Nifty Surpasses 19,550 Market Achieves Fresh Record High

At the close, the Nifty 50 was at 19,564.50 up by 0.78%

The markets concluded the final session on a robust note, registering a gain of close to one percent. Following the initial upward movement, the Nifty index experienced subdued trading during the middle phase. However, a remarkable surge in the last half-hour completely transformed the market sentiment, adding a significant boost to the overall performance.

NSE Nifty 50 embarked on a promising note, commencing at a higher level. It experienced a notable upward movement of 0.78 percent and concluded the day in the positive territory, denoting a bullish trend. Notably, the Nifty index triumphantly crossed the crucial threshold of 19550, demonstrating substantial growth and reinforcing investor optimism.

The well-managed inflation situation in the United States has fostered a sense of confidence among investors, who believe that a 25-basis point rate hike would be sufficient to stabilize the US economy. This positive outlook has resulted in significant investment in Indian IT stocks, even in the face of modest Q1 earnings. Additionally, the domestic market experienced a widespread rally, supported by India’s consecutive third-month decline in wholesale prices, as well as the favorable participation of Foreign Institutional Investors (FIIs).

Bank Nifty: Up by 0.35%

Bank Nifty commenced the day’s trading on a positive note, displaying a green opening. It showcased a commendable upward movement of 0.35 percent and ultimately closed in the green zone at a value of 44,819.30. Likewise, the BSE Sensex exhibited a significant surge of 0.77 percent, concluding the session in the green territory at a remarkable high of 66,060.90. These robust performances reflect the overall bullish momentum and resilience of the respective indices.

An impressive surge was witnessed in IT stocks, driven by the exceptional earnings reported by select frontline technology companies, which exceeded market expectations. This unexpected positive performance sparked a late rally in the sector, highlighting the market’s enthusiasm and confidence in the technology industry.

At the closing bell, all the sectoral indices showcased a positive performance, with the Information Technology index surging by more than 4 percent, while the metal and realty indices recorded a growth of 1 percent each. This remarkable uptrend across various sectors highlights the strength and resilience of the market.

Bank Nifty

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

The gainers included Punjab National Bank with a 3.21% increase, AU Bank with a 2.74% increase, Bandhan Bank with a 2.53% increase, Federal Bank with a 1.78% increase, and IDFC First Bank with a 1.29% increase. On the other hand, the biggest losers in the sector included Axis Bank with a 0.20% decline, State Bank of India with a 0.14% decline, and IndusInd Bank with a 0.03% decline. These results suggest that some banking stocks performed better for the day.

Buzz

The Indian rupee initiated the day on a positive trajectory, opening at 81.94, with a rise of 0.10 rs, benefiting from the decline in the dollar index below 99.30$. However, a short covering in the dollar index, ranging from 99.25 to 99.65, prompted buyers of the rupee to secure profits around the 82.00 odd levels.

Following its initial peak at 81.94, the Indian rupee experienced a significant decline, reaching 82.21, attributable to a notable rally in the dollar index from its lows of 99.25 to 99.65$. Additionally, the rupee encountered limited support due to the surge in crude prices. As a result, we can anticipate the rupee to fluctuate within the range of 81.85-82.40.

Gold prices in MCX remained steady at 52210, while Comex Gold maintained a sideways range between 1950-1955$. The MCX Gold market received limited support from Comex, hindering any significant rally.

Over the past two days, Gold in MCX has witnessed a robust surge following the release of lower-than-expected CPI data, which stood at 3.00% compared to the previous 4.00%. This positive development has positively impacted the Gold market, fueling investor interest and driving the recent rally.

Buzzing

Tata Consultancy Services Ltd. witnessed a notable increase in its share price, rising by 5.04% from its previous closing value of Rs 3,340.55. The stock of Tata Consultancy Services Ltd. was last traded at Rs 3,509.00. Over a span of 3 years, the stock generated a return of 53.8%, whereas the Nifty 100 delivered a return of 76.14%.

On the other hand, HDFC Life Insurance Company Ltd. observed a decline in its share price, decreasing by -1.56% from its previous closing price of Rs 680.60. The last traded price of HDFC Life Insurance Company Ltd. stock stood at Rs 670.00. In terms of returns over a 3-year period, the stock yielded 13.73%, while Nifty Financial Services rewarded investors with a return of 82.46%.

Advance Decline Ratio

Today, the advance-decline ratio was 1.33, and the market breadth was positive. The volatility index India Vix decreased by 2.33 percent to settle at 10.68 and the FIIs were net buyers today.

DAILY MARKET ACTION
Advancers – 6046
Decliners – 4541
52Wk High –  133
52Wk Low – 21
High Band Hitters – 62
Low Band Hitters – 49
200d SMA – 18035
50d SMA – 18712
20d SMA – 19123

Top Gainers and Losers Stocks

The top gainers were TCS (+5.04%), Infosys (+4.46%), Tech Mahindra (+4.32%), LTIM (+4.20%), and HCL Technologies (+3.72%).

The top losers were HDFC Life (-1.56%), Power Grid (-1.03%), Dr. Reddy (-0.81%), UltraTech Cement (-0.66%), and Titan (-0.48%).

Top Gainers and Losers Sector

The top gainers sectors were IT (+4.45%), Media (+3.94%), Metal (+1.41%), Realty (+1.16%), and FMCG (+0.80%).

The Nifty Midcap 50 was up by 1.54 percent, while the Nifty Small Cap 50 was up by 1.34 percent on the day.

The Nifty Midcap 50 index currently closed at 10,350.95, while the Nifty Small Cap 50 index currently closed at 5,130.95.

SECTORS – NOTABLE ACTION
IT +4.45%
MEDIA +3.94%
METAL +1.41%

Stocks Ban List

(SEBI) F&O ban list  (DELTACORP open at -182.00 and close at +184.00), (IBULHSGFIN open at -120.45 and close at +121.70), (MANAPPURAM open at -124.40 and close at +127.95), (HINDCOPPER open at -118.00 and close at +120.10), (ZEEL open at -200.20 and close at +216.00), (PNB open at -60.00 and close at +60.70) and (INDIACEM open at -206.90 and close at +214.25) are not currently on the stock exchange.

The Securities and Exchange Board of India (SEBI) has banned DELTACORP, IBULHSGFIN, MANAPPURAM, HINDCOPPER, ZEEL, PNB, and INDIACEM 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.

BALRAMCHIN, RBLBANK, L&TFH, BHEL, FEDERALBNK, GNFC, LICHSGFIN and INDUSTOWER are stock that are potentially facing the possibility of being included in the ban list.

PNB and INDIACEM has the possibilities of exit from ban list.

Daily Pivots

As per the above pivots data, 19460 to 19640 is the Nifty 50 trading range.

Read previous -Daily Insights- here
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
Indian Equities Broad Weakness Offset by Heavyweight Stock Buying

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