IndexPriceChange% Chg
Nifty 5022,272.50246.90-1.10%
Nifty MidCap 5013,841.30207.801.48%
Nifty SmallCap 507,543.00-106.75-1.40%
Nifty Bank47,773.25-791.30-1.63%
Nifty Financial21,146.00-375.80-1.75%
BSE SENSEX73,399.78845.121.14%

At the close, the Nifty 50 was at 22,272.50 down by 1.10%

On Monday, the NSE Nifty 50 commenced on a negative trajectory, experiencing a notable decline of 1.10% and closing below the 22300 mark. Investor sentiment was heavily influenced by escalating geopolitical tensions following Iran’s attack on Israel, igniting fears of a broader conflict in the region.

Domestic equity markets grappled with significant losses as tensions in the Middle East intensified, with reports suggesting potential retaliatory measures from Israel against Iran. The Nifty index dropped by approximately 1% in the morning session, reflecting subdued risk appetite among investors.

Market sentiment remained dampened throughout the day, with widespread selling exacerbating losses for the second consecutive session. Despite attempts at recovery, the market struggled to regain momentum, ultimately closing at 22,272.50, down by 1.10% or 246.90 points. All sectors ended the day in negative territory, except for oil & gas, which demonstrated relative resilience amidst the global uncertainty.

Geopolitical concerns, coupled with higher-than-expected US inflation data, exerted downward pressure on investor sentiment, particularly impacting mid- and small-cap indices due to their elevated valuations. However, European markets opened positively, and oil prices retreated slightly as diplomatic efforts aimed at de-escalating tensions in the Middle East offered some respite to market participants.

Bank Nifty: Down by 1.63%

Bank Nifty and the BSE Sensex faced downward pressure in Monday’s trading session. The Bank Nifty commenced on a negative note, opening in the red and experiencing a significant decline of 1.63%. It closed the session at 47,773.25, reflecting ongoing market volatility and investor caution within the banking sector.

Similarly, the BSE Sensex witnessed a downward trend, declining by 1.14% and closing at a low of 73,399.78.

In the sectorial front, the Oil & Gas sector demonstrated significant gains, climbing by 0.41%. Notably, Oil & Natural Gas Corporation Ltd. experienced a remarkable surge of 5.80%, reflecting positive investor sentiment towards the company’s performance. Similarly, Gujarat Gas Ltd. also witnessed a notable uptick, marking a gain of 2.58%.

Conversely, the Media sector faced challenges, emerging as the top loser with a decline of 2.23%. Within this sector, Network18 Media & Investments Ltd. experienced a substantial decrease of -3.98%, while Hathway Cable & Datacom Ltd. also saw a notable downturn of -3.72%.

Foreign Institutional Investors (FIIs/FPIs) exhibited a net selling behavior in the market, with a buy value of Rs. 10,443.55 Cr. and a sale value of Rs. 13,711.55 Cr., resulting in a net value of -Rs. 3,268.00 Cr. Conversely, Domestic Institutional Investors (DIIs) demonstrated a net buying stance, with a buy value of Rs. 13,578.59 Cr. and a sale value of Rs. 8,815.66 Cr., yielding a net value of Rs. 4,762.93 Cr.

Bank Nifty

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

No stocks in the Nifty Bank are showing gains today. On the other hand, the biggest losers in the sector included Bandhan Bank with a 3.85% decline, ICICI Bank with a 2.43% decline, Bank of Baroda with a 2.24% decline, IDFC First Bank with a 2.07% decline, and HDFC Bank with a 1.71% decline. These results indicate that none of the banking stocks performed better today.

Rupee Declines Against US Dollar Amid Market Volatility

The Indian rupee experienced a slight decline, slipping by 6 paise to settle at 83.44 (pro) against the US dollar on Monday. This movement correlated with significant losses in equity markets and a strengthened dollar against major global currencies, amidst escalating geopolitical tensions.

However, the rupee’s descent was tempered by favorable developments, including a drop in crude oil prices in international markets and encouraging domestic macroeconomic indicators.

Trading within a range of 83.42 to 83.47 against the greenback at the interbank foreign exchange market, the rupee opened at 83.46 before settling at 83.44 (pro), marking a marginal loss of 6 paise compared to its previous close of 83.38 on Friday.

