NSE Nifty50 Recovers from Gap Down Opening to Close with Gains

At the close, the Nifty 50 was at 17,813.60 up by 0.25%

National Stock Exchange’s Nifty 50 index commenced with a subdued opening, however, it made an impressive recovery and surged by 0.25 percent, ultimately closing in the positive territory. As the trading session progressed, the Nifty index managed to cross the crucial 17800 level, indicating a bullish sentiment in the market.

Despite experiencing another session of high volatility, the Indian equity indices managed to close higher on April 26, supported by significant buying activity across various sectoral indices. The Nifty index closed the day with gains of 44.35 points or 0.25 percent, reaching a level of 17,813.60. This upward movement in the Nifty is reflective of the market’s overall positive sentiment, with investors feeling bullish about the future of the Indian economy. The robust performance of the sectoral indices, coupled with the Nifty’s gains, is a strong indicator of the country’s economic growth potential, and is likely to fuel further optimism in the market in the days ahead.

The National Stock Exchange’s Nifty index commenced trading on a rather flat note. However, after a turbulent first half, the index stabilized during the latter half of the trading session. Ultimately, the Nifty closed with decent gains for the third consecutive day, indicating a growing investor confidence in the market. This trend is an encouraging sign for the equity markets, as it suggests that investors are becoming increasingly optimistic about the prospects of the Indian economy. Despite the initial volatility, the Nifty’s overall performance signifies that the market is on a steady upward trajectory, with potential for further growth in the days to come.

Bank Nifty: Up by 0.35%

The Bank Nifty index started the trading day on a slightly negative note, however, it picked up pace soon after and surged by 0.35 percent, ultimately settling in the positive zone at a level of 42,829.90. This upswing is indicative of the investor’s confidence in the banking sector, which has been one of the primary drivers of the country’s economic growth. In a similar fashion, the Bombay Stock Exchange’s Sensex index also witnessed a positive trading session, with a gain of 0.28 percent, eventually closing at a high of 60,300.58. This impressive upward momentum in the Sensex is attributed to the positive market sentiments, driven by the recent economic reforms and policies implemented by the government. The performance of both these indices reinforces the fact that the Indian equity markets are on a firm footing, and poised for a bright future.

On April 26, 2023, Foreign Institutional Investors/Foreign Portfolio Investors purchased stocks worth Rs. 7,813.62 crores and sold stocks worth Rs. 6,556.14 crores, resulting in a net investment of Rs. 1,257.48 crores. On the same day, Domestic Institutional Investors bought stocks worth Rs. 5,220.23 crores and sold stocks worth Rs. 5,448.11 crores, resulting in a net divestment of Rs. -227.88 crores.

The Nifty Realty sector emerged as the top gainer, posting a gain of 1.36% during the trading session. Among the stocks in this sector, IBREALEST led the gains with an increase of 4.72%, followed by PRESTIGE, which rose by 2.44%. LODHA and OBEROIRLTY also posted gains of 1.58% and 1.34%, respectively, contributing to the sector’s overall positive performance. On the other hand, the Nifty Metal sector emerged as the top loser, declining by 0.44% during the same trading session. JINDALSTEL was the worst performer in this sector, posting a loss of 1.50%, followed by HINDZINC and HINDALCO, which declined by 1.22% and 1.13%, respectively. VEDL also posted a loss of 0.97%, contributing to the sector’s overall negative performance.

Bank Nifty

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

The gainers included IndusInd Bank with a 1.45% increase, Federal Bank with a 1.20% increase, State Bank of India with a 0.93% increase, Punjab National Bank with a 0.90% increase and Axis Bank with a 0.83% increase. On the other hand, the biggest losers in the sector included AU Bank with a 2.45% decline, Kotak Bank with a 0.28% decline, and Bank of Baroda with a 0.24% decline. These results suggest that some banking stocks performed better for the day.

Buzzing

On Wednesday, the Indian rupee gained 21 paise against the US dollar to close at 81.74 (provisional) in the interbank foreign exchange market. This appreciation of the local unit can be attributed to the weakness of the US currency in the overseas market, as well as a positive trend in domestic equities, which provided support to the rupee.

