At the close, the Nifty 50 was at 17,080.70 up by 0.76%
Stock market in India had a positive day on March 29th, 2023. The NSE Nifty 50 opened at a high level and gained 0.76 percent during the day, closing in the green. It’s also noteworthy that the Nifty was trading above the 17000 level, which is a positive sign for investors.
Markets managed to gain nearly 1% on the monthly expiry day despite experiencing excessive volatility. The Nifty index started off flat and oscillated within a narrow range, but in the last half an hour of trading, there was a sharp surge that pushed the index above the 17,100 mark.
Most sectors participated in the recovery, with metal, realty, and auto sectors gaining the most. This suggests that there was a broad-based rally, and not just a few specific stocks driving the gains.
Furthermore, you noted that the broader indices also posted a decent rebound and gained in the range of 1.5%-2%. This suggests that the gains were not just limited to the Nifty index, but were seen across the broader market.
Overall, this update indicates that despite experiencing excessive volatility, the markets managed to recover and end the day on a positive note. It will be interesting to see how the markets perform in the coming days and whether this upward momentum continues.
Bank Nifty: Up by 0.86%
Bank Nifty and BSE Sensex also had a positive day on March 29th, 2023. The Bank Nifty opened in green and gained 0.86 percent during the day, closing in green at a level of 39,910.15. Similarly, the BSE Sensex gained 0.60 percent and closed in green at a high level of 57,960.09. These are positive indicators for the overall stock market in India and suggest that investors are feeling optimistic about the economy and corporate performance.
Bank Nifty Starts Strong, Surpasses Crucial Hurdle of 39,750 to Reach 40,000 Mark Later in the Day. Index Rises 342 Points, Forms Bullish Candle, and Negates Lower Highs Formation over Four Sessions.
Price of a certain financial instrument (such as a stock or currency) has broken out of a resistance level at 17,050 and is showing positive momentum. The mention of a “promising reversal formation” suggests that there may have been a previous downtrend or bearish sentiment that is now being reversed. The “long bullish candle” indicates that there was strong buying pressure during the day, which is a positive sign for further price increases.
The Nifty Banking sector had some gainers and some losers for the day.
The gainers included IDFC First Bank with a 3.79% increase, AU Bank with a 3.63% increase, Punjab National Bank with a 3.01% increase, Federal Bank with a 2.86% increase and Bank of Baroda with a 2.46% increase. These results suggest that some banking stocks performed better for the day.
The ongoing instability in the global market is causing the domestic market to remain volatile in both directions. However, the domestic market ended on a positive note, thanks to significant gains in both the US and European markets. This volatility is expected to persist until the global banking system fully recovers from the turmoil, and the Fed confirms its decision to pause rate hikes.
Bearish market condition in both Wall Street and Dalal Street due to various factors such as the US Fed’s decision to raise interest rates, changes in mutual fund taxation laws, and news related to the Adani group. As a result, the market breadth and other market parameters have moved into the deep correction zone.
However, despite the turbulent times, large-cap companies have shown an improvement in their SR score. It is not entirely clear what you mean by SR score, but it could be referring to a company’s sustainability rating or social responsibility score.
In any case, it is possible that these large-cap companies have been able to weather the market storm better than smaller companies due to their strong fundamentals, financial stability, and brand reputation. It is also possible that investors have gravitated towards these companies as a safe haven in uncertain times, driving up their stock prices and improving their overall market performance.
Advance Decline Ratio
29 March 2023, the advance-decline ratio was 2.29, and the market breadth was positive. The volatility index India Vix decreased by 9.75 percent to settle at 13.63 and the FIIs were net buyers today.
DAILY MARKET ACTION
Advancers – 1592
Decliners – 694
52Wk High – 23
52Wk Low – 307
High Band Hitters – 21
Low Band Hitters – 8
200d SMA – 17467
50d SMA – 17571
20d SMA – 17219
Top Gainers and Losers Stocks
The top gainers were Adani Enterprises (+9.29%), Adani Ports (+7.19%), Hero MotoCorp (+2.87%), Eicher Motors (+2.76%), and HCL Technologies (+2.71%).
The top losers were UPL (-0.79%), Bharti Airtel (-0.46%), Asian Paint (-0.34%), Reliance (-0.26%), and Cipla (-0.11%).
Top Gainers and Losers Sector
The top gainers sectors were Media (+2.65%), Realty (+2.46%), Metal (+2.44%), Auto (+1.71%), and IT (+1.11%).
The top losers sectors were Oil & Gas (-0.07%).
The Nifty Midcap 50 was up by 1.73 percent, while the Nifty Small Cap 50 was up by 1.20 percent on the day.
The Nifty Midcap 50 index currently closed at 8,373.50, while the Nifty Small Cap 50 index currently closed at 4,041.65.
SECTORS – NOTABLE ACTION
OIL & GAS -0.07%
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, 16960 to 17170 is the Nifty 50 trading range.
Read previous -Daily Insights- here
Indian Equity Markets Experience Sharp Decline in the Closing Hours of the Session
Market Gives Up Gains in Last Hours
Domestic Equity Surges as Global Markets Recover in Nifty50
This article is only for educational purposes and is not an investment advice.