Roller-Coaster Market

At the close, the Nifty 50 was at 17,604.35 down by 1.61%

The National Stock Exchange of India’s Nifty 50 index, which represents 50 significant companies, opened at a low and finished lower by 1.61%. This indicates a corresponding percentage decline in the aggregate value of the index’s constituent companies. The fact that the Nifty 50 closed below 17610 shows that the index is currently trading at a lower value than 17610. It is crucial to remember that stock market movements are common and can be influenced by a wide range of factors, including world events, the release of economic data, and company-specific news.

Adani Enterprises’ shares dropped nearly 6% to 3,189.55 rupees, which is their lowest point since mid-October, during early trading in Mumbai on Friday. Indian markets were closed on Thursday due to a holiday.

The market was also under stress due to a drop in Adani Group equities following a research by short-sellers Hindenburg Research that raised concerns about debut issues and made accusations of stock manipulation, which the firm has refuted.

Market investors are anticipating that the government will unveil plans to increase funding from the private sector while continuing to spend money on infrastructure.

Bank Nifty: Down by 3.13%

The day was a difficult one for Indian stock markets, as both the Bank Nifty and the BSE Sensex performed negatively. The Bank Nifty, which tracks the performance of the country’s leading banking stocks, fell 3.13% to close at 40,345.30 points. Meanwhile, the BSE Sensex, which tracks the performance of 30 major stocks, fell 1.45% to close at 59,330.90 points. The negative performance of these two indices suggests that investors were bearish on the day and were selling stocks across the board. It remains to be seen whether this downward trend will continue in the coming days, or if stock prices will begin to rebound.

The financial sector, specifically heavyweight financials, experienced a decline of more than 2%. Despite this, brokerages have stated that the banks’ exposure to the Adani Group is within acceptable limits and should not have caused such a significant drop in the sector.

Advance Decline Ratio

Today, the advance-decline ratio was 0.21, and the market breadth was negative. The volatility index India Vix increased by 18.18 percent to settle at 17.32 and the FIIs were net sellers today. However, as a result of appealing values, capital are moving to other emerging markets. The market had been a bit of a roller-coaster in the past few days.

DAILY MARKET ACTION
Advancers – 390
Decliners – 1896
52Wk High –  22
52Wk Low – 166
High Band Hitters – 32
Low Band Hitters – 177
200d SMA – 17290
50d SMA – 18248
20d SMA – 18007

Top Gainers and Losers Stocks

The top gainers were Tata Motors (+6.25%), Bajaj Auto (+6.01%), Dr. Reddy (+2.65%), ITC (+1.84%), and Cipla (+1.42%).

The top losers were Adani Enterprises (-18.31%), Adani Ports (-15.24%), SBIN (-4.69%), ICICI Bank (-4.33%), and IndusInd Bank (-3.92%).

Top Gainers and Losers Sector

The top gainers sector were Auto (+1.02%), Pharma (+0.55%), and FMCG (+0.46%).

The top losers sector were Oil & Gas (-5.60%), Metal (-4.69%), Financial Services (-2.48%), Consumer Durables (-2.13%), and Realty (-1.26%).

The Nifty Midcap 50 was down by 1.64 percent, while the Nifty Small Cap 50 down by 1.56 percent on the day.

The Nifty Midcap 50 index currently closed at 8,463.00, while the Nifty Small Cap 50 index currently closed at 4,186.20.

SECTORS – NOTABLE ACTION
AUTO +1.02%
PHARMA +0.55%
FMCG +0.46%
OIL & GAS -5.60%
METAL -4.69%
FINANCIAL SERVICES -2.48%

Stocks Ban List

Today, the Securities and Exchange Board of India (SEBI) has announced that currently there are no stocks in the ban list. This is a good sign for the markets as it indicates that companies have managed to stay within the guidelines set by the regulator. The market momentum is currently down.

Possibilities of AMBUJACEM being placed on a banned list.

Daily Pivots

Nifty trading range has been within the 17430 to 17840 range.

Read previous -Daily Insights- here
Tumbled-Down Market
Momentum Up to Down Market
Swing High Market

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