Indian Equity Benchmark Closes Positively Amidst Volatility

At the close, the Nifty 50 was at 17,769.25 up by 0.15%

The NSE Nifty 50 commenced the day on a positive note, trading at an elevated level and recording a gain of 0.15 percent during the session. The index remained resilient and eventually ended the day in the green zone. Notably, the Nifty 50 managed to surpass the crucial level of 17760, indicating the index’s firm grip on the bullish momentum.

Buoyed by robust quarterly results reported by major companies and bullish buying activity in power and utility stocks, the Nifty index achieved consecutive gains on Tuesday, closing at a higher level than the previous session.

Despite the weak global market, the domestic market managed to sustain its gains, withstanding repeated attempts by bears to reverse the trend. Investor sentiment remains cautious as they await the release of key economic indicators such as US GDP and PCE inflation data, which are expected to guide the upcoming Fed action. The market anticipates a 25 basis points hike in rates by the Fed, which is set to be announced on May 3rd.

Foreign Institutional Investors/Foreign Portfolio Investors (FII/FPI) and Domestic Institutional Investors (DII) are major players in the Indian stock market. 25/04/2023, FII/FPI bought stocks worth Rs. 9,244.21 crores and sold stocks worth Rs. 9,651.56 crores, resulting in a net outflow of Rs. -407.35 crores. On the other hand, DIIs bought stocks worth Rs. 6,547.47 crores and sold stocks worth Rs. 5,983.86 crores, resulting in a net inflow of Rs. 563.61 crores. It will be interesting to see how these numbers evolve in the coming days and how they impact the market sentiment.

Bank Nifty: Up by 0.10%

The Bank Nifty index began the day on a positive note, registering a gain of 0.10 percent during the trading session and eventually closing in the green at a level of 42,678.50. The BSE Sensex also experienced an upward trajectory, rising by 0.12 percent and concluding the day in the green zone, with an impressive high of 60,130.71.

In terms of sector performance, the Oil & Gas industry emerged as the top gainer, registering a 0.71% rise in value. Within this sector, ATGL recorded a significant gain of 5.00%, followed by IGL with a gain of 1.82%, HINDPETRO with a gain of 1.27%, and RELIANCE with a gain of 0.66%. Conversely, the Consumer Durables sector witnessed the highest decline, losing 1.19% in value. Within this sector, CROMPTON suffered the most significant loss of 11.50%, followed by BLUESTARCO with a loss of 2.29%, ORIENTELEC with a loss of 1.60%, and AMBER with a loss of 1.21%.

Bank Nifty

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

The gainers included Bank of Baroda with a 2.08% increase, IndusInd Bank with a 1.63% increase, Bandhan Bank with a 1.32% increase, State Bank of India with a 1.22% increase and ICICI Bank with a 0.93% increase. On the other hand, the biggest losers in the sector included HDFC Bank with a 1.45% decline, Axis Bank with a 0.62% decline, AU Bank with a 0.59% decline, and Kotak Bank with a 0.37% decline. These results suggest that some banking stocks performed better for the day.

Buzzing

The Indian rupee displayed a relatively subdued trading pattern, fluctuating within a narrow range and eventually closing flat against the US dollar, settling at 81.92 (provisional). The rupee’s performance was affected by factors such as increased crude oil prices and foreign fund outflows. Beginning the day at 81.95 against the US dollar at the interbank foreign exchange market, the local unit traded within a tight band and closed unchanged from its previous session’s level. Throughout the session, the rupee witnessed a high of 81.86 and a low of 81.96 against the US dollar.

Adani Enterprises Ltd. Over the past 18 years, intraday declines higher than 5% have been observed in only 3.97% of trading sessions. In terms of returns, Adani Enterprises Ltd. has outperformed the Nifty 100 by a significant margin, delivering a return of 1238.25% over a period of three years, while the Nifty 100 generated a return of 87.21% during the same period. Notably, the share price of Adani Enterprises Ltd. rose by 2.44% from its previous closing value of Rs 1,801.95, and the stock’s last traded price was Rs 1,846.00.

Bajaj Finance Ltd. BFL, leveraging technology as a key enabler, has established itself as the leading NBFC player in the unsecured personal loan segment. While the Covid-19 pandemic posed challenges, the company has effectively managed its Gross Non-Performing Assets (GNPAs). Bajaj Finance Ltd.’s share price witnessed an increase of 2.33% from its previous closing value of Rs 5,933.75. The last traded price of the stock stood at Rs 6,071.75.

HDFC Life Insurance Company Ltd. As life expectancy rates increase and urbanization becomes more prevalent, the demand for insurance products that provide both coverage and saving features has emerged. However, insurance companies face the challenge of lower margins when combining saving products with insurance. HDFC Life Insurance Company Ltd.’s share price declined by -3.21% from its previous closing value of Rs 547.55, and the stock’s last traded price was Rs 530.00.

Advance Decline Ratio

Today, the advance-decline ratio was 1.14, and the market breadth was positive. The volatility index India Vix decreased by 1.26 percent to settle at 11.52 and the FIIs were net sellers today.

DAILY MARKET ACTION
Advancers – 1191
Decliners – 1043
52Wk High –  49
52Wk Low – 18
High Band Hitters – 68
Low Band Hitters – 38
200d SMA – 17615
50d SMA – 17505
20d SMA – 17484

Top Gainers and Losers Stocks

The top gainers were Adani Enterprises (+2.54%), Bajaj Finance (+2.38%), Britannia (+2.30%), Bajaj Finserv (+1.99%), and Bharti Airtel (+1.64%).

The top losers were HDFC Life (-3.43%), UPL (-1.96%), HDFC Bank (-1.45%), HDFC (-1.17%), and Tech Mahindra (-0.81%).

Top Gainers and Losers Sector

The top gainers sectors were Oil & Gas (+0.71%), Metal (+0.61%), Realty (+0.49%), FMCG (+0.23%), and Auto (+0.09%).

The top losers sectors were Consumer Durables (-1.19%), Media (-0.72%), Financial Services (-0.16%), and IT (-0.10%).

The Nifty Midcap 50 was up by 0.28 percent, while the Nifty Small Cap 50 was up by 0.56 percent on the day.

The Nifty Midcap 50 index currently closed at 8,815.10, while the Nifty Small Cap 50 index currently closed at 4,322.10.

SECTORS – NOTABLE ACTION
OIL & GAS +0.71%
METAL +0.61%
REALTY +0.49%
CONSUMER DURABLES -1.19%
MEDIA -0.72%
FINANCIAL SERVICES -0.16%

Stocks Ban List

The Securities and Exchange Board of India (SEBI) has not included any stock in the ban list for futures and options trading.

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.

ZEEL, IBULHSGFIN, BHEL, DELTACORP and INDIACEM have the possibility of being added to the ban list.

Daily Pivots

As per the above pivots data, 17710 to 17820 is the Nifty 50 trading range.

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