At the close, the Nifty 50 was at 19,711.45 up by 0.75%
Today witnessed a promising start for the NSE Nifty 50 as it opened on a high note, registering a remarkable growth of 0.75 percent throughout the trading session. Ultimately, the market concluded on a positive note, displaying a commendable performance. Furthermore, the Nifty index triumphantly surpassed the significant milestone of 19700, showcasing its resilience and potential for further growth.
In the face of a mixed performance in the Asian market influenced by China’s disappointing GDP data, the Indian market displayed remarkable resilience and optimism. Investors eagerly anticipated a promising Q1 result, which contributed to the overall positive sentiment in the Indian market. Despite external uncertainties, the Indian market remained steadfast, demonstrating its ability to weather challenges and maintain a strong foothold.
The projected growth for Nifty50’s consolidated PAT in Q1 is expected to surpass a remarkable 20% year-on-year, signaling a positive trajectory that has the potential to enhance the full-year earnings growth for FY24. In this context, small-cap stocks have exhibited exceptional performance, benefitting from their comparatively attractive valuations that currently trade below the long-term average. This provides an enticing opportunity for investors, especially when compared to the valuations of large-cap and mid-cap stocks. The favorable conditions in the small-cap segment highlight the potential for substantial returns and underscore the significance of diversifying investment portfolios.
Bank Nifty: Up by 1.41%
Bank Nifty has made a noteworthy breakthrough by breaking out of a descending channel, signifying the end of its consolidation phase. This development holds significant importance as it indicates a potential for a rapid and substantial surge in the upcoming trading sessions. Investors should closely monitor the Bank Nifty’s performance, as it presents an opportune moment for potential gains in the near future.
In a remarkable display of strength, the Bank Nifty embarked on a positive trajectory, opening in the green and soaring by an impressive 1.41 percent. The day concluded on a high note for the banking sector as well, with the Bank Nifty closing in the green at an impressive level of 45,449.75. Equally impressive was the performance of the BSE Sensex, which showed resilience by climbing 0.80 percent and closing in the green at a notable peak of 66,589.93. These substantial gains highlight the robustness and potential for growth within the banking and overall market sectors.
Among the various sectors, the Media sector emerged as the highest gainer, recording an impressive gain of 3.15%. Notably, ZEE ENTERTAINMENT ENTERPRISES LIMITED experienced a significant surge of 7.04%, while HATHWAY CABLE & DATACOM LIMITED witnessed a gain of 4.25% within the same sector. On the other hand, the Auto sector faced a decline of 0.32% during the trading session. Within this sector, HERO MOTOCORP LIMITED experienced a loss of -1.32%, while TATA MOTORS LIMITED recorded a decline of -0.94%.
The Nifty Banking sector had some gainers and some losers for the day.
The gainers included Punjab National Bank with a 3.05% increase, State Bank of India with a 3.01% increase, Federal Bank with a 2.47% increase, HDFC Bank with a 2.06% increase, and Bank of Baroda with a 1.61% increase. On the other hand, the biggest losers in the sector included Bandhan Bank with a 2.75% decline, AU Bank with a 1.64% decline, and IDFC First Bank with a 0.85% decline. These results suggest that some banking stocks performed better for the day.
The Indian rupee showcased strength by gaining 6 paise against the US dollar, reaching a level of 82.11. This positive movement was bolstered by steady inflows of foreign funds into the country. However, the surge in crude oil prices acted as a limiting factor, preventing the rupee from experiencing more significant gains. The domestic unit commenced trading at 82.14 at the interbank foreign exchange and reached a high of 82.11 against the US dollar, representing a rise of 6 paise compared to its previous closing value. Forex traders closely observed these developments, considering the impact of various factors on the currency’s performance.
Foreign Institutional Investors/Foreign Portfolio Investors (FII/FPI) made purchases worth Rs. 8,286.36 Cr. and sales worth Rs. 8,213.36 Cr., resulting in a net value of Rs. 73.00 Cr. Similarly, on the same date, Domestic Institutional Investors (DII) made purchases worth Rs. 7,182.87 Cr. and sales worth Rs. 7,118.53 Cr., resulting in a net value of Rs. 64.34 Cr. These figures provide insights into the investment activities of FII/FPI and DII on the given date.
