At the close, the Nifty 50 was at 18,035.85 up by 0.11%
Nifty 50 opened higher and closed higher with a gain of 0.11 percent, and it is currently trading above the 18030 level. This suggests that the market sentiment for the Nifty 50 was positive today, and investors were generally optimistic about the performance of the underlying stocks in the index.
For the third consecutive session, the index showed higher highs and higher lows, forming a bearish candle on the daily charts despite the closing being lower than the opening level, which is a positive sign.
Thursday proved to be a positive day for IT stocks, as Tata Consultancy Services (TCS) hit its highest mark in nine months and Tech Mahindra surged by 4% on the National Stock Exchange (NSE).
The Nifty IT Index experienced a surge of 1.8%, substantially greater than the Nifty 50’s 0.50% gain. This was buoyed by major tech stocks, including Tech Mahindra, Mphasis, and L&T Technology Services (LTTS) who all rose 4%. Meanwhile, other major players, such as LTI Mindtree, Persistent Systems, TCS, Wipro, Infosys, and HCL Technologies, all saw increases ranging from 1% to 3%.
Historically, the Indian IT and Nasdaq indices have been strongly correlated; however, in recent times, Indian IT has shown a strong divergence, demonstrating impressive outperformance. Looking forward to 2023, this puts Indian IT in a favourable position, with any Nasdaq recovery likely having a neutral to positive effect. In addition, with most funds currently underweighting Indian IT, this offers protection from downside risk.
Bank Nifty: Down by 0.24%
Bank Nifty index opened higher, but eventually closed in the red with a decline of 0.24 percent, ending the day at a level of 41,631.35. On the other hand, the BSE Sensex opened higher, rose by 0.07 percent and closed in green at a level of 61,319.51. Performance of these indices reflects the broader market sentiment and the performance of the underlying stocks. The movement of these indices can be influenced by a variety of factors, including macroeconomic indicators, global economic trends, corporate earnings, and geopolitical developments.
National Stock Exchange (NSE) saw both its Metal and Oil & Gas indexes rise. The Metal index rose by nearly 1.23%, while the Oil & Gas index rose 0.37% after the government cut its windfall tax on crude oil and exports of aviation turbine fuel and diesel in its fortnightly revision on Feb. 15.
The Nifty Banking sector had some gainers and some losers for the day. The gainers included Federal Bank with a 0.42% increase, and Kotak Bank with a 0.31% increase. On the other hand, the biggest losers in the sector included AU Bank with a 1.36% decline, IDFC First Bank with a 0.96% decline, Punjab National Bank with a 0.79% decline, Axis Bank with a 0.66% decline and State Bank of India with a 0.54% decline. These results suggest that some banking stocks performed better than others for the day.
Advance Decline Ratio
Today, the advance-decline ratio was 1.26, and the market breadth was positive. The volatility index India Vix increased by 0.23 percent to settle at 12.89 and the FIIs were net buyers today.
DAILY MARKET ACTION
Advancers – 1234
Decliners – 983
52Wk High – 36
52Wk Low – 84
High Band Hitters – 56
Low Band Hitters – 64
200d SMA – 17327
50d SMA – 18047
20d SMA – 17856
Top Gainers and Losers Stocks
The top gainers were ONGC (+5.69%), Tech Mahindra (+5.24%), Apollo Hospitals (+3.39%), Divi’s Laboratories (+1.91%), and Nestle India (+1.72%).
The top losers were BPCL (-1.65%), Bajaj Finance (-1.08%), M&M (-0.96%), Eicher Motors (-0.90%), and HDFC Life (-0.89%).
Top Gainers and Losers Sector
The top gainers sector were IT (+1.62%), Realty (+1.33%), Metal (+1.23%), Pharma (+0.50%), and Oil & Gas (+0.37%).
The top losers sectors were Financial Services (-0.26%), Auto (-0.22%), FMCG (-0.09%), and Consumer Durables (-0.03%).
The Nifty Midcap 50 was up by 0.70 percent, while the Nifty Small Cap 50 up by 0.83 percent on the day.
The Nifty Midcap 50 index currently closed at 8,749.70, while the Nifty Small Cap 50 index currently closed at 4,294.85.
SECTORS – NOTABLE ACTION
FINANCIAL SERVICES -0.26%
Stocks Ban List
(SEBI) F&O ban list (IBULHSGFIN open at 117.45 and close at 117.30), (BHEL open at 72.20 and close at 72.95), (PNB open at 50.95 and close at 50.80), and (AMBUJACEM open at 351.90 and close at 347.80), are not currently on the stock exchange.
The Securities and Exchange Board of India (SEBI) has banned IBULHSGFIN, BHEL, PNB and AMBUJACEM 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.
AMBUJACEM exited from ban list.
ADANIENT, IDEA, DELTACORP, and INDIACEM has a possibilites of entery in a ban list.
As per the above pivots data, 17970 to 18130 is the Nifty 50 trading range
Read previous -Daily Insights- here
Nifty Closes Above 18K
Directionless Market makes a Flat Weekly Close – Waiting for Trigger!
Nifty Manages a 2nd Consecutive Close in Green
This article is only for educational purposes and is not an investment advice.