Record Highs Again! Market Surges with Widespread Buying

NiftyTrader • June 30, 2023

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Index	Price	Change	% Chg
Nifty 50	19,189.05	+216.95	+1.14%
Nifty Bank	44,747.35	+419.55	+0.95%
BSE SENSEX	64,718.56	+803.14	+1.26%

At the close, the Nifty 50 was at 19,189.05 up by 1.14%

Today, the NSE Nifty 50 commenced the trading session on a strong note, registering an opening at a significantly higher level. Throughout the day, it demonstrated remarkable resilience and managed to sustain its positive momentum, ultimately closing in the green. The Nifty index exhibited an impressive gain of 1.14 percent, showcasing the strong bullish sentiment prevailing in the market. As the trading session concluded, the Nifty settled comfortably above the 19150 mark, reflecting the robust performance and potential for further upward movement.

India’s robust resilience across various growth parameters is painting a clear and promising picture of its economic performance. As global economies, including China, grapple with degrowth, India stands out as a beacon of hope in an otherwise bleak scenario. This emergence of India as a green shot amidst adversity has instilled a strong sense of confidence among investors, leading them to repose their faith in local stocks.

Commencing the July series with strong momentum, the Nifty showcased its vigor by delivering the most substantial single-day gains witnessed in the past three months. This impressive performance propelled the index to reach a new all-time high, highlighting the bullish sentiment prevailing in the market.

Bank Nifty: Up by 0.95%

Initiating the trading day on a positive note, the Bank Nifty exhibited a favorable trajectory as it commenced with an opening in the green, marking a notable upswing of 0.95 percent. Subsequently, it concluded the trading session on a positive note, securing a green closing value of 44,747.35. In a comparable manner, the BSE Sensex demonstrated a commendable ascent of 1.26 percent, culminating in an impressive high of 64,718.56 as it closed within the green territory.

Supported by positive surprises bolstering buoyancy in the global market and the progress of the southwest monsoon, the domestic market demonstrated remarkable resilience and surged to new highs with renewed vigor.

The current market dynamics reveal a significant contribution from all sectors to this upward movement. Therefore, the primary focus should be on meticulous stock selection, which holds true not only for the large-cap stocks but also for the midcap and smallcap segments.

On the sectorial front, the Information Technology (IT) sector demonstrated the highest gains, surging by 2.50%. Within this sector, INFOSYS LIMITED showcased robust growth with an impressive gain of 3.44%, closely followed by PERSISTENT SYSTEMS LIMITED with a gain of 2.69%, and MPHASIS LIMITED with a gain of 2.61%.

Conversely, the Metal sector experienced a slight decline, losing ground by 0.03%. Within this sector, APL APOLLO TUBES LIMITED recorded a decline of -1.37%, while VEDANTA LIMITED experienced a comparatively smaller loss of -0.71%.

Bank Nifty

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

The gainers included Bandhan Bank with a 3.79% increase, Federal Bank with a 3.36% increase, IndusInd Bank with a 3.18% increase, Bank of Baroda with a 3.04% increase, and Punjab National Bank with a 2.48% increase. On the other hand, the biggest losers in the sector included ICICI Bank with a 0.37% decline, and IDFC First Bank with a 0.13% decline. These results suggest that some banking stocks performed better for the day.

Buzz

During the recent trading session, oil prices exhibited a climb, reaching approximately $75 per barrel, amidst concerns over sluggish global economic activity and fuel demand. However, despite this upward movement, they are still on course to register a fourth consecutive quarter of losses.

On the currency front, the Indian rupee showed limited fluctuations on Friday, yet it wrapped up the month of June with significant gains, marking its most substantial surge since January. This impressive performance is attributed to the infusion of robust foreign fund inflows into the equity markets, reinforcing the Indian rupee’s strength.

Closing at a rate of 82.0375 per dollar, the Indian rupee maintained relative stability compared to its previous session’s closing rate of 82.0550. Nonetheless, the rupee displayed notable growth of 0.77% during the month of June, recording its highest appreciation since the 1.19% surge observed in January. This upward trend signifies the progressive strengthening of the Indian rupee over the course of the month.

Buzzing

Mahindra & Mahindra Ltd. experienced a notable uptick in its share price, registering a growth of 4.37% from its previous close of Rs 1,395.00. The stock’s latest traded price stands at Rs 1,456.00. Over the past 3 years, the stock has shown impressive returns, recording a remarkable 174.9% compared to Nifty 100’s return of 80.07%. Moreover, the company’s annual revenue growth surged at an impressive rate of 34.43%, outperforming its 3-year Compound Annual Growth Rate (CAGR) of 16.85%. Additionally, Mahindra & Mahindra Ltd. demonstrated a robust Return on Equity (ROE) of 18.24% in the fiscal year ending on 31st March 2023, surpassing its 5-year average of 10.72%. These financial indicators reflect the company’s strong performance and positive trajectory in the market.

Adani Ports & Special Economic Zone Ltd. witnessed a decline in its share price, with a decrease of -2.19% from its previous close of Rs 756.50. The stock’s latest traded price stands at Rs 739.90. Over the course of 3 years, the stock delivered a commendable return of 120.78%, surpassing the return of Nifty 100 which stood at 80.07%. On June 28, 2023, a 200-day moving crossover was observed. Over the past 5 years, this signal has shown an average price gain of 5.41% within a 30-day period. Additionally, the company exhibited an annual revenue growth of 23.86%, outperforming its 3-year Compound Annual Growth Rate (CAGR) of 17.53%. These statistics highlight the company’s financial performance and its ability to generate consistent growth in revenue.

Advance Decline Ratio

Today, the advance-decline ratio was 1.26, and the market breadth was positive. The volatility index India Vix decreased by 0.80 percent to settle at 10.80 and the FIIs were net buyers today.

DAILY MARKET ACTION
Advancers – 1309
Decliners – 1036
52Wk High – 126
52Wk Low – 14
High Band Hitters – 59
Low Band Hitters – 51
200d SMA – 17954
50d SMA – 18411
20d SMA – 18739

Top Gainers and Losers Stocks

The top gainers were M&M (+4.37%), Infosys (+3.44%), IndusInd Bank (+3.18%), Sun Pharmaceuticals (+2.86%), and Hero MotoCorp (+2.70%).

The top losers were Adani Ports (-2.19%), Grasim (-0.53%), Apollo Hospitals (-0.53%), HDFC Life (-0.53%), and Adani Enterprises (-0.50%).

Top Gainers and Losers Sector

The top gainers sectors were IT (+2.50%), Auto (+2.07%), Pharma (+1.06%), Financial Services (+0.82%), and Oil & Gas (+0.66%).

The top losers sectors were Metal (-0.03%).

The Nifty Midcap 50 was up by 0.86 percent, while the Nifty Small Cap 50 was up by 0.93 percent on the day.

The Nifty Midcap 50 index currently closed at 10,126.85, while the Nifty Small Cap 50 index currently closed at 4,899.50.

SECTORS – NOTABLE ACTION
IT +2.50%
AUTO +2.07%
PHARMA +1.06%
METAL -0.03%

Stocks Ban List

(SEBI) F&O ban list (L&TFH open at +124.40 and close at +127.70), and (MANAPPURAM open at +130.00 and close at +132.35) are not currently on the stock exchange.

The Securities and Exchange Board of India (SEBI) has banned L&TFH, 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.
ZEEL, BALRAMCHIN, IBULHSGFIN, PEL, IDFC, METROPOLIS, and INDIACEM are stocks that are potentially facing the possibility of being included in the ban list.