Nifty Crosses 17,700 Mark on the Occasion of Happy Holi

At the close, the Nifty 50 was at 17,711.45 up by 0.67%

NSE Nifty 50, a benchmark stock index of National Stock Exchange of India, started the day on a positive note and continued to gain throughout the day. The index closed higher by 0.67 percent, with the Nifty closing above the 17,700 level.

A positive start and upward momentum in the Nifty 50 index suggest that investors are optimistic about the Indian stock market’s future prospects. However, it is important to note that stock markets can be volatile and unpredictable, and past performance is not always indicative of future results.

Nifty50 index continued its upward trend and closed with a gain of more than 100 points on March 6.

Buzzing

The Indian markets have experienced a second consecutive rally, thanks to the rebound of Adani Group stocks, which has kept investor sentiment optimistic. Although there are concerns about global interest rates and higher valuations that could lead to volatility in the near future, analysts predict a short-term bounce.

The Adani Group’s resurgence has been a significant factor in the market’s recent success. Despite the potential for turbulence, experts remain confident that the current trend will continue. It is essential to keep a close eye on global interest rates and valuations, but the overall outlook is positive.

Investors should remain vigilant and informed, but there is no need to panic. The Indian markets have shown resilience in the face of adversity, and this latest rally is a testament to that. As always, it is crucial to make informed decisions and stay up-to-date with the latest news and trends.

Bank Nifty: Up by 0.24%

Bank Nifty, which is an index of the banking sector stocks listed on the National Stock Exchange, opened the day on a positive note and closed in the green with a gain of 0.24 percent, closing at 41,350.40.

Similarly, the BSE Sensex, which is another benchmark stock index of the Bombay Stock Exchange, also opened on a positive note and gained 0.69 percent throughout the day, closing at a high of 60,224.46.

The positive performance of both Bank Nifty and BSE Sensex indicate that there was broad-based buying across the Indian stock market today, and investor sentiment seems to be bullish.

Except for the realty and PSU bank sectoral indices, all other sectoral indices ended the day in the green. The power and oil & gas sectoral indices seem to have performed particularly well, gaining 2 percent each.

The positive performance of the power and oil & gas sectoral indices could be attributed to a number of factors, such as increased demand for power and oil & gas products, positive news in the sector.

Bank Nifty

The Nifty Banking sector had some gainers and some losers for the day.

The gainers included IDFC First Bank with a 1.42% increase, Axis Bank with a 0.86% increase, HDFC Bank with a 0.77% increase, AU Bank with a 0.43% increase and State Bank of India with a 0.11% increase. On the other hand, the biggest losers in the sector included Punjab National Bank with a 0.77% decline, Bandhan Bank with a 0.49% decline, IndusInd Bank with a 0.23% decline, Federal Bank with a 0.15% decline and Kotak Bank with a 0.03% decline. These results suggest that some banking stocks performed better for the day.

Advance Decline Ratio

Today, the advance-decline ratio was 1.63, and the market breadth was positive. The volatility index India Vix increased by 0.71 percent to settle at 12.27 and the FIIs were net buyers today.

DAILY MARKET ACTION
Advancers – 1409
Decliners – 867
52Wk High –  46
52Wk Low – 41
High Band Hitters – 89
Low Band Hitters – 52
200d SMA – 17404
50d SMA – 17855
20d SMA – 17701

Top Gainers and Losers Stocks

The top gainers were Adani Enterprises (+5.45%), Tata Motors (+2.92%), ONGC (+2.56%), NTPC (+2.35%), and Power Grid (+2.32%).

The top losers were Britannia (-1.97%), Tata Steel (-1.07%), JSW Steel (-1.04%), Hindalco (-0.58%), and LT (-0.56%).

Top Gainers and Losers Sector

The top gainers sectors were Oil & Gas (+1.92%), IT (+1.22%), Auto (+0.96%), Consumer Durables (+0.65%), and Financial Services (+0.58%).

The top losers were Realty (-0.52%).

The Nifty Midcap 50 was up by 0.66 percent, while the Nifty Small Cap 50 was up by 1.19 percent on the day.

The Nifty Midcap 50 index currently closed at 8,680.65, while the Nifty Small Cap 50 index currently closed at 4,256.65.

SECTORS – NOTABLE ACTION
OIL & GAS +1.92%
IT +1.22%
AUTO +0.96%
REALTY -0.52%

Stocks Ban List

F&O ban, Securities and Exchange Board of India (SEBI) has not put any stocks under the F&O ban for the current trading day.

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.

IBULHSGFIN has a possibilites of entery in a ban list.

Daily Pivots

As per the above pivots data, 17650 to 17790 is the Nifty 50 trading range.

Read previous -Daily Insights- here
Strong End to the Week for Nifty 50 Equities with Impressive Recovery
Selling Pressure Continues in Nifty
Market Rebounds: Green Finally Appears After 8 Days

This article is only for educational purposes and is not an investment advice.