IndexPriceChange% Chg
Nifty 5022,513.700.95-0.00%
Nifty MidCap 5013,978.35+37.20+0.27%
Nifty SmallCap 507,509.20+63.85+0.86%
Nifty Bank48,493.05+432.25+0.90%
Nifty Financial21,556.65+183.15+0.86%
BSE SENSEX74,248.22+20.59+0.03%

At the close, the Nifty 50 was at 22,513.70 flat by 0.00%

The NSE Nifty 50 witnessed a stable yet volatile session on April 5, with marginal movement in the market indices despite opening in the red. Starting at 22,513.70, the Nifty closed unchanged, signaling a flat trend throughout the day. This stability followed the Reserve Bank of India’s (RBI) decision to maintain key rates unchanged, marking the seventh consecutive instance of such a stance.

While the broader market struggled for direction, the midcap index extended its gains for the tenth consecutive day, indicating pockets of resilience within the market. Banking shares staged a noteworthy recovery, propelling the Nifty Bank index to close 0.9% higher.

The RBI’s decision to maintain the monetary stance at “withdrawal of lodging” for FY25’s inaugural meeting contributed to a sideways market trend, with the formation of a hanging man pattern reflecting a pause in the market momentum. The lack of a clear breakout or pattern formation may prolong this sideways sentiment.

Despite the anticipated outcome of the RBI policy meeting, concerns over food inflation and warnings of a potential heat wave added to market uncertainties. Global sentiments were dampened by rising oil prices and geopolitical tensions in the Middle East.

Investors remain watchful of upcoming US non-farm payroll and unemployment data, seeking insights into the Federal Reserve’s future rate trajectory. Against this backdrop, the Nifty’s consolidation after a sharp uptrend signals a healthy market correction, albeit in a relatively listless session for domestic equities.

Bank Nifty: Up by 0.90%

The Bank Nifty exhibited a positive start, opening in the green and recording a gain of 0.90 percent, ultimately closing on a positive note at 48,493.05. Likewise, the BSE Sensex experienced a marginal increase of 0.03 percent, closing in the green zone at a high of 74,248.22. These movements signify a modest yet positive trend in the banking and overall stock market sectors, reflecting investor confidence and potential growth prospects. Despite prevailing market volatility, the resilience displayed by these indices underscores the stability and resilience of the Indian stock market amidst fluctuating economic conditions.

In the sectorial front, the real estate sector has experienced a notable surge, with a 1.43% increase in recent market activity. Leading this charge, Godrej Properties Ltd. saw an impressive gain of 4.28%, closely followed by Mahindra Lifespace Developers Ltd. with a gain of 2.43%. Conversely, the IT sector faced challenges, witnessing a decline of 0.50%. Tech Mahindra Ltd. experienced a notable loss of -1.22%, while Persistent Systems Ltd. saw a decrease of -0.89%.

Foreign Institutional Investors (FIIs/FPIs) exhibited bullish behavior with a buy value of Rs. 12,834.70 crore and a sale value of Rs. 11,175.43 crore, resulting in a net value of Rs. 1,659.27 crore. Conversely, Domestic Institutional Investors (DIIs) witnessed a contrasting trend, with a buy value of Rs. 9,462.33 crore and a sale value of Rs. 12,832.75 crore, leading to a net value of -Rs. 3,370.42 crore.

Bank Nifty

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

The gainers included AU Bank with a 2.10% increase, Kotak Bank with a 1.99% increase, IDFC First Bank with a 1.83% increase, HDFC Bank with a 1.47% increase, and Federal Bank with a 1.34% increase. On the other hand, the biggest losers in the sector included Bandhan Bank with a 0.28% decline, Axis Bank with a 0.04% decline, and Bank of Baroda with a 0.02% decline. These results suggest that most of the banking stocks performed better for the day.

Rupee Appreciates Slightly Amid RBI Interest Rate Decision

The Indian rupee saw a modest appreciation of 9 paise, closing at 83.30 (pro) against the US dollar following the Reserve Bank of India’s decision to maintain the benchmark interest rate at 6.5% for the seventh consecutive time. However, the rupee’s gains were tempered by a robust US dollar performance against major global currencies and persistent high crude oil prices.

At the interbank foreign exchange market, the rupee opened at 83.44 against the dollar, reaching an intraday high of 83.26 and a low of 83.45 before settling at 83.30 (pro), marking a 9-paise increase from the previous close.

