At the close, the Nifty 50 was at 17,624.05 up by 0.14%
NSE Nifty 50 index had a positive trading day, opening at a high and closing in the green with a gain of 0.14 percent. The Nifty index also crossed the level of 17,600 during the day’s trading. This indicates that the overall sentiment among market participants was positive, and there was a buying interest in the market.
The sentiment in the domestic market has improved, driven by the RBI’s decision to keep rates unchanged, positive revisions in GDP and inflation forecasts, and strong quarterly business updates from auto and real estate firms. However, the solid US job data has raised concerns about further rate hikes by the Fed, which could potentially impact global financial markets, including India.
Going forward, the release of inflation data in both India and the US, along with the FOMC minutes, will be crucial in determining the market trend. Higher-than-expected inflation data could potentially lead to a more hawkish stance from central banks, which could negatively impact the equity markets. Conversely, if inflation remains under control and central banks maintain an accommodative stance, it could potentially support the ongoing positive sentiment in the domestic market.
Bank Nifty: Down by 0.50%
The BANK NIFTY index experienced selling pressure after reaching higher levels, following a robust rally last week.
Bank Nifty index had a negative trading day, opening in the red and closing with a loss of 0.50 percent at 40,834.65. On the other hand, the BSE Sensex had a relatively muted trading day, opening in the green and closing with a marginal gain of 0.02 percent at a high of 59,846.51.
It is worth noting that both Bank Nifty and Sensex are important benchmark indices in the Indian stock market, and their performance can have a significant impact on the overall market sentiment. However, individual stocks and sectors may perform differently from the benchmark indices.
On the sectoral front, Financial Services, FMCG, PSU Bank, and Private Bank indices witnessed a decline, while all other indices closed in positive territory. The realty index surged 4%, followed by auto, power, and oil & gas indices, which increased by 1% each.
The Nifty Banking sector had some gainers and some losers for the day.
The gainers included Bandhan Bank with a 0.79% increase, Federal Bank with a 0.20% increase, Kotak Bank with a 0.01% increase. On the other hand, the biggest losers in the sector included IDFC First Bank with a 1.36% decline, IndusInd Bank with a 1.11% decline, ICICI Bank with a 0.87% decline, Axis Bank with a 0.76% decline and AU Bank with a 0.74% decline. These results suggest that some banking stocks performed better for the day.
The Nifty sustained its positive momentum and recorded gains for the sixth straight trading session. Upon examining the daily chart, it is evident that the Nifty encountered selling pressure around the 17,680-17,700 zone, where resistance is represented by the downward sloping trendline and the daily upper Bollinger band.
The hourly momentum indicator reveals a negative crossover and a negative divergence, signifying a loss of momentum on the upside. Given the minor resistance at current price levels and unsupportive momentum, it is likely that the market may consolidate in the near term.
The Nifty exhibited volatility within a narrow range before closing on a subdued note. Upon analysis of the daily chart, it can be observed that the index has remained above the breakout zone. The momentum oscillator RSI has crossed over into bullish territory and is trending upwards. As long as the Nifty remains above 17,500, the market sentiment remains buy-on-dips. At present, the index faces immediate resistance at 17,700; however, a break above this level may lead to a further surge in the index towards higher levels.
In the quarter ending on 31 December 2022, Tata Motors reported a profit of Rs 2,957.71 crore after incurring losses for three consecutive quarters. The company’s stock generated a return of 486.66% over the past three years, while Nifty 100 yielded a return of 94.91%. (as of the last trading session) In the most recent session, Tata Motors Ltd.’s share price rose by 5.59% from its prior close of Rs 437.65, and it was last traded at Rs 462.10.
Over the past three years, ONGC’s stock generated a return of 94.83%, slightly lower than Nifty 100’s return of 94.91%. (as of the last trading session) Comparatively, ONGC’s return of 94.83% was slightly lower than that of Nifty Energy, which generated a return of 95.55% for investors over the same three-year period. (as of the last trading session) Oil And Natural Gas Corporation Ltd.’s share price increased by 4.28% from its prior close of Rs 150.60, and it was last traded at Rs 157.05.
The Nifty Realty index witnessed a surge of almost 4 percent today as a result of buying in realty stocks triggered by record provisional sales posted by various real estate developers during the March quarter.
On 10th April 2023, Foreign Institutional Investors/Foreign Portfolio Investors (FII/FPI) purchased stocks worth Rs. 4,057.80 crore and sold stocks worth Rs. 3,175.28 crore, resulting in a net purchase value of Rs. 882.52 crore. Additionally, on the same day, Domestic Institutional Investors (DII) bought stocks worth Rs. 7,060.71 crore and sold stocks worth Rs. 6,709.21 crore, resulting in a net purchase value of Rs. 351.50 crore.
Advance Decline Ratio
Today, the advance-decline ratio was 1.13, and the market breadth was positive. The volatility index India Vix increased by 4.02 percent to settle at 12.27 and the FIIs were net buyers today.
DAILY MARKET ACTION
Advancers – 1227
Decliners – 1083
52Wk High – 59
52Wk Low – 19
High Band Hitters – 175
Low Band Hitters – 48
200d SMA – 17511
50d SMA – 17513
20d SMA – 17204
Top Gainers and Losers Stocks
The top gainers were Tata Motors (+5.31%), ONGC (+3.98%), Adani Enterprises (+2.45%), Grasim (+2.15%), and Wipro (+2.03%).
The top losers were Bajaj Finance (-1.72%), Hindustan Unilever (-1.46%), Asian Paint (-1.19%), Tata Consumer (-1.19%), and IndusInd Bank (-1.11%).
Top Gainers and Losers Sector
The top gainers sectors were Realty (+4.29%), Auto (+1.18%), IT (+0.96%), Oil & Gas (+0.77%), and Metal (+0.76%).
The top losers sectors were FMCG (-0.43%), Financial Services (-0.39%).
The Nifty Midcap 50 was up by 0.37 percent, while the Nifty Small Cap 50 was up by 0.65 percent on the day.
The Nifty Midcap 50 index currently closed at 8,581.95, while the Nifty Small Cap 50 index currently closed at 4,205.00.
SECTORS – NOTABLE ACTION
FINANCIAL SERVICES -0.39%
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, 17570 to 17690 is the Nifty 50 trading range.
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This article is only for educational purposes and is not an investment advice.