At the close, the Nifty 50 was at 19,322.55 up by 0.70%
Investor sentiment remained positive as the market’s record-breaking momentum persisted, fueled by two key factors. Firstly, the robust June Goods and Services Tax (GST) collections instilled confidence, indicating strong economic activity. Secondly, the arrival of the monsoon, which covered significant regions of the country in the past few days, further buoyed investor spirits.
Today, the Nifty 50 index of the National Stock Exchange (NSE) commenced on a bullish note, opening at a considerably higher level. It exhibited a positive upward momentum throughout the trading session, concluding with a commendable gain of 0.70 percent. The market sentiment remained optimistic, resulting in a closing value that indicated a favorable performance. Notably, the Nifty surpassed the significant mark of 19300, further highlighting its robust performance.
Investor sentiments receive a bolstering effect from encouraging domestic data and optimistic global cues. The global market gains support from robust economic data, mitigating any potential risk of a recession.
The trajectory of India’s stock market exhibited a broad-based pattern, primarily driven by notable outperformance in the energy, financial, metal, and FMCG sectors. Concurrently, economic activities in the country are gaining momentum, as evident from the PMI level’s significant enlargement to 57.8, underscoring a sustained demand for products and instilling a positive outlook for the manufacturing sector.
Bank Nifty: Up by 0.92%
Bank Nifty index commenced the trading session on a positive note, reflecting an upward trajectory. It opened in the green, registering an impressive gain of 0.92 percent. The market sentiment remained buoyant throughout the day, leading to a robust performance as the session drew to a close. Notably, the Bank Nifty concluded with a green finish, achieving a closing value of 45,158.10.
Similarly, the Bombay Stock Exchange (BSE) Sensex displayed a similar trend, commencing the day’s proceedings on a positive note. It exhibited a noteworthy surge of 0.75 percent, reflecting a bullish sentiment prevailing in the market. As the trading session progressed, the BSE Sensex sustained its upward momentum, culminating in a favorable outcome. Notably, it achieved a high of 65,205.05 and concluded the session on a positive note, signifying a successful trading day.
The Nifty Banking sector had some gainers and some losers for the day.
The gainers included Bank of Baroda with a 4.68% increase, Punjab National Bank with a 4.26% increase, IDFC First Bank with a 2.90% increase, State Bank of India with a 2.19% increase, and HDFC Bank with a 1.15% increase. On the other hand, the biggest losers in the sector included Bandhan Bank with a 2.79% decline, Axis Bank with a 0.35% decline, and Kotak Bank with a 0.11% decline. These results suggest that some banking stocks performed better for the day.
Throughout the trading session, the Indian rupee showcased a trading range of 81.75 to 82.04. At the outset, the rupee witnessed substantial gains, surging by 0.16 rupees, bolstered by the robust performance of the capital markets and a weakened dollar index, further strengthening its position.
Following its initial surge from 81.75, the rupee underwent a correction, influenced by the ascent in crude oil prices and short covering in the dollar index. As we move forward, the trajectory of the rupee is expected to be impacted by the release of the FOMC meeting minutes on Wednesday, offering valuable insights into the upcoming interest rate decisions.
On Monday, the price of oil experienced an increase following the announcement of supply cuts for August by major exporters Saudi Arabia and Russia. This development overshadowed worries surrounding a global economic slowdown and the likelihood of additional increases in U.S. interest rates.
Advance Decline Ratio
Today, the advance-decline ratio was 1.20, and the market breadth was positive. The volatility index India Vix increased by 6.85 percent to settle at 11.54 and the FIIs were net buyers today.
DAILY MARKET ACTION
Advancers – 5810
Decliners – 4845
52Wk High – 167
52Wk Low – 19
High Band Hitters – 85
Low Band Hitters – 58
200d SMA – 17962
50d SMA – 18445
20d SMA – 18778
Top Gainers and Losers Stocks
The top gainers were Grasim (+3.48%), ITC (+3.17%), BPCL (+2.84%), Bajaj Finance (+2.48%), and Reliance (+2.42%).
The top losers were Power Grid (-1.84%), Bajaj Auto (-1.74%), Sun Pharmaceuticals (-1.53%), Cipla (-1.23%), and Maruti (-1.15%).
Top Gainers and Losers Sector
The top gainers sectors were Oil & Gas (+2.26%), Metal (+1.07%), FMCG (+1.05%), Financial Services (+0.98%), and Realty (+0.75%).
The top losers sectors were Pharma (-1.11%), IT (-0.47%), Auto (-0.27%), and Consumer Durables (-0.22%).
The Nifty Midcap 50 was up by 0.16 percent, while the Nifty Small Cap 50 was up by 1.95 percent on the day.
The Nifty Midcap 50 index currently closed at 10,142.95, while the Nifty Small Cap 50 index currently closed at 4,995.10.
SECTORS – NOTABLE ACTION
OIL & GAS +2.26%
Stocks Ban List
(SEBI) F&O ban list (IBULHSGFIN open at +124.50 and close at +127.05) are not currently on the stock exchange.
The Securities and Exchange Board of India (SEBI) has banned 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.
MANAPPURAM are stock that are potentially facing the possibility of being included in the ban list.
As per the above pivots data, 19250 to 19380 is the Nifty 50 trading range.
Read previous -Daily Insights- here
Record Highs Again! Market Surges with Widespread Buying
Overcoming Challenges for Mass Adoption of Blockchain Technology
Breaking Barrier Nifty Surpasses 19,000 Mark on Expiry Day
Resilient Nifty Defies Global Cues, Short-Covering Boosts
This article is only for educational purposes and is not an investment advice.