Market Bounced Back

NiftyTrader • January 30, 2023

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Index	Price	Change	% Chg
NIFTY 50	17648.95	+44.60	+0.25%
NIFTY BANK	40387.45	+42.15	+0.10%
BSE SENSEX	59500.41	+169.51	+0.29%

Daily closing price, change and % change of benchmark indices.

At the close, the Nifty 50 was at 17,648.95 up by 0.25%

Today, NSE Nifty 50 opened low but managed to close in the green with a 0.25% increase. The index pushed beyond 17645, adding to the positive sentiment for the market. It was a relief for investors and traders as most stocks closed in the green. Analysts are expecting the market to continue to build on the gains as more companies report strong earnings.

The market outlook is expected to remain positive as investors remain hopeful that sustained economic growth will continue, supported by the measures taken by the central government to promote economic growth. This includes reforms to stimulate entrepreneurship and investments, along with other reforms to increase capital flow.

Overall, the market today was a clear indicator of investor confidence. We can hope that the market will build on the momentum and continue to move higher in the coming days.

The rise in domestic equities is due to several factors, including favorable macroeconomic data from the U.S. that suggests a decrease in inflation and increased expectations for a slower pace of rate hikes by the Federal Reserve.

Buzzing

Three days and has cast a shadow on the company’s plan to underline billionaire Gautam Adani’s ascension on the global stage with the announcement of a share sale.

The fraud allegations by Hindenburg Research, which claimed that Adani Group had inflated its profits, shook the confidence of investors and triggered the selloff. Despite Adani Group’s assertions that the allegations were “baseless”, investors remained cautious and continued to dump shares of Adani Group companies.

This week, a group of investors, including some of the world’s leading funds, asked Adani Group to respond to the allegations made by the short seller Hindenburg Research. Adani Group has yet to respond to the investor’s concerns and its stock continues to remain volatile as investors keep a close eye on the developments.

It will be interesting to see how the Adani Group handles the situation and how the stock performs going forward. If the company fails to address the investor concerns promptly and convincingly, it could have severe implications for the company and its stock.

Buzzing

Finishing the day at Rs 6,023 per share, up 4.55%.

The LRS revealed by Bajaj Finance is focused on utilizing digital and offline products in order to drive growth. This includes introducing newer products and services, launching new technology-enabled platforms, and leveraging their existing customer base to increase their market presence.

These measures are expected to bring about a significant improvement in the company’s financials. They are looking to increase their customer base, expanding their product portfolio to cater to more customer needs. Additionally, they are also looking to make use of newer technologies to gain competitive advantage.

Bajaj Finance’s LRS will go a long way in helping to strengthen their market position and drive growth. With their focus on digital and offline products, they are sure to capitalize on the growth opportunities available in the market. Moreover, their efficient and innovative business strategies have helped them to maintain a strong balance sheet and report steady growth in recent years.

Bank Nifty: Up by 0.10%

The Bank Nifty also opened in red but was up by 0.10 percent when it closed in green at 40,387.45. Similarly, the BSE Sensex closed in green at a high of 59,500.41, up by 0.29 percent. The strong performance of the stock market was due to the positive sentiment created by the announcement of the Union Budget. Investors also responded positively to the government’s decision to increase the Foreign Direct Investment (FDI) limit in certain sectors. Overall, the market sentiment was positive and the indexes were seen gaining during the day. This indicates that the Indian economy is on the path of recovery and will continue to remain stable in the coming days.

The Nifty Energy index shed 3 percent today, due to a decline in shares of oil firms and other energy stocks. The information technology index, on the other hand, rose 1 percent while the PSU Bank index was up 0.5 percent.

The fall in the Energy index was attributed to a decline in shares of Oil and Natural Gas Corporation (ONGC). These stocks together accounted for more than half of the weight in the Energy index. Analysts have attributed the fall in the Energy index to weaknesses in crude oils prices and profits of energy companies.

The Information technology sector was the biggest gainer of the day, with IT stocks such as Coforge Ltd., MphasiS Ltd., and HCL Technologies Ltd. recording major gains. The PSU Bank index also saw some gains.

Advance Decline Ratio

Today, the advance-decline ratio was 0.64, and the market breadth was negative. The volatility index India Vix increased by 2.25 percent to settle at 17.71 and the FIIs were net sellers today.

DAILY MARKET ACTION
Advancers – 888
Decliners – 1377
52Wk High – 28
52Wk Low – 136
High Band Hitters – 64
Low Band Hitters – 113
200d SMA – 17289
50d SMA – 18235
20d SMA – 17984

Top Gainers and Losers Stocks

The top gainers were Bajaj Finance (+4.55%), Adani Enterprises (+3.93%), UltraTech Cement (+2.37%), Bajaj Finserv (+2.30%), and Asian Paint (+1.92%).

The top losers were Power Grid (-3.28%), Bajaj Auto (-2.41%), IndusInd Bank (-1.96%), LT (-1.75%), and JSW Steel (-1.73%).

Top Gainers and Losers Sector

The top gainers sector were IT (+1.10%), Consumer Durables (+0.45%), and Financial Services (+0.33%).

The top losers sector were Oil & Gas (-3.57%), FMCG (-0.60%), Media (-0.35%), Metal (-0.28%), and Pharma (-0.19%).

The Nifty Midcap 50 was up by 0.16 percent, while the Nifty Small Cap 50 down by 0.12 percent on the day.

The Nifty Midcap 50 index currently closed at 8,476.95, while the Nifty Small Cap 50 index currently closed at 4,181.00.

SECTORS – NOTABLE ACTION
IT +1.10%
CONSUMER DURABLES +0.45%
FINANCIAL SERVICES +0.33%
OIL & GAS -3.57%
FMCG -0.60%
MEDIA -0.35%