At the close, the Nifty 50 was at 19,389.00 up by 0.34%
Today, the NSE Nifty 50 index commenced the trading session on a strong note, with prices reaching higher levels. As the day progressed, the index demonstrated a notable increase of 0.34 percent, reflecting positive momentum in the market. Finally, at the closing bell, the Nifty 50 managed to sustain its gains and concluded the day in the green zone. It is worth mentioning that the index settled near the significant milestone of 19400, underscoring the prevailing bullish sentiment in the market.
The markets displayed resilience as the benchmark indices reached new peaks, even in the face of mixed Asian cues and a downturn in European markets during early trading. The solid foundation of the Indian markets, bolstered by strong fundamentals, has helped counterbalance some of the adverse factors observed in major developed economies. Additionally, the consistent support from Foreign Institutional Investors (FIIs) in recent weeks has further contributed to the market’s buoyancy.
Despite the overbought condition, the index is able to sustain a positive outlook due to rotational buying observed across sectors. Based on the current market structure and favorable global cues, we anticipate this trend to persist. However, it is crucial for traders to exercise caution and refrain from being swayed by the overall market optimism. It is advisable to focus on high-quality stocks while avoiding penny stocks or underperforming assets, as the expectation of a recovery remains uncertain.
Bank Nifty: Up by 0.32%
Bank Nifty commenced the trading session on a positive note, exhibiting a green opening and registering an increase of 0.32 percent. As the day progressed, the index maintained its upward trajectory and concluded in the green territory, with a closing value of 45,301.45. Similarly, the BSE Sensex experienced a positive trend, rising by 0.42 percent, and concluded the day in the green zone at a significant high of 65,479.05.
In the sectorial landscape, the Information Technology (IT) sector achieved the highest gain, surging by 1.04%. Within this sector, TECH MAHINDRA LIMITED experienced a significant increase of 2.46%, followed by L&T TECHNOLOGY SERVICES LIMITED, which gained 1.46%, and WIPRO LIMITED, with a gain of 1.12%.
On the other hand, the Oil & Gas sector faced a decline of 0.68%. In this sector, HINDUSTAN PETROLEUM CORPORATION LIMITED witnessed a decrease of -1.45%, while ADANI TOTAL GAS LIMITED experienced a decline of -1.10%.
Foreign Institutional Investors/Foreign Portfolio Investors (FII/FPI) made purchases worth Rs. 8,783.66 crore, while their sales amounted to Rs. 6,649.33 crore. Consequently, the net value of their transactions stood at Rs. 2,134.33 crore.
Similarly, on the same date, Domestic Institutional Investors (DII) bought stocks worth Rs. 7,026.14 crore but sold stocks valued at Rs. 7,811.62 crore, resulting in a negative net value of -Rs. 785.48 crore.
The Nifty Banking sector had some gainers and some losers for the day.
The gainers included Punjab National Bank with a 6.50% increase, Federal Bank with a 3.41% increase, AU Bank with a 2.05% increase, Bank of Baroda with a 1.78% increase, and Kotak Bank with a 0.92% increase. On the other hand, the biggest losers in the sector included IDFC First Bank with a 3.97% decline, Bandhan Bank with a 1.68% decline, Axis Bank with a 1.12% decline, and IndusInd Bank with a 0.89% decline. These results suggest that some banking stocks performed better for the day.
Indian rupee strengthened by 4 paise against the US dollar, reaching a value of 81.87. This upward movement was supported by a positive trend observed in the domestic markets, as well as consistent inflows of foreign funds into the economy.
Despite positive factors, such as a bullish trend in domestic markets and steady foreign fund inflows, the Indian rupee’s upward movement was limited due to the influence of a strong US dollar and a notable rise in crude oil prices. As a result, the local unit’s sharp gains were constrained by these external factors.
During mid-session deals, the equity markets in Europe exhibited a mixed performance, with some indices showing positive movements while others experienced fluctuations. On the other hand, the US markets concluded Monday’s trading session in a positive territory, reflecting overall gains.
Meanwhile, the global oil benchmark, Brent crude, witnessed a rise of 1.15 percent, reaching a price of USD 75.51 per barrel. This increase highlights the upward momentum in oil prices on a global scale.
Bajaj Finance Ltd. witnessed a notable increase in its share price, surging by 7.30% from its previous closing value of Rs 7,333.00. The stock’s most recent trading price settled at Rs 7,868.00. Over a span of three years, the stock delivered an impressive return of 150.14%, surpassing the return of 77.24% achieved by the Nifty 100 index. Furthermore, the company exhibited a robust annual revenue growth rate of 30.86%, outperforming its three-year Compound Annual Growth Rate (CAGR) of 16.03%.
Eicher Motors Ltd. experienced a decline in its share price, decreasing by -6.06% from its previous closing value of Rs 3,630.85. The stock’s most recent trading price settled at Rs 3,410.80. Over a three-year period, the stock generated a return of 91.26%, which was lower than the return of 117.29% delivered by the Nifty Auto index. In comparison to the Nifty 100 index’s return of 77.24%, the stock still outperformed with its 91.26% return. Additionally, the company exhibited a robust annual revenue growth rate of 40.03%, surpassing its three-year Compound Annual Growth Rate (CAGR) of 15.58%.
Advance Decline Ratio
Today, the advance-decline ratio was 1.08, and the market breadth was positive. The volatility index India Vix increased by 1.38 percent to settle at 11.70 and the FIIs were net buyers today.
DAILY MARKET ACTION
Advancers – 5526
Decliners – 5098
52Wk High – 124
52Wk Low – 14
High Band Hitters – 75
Low Band Hitters – 43
200d SMA – 17969
50d SMA – 18481
20d SMA – 18818
Top Gainers and Losers Stocks
The top gainers were Bajaj Finance (+7.30%), Bajaj Finserv (+5.71%), Hero MotoCorp (+4.70%), Tech Mahindra (+2.46%), and Sun Pharmaceuticals (+2.01%).
The top losers were Eicher Motors (-6.06%), Bharti Airtel (-1.46%), Grasim (-1.46%), Axis Bank (-1.12%), and Reliance (-1.06%).
Top Gainers and Losers Sector
The top gainers sectors were IT (+1.04%), Media (+0.82%), Financial Services (+0.79%), Pharma (+0.45%), and FMCG (+0.14%).
The top losers sectors were Oil & Gas (-0.68%), Auto (-0.48%), and Realty (-0.18%).
The Nifty Midcap 50 was down by 0.23 percent, while the Nifty Small Cap 50 was up by 0.47 percent on the day.
The Nifty Midcap 50 index currently closed at 10,119.60, while the Nifty Small Cap 50 index currently closed at 5,018.60.
SECTORS – NOTABLE ACTION
FINANCIAL SERVICES +0.79%
OIL & GAS -0.68%
Stocks Ban List
(SEBI) F&O ban list (IBULHSGFIN open at +127.50 and close at -126.20) 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, 19310 to 19460 is the Nifty 50 trading range.
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This article is only for educational purposes and is not an investment advice.