Range-Bound Indices Scale Fresh Lifetime Highs!

NiftyTrader • July 19, 2023

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Index	Price	Change	% Chg
Nifty 50	19,833.15	+83.90	+0.42%
Nifty Bank	45,669.30	+258.45	+0.57%
BSE SENSEX	67,097.44	+302.30	+0.45%

At the close, the Nifty 50 was at 19,833.15 up by 0.42%

Today, the NSE Nifty 50 kicked off on a high note, registering a notable surge of 0.42 percent and ultimately concluding in the green zone, with the Nifty index surpassing the 19800 mark. This remarkable performance indicates the resilience and potential of the NSE Nifty 50, reflecting positive market sentiments and favorable trends in the financial landscape.

The market continues to be strong, supported by a favorable global set-up and sustained FII inflows. It is crucial to recognize that the current global market rally is predominantly propelled by the robustness of the US economy, which, thus far, displays no indications of the recession that the markets had apprehended and factored in during 2022. This sustained strength provides a solid foundation for market stability and instills confidence among investors as they navigate through the evolving financial landscape.

Bank Nifty: Up by 0.57%

Throughout the trading session, the Bank Nifty demonstrated a strong bullish trend, commencing in the green zone and maintaining its upward trajectory, culminating with an impressive gain of 0.57 percent and a closing value of 45,669.30. The BSE Sensex followed suit, registering a substantial increase of 0.45 percent and concluding at a remarkable high of 67,097.44, underscoring the market’s optimistic outlook and potential for lucrative opportunities.

The Bank Nifty index maintains a predominantly bullish undertone, indicating a favorable trend that aligns with the interests of buyers. In light of this bullish sentiment, it is advisable to adopt a “buy on dip” strategy. This approach entails considering purchases during temporary declines or pullbacks in the index’s price, as the overall trend is anticipated to remain positive.

In the sectorial analysis, the Media sector emerged as the top gainer, achieving a substantial increase of 1.13%. Within this sector, TV18 Broadcast Limited experienced significant growth at 8.65%, followed closely by Navneet Education Limited, which gained 5.06%. On the other hand, the IT sector faced a marginal decline of 0.06%, with Coforge Limited witnessing a decrease of -1.83%, and Tata Consultancy Services Limited experiencing a slight dip of -0.80%.

Bank Nifty

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

The gainers included Punjab National Bank with a 4.30% increase, IndusInd Bank with a 2.19% increase, State Bank of India with a 1.43% increase, Bank of Baroda with a 1.04% increase, and Kotak Bank with a 0.90% increase. On the other hand, the biggest losers in the sector included ICICI Bank with a 0.19% decline, and Axis Bank with a 0.07% decline. These results suggest that some banking stocks performed better for the day.

Buzz

In early trade on Wednesday, the Indian rupee experienced a depreciation of 8 paise against the US dollar, reaching a value of 82.12. This movement can be attributed to the strength exhibited by the American currency in the global markets.

Traders have noted that the Indian equity benchmarks have been reaching record-high levels, and consistent inflows of foreign funds have bolstered investor confidence. As a result, the downward trend in the rupee’s value has been limited.

Starting at 82.08, the domestic unit opened at the interbank foreign exchange, eventually reaching 82.12, thus reflecting an 8 paise decline compared to its previous close.

The global oil benchmark, Brent crude futures, experienced a slight decline of 0.31 percent, settling at $79.38 per barrel.

On Wednesday, gold prices remained steady, hovering close to eight-week highs achieved in the previous session. This stability followed the release of economic data that heightened expectations of the U.S. Federal Reserve approaching the end of its interest rate hiking cycle.

Buzzing

NTPC Ltd. witnessed a positive uptick in its share price, recording a significant increase of 2.86% from its previous close at Rs 187.35. The stock’s last traded price stands at Rs 192.70. Moreover, investors would be pleased to note that the stock has delivered an impressive 3-year return of 112.17%, outperforming Nifty 100, which offered a return of 77.3%. Additionally, NTPC Ltd. showcased robust annual revenue growth at 31.84%, surpassing its 3-year CAGR of 16.39%.

Conversely, Hindalco Industries Ltd. experienced a slight decline in its share price, witnessing a decrease of -1.06% from its previous close at Rs 444.50. The stock’s last traded price is currently Rs 439.80. Despite this short-term dip, it’s noteworthy that Hindalco Industries Ltd. demonstrated remarkable long-term growth with a 3-year return of 174.13%, far surpassing the returns offered by Nifty 100 at 77.3%. Additionally, only a minimal 3.16% of trading sessions in the last 18 years saw intraday declines higher than 5%.

Advance Decline Ratio

Today, the advance-decline ratio was 1.25, and the market breadth was positive. The volatility index India Vix decreased by 0.93 percent to settle at 11.60 and the FIIs were net buyers today.

DAILY MARKET ACTION
Advancers – 5882
Decliners – 4703
52Wk High – 141
52Wk Low – 17
High Band Hitters – 75
Low Band Hitters – 36
200d SMA – 18074
50d SMA – 18806
20d SMA – 19268

Top Gainers and Losers Stocks

The top gainers were NTPC (+2.86%), Bajaj Finance (+2.36%), IndusInd Bank (+2.19%), UltraTech Cement (+2.05%), and Bajaj Finserv (+1.90%).

The top losers were Hindalco (-1.06%), Hero MotoCorp (-0.91%), TCS (-0.80%), Bajaj Auto (-0.57%), and Maruti (-0.55%).

Top Gainers and Losers Sector

The top gainers sectors were Media (+1.13%), Consumer Durables (+0.97%), Oil & Gas (+0.66%), Financial Services (+0.57%), and Pharma (+0.54%).

The top losers sectors were IT (-0.06%).

The Nifty Midcap 50 was up by 0.83 percent, while the Nifty Small Cap 50 was up by 0.36 percent on the day.

The Nifty Midcap 50 index currently closed at 10,454.90, while the Nifty Small Cap 50 index currently closed at 5,133.10.

SECTORS – NOTABLE ACTION
MEDIA +1.13%
CONSUMER DURABLES +0.97%
OIL & GAS +0.66%
IT -0.06%

Stocks Ban List

(SEBI) F&O ban list (DELTACORP open at -188.90 and close at -188.35), (RBLBANK open at -218.75 and close at -213.10), (IBULHSGFIN open at -121.75 and close at +121.55), and (MANAPPURAM open at -128.20 and close at -125.65) are not currently on the stock exchange.

The Securities and Exchange Board of India (SEBI) has banned DELTACORP, RBLBANK, IBULHSGFIN, and MANAPPURAM 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.

INDIACEM, ZEEL, BHEL, L&TFH, BALRAMCHIN, PNB, LICHSGFIN, GNFC, TATACHEM, CANBK, SAIL, and INDUSTOWER are stock that are potentially facing the possibility of being included in the ban list.