| Index | Price | Change | % Chg |
| Nifty 50 | 19,381.65 | –144.90 | -0.74% |
| Nifty Bank | 44,513.45 | –482.25 | -1.07% |
| BSE SENSEX | 65,240.68 | –542.10 | –0.82% |
At the close, the Nifty 50 was at 19,381.65 down by 0.74%
In today’s trading session, the NSE Nifty 50 commenced on a bearish note, witnessing a significant decline of 0.74 percent throughout the day. As the trading hours concluded, the index closed in the red, leaving investors concerned. Notably, Nifty’s value plummeted below the crucial psychological level of 19400, signaling a bearish trend in the market.
Amidst weak global cues, the market commenced on a gap down note. However, during the second half of the session, extensive profit booking caused the Nifty to slide below the crucial 19,300 levels. Fortunately, a surge in buying activity during the final hour of trade facilitated a recovery from the day’s low.
The global sentiment remained lackluster, primarily due to continued concerns over the US credit rating downgrade by Fitch, persisting for the third consecutive day. Despite this, Indian benchmark indices, particularly Nifty, demonstrated resilience and closed notably higher, thanks to late-session buying activities, coinciding with the weekly F&O expiry.
For the second consecutive day, global equity markets continued to experience the repercussions of Fitch Ratings’ downgrade of the long-term foreign currency issuer default rating for the US, which fell from AAA to AA+.
Bank Nifty: Down by 1.07%
The Bank Nifty index, opened lower on Thursday and closed in the negative territory. The index declined by 1.07 percent to settle at 44,513.45, extending its losses for the third consecutive day. The Sensex, the benchmark index of the BSE, also followed a similar trend and closed in the red. The Sensex dropped by 0.82 percent to finish at 65,240.68, its lowest level in two weeks. The market sentiment was dampened by weak global cues, domestic factors and earnings season.
Today’s market saw significant movements in key sectors, with Pharma taking the lead with an impressive gain of 1.04%. Among the top performers in this sector were Laurus Labs Ltd., which surged by 5.76%, and Lupin Ltd., recording a gain of 3.36%. However, Realty faced a challenging day, experiencing a decline of 1.78%. Notable companies within this sector, like Godrej Properties Ltd., suffered a loss of -5.41%, and Macrotech Developers Ltd. also faced a downturn, with a decline of -2.94%.
Foreign Institutional Investors (FII)/Foreign Portfolio Investors (FPI) engaged in transactions with a Buy Value of 11,379.30 (Rs. Cr.) and a Sale Value of 11,696.76 (Rs. Cr.), resulting in a Net Value of -317.46 (Rs. Cr.). On the other hand, Domestic Institutional Investors (DII) conducted trades with a Buy Value of 9,582.30 (Rs. Cr.) and a Sale Value of 7,853.11 (Rs. Cr.), leading to a Net Value of 1,729.19 (Rs. Cr.).
Bank Nifty
The Nifty Banking sector had some gainers and some losers for the day.
The gainers included Bandhan Bank with a 0.49% increase, and AU Bank with a 0.32% increase. On the other hand, the biggest losers in the sector included ICICI Bank with a 2.07% decline, State Bank of India with a 1.20% decline, IndusInd Bank with a 1.20% decline, Axis Bank with a 0.71% decline, and Bank of Baroda with a 0.69% decline. These results suggest that some banking stocks not performed better for the day.
Buzz
On Thursday, the Indian rupee experienced a decline of 6 paise, settling at 82.73 (pro) against the US dollar, primarily influenced by weak domestic equities and the greenback’s strength in the global market. The sentiment was further impacted by sustained foreign fund outflows and firm crude oil prices.
Starting at 82.71 against the dollar at the interbank foreign exchange, the rupee faced downward pressure throughout the day, concluding at 82.73 (pro), marking a 6 paise fall from its previous close. During the trading session, the local unit fluctuated between a high of 82.66 and a low of 82.81. Notably, in the previous session, the rupee had closed at 82.67 against the dollar. Stay informed about such fluctuations to make well-informed financial decisions.