The rupee’s trajectory was influenced by the RBI’s monetary policy stance, which remained unchanged, with inflation (CPI) and economic growth (GDP) projections for FY25 maintaining stability at 4.5% and 7%, respectively.

While the dollar index, measuring the greenback’s strength against a basket of currencies, showed a slight increase of 0.12% at 104.24, Brent crude futures, the global oil benchmark, saw a marginal rise of 0.09%, reaching $90.73 per barrel.

Despite the rupee’s modest gains, ongoing global economic factors continue to shape its performance, necessitating vigilance among investors and market participants.

Stocks Highlights

Kotak Mahindra Bank Ltd. Shows Resilience Amidst Market Fluctuations

Kotak Mahindra Bank Ltd. demonstrated resilience in recent trading sessions, with its share price rising by 1.99% to reach Rs 1,783.95, surpassing its previous close of Rs 1,749.15. Notably, only 2.36% of trading sessions in the last 19 years witnessed intraday gains exceeding 5%.

The bank reported a commendable YoY increase of 17.94% in advances, outpacing its 5-year CAGR of 8.08%, indicative of robust loan book growth. However, there was a decrease in cash from investing activities, with the company utilizing Rs 10,550.18 crore, marking a YoY decline of 4.82%.

A sell signal emerged with a 20-day moving crossover on Apr 3, 2024, historically associated with an average price decline of -2.17% within 7 days. Despite this, Kotak Mahindra Bank Ltd. remains an attractive investment option, given its consistent performance and promising growth prospects.

Grasim Industries Ltd. Faces Market Headwinds

In contrast, Grasim Industries Ltd. witnessed a decline in its share price by -1.95% to reach Rs 2,233.50, down from its previous close of Rs 2,277.85. Analysis over the last 19 years indicates that only 1.09% of trading sessions saw intraday declines exceeding 5%.

The company’s financials reveal significant expenditure, with 5.14% of operating revenues allocated towards interest expenses and 6.12% towards employee costs in the fiscal year ending Mar 31, 2023. Furthermore, a bearish trend is indicated by a 5-day moving crossover, historically associated with an average price decline of -2.42% within 7 days.

Despite these challenges, Grasim Industries Ltd. showed a 3-year return of 57.47%, outperforming Nifty 100’s return of 54.32%. While facing short-term headwinds, the company’s long-term performance warrants monitoring for potential investment opportunities.

Advance Decline Ratio

Today, the advance-decline ratio was 1.48, and the market breadth was positive. The volatility index India Vix increased by 1.04 percent to settle at 11.34 and the FIIs were net buyers today.

Advancers 1530
Decliners 1031
52Wk High
52Wk Low 0
High Band Hitters 176
Low Band Hitters 41
200d SMA 20494
50d SMA – 22052
20d SMA – 22223

Top Gainers and Losers Stocks

The top gainers were Kotak Bank (+1.99%), SBI Life (+1.56%), HDFC Bank (+1.47%), Bajaj Finserv (+1.46%), and HDFC Life (+1.14%).

The top losers were Grasim (-1.95%), UltraTech Cement (-1.74%), Larsen & Toubro (-1.42%), Bajaj Auto (-1.41%), and Bharti Airtel (-1.40%).

Top Gainers and Losers Sector

The top gainers sector were Realty (+1.43%), Financial Services (+0.86%), FMCG (+0.54%), Pharma (+0.19%), and Metal (+0.17%).

The top losers sector were IT (-0.50%), Media (-0.39%), and Auto (-0.24%).

REALTY +1.43%
FMCG +0.54%
IT -0.50%
MEDIA -0.39%
AUTO -0.24%

Stocks Ban List

(SEBI) F&O ban list (ZEEL open at -153.00 and close at -152.35), (SAIL open at -144.90 and close at +146.20), and (HINDCOPPER open at -312.90 and close at +322.40) 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.

PEL, BANDHANBNK, INDIACEM, NATIONALUM, and ABFRL stocks has the possibilities of entrance in the ban list.

Daily Pivots

S2 S1 P R1 R2
22383 22448 22493 22558 22603
Daily Nifty Pivots

As per the above pivots data, 22400 to 22600 is the Nifty 50 trading range.

Read previous -Daily Insights- here
Indian Benchmark Indices Set New Records Despite Market Swings
Market’s Journey from Weak Global Cues to Final Hour Sell-Off
Indian Stock Market Sees Minor Decline After Three Days of Growth

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