| Index | Price | Change | % Chg |
| Nifty 50 | 20,096.60 | +206.90 | +1.04% |
| Nifty MidCap 50 | 12,113.80 | +82.20 | +0.68% |
| Nifty SmallCap 50 | 6,493.05 | +72.95 | +1.14% |
| Nifty Bank | 44,566.45 | +685.50 | +1.56% |
| Nifty Financial | 20,000.35 | +297.70 | +1.51% |
| BSE SENSEX | 66,901.91 | +727.71 | +1.10% |
At the close, the Nifty 50 was at 20,096.60 up by 1.04%
The NSE Nifty 50 demonstrated a robust start, surging by 1.04% at the opening bell and maintaining an upward trajectory throughout the trading session. This notable ascent marked a significant achievement as the Nifty crossed the 20,000 mark, a milestone reached after a hiatus of two months. Positive global cues and substantial buying activity in heavyweight stocks underpinned this upward trend.
Commencing with a gap-up opening above 19,950, the day witnessed continued momentum, propelling the Nifty beyond 21,100. This surge was fueled by widespread buying across diverse sectors, excluding realty. Following a breakout from the previous session, the market sustained strong gains, escalating by over a percentage point. The Nifty exhibited resilience, settling near the day’s peak at 20,096.60 levels.
This impressive market ascent found support in multiple factors, including the robust listing gains from ongoing IPOs and dovish sentiments expressed by US Federal Reserve officials, fostering expectations of imminent rate cuts. The rise in Mid & Small caps, coupled with declines in US bond yields and a softened Dollar index, echoed this sentiment. Reduced yields attracted foreign funds towards emerging markets. Notably, sectors like Indian IT, automotive, banking, and oil & gas played pivotal roles in propelling the market upward, while real estate exhibited a slowdown after achieving record highs.
Looking ahead, investor focus remains keenly fixed on pivotal events such as the impending exit poll, the OPEC+ meeting, and India’s GDP data. These events are anticipated to significantly influence the market’s near-term trajectory, guiding investor sentiment amid evolving global and domestic dynamics.
Bank Nifty: Up by 1.56%
The market displayed remarkable strength as the Bank Nifty surged by 1.56%, closing at 44,566.45, while the BSE Sensex rose by 1.10%, concluding at a high of 66,901.91. Bulls orchestrated a robust comeback, driving the Bank Nifty up by over 700 points, solidifying its stance in a formidable buy mode, supported by a significant base within the 44300-44200 zone, reinforcing bullish sentiment.
Simultaneously, the BSE market cap reaching the $4 trillion mark signifies a substantial shift, signaling a renewed momentum in the stock market. The market’s rally is attributed to robust Q2 earnings and a decline in crude oil prices. While domestic liquidity contributed to stabilization, the absence of foreign fund inflows, due to elevated US bond yields, posed a challenge.
In the sectorial landscape, the Auto sector displayed impressive growth, surging by 1.63%. Hero Motocorp Ltd. led the charge with a remarkable gain of 3.20%, closely trailed by Mahindra & Mahindra Ltd. with a commendable 3.06% increase. Conversely, the Realty sector experienced a downturn, emerging as the top loser with a decline of 0.50%. The Phoenix Mills Ltd. faced a setback, witnessing a decline of -2.95%, alongside Swan Energy Ltd., which saw a decline of -2.68%.
Foreign Institutional Investors (FIIs/FPIs) recorded a net value of Rs. 71.91 crore, with a buy value of Rs. 16,041.33 crore and a sale value of Rs. 15,969.42 crore. On the other hand, Domestic Institutional Investors (DIIs) showcased notable activity, recording a net value of Rs. 2,360.81 crore, with a buy value of Rs. 10,922.50 crore and a sale value of Rs. 8,561.69 crore.
Bank Nifty
The Nifty Banking sector had some gainers and some losers for the day.
The gainers included Axis Bank with a 3.70% increase, Bandhan Bank with a 2.77% increase, HDFC Bank with a 2.07% increase, ICICI Bank with a 1.59% increase, and AU Bank with a 1.55% increase. On the other hand, the biggest losers in the sector included IDFC First Bank with a 0.47% decline. These results suggest that some banking stocks performed better for the day.
Buzz
Indian Rupee Shows Resilience Amid Market Volatility
The Indian rupee showcased a resilient streak, marking its second consecutive session of gains against the US dollar, settling at 83.32 (pro), up by 2 paise. This uptrend was primarily attributed to robust equity market investments and an influx of foreign funds, bolstering the rupee’s position.
Despite a weaker US dollar against key rivals, which favored the domestic unit, the rupee’s ascent was tempered by the upward trajectory of crude oil prices. In anticipation of an important meeting among oil-producing nations, the movement in oil prices contributed to limiting the rupee’s gains.
