Indian Equity Markets Close Higher Amidst Mixed Global Trends

At the close, the Nifty 50 was at 18,147.65 up by 0.46%

The trading day for NSE Nifty 50 began on a high note, with an impressive surge that saw the index rise by 0.46 percent. As the day progressed, the momentum continued, ultimately culminating in a positive close for the index. The Nifty 50 managed to stay firmly above the 18100 mark throughout the trading day, adding to the already optimistic outlook for the market.

Tuesday’s trading saw the Nifty extend its upward momentum for a sixth consecutive session, with the index closing the day up 82 points despite a limited range of movement. The market kicked off the day with a 60-point gap up, and early trading witnessed an attempt to push higher. However, the index soon encountered resistance at the 18200 level, leading to a narrow range of sideways trading for the remainder of the session.

Tuesday’s trading session saw the key benchmark indices perform strongly, with robust Q4 earnings serving as a catalyst for market gains. As investors await the US Fed rate decision on Wednesday, the broader market outperformed the benchmark, registering stronger gains.

Foreign Institutional Investors/Foreign Portfolio Investors bought shares worth Rs. 9,972.50 crores and sold shares worth Rs. 7,975.15 crores, resulting in a net purchase value of Rs. 1,997.35 crores. On the same day, Domestic Institutional Investors bought shares worth Rs. 5,649.54 crores and sold shares worth Rs. 6,043.59 crores, resulting in a net sale value of Rs. 394.05 crores.

Bank Nifty: Up by 0.27%

The Bank Nifty kicked off the day on a positive note, registering an increase of 0.27 percent from its opening level. The upward trend continued throughout the trading session, with the index ultimately ending the day in the green at a respectable 43,352.10. Similarly, the BSE Sensex witnessed a promising start, with a rise of 0.40 percent from its opening level. This momentum carried through the day, culminating in a noteworthy close of 61,354.71, representing a significant jump for the index.

With the exception of Nifty Pharma, FMCG, and Realty, all of the sectoral indices concluded in the green. Nifty Metal and Energy emerged as the top gainers, rising by 1.4% and 1.3%, respectively.

India’s favorable macroeconomic growth has been a significant contributor to the ongoing market rally. The strong April GST numbers have added further momentum to this trend, even as global markets remain sluggish or negative. Thanks to a rally in IT, metals, and power stocks, benchmark indices have managed to stay above key levels, underscoring the strength of the current market outlook.

Bank Nifty

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

The gainers included IDFC First Bank with a 3.91% increase, AU Bank with a 3.04% increase, Axis Bank with a 1.15% increase, Federal Bank with a 1.00% increase and Bandhan Bank with a 0.81% increase. On the other hand, the biggest losers in the sector included Kotak Bank with a 0.99% decline, State Bank of India with a 0.67% decline, HDFC Bank with a 0.28% decline and IndusInd Bank with a 0.08% decline. These results suggest that some banking stocks performed better for the day.

Buzzing

Oil and Natural Gas Corporation Ltd.‘s share price has risen by 3.65% from its previous close of Rs 158.95, with the last traded price at 164.75. Over a three-year period, the stock has generated a return of 98.94%, outperforming the Nifty 100, which provided a return of 78.92%. In the same time period, the stock also outperformed the Nifty Energy, which delivered a return of 80.43% to investors.

Tech Mahindra Ltd. The company’s annual revenue growth of 18.57% has outperformed its three-year compound annual growth rate (CAGR) of 12.41%. Tech Mahindra Ltd.’s share price has increased by 2.92% from its previous close of Rs 1,023.70, with the last traded price at Rs 1,053.55.

On Tuesday, the Indian rupee remained range-bound and closed 6 paise lower at 81.88 (provisional) against the US dollar as investors adopted a cautious stance ahead of the US Federal Reserve meeting outcome.

The local currency opened positively at 81.75 at the interbank foreign exchange, but could not sustain early gains, settling lower despite a firm trend in domestic equities. Throughout the trading day, the rupee oscillated between a high of 81.72 and a low of 81.95 against the US dollar. The previous trading day, the rupee had closed at 81.82 against the US currency.

The dollar index, which measures the strength of the US dollar against six major currencies, increased by 0.15% to 102.30.

Brent crude futures, the worldwide benchmark for oil, fell by 0.55% to USD 78.87 per barrel. Forex traders mentioned that the market is presently waiting for signs from the US FOMC meeting, which commences later in the day. The outcome of the Federal Open Market Committee (FOMC) on May 3 is now eagerly anticipated by the market.

Advance Decline Ratio

Today, the advance-decline ratio was 1.53, and the market breadth was positive. The volatility index India Vix increased by 8.67 percent to settle at 11.90 and the FIIs were net buyers today.

DAILY MARKET ACTION
Advancers – 1395
Decliners – 912
52Wk High –  80
52Wk Low – 19
High Band Hitters – 86
Low Band Hitters – 63
200d SMA – 17658
50d SMA – 17516
20d SMA – 17683

Top Gainers and Losers Stocks

The top gainers were ONGC (+3.37%), Tech Mahindra (+2.86%), HDFC Life (+2.74%), NTPC (+2.33%), and Hindalco (+2.27%).

The top losers were Hero MotoCorp (-2.46%), Sun Pharmaceutical (-1.54%), UltraTech Cement (-1.30%), Bharti Airtel (-1.14%), and Kotak Bank (-0.99%).

Top Gainers and Losers Sector

The top gainers sectors were Metal (+1.42%), Oil & Gas (+1.16%), IT (+1.14%), Auto (+0.71%), and Media (+0.48%).

The top losers sectors were Pharma (-0.19%), FMCG (-0.13%), and Realty (-0.03%).

The Nifty Midcap 50 was up by 1.11 percent, while the Nifty Small Cap 50 was up by 0.57 percent on the day.

The Nifty Midcap 50 index currently closed at 9,062.20, while the Nifty Small Cap 50 index currently closed at 4,461.45.

SECTORS – NOTABLE ACTION
METAL +1.42%
OIL & GAS +1.16%
IT +1.14%
PHARMA -0.19%
FMCG -0.13%
REALTY -0.03%

Stocks Ban List

The Securities and Exchange Board of India (SEBI) has not listed any stocks in the ban list for Futures and Options (F&O) trading today. This indicates that there are no restrictions on F&O trading for any stocks in the Indian market as of now.

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.

It seems that GNFC may be at risk of being added to the ban list.

Daily Pivots

As per the above pivots data, 18100 to 18200 is the Nifty 50 trading range.

Read previous -Daily Insights- here
Friday Market Boost: Nifty Reclaims 18,000 Mark
NSE Nifty 50 Starts Strong, Surges 0.57% & Closes Above 17900 Mark
NSE Nifty50 Recovers from Gap Down Opening to Close with Gains

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