hand, the biggest losers in the sector included HDFC Bank with a 1.04% decline, IndusInd Bank with a 0.18% decline, and IDFC First Bank with a 0.01% decline. These results suggest that most of the banking stocks performed better for the day.

Gold and Silver

Today 22 Carat Gold Price Per Gram in India (INR)

Today 24 Carat Gold Price Per Gram in India (INR)

Today Silver Price 1 Gram/KG in India (INR)

Rupee Depreciates Amid Strong Dollar and High Oil Prices

The Indian rupee depreciated by 17 paise against the US dollar, settling at 83.60 on Wednesday. This decline was primarily influenced by the strength of the American currency in the global market and rising crude oil prices. Despite these pressures, a strong performance in domestic equities, where benchmark indices reached new peaks, provided some support to the local currency and limited further losses.

In the interbank foreign exchange market, the rupee opened at 83.45, reaching an intraday high of 83.43 and a low of 83.61 against the dollar during trading. Ultimately, it closed at 83.60, marking a 17 paise drop from its previous close.

Looking ahead, the rupee is expected to trade with a slight negative bias due to anticipated dollar demand from oil importers as the month ends. The strength of the US dollar and elevated crude oil prices are likely to exert additional downward pressure on the rupee.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six major currencies, was up by 0.22% at 105.83. Brent crude futures, the global oil benchmark, also increased, trading 0.80% higher at USD 85.69 per barrel.

Impact of Strong Dollar and Crude Oil Prices on Rupee
The rupee’s depreciation highlights the significant impact of a robust US dollar and elevated crude oil prices on the Indian currency. As the dollar strengthens and oil prices rise, import costs increase, leading to higher demand for dollars and subsequently weakening the rupee. Despite positive trends in domestic equities, these external factors continue to challenge the rupee’s stability.

Future Outlook for Rupee
As the month concludes, dollar demand from oil importers is expected to maintain downward pressure on the rupee. Market participants should closely monitor global oil prices and the US dollar’s performance to gauge future movements in the rupee’s value.

Stocks Highlights

Reliance Industries Ltd. experienced a notable increase in share price, moving up by 3.88% from its previous close of Rs 2,908.30 to a last traded price of Rs 3,021.10. This surge is significant, given that in the past 19 years, only 1.21% of trading sessions have seen intraday gains higher than 5%.

Financially, the company allocated 2.57% of its operating revenues towards interest expenses and 2.85% towards employee costs for the fiscal year ending March 31, 2024. A bullish signal was observed with a 50-day moving average crossover, historically leading to an average price gain of 3.98% within 30 days. Over the past three years, Reliance Industries Ltd. has delivered a return of 33.71%, compared to Nifty 100’s 52.57%.

Apollo Hospitals Enterprise Ltd. saw its share price decrease by 2.52%, dropping from Rs 6,295.35 to Rs 6,136.95. Intraday data reveals that only 2.28% of trading sessions over the past 19 years have had gains exceeding 5%. For the year ending March 31, 2024, the company spent 2.36% of its operating revenues on interest expenses and a significant 13.08% on employee costs.

A bullish trend is anticipated, marked by a 5-day moving average crossover on June 24, 2024, which has led to an average price gain of 3.15% within 7 days in the last five years. Apollo Hospitals has achieved a remarkable three-year return of 90.43%, outperforming the Nifty 100’s return of 52.57%.

Advance Decline Ratio

Today, the advance-decline ratio was 0.85, and the market breadth was negative. The volatility index India Vix decreased by 1.86 to settle at 14.05 and the FIIs were net sellers today.

DAILY MARKET ACTION
Advancers – 1193
Decliners – 1409
52Wk High – 184
52Wk Low – 12
High Band Hitters – 103
Low Band Hitters – 58
200d SMA – 21380
50d SMA – 22729
20d SMA – 23179

Top Gainers and Losers Stocks

The top gainers were Reliance (+3.88%), Bharti Airtel (+3.33%), UltraTech Cement (+2.84%), Grasim (+1.51%), and Britannia (+1.49%).

The top losers were Apollo Hospitals (-2.52%), M&M (-1.81%), Bajaj Auto (-1.76%), Tata Steel (-1.64%), and Hindalco (-1.56%).

Top Gainers and Losers Sectors

The top gainers sector were Media (+1.60%), Oil & Gas (+1.39%), FMCG (+0.39%), Financial Services (+0.35%), and Pharma (+0.07%).

The top losers sector were Metal (-1.45%), Realty (-1.43%), Auto (-0.92%), Consumer Durables (-0.48%), and IT (-0.06%).

SECTORS – NOTABLE ACTION
MEDIA+1.60%
OIL & GAS +1.39%
FMCG +0.39%
METAL -1.45%
REALTY -1.43%
AUTO -0.92%

Stocks Ban List

(SEBI) F&O ban list (INDUSTOWER open at +346.00 and close at +356.10), (GNFC open at -697.00 and close at -694.35), (SAIL open at -147.45 and close at -143.97), and (PNB open at -124.13 and close at +124.36) 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.

INDIACEM, GMRINFRA, HINDCOPPER, RBLBANK, IEX, IDEA, IRCTC, BANDHANBNK, LICHSGFIN, HAL, ABFRL, and ABCAPITAL stocks has the possibilities of entrance in the ban list.

Daily Pivots

As per the above pivots data, 23650 to 24000 is the Nifty 50 trading range.

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