Trading at the interbank foreign exchange, the rupee opened stronger at 83.30 against the dollar, oscillating between its intraday high of 83.28 and low of 83.33, ultimately settling at 83.32 (pro), reflecting a 2-paise increase over its previous close.
Recent sessions witnessed the rupee’s rebound from record lows, strengthening by 6 paise to close at 83.34 against the US dollar, bolstered by positive domestic market sentiments and consistent inflows from foreign institutional investors.
Meanwhile, the dollar index, indicating the greenback’s strength against a basket of major currencies, saw a marginal uptick of 0.13% at 102.88. Simultaneously, Brent crude futures surged by 1.11% to $82.59 per barrel, impacting global markets and influencing the rupee’s movement against the dollar.
Buzzing
Axis Bank Ltd.: Axis Bank Ltd. saw a notable 3.70% increase in its share price, reaching Rs 1,058.90 from its previous close of Rs 1,021.15. Over the past 19 years, intraday gains exceeding 5% occurred in only 2.78% of trading sessions. The stock’s Price-to-Earnings (PE) ratio of 24.90 signifies its valuation concerning earnings, while the Earnings Per Share (EPS) of ₹42.58 showcases the company’s profitability per outstanding share. With a Market Capitalization (MCap) of ₹3,25,834 Crores, the company holds the fifth position in its sector based on market capitalization. Additionally, the Price-to-Book (PB) ratio of 2.44 reflects the stock’s market price concerning its book value. Despite a nominal Dividend Yield of 0.09%, the stock’s Face Value is ₹2.00, and it demonstrates a Beta of 1.10, indicating its volatility in relation to the broader market. The Volume-Weighted Average Price (VWAP) at ₹1,044.10 gives insights into the stock’s average trading price.
Adani Enterprises Ltd.: Contrarily, Adani Enterprises Ltd. witnessed a decline of -1.22% in its share price, settling at Rs 2,394.00 from its earlier close at Rs 2,423.50. Various buy signals, including 20-day, 50-day, and 200-day moving crossovers, have recently appeared, indicating potential bullish trends. Historically, these signals have resulted in average price gains of 5.71%, 9.16%, and 10.43% respectively within specific time frames over the last five years. Furthermore, in the past 19 years, only 4.78% of trading sessions saw intraday gains exceeding 5%.
Advance Decline Ratio
Today, the advance-decline ratio was 1.10, and the market breadth was positive. The volatility index India Vix increased by 4.37 percent to settle at 12.71 and the FIIs were net buyers today.
DAILY MARKET ACTION
Advancers – 1283
Decliners – 1171
52Wk High – 156
52Wk Low – 13
High Band Hitters – 87
Low Band Hitters – 44
200d SMA – 18784
50d SMA – 19590
20d SMA – 19550
Top Gainers and Losers Stocks
The top gainers were Axis Bank (+3.70%), Hero MotoCorp (+3.20%), M&M (+3.06%), Wipro (+2.32%), and HDFC Bank (+2.07%).
The top losers were Adani Enterprises (-1.22%), ONGC (-1.01%), Divi’s Laboratories (-0.81%), Nestle India (-0.58%), and Eicher Motors (-0.44%).
Top Gainers and Losers Sector
The top gainers sector were Auto (+1.63%), IT (+1.53%), Financial Services (+1.51%), Oil & Gas (+0.81%), and Pharma (+0.56%).
The top losers sector were Realty (-0.50%), Media (-0.13%), and Consumer Durables (-0.09%).
SECTORS – NOTABLE ACTION
AUTO +1.63%
IT +1.53%
FINANCIAL SERVICES +1.51%
REALTY -0.50%
MEDIA -0.13%
CONSUMER DURABLES -0.09%
Stocks Ban List
(SEBI) F&O ban list (BHEL open at +161.00 and close at +165.05), (IBULHSGFIN open at +188.40 and close at +192.95), (GRANULES open at -380.05 and close at +387.15), (BALRAMCHIN open at +470.00 and close at +473.90) are not currently on 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.
MCX, MANAPPURAM, INDIACEM, SAIL, NMDC, GNFC, PEL, CHAMBLFERT, and BIOCON stocks has the possibilities of enterance in the ban list.
IBULHSGFIN, GRANULES, and BALRAMCHIN stocks has the possibilities of exit from ban list.
Daily Pivots
| S2 | S1 | P | R1 | R2 |
| 19904 | 20000 | 20053 | 20149 | 20201 |
As per the above pivots data, 19990 to 20170 is the Nifty 50 trading range.
Read previous -Daily Insights- here
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This article is only for educational purposes and is not an investment advice.
