At the close, the Nifty 50 was at 17,743.40 up by 0.68%
NSE Nifty 50 had a positive day today, it started at a high and was up by 0.68 percent, and closed in the green with Nifty above 17700. This indicates that the overall sentiment in the market was positive, and investors were optimistic about the future prospects of the companies included in the Nifty 50 index.
Indian stock market indices rebounded from the weakness of the previous week and finished higher. This was attributed to the robust earnings reported by private lenders during the day and over the weekend, which provided a boost.
The Nifty index encountered resistance at 17,710 due to a pullback in profit booking for Reliance after a favorable opening. The initial positive opening prompted profit booking, but the latter half of the day saw support from the IT sector, and the Banks played a rescue role. The Nifty index found support at 17,613, bounced back from its daily low, and finished the day at a high point. This is a strong positive signal for tomorrow, as the current closing index looks favorable for reaching the levels of 17,800/17,850. The downside is supported at 17,680-17,620.
Strong earnings reported by heavyweights fueled positive market sentiment in the domestic market.
Bank Nifty: Up by 1.23%
Bank Nifty had a particularly strong day, opening in the green and rising by 1.23 percent, before closing in the green at 42,635.75. This suggests that there was a positive sentiment in the banking sector and that investors were optimistic about the future prospects of banks included in the Bank Nifty index. BSE Sensex was up by 0.67 percent and closed in the green at a high of 60,056.10, which is a positive sign for the overall market sentiment.
Out of the 13 significant sectoral indexes, seven showed an increase, with financials carrying a heavy weight and rising by 0.7%. This rise can be attributed to private lender ICICI Bank, which reported a 30% surge in profit for the March quarter, thanks to better net interest income and loan growth. The earnings were praised by analysts for their “flawless execution” and robust asset quality. As a result, ICICI Bank’s stocks surged by over 2% on Monday.
The Media sector has experienced a 1.31% decline, with DISHTV leading the losses at 4.44%, followed by NDTV at 2.61%, ZEEL at 1.58%, and PVR at 1.39%. On the other hand, the Financial Services sector has emerged as the top gainer with a 1.28% increase, driven by HDFCLIFE with a gain of 6.40%, PFC with a gain of 2.87%, SHRIRAMFIN with a gain of 2.44%, and AXISBANK with a gain of 2.32%.
The Nifty Banking sector had some gainers and some losers for the day.
The gainers included IDFC First Bank with a 3.28% increase, Axis Bank with a 2.32% increase, ICICI Bank with a 2.22% increase, Punjab National Bank with a 2.18% increase and Bank of Baroda with a 2.10% increase. On the other hand, the biggest losers in the sector included IndusInd Bank with a 1.34% decline, Bandhan Bank with a 0.27% decline, and AU Bank with a 0.24% decline. These results suggest that some banking stocks performed better for the day.
India’s tax authority has initiated action against Bajaj Allianz Life Insurance and ICICI Prudential Life Insurance for tax evasion since 2017 by sending them show-cause notices. The move comes as part of a broader investigation encompassing 16 insurers and around $610 million in unpaid dues. The investigation, which commenced in September last year, aims to clamp down on the insurance sector’s practice of categorizing all sales commissions above the limit set by regulators as advertising and marketing expenses, and subsequently claiming tax credit.
Indian rupee surged against the U.S. dollar and surpassed the 82-per-dollar level, outshining other Asian currencies, due to foreign banks in India selling the greenback, according to several traders. The rupee finished the day with a gain of 0.23%, closing at 81.9050 per dollar and registering its most substantial intraday percentage gain since April 13. Foreign banks sold dollars during the latter half of the day, presumably on behalf of their custodial clients.
The rupee strengthened by 15 paise to close at 81.91 (provisional) versus the US dollar on Monday, driven by the firm trend in domestic equities and a decrease in crude oil prices, which boosted investor sentiment. Nonetheless, the rupee may face downward pressure due to selling from foreign institutional investors at higher levels. The local unit began trading at 82.08 against the US currency in the interbank foreign exchange market and ended at 81.91 (provisional), marking a gain of 15 paise from its previous close. Throughout the session, the rupee reached a high of 81.88 and a low of 82.09 against the dollar. The rupee had settled at 82.06 against the US dollar on Friday.
Advance Decline Ratio
Today, the advance-decline ratio was 1.17, and the market breadth was positive. The volatility index India Vix increased by 0.32 percent to settle at 11.67 and the FIIs were net sellers today.
DAILY MARKET ACTION
Advancers – 1222
Decliners – 1048
52Wk High – 50
52Wk Low – 24
High Band Hitters – 65
Low Band Hitters – 77
200d SMA – 17605
50d SMA – 17504
20d SMA – 17454
Top Gainers and Losers Stocks
The top gainers were HDFC Life (+6.40%), Tata Consumer (+4.87%), Wipro (+2.69%), Axis Bank (+2.32%), and ICICI Bank (+2.22%).
The top losers were Dr. Reddy (-1.37%), IndusInd Bank (-1.34%), Cipla (-1.15%), Divi’s Laboratories (-1.13%), and Maruti (-1.01%).
Top Gainers and Losers Sector
The top gainers sectors were Financial Services (+1.28%), Realty (+1.06%), IT (+0.71%), FMCG (+0.59%), and Consumer Durables (+0.53%).
The top losers sectors were Media (-1.31%), Pharma (-0.73%), and Auto (-0.04%).
The Nifty Midcap 50 was up by 0.68 percent, while the Nifty Small Cap 50 was up by 0.62 percent on the day.
The Nifty Midcap 50 index currently closed at 8,790.30, while the Nifty Small Cap 50 index currently closed at 4,298.00.
SECTORS – NOTABLE ACTION
FINANCIAL SERVICES +1.28%
Stocks Ban List
The Securities and Exchange Board of India (SEBI) has not included any stock in the ban list for futures and options trading.
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.
ZEEL, IBULHSGFIN, BHEL, DELTACORP and INDIACEM have the possibility of being added to the ban list.
As per the above pivots data, 17640 to 17800 is the Nifty 50 trading range.
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This article is only for educational purposes and is not an investment advice.