IndexPriceChange% Chg
Nifty 5021,522.10-215.50-0.99%
Nifty MidCap 5013,476.3567.45-0.50%
Nifty SmallCap 507,263.30+22.15+0.31%
Nifty Bank45,367.75-74.60-0.16%
Nifty Financial20,285.50-127.85-0.63%
BSE SENSEX71,139.90801.671.11%

At the close, the Nifty 50 was at 21,522.10 down by 0.99%

In the dynamic landscape of today’s trading session, the NSE Nifty 50 displayed a rollercoaster ride. Initially opening on an optimistic note, the index encountered a downturn, ultimately closing with a 0.99 percent decline, settling beneath the critical 21,550 mark at 21,522.10. This dip was influenced by heightened volatility, marked by significant selling in heavyweight stocks and sectors such as capital goods, power, and FMCG.

Investors adopted a cautious stance, keeping a keen eye on upcoming events such as the Federal Open Market Committee (FOMC) meeting, India’s interim budget, and escalating tensions in the Middle East. Despite a positive start, the market’s momentum waned, with intensified selling pressure in the final trading hour. Notably, the midcap index outperformed the Nifty, while the small-cap segment closed in the green.

Looking forward, market sentiment hinges on India’s interim budget and the Fed policy decision, identified as major triggers for domestic equities. Analyzing the daily chart, a dark cloud cover formation suggests a bearish outlook in the near term. The resistance level at 21,750 proved pivotal, with bears dictating market dynamics throughout the day. Investors brace for further uncertainties in the global economic landscape.

Bank Nifty: Down by 0.16%

The Bank Nifty commenced the trading day with a positive tone, opening in the green, only to encounter a slight dip of 0.16 percent, concluding the session in the red at 45,367.75. This subtle fluctuation highlights the inherent dynamism within the financial landscape. In contrast, the BSE Sensex faced a more substantial decline, down by 1.11 percent, closing at a lower mark of 71,139.90.

Sector-wise, the media sector emerged as a notable performer, experiencing a significant uptick of 0.41%. Zee Entertainment Enterprises Ltd. led the charge with an impressive increase of 5.84%, closely trailed by Dish TV India Ltd., securing a commendable gain of 2.83%. Conversely, the consumer durables sector witnessed a downturn, marking a decline of 1.61%. Titan Company Ltd. faced a setback, registering a loss of -3.04%, while Havells India Ltd. observed a decline of -1.97%.

Foreign Institutional Investors (FII/FPI) played a substantial role in market activity, showcasing a buy value of Rs. 14,275.70 crore and a sale value of Rs. 16,246.22 crore, resulting in a net value of -Rs. 1,970.52 crore. On the domestic front, Domestic Institutional Investors (DII) actively participated with a buy value of Rs. 12,666.88 crore and a sale value of Rs. 11,664.18 crore, yielding a positive net value of Rs. 1,002.70 crore. The market continues to navigate through diverse forces, reflecting the intricacies of global and domestic financial dynamics.

Bank Nifty

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

The gainers included Punjab National Bank with a 1.53% increase, Bank of Baroda with a 1.32% increase, and State Bank of India with a 0.41% increase. On the other hand, the biggest losers in the sector included IDFC First Bank with a 0.96% decline, Axis Bank with a 0.73% decline, IndusInd Bank with a 0.72% decline, HDFC Bank with a 0.68% decline, and Federal Bank with a 0.41% decline. These results suggest that some of the banking stocks not performed better for the day.

Indian Rupee Strengthens, Faces Domestic and Global Pressures

The Indian rupee demonstrated resilience against the US dollar on Tuesday, appreciating by 5 paise to settle at 83.11 (pro). This uptick was attributed to the weakened greenback against major currencies worldwide, coupled with a subdued performance in the domestic equity market.

Throughout the trading session at the interbank foreign exchange market, the rupee oscillated within a narrow range, opening at 83.14, touching an intraday low of 83.15, and reaching a high of 83.11 against the US dollar. Ultimately, the local unit concluded the day at 83.11, marking a 5-paise gain (pro) from its previous close.

While global risk appetite slightly alleviated the US dollar’s pressure, weak domestic markets tempered sharper gains for the rupee. Anticipated month-end dollar demand from importers and concerns over geopolitical tensions in the Middle East and the Red Sea introduced a cautious undertone.

In the broader context, the dollar index, measuring the greenback’s strength against a basket of six currencies, experienced a marginal decline of 0.06% at 103.55, as Brent crude futures, the global oil benchmark, edged up by 0.27% to $82.62 per barrel.

As the forex market navigates the intricate dynamics of global sentiments and local factors, traders are advised to monitor developments closely for well-informed currency trading decisions.

Stocks Highlights

Bharat Petroleum Corporation Ltd. (BPCL) demonstrated a positive market move, with its share price climbing by 2.04% to reach Rs 502.70, surpassing its previous close of Rs 492.65. Notably, the company’s robust 3-year revenue compound annual growth rate (CAGR) of 35.99% outperformed its 18.13% CAGR. BPCL’s prudent financial management is evident as it allocated less than 1% of operating revenues to interest expenses and a mere 0.59% to employee costs in the fiscal year ending on March 31, 2023.

On the other hand, Bajaj Finance Ltd. witnessed a decline in its share price by -5.10%, settling at Rs 6,825.00 from its previous close of Rs 7,191.65. Despite this, the company showcased a robust 3-year revenue CAGR, exceeding expectations at 30.86% compared to its 16.03% CAGR. Investors may take note of a bullish trend, indicated by a 5-day moving crossover, with a historical average price gain of 3.62% within 7 days following this signal over the past 5 years. Bajaj Finance allocated 30.34% to interest expenses and 12.22% to employee costs in the fiscal year ending on March 31, 2023.

Advance Decline Ratio

Today, the advance-decline ratio was 0.94, and the market breadth was negative. The volatility index India Vix increased by 3.65 percent to settle at 16.10 and the FIIs were net sellers today.

Advancers 1206
Decliners 1277
52Wk High
52Wk Low 11
High Band Hitters 150
Low Band Hitters 40
200d SMA 19604
50d SMA – 21125
20d SMA – 21622

Top Gainers and Losers Stocks

The top gainers were Tata Motors (+2.84%), BPCL (+2.04%), Eicher Motors (+1.05%), Adani Enterprises (+1.02%), and Grasim (+0.93%).

The top losers were Bajaj Finance (-5.10%), UltraTech Cement (-3.10%), Titan (-3.04%), Bajaj Finserv (-2.80%), and Reliance (-2.69%).

Top Gainers and Losers Sector

The top gainers sector were Media (+0.41%), Realty (+0.38%), and Metal (+0.26%).

The top losers sector were Consumer Durables (-1.61%), FMCG (-1.02%), Pharma (-0.87%), Financial Services (-0.63%), and IT (-0.41%).

MEDIA +0.41%
REALTY +0.38%
METAL +0.26%
FMCG -1.02%
PHARMA -0.87%

Stocks Ban List

No stocks have been listed in the ban list by (SEBI) F&O today.

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.

SAIL stock has the possibilities of entrance in the ban list.

Daily Pivots

S2 S1 P R1 R2
21301 21412 21612 21723 21924
Daily Nifty Pivots

As per the above pivots data, 21400 to 21750 is the Nifty 50 trading range.

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Nifty Drops as Banks and IT Stocks Face Pressure FII Selling and US Rate Cut Hopes Fade

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