Buzzing
Adani Enterprises Ltd. witnessed a positive uptrend in its share price, rising by 2.48% from the previous close of Rs 2,473.55 to reach Rs 2,535.00. Over the past 3 years, the stock has delivered an impressive return of 1336.02%, outperforming Nifty 100’s return of 75.18%. The company’s remarkable annual revenue growth of 96.18% surpassed its 3-year CAGR of 45.79%.
On the other hand, Titan Company Ltd. experienced a slight decline in its share price, down by -2.39% from the previous close of Rs 2,977.15 to Rs 2,906.00. Recently, a 5-day moving crossover signal emerged, and historically, there has been an average price decline of -2.57% within 7 days of this signal over the last 5 years. Despite this, the company exhibited impressive annual revenue growth of 40.82%, outperforming its 3-year CAGR of 24.19%. Furthermore, Titan Company Ltd. demonstrated strong financial performance, delivering a return on equity (ROE) of 27.42% in the fiscal year ending on 31 Mar, 2023, surpassing its 5-year average ROE of 22.47%.
Advance Decline Ratio
Today, the advance-decline ratio was 1.14, and the market breadth was positive. The volatility index India Vix decreased by 0.82 percent to settle at 11.19 and the FIIs were net sellers today.
DAILY MARKET ACTION
Advancers – 5685
Decliners – 4984
52Wk High – 95
52Wk Low – 15
High Band Hitters – 71
Low Band Hitters – 37
200d SMA – 18217
50d SMA – 19116
20d SMA – 19617
Top Gainers and Losers Stocks
The top gainers were Adani Enterprises (+2.48%), Adani Ports (+2.04%), Eicher Motors (+1.51%), Divi’s Laboratories (+0.88%), and Hindalco (+0.59%).
The top losers were Titan (-2.39%), ONGC (-2.36%), Bajaj Finserv (-2.35%), ICICI Bank (-2.07%), and Nestle India (-1.93%).
Top Gainers and Losers Sector
The top gainers sectors were Pharma (+1.04%), and Media (+0.91%).
The top losers sectors were Realty (-1.78%), Financial Services (-1.17%), Oil & Gas (-0.80%), FMCG (-0.58%) and Metal (-0.47%).
The Nifty Midcap 50 was up by 0.13 percent, while the Nifty Small Cap 50 was up by 0.07 percent on the day.
The Nifty Midcap 50 index currently closed at 10,657.55, while the Nifty Small Cap 50 index currently closed at 5,258.40.
SECTORS – NOTABLE ACTION
PHARMA +1.04%
MEDIA +0.91%
REALTY -1.78%
FINANCIAL SERVICES -1.17%
OIL & GAS -0.80%
Stocks Ban List
(SEBI) F&O ban list (HINDCOPPER open at -147.65 and close at +151.15), (GNFC open at -583.95and close at -583.00), (PEL open at -956.95 and close at +963.45), and (IBULHSGFIN open at +149.65 and close at +164.65) are not currently on the stock exchange.
The Securities and Exchange Board of India (SEBI) has banned HINDCOPPER, GNFC, PEL and IBULHSGFIN from trading in the futures and options (F&O) segment of the stock exchange.
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.
CANFINHOME, MANAPPURAM, ZEEL, DELTACORP, and PNB stocks has the possibilities of enterance in the ban list.
IBULHSGFIN stock has the possibilities of exit from ban list.
Daily Pivots
| S2 | S1 | R1 | R2 |
| 19164 | 19273 | 19514 | 19646 |
As per the above pivots data, 19260 to 19530 is the Nifty 50 trading range.
Read previous -Daily Insights- here
Sharp Sell-Off in Indian Equity Indices Post Fitch Ratings’ US Credit Downgrade
NSE Nifty 50 Shows Early High but Closes Lower, Dips Below 19750 Mark
Understanding Perpetual Bonds: A Comprehensive Guide to Bonds Once and Forever
Positive Start Markets Gain on Global Support
This article is only for educational purposes and is not an investment advice.