The State Bank of India’s share price experienced a notable increase of 3.01% from its previous closing price of Rs 584.40. The stock of State Bank of India last traded at a price of 602.00. Over the past four years, the bank has consistently reduced its gross NPA% and net NPA%, which currently stand at 2.78% and 0.67% respectively. Furthermore, the stock has delivered an impressive three-year return of 210.52%, outperforming the Nifty 100 index, which recorded a return of 78.81%. These positive indicators highlight the State Bank of India’s robust performance and potential for investors.
The share price of Oil And Natural Gas Corporation Ltd. experienced a decline of -1.68% from its previous closing price of Rs 169.25. The stock of Oil And Natural Gas Corporation Ltd. last traded at a price of 166.40. Over the course of three years, the stock generated a return of 110.64%, surpassing the return of 78.81% offered by the Nifty 100 index. Additionally, the company’s annual revenue growth of 38.94% outperformed its three-year CAGR (Compound Annual Growth Rate) of 19.31%. These figures highlight the resilience and consistent growth exhibited by Oil And Natural Gas Corporation Ltd., making it an appealing choice for potential investors.
Advance Decline Ratio
Today, the advance-decline ratio was 1.25, and the market breadth was positive. The volatility index India Vix increased by 5.92 percent to settle at 11.32 and the FIIs were net buyers today.
DAILY MARKET ACTION
Advancers – 5939
Decliners – 4751
52Wk High – 206
52Wk Low – 26
High Band Hitters – 80
Low Band Hitters – 60
200d SMA – 18047
50d SMA – 18745
20d SMA – 19167
Top Gainers and Losers Stocks
The top gainers were SBIN (+3.01%), Wipro (+2.68%), Dr. Reddy (+2.52%), Grasim (+2.33%), and HDFC Bank (+2.06%).
The top losers were ONGC (-1.68%), Hero MotoCorp (-1.32%), Tata Motors (-0.94%), Titan (-0.93%), and Bharti Airtel (-0.89%).
Top Gainers and Losers Sector
The top gainers sectors were Media (+3.15%), Financial Services (+1.25%), Pharma (+0.77%), Oil & Gas (+0.64%), and Metal (+0.48%).
The top losers sectors were Auto (-0.32%), Realty (-0.03%).
The Nifty Midcap 50 was up by 0.22 percent, while the Nifty Small Cap 50 was up by 0.92 percent on the day.
The Nifty Midcap 50 index currently closed at 10,373.75, while the Nifty Small Cap 50 index currently closed at 5,178.35.
SECTORS – NOTABLE ACTION
FINANCIAL SERVICES +1.25%
Stocks Ban List
(SEBI) F&O ban list (DELTACORP open at +186.60 and close at -183.05), (RBLBANK open at +215.00 and close at +226.65), (IBULHSGFIN open at +122.20 and close at +123.15), (MANAPPURAM open at +130.05 and close at +129.00), (HINDCOPPER open at +120.70 and close at +122.60), and (PNB open at +60.80 and close at +62.35) are not currently on the stock exchange.
The Securities and Exchange Board of India (SEBI) has banned DELTACORP, RBLBANK, IBULHSGFIN, MANAPPURAM, HINDCOPPER, and PNB 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.
BHEL, L&TFH, BALRAMCHIN, FEDERALBNK, GNFC, INDUSTOWER, and LICHSGFIN are stock that are potentially facing the possibility of being included in the ban list.
PNB has the possibilities of exit from ban list.
As per the above pivots data, 19600 to 19790 is the Nifty 50 trading range.
Read previous -Daily Insights- here
Nifty Surpasses 19,550 Market Achieves Fresh Record High
Fresh Lifetime Highs for Indian Equity Indices Despite Domestic Inflation Concerns
Indian Shares Swing Amid Caution Ahead of Key Earnings and Inflation Data
Bullish Nifty50 Trend Sustains Above Near-Term Moving Average
This article is only for educational purposes and is not an investment advice.