Nifty Struggles to Find Direction…

At the close, the Nifty 50 was at 17,721.50 down by 0.24%

The NSE Nifty 50, a stock market index in India, started at a high but ended down 0.24 percent on the day. The closing value was below 17,720. This information is indicative of a decline in the overall performance of the Indian stock market.

The NSE Nifty 50 index declined for a second consecutive day on February 7th, with a loss of 0.24 percent or 43.1 points, closing at 17721.50. Despite the decline, there was a recovery of some losses during the afternoon session. The volume of trades on the NSE increased, and the performance of broader market indices was better than the Nifty.

On Tuesday, global financial markets traded within a limited range as investors evaluated the potential for economic growth and changes in interest rates in developed countries. Additionally, market participants were waiting for remarks from the Federal Reserve Chair regarding the future of US interest rates, which was expected to be delivered later in the day. This uncertainty caused a cautious attitude among investors, leading to limited market movements.

Buzzing

On a positive note, certain companies such as Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ), ACC, Ambuja Cements, and Adani Green Energy saw gains of 2 to 7 percent. This suggests that these specific companies performed well and their stocks increased in value.

Since January 24th, the stock prices of companies within the Adani group have experienced significant declines, falling by as much as 70 percent. The cause of the decline was the result of allegations made by US-based investment research firm, Hindenburg Research. The firm accused the Adani group of engaging in stock manipulation and accounting fraud, as well as improper use of offshore tax havens and high levels of debt. The Adani group has denied these accusations.

The price of Brent crude oil, a benchmark for international oil prices, increased by 0.79 percent to $81.78 per barrel. This indicates that the cost of crude oil has gone up and may have a corresponding impact on fuel prices and energy costs globally.

Bank Nifty: Up by 0.28%

The Bank Nifty index opened higher and closed up 0.28 percent at 41,490.95, in positive territory for the day. On the other hand, the BSE Sensex started lower and ended down 0.37 percent, closing in negative territory at 60,286.04. This suggests that the performance of the banking sector was better than the overall market as represented by the Sensex.

Bank Nifty

The Nifty Banking sector had some gainers and some losers for the day. The gainers included AU Bank with a 2.84% increase, Kotak Bank with a 1.43% increase, IndusInd Bank with a 1.05% increase, Bank of Baroda with a 0.36% increase, and IDFC First Bank with a 0.17% increase. On the other hand, the biggest losers in the sector included Federal Bank with a 1.43% decline, Bandhan Bank with a 0.53% decline, Axis Bank with a 0.37% decline, ICICI Bank with a 0.19% decline and Punjab National Bank with a 0.10% decline. These results suggest that some banking stocks performed better than others for the day.

Advance Decline Ratio

Today, the advance-decline ratio was 0.73, and the market breadth was negative. The volatility index India Vix decreased by 3.82 percent to settle at 14.13 and the FIIs were net sellers today.

DAILY MARKET ACTION
Advancers – 946
Decliners – 1293
52Wk High –  25
52Wk Low – 114
High Band Hitters – 67
Low Band Hitters – 67
200d SMA – 17301
50d SMA – 18155
20d SMA – 17874

Top Gainers and Losers Stocks

The top gainers were Adani Enterprises (+15.28%), Dr. Reddy (+1.94%), Adani Ports (+1.93%), Kotak Bank (+1.43%), and IndusInd Bank (+1.05%).

The top losers were Tata Steel (-5.32%), Hindalco (-4.02%), ITC (-2.61%), Hero MotoCorp (-1.74%), and Maruti (-1.66%).

Top Gainers and Losers Sector

The top gainers sector were Realty (+0.88%), and Financial Services (+0.13%).

The top losers sector were FMCG (-1.16%), Auto (-1.00%), Consumer Durables (-0.60%), Media (-0.51%), and IT (-0.33%).

The Nifty Midcap 50 was down by 0.09 percent, while the Nifty Small Cap 50 down by 0.79 percent on the day.

The Nifty Midcap 50 index currently closed at 8,659.50, while the Nifty Small Cap 50 index currently closed at 4,244.85.

SECTORS – NOTABLE ACTION
REALTY +0.88%
FINANCIAL SERVICES +0.13%
FMCG -1.16%
AUTO -1.00%
CONSUMER DURABLES -0.60%

Stocks Ban List

(SEBI) F&O ban list (ADANIPORTS open at 550.00 and close at 553.15), are not currently on the stock exchange.

The Securities and Exchange Board of India (SEBI) has banned ADANIPORTS 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.

ADANIPORTS has a possibilites of exit from ban list.

AMBUJACEM, IBULHSGFIN, PNB and IDEA has a possibilites of entery in a ban list.

Daily Pivots

Nifty trading range has been within the 17640 to 17810 range.

Read previous -Daily Insights- here
Nifty -Positive weekend!
Nifty’s Positive Outlool
The Nifty 50 Lost Ground Today

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