Nifty’s Rollercoaster Session! Marginal Gains of 13 Points After Positive Opening

At the close, the Nifty 50 was at 16,985.60 up by 0.08%

Today, The Indian stock market has started off on a positive note with the National Stock Exchange’s Nifty 50 opening high and closing in the green at 16,985.60. The index saw a growth of 0.08 percent, breaking past the 16900 mark, and indicating positive sentiment.

As the day progressed, the index experienced some ups and downs during trading hours but managed to hold steady above the crucial level of 16,900 points. Finally, it closed at a value of 16,985.60.

Domestic benchmarks experienced some volatility, fluctuating between gains and losses, before ultimately making a slight gain. The reason for this movement is attributed to Credit Suisse, one of Europe’s top lenders, adding to concerns about a crisis in the financial sector. However, the statement does not provide any further details about the nature or extent of the crisis or the specific impact it may have had on the markets.

Bank Nifty: Up by 0.21%

Bank Nifty and BSE Sensex both had positive movements on the given day. The Bank Nifty opened higher and increased by 0.21 percent before closing in green at 39,132.60. Similarly, the BSE Sensex opened higher and increased by 0.14 percent before closing at a high of 57,634.84. This suggests that the banking and financial sectors, represented by the Bank Nifty and BSE Sensex, respectively, had a positive trading day. However, it is important to note that stock market movements can be affected by various factors and can be volatile, so past performance may not necessarily indicate future results.

Metal stocks were under pressure on March 16th, with the Nifty Metal sectoral index on the National Stock Exchange (NSE) experiencing heavy sell-offs. This was due to a decline in global base metal prices, with contracts for copper, zinc, aluminium, and tin seeing significant drops on the London Metal Exchange.

Bank Nifty

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

The gainers included State Bank of India with a 1.57% increase, IDFC First Bank with a 1.28% increase, Axis Bank with a 1.03% increase, Punjab National Bank with a 0.94% increase and Federal Bank with a 0.83% increase. On the other hand, the biggest losers in the sector included IndusInd Bank with a 2.27% decline, Bandhan Bank with a 0.10% decline, and ICICI Bank with a 0.04% decline. These results suggest that some banking stocks performed better for the day.

Buzzing

Adrian Mowat, Chief Asian and Emerging Markets Equity Strategist at JP Morgan, believes that the volatility surrounding Adani Group stocks remains high, making it challenging for long-term investors to analyze the share price trend. As a result, he recommends staying on the sidelines and not making any significant investment moves at this time.

Investors are still monitoring Adani Group stocks closely, likely due to recent market turbulence and uncertainty about the broader economic outlook. However, Mowat’s caution suggests that he sees potential risks in investing in these stocks at the present time, perhaps due to concerns about market volatility, lack of clarity about future economic conditions, or other factors that could impact the performance of these securities.

Buzz

The prices of Adani Group stocks have experienced a significant decline of over 60% since January 24th, following the publication of a report by US short seller Hindenburg Research. The report made a number of allegations against the conglomerate, including fraud and stock manipulation, among other things, which the Adani Group has denied.

In response to these allegations and concerns about its debt, the Adani Group has taken steps to rebuild investor confidence, including pre-paying loans. The statement suggests that the group is trying to allay concerns about its financial health and reassure investors that it is taking steps to address any issues or risks that may be impacting its stock price.

Adani Group has taken to address investor concerns or how these measures may impact the future performance of its stock. Additionally, it is unclear whether the Adani Group’s efforts to rebuild investor confidence have been successful or whether the stock price will continue to experience volatility and decline in the future.

Advance Decline Ratio

Today, the advance-decline ratio was 0.62, and the market breadth was negative. The volatility index India Vix decreased by 0.47 percent to settle at 16.22 and the FIIs were net sellers today.

DAILY MARKET ACTION
Advancers – 871
Decliners – 1401
52Wk High –  13
52Wk Low – 276
High Band Hitters – 47
Low Band Hitters – 60
200d SMA – 17444
50d SMA – 17734
20d SMA – 17494

Top Gainers and Losers Stocks

The top gainers were BPCL (+6.02%), Hindustan Unilever (+2.45%), Asian Paint (+2.45%), Nestle India (+2.29%), and Titan (+2.12%).

The top losers were Hindalco (-5.08%), Tata Steel (-3.08%), IndusInd Bank (-2.27%), JSW Steel (-2.01%), and HDFC Life (-1.01%).

Top Gainers and Losers Sector

The top gainers sectors were Media (+4.16%), FMCG (+1.14%), Realty (+1.11%), Pharma (+0.94%) and Oil & Gas (+0.53%).

The top losers sectors were Metal (-2.58%), and IT (-0.69%).

The Nifty Midcap 50 was up by 0.52 percent, while the Nifty Small Cap 50 was down by 0.38 percent on the day.

The Nifty Midcap 50 index currently closed at 8,455.05, while the Nifty Small Cap 50 index currently closed at 4,091.65.

SECTORS – NOTABLE ACTION
MEDIA +4.16%
FMCG +1.14%
REALTY +1.11%
METAL -2.58%
IT -0.69%

Stocks Ban List

(SEBI) F&O ban list (IBULHSGFIN open at 100.50 and close at 100.10) and (GNFC open at 529.00 and close at 523.35) are not currently on the stock exchange.

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

GNFC is currently under scrutiny and has the potential to be removed from the banned list. The ban has caused significant setbacks for GNFC, but with the possibility of an exit from ban list.

Daily Pivots

As per the above pivots data, 16860 to 17090 is the Nifty 50 trading range.

Read previous -Daily Insights- here
Nifty Falls Below 17,000 as Market Loses Ground !
US Unemployment and Non-Farm Payroll Data Awaited by Market
Global Sell-Off Causes Turmoil in Equity Markets

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