The rupee opened at 82 against the US dollar, and continued to gain throughout the day, finally closing at 81.74 (provisional), representing a 21 paise increase over its previous close. During the trading session, the rupee fluctuated between a high of 81.68 and a low of 82.01 against the dollar. In comparison to Tuesday’s closing rate of 81.95 against the US currency, the rupee demonstrated a notable improvement on Wednesday.

Power Grid Corporation of India Ltd. Over the past 15 years, only 1.09% of trading sessions recorded intraday gains greater than 5%. Against this backdrop, the Power Grid Corporation of India Ltd. has delivered an impressive 3-year return of 95.12%, outperforming the Nifty 100 index, which returned 88.38% over the same period. On the trading day in question, the company’s share price gained 2.32% from its previous close of Rs 232.90. As a result, the stock’s last traded price stood at Rs 238.30, indicating an upward trend in investor sentiment towards the company. These factors collectively suggest that the Power Grid Corporation of India Ltd. is a promising investment opportunity, with potential for further growth in the future.

Buzz

Tata Consumer Products Ltd. has delivered a remarkable 3-year return of 125.22%, outperforming the Nifty 100 index, which returned 88.38% over the same period. On the trading day in question, the company’s share price rose by 1.72% from its previous close of Rs 734.45. As a result, the stock’s last traded price stood at Rs 747.05, indicating an upward trend in investor sentiment towards the company. This impressive performance of Tata Consumer Products Ltd. suggests that it is a stock worth considering for potential investors looking to capitalize on its growth prospects in the consumer goods industry.

Hindalco Industries Ltd. Over the past 18 years, only 2.66% of trading sessions recorded intraday gains greater than 5%. Despite this, Hindalco Industries Ltd. has delivered an impressive 3-year return of 314.66%, outperforming the Nifty 100 index, which returned 88.38% over the same period. On the trading day in question, however, the company’s share price declined by -1.17% from its previous close of Rs 429.80. As a result, the stock’s last traded price stood at Rs 424.75, indicating a temporary dip in investor sentiment towards the company. Nevertheless, given its strong track record of growth and performance, Hindalco Industries Ltd. remains a promising investment opportunity for those looking to capitalize on the potential of India’s industrial sector.

Advance Decline Ratio

Today, the advance-decline ratio was 1.29, and the market breadth was positive. The volatility index India Vix increased by 1.15 percent to settle at 11.65 and the FIIs were net buyers today.

DAILY MARKET ACTION
Advancers – 1258
Decliners – 976
52Wk High –  56
52Wk Low – 20
High Band Hitters – 57
Low Band Hitters – 40
200d SMA – 17626
50d SMA – 17504
20d SMA – 17521

Top Gainers and Losers Stocks

The top gainers were Power Grid (+2.62%), Tata Consumer (+1.51%), Nestle India (+1.47%), IndusInd Bank (+1.45%), and SBI Life (+1.37%).

The top losers were Hindalco (-1.13%), Adani Ports (-1.08%), Bajaj Auto (-0.98%), Bajaj Finserv (-0.80%), and NTPC (-0.67%).

Top Gainers and Losers Sector

The top gainers sectors were Realty (+1.36%), FMCG (+0.71%), Auto (+0.53%), IT (+0.29%), and Financial Services (+0.22%).

The top losers sectors were Metal (-0.44%), and Oil & Gas (-0.03%).

The Nifty Midcap 50 was up by 0.22 percent, while the Nifty Small Cap 50 was up by 0.75 percent on the day.

The Nifty Midcap 50 index currently closed at 8,834.20, while the Nifty Small Cap 50 index currently closed at 4,354.30.

SECTORS – NOTABLE ACTION
REALTY +1.36%
FMCG +0.71%
AUTO +0.53%
METAL -0.44%
OIL & GAS -0.03%

Stocks Ban List

(SEBI) F&O ban list (ZEEL open at 187.25 and close at 189.40) is not currently on the stock exchange.

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

IBULHSGFIN and DELTACORP have the possibility of being added to the ban list.

Daily Pivots

As per the above pivots data, 17730 to 17870 is the Nifty 50 trading range.

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