The rupee’s depreciation was attributed to the prevailing strength of the US dollar and domestic market downturns. Nevertheless, optimism stemming from positive domestic economic data and potential central bank interventions helped mitigate the currency’s downward trajectory.

Concurrently, the dollar index, measuring the dollar’s performance against a basket of six currencies, exhibited a slight decline, trading at 105.68, down 0.15%. Additionally, Brent crude futures, the global oil benchmark, saw a decrease of 0.94% to $89.60 per barrel, further influencing market sentiment and currency movements.

Stocks Highlights

Oil And Natural Gas Corporation Ltd. Shows Resilience Amidst Market Volatility

Oil And Natural Gas Corporation Ltd. (ONGC) exhibits notable resilience in the face of market volatility, with its share price witnessing a significant uptick of 5.80% from the previous close, reaching Rs 281.10. Despite facing challenges, the company demonstrates stability, allocating 1.25% of its operating revenues towards interest expenses and 2.36% towards employee costs in the fiscal year ending March 31, 2023.

Investors should take note of a recent sell signal, indicating a potential bearish trend. The appearance of a Weekly MACD crossover on the week ending April 12, 2024, suggests caution, especially considering the historical average price decline of -6.29% within seven weeks of such signals over the past decade.

When compared to broader market indices, ONGC has outperformed significantly, providing investors with a three-year return of 152.81%, surpassing both the Nifty 100 index (57.99%) and the Nifty Energy index (123.58%).

Shriram Finance Ltd. Faces Market Headwinds

In contrast, Shriram Finance Ltd. experiences a downturn, with its share price declining by -3.12% to Rs 2,408.05 from the previous close of Rs 2,485.60. The company allocates a significant portion of its operating revenues, 42.43%, towards interest expenses, and 8.65% towards employee costs in the fiscal year ending March 31, 2023.

While the company has provided investors with a three-year return of 80.03%, outperforming the Nifty 100 index (57.99%), its performance lags behind the Nifty Financial Services index (39.87%). This indicates challenges faced within the financial services sector, urging investors to exercise caution and conduct thorough analysis before making investment decisions.

Advance Decline Ratio

Today, the advance-decline ratio was 0.22, and the market breadth was negative. The volatility index India Vix increased by 8.10 percent to settle at 12.47 and the FIIs were net sellers today.

Advancers 475
Decliners 2138
200d SMA 20588
50d SMA – 22154
20d SMA – 22284

Top Gainers and Losers Stocks

The top gainers were ONGC (+5.80%), Hindalco (+2.40%), Maruti (+1.17%), Nestle India (+0.83%), and Britannia (+0.38%).

The top losers were Shriram Finance (-3.12%), Wipro (-2.60%), ICICI Bank (-2.43%), Bajaj Finance (-2.28%), and Bajaj Finserv (-2.22%).

Top Gainers and Losers Sector

The top gainers sector were Oil & Gas (+0.41%).

The top losers sector were Media (-2.23%), Financial Services (-1.75%), IT (-1.58%), Consumer Durables (-1.32%), and Realty (-1.09%).

OIL & GAS +0.41%
MEDIA -2.23%
IT -1.58%

Stocks Ban List

(SEBI) F&O ban list (METROPOLIS open at -1801.00 and close at -1777.60), (GNFC open at -690.00 and close at -683.50), (PEL open at -840.05 and close at -836.70), (NATIONALUM open at +182.00 and close at +181.65), (HINDCOPPER open at +360.00 and close at -353.75), (BALRAMCHIN open at -374.10 and close at -367.30), (ZEEL open at -144.30 and close at -141.85), (INDIACEM open at -220.00 and close at -222.45), and (IDEA open at +13.00 and close at +13.15) are not currently on 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.

BANDHANBNK, VEDL, MANAPPURAM, CANBK, TATACHEM, ABFRL, and BIOCON stocks has the possibilities of entrance in the ban list.

IDEA stock has the possibilities of exit from the ban list.

Daily Pivots

S2 S1 P R1 R2
22152 22212 22320 22380 22488
Daily Nifty Pivots

As per the above pivots data, 22150 to 22450 is the Nifty 50 trading range.

Read previous -Daily Insights- here
Nifty’s 1% Lower Finish amidst a Widespread Selloff
Nifty Hits Record High as Indian Equity Indices Close Higher Pre-FOMC Minutes
Nifty Hits Lifetime Highs, Ends Flat on Profit Taking

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