At the close, the Nifty 50 was at 17,722.30 up by 0.56%
The NSE Nifty 50 commenced the day on a positive note, with a notable increase of 0.56 percent, ultimately closing in the green. Furthermore, the Nifty index rose above the 17700 mark.
Over the course of the last six sessions, the Nifty has demonstrated an increase of almost 4%. Analysts suggest that the near-term market trigger will be the corporate earnings, which are slated to commence on Tuesday.
Despite facing multiple challenges, the domestic equity indices demonstrated resilience and maintained a positive outlook, primarily driven by the banking and automobile sectors due to the anticipation of strong quarterly earnings following robust business updates. The upcoming Consumer Price Index (CPI) inflation data, which is scheduled to be released on Wednesday, is expected to remain below the upper tolerance level of 6% set by the Reserve Bank of India (RBI). In the United States, inflation is predicted to decline further from its current level of 6%. The forthcoming US inflation data, in addition to the Federal Open Market Committee (FOMC) meeting minutes, are anticipated to exert a significant impact on the global market trend.
During the trading session, the Nifty index displayed a volatile performance as traders awaited the release of the Consumer Price Index (CPI) data scheduled for April 12. Despite this, the index has managed to sustain above the critical moving average and has maintained its position above the crucial support level of 17,500.
Bank Nifty: Up by 1.30%
The Bank Nifty also commenced the day in a bullish trend, with an increase of 1.30 percent, ultimately concluding in positive territory at 41,366.50. Correspondingly, the BSE Sensex experienced an uptick of 0.52 percent and closed at an impressive high of 60,157.72.
The Auto, Bank, Metal, Oil & Gas, and power sectors observed a rise of 1% each, whereas the IT, Consumer Durables, and Realty indices experienced a decline of approximately 1.26%, 0.38%, and 0.28%, respectively.
Over the last 18 years, intraday gains higher than 5% were observed in only 2.49% of trading sessions. Kotak Mahindra Bank Ltd’s share price increased by 4.96% compared to its previous close of Rs 1,759.30, and the stock last traded at a price of 1,846.50.
The Nifty Banking sector had some gainers and some losers for the day.
The gainers included Kotak Bank with a 4.62% increase, Bank of Baroda with a 2.77% increase, AU Bank with a 1.91% increase, ICICI Bank with a 1.66% increase, and Federal Bank with a 1.34% increase. On the other hand, the biggest losers in the sector included IDFC First Bank with a 0.65% decline, and Bandhan Bank with a 0.14% decline. These results suggest that some banking stocks performed better for the day.
On Tuesday, NSE Indices introduced a novel index designed to monitor the overall performance of listed real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). The index’s weighting system will be based on the securities’ free-float market capitalization, with a maximum exposure of 33% allocated to a particular REIT or InvIT. Additionally, the combined weightage of the top three securities will not exceed 72%.
Currently, the index comprises of six securities, with Embassy Office Parks Reit having the highest weightage at 33%, followed by Powergrid Infrastructure Investment at 20%. REITs and InvITs are investment trusts that own and manage real estate and functional infrastructure assets, respectively. They generate regular income and capital appreciation on their investments, similar to mutual funds. REITs specialize in real estate properties, while InvITs pool money to operate infrastructure assets such as highways, roads, pipelines, warehouses, and power plants.
On Tuesday, the rupee lost 13 paise to close at 82.12 (provisional) against the US dollar due to increased demand for the latter from importers, which had a negative impact on investor sentiment. The domestic unit began trading at 81.96 against the dollar at the interbank foreign exchange and concluded the session at 82.12 (provisional), marking a decline of 13 paise from the previous close. Throughout the day, the rupee had a high of 81.96 and a low of 82.15 against the dollar.
Over the past 18 years, intraday gains higher than 5% were seen in only 3.62% of trading sessions. The share price of JSW Steel Ltd. increased by 3.44% from its previous close of Rs 688.50, with the stock last traded at a price of 712.20.
Advance Decline Ratio
Today, the advance-decline ratio was 1.69, and the market breadth was positive. The volatility index India Vix decreased by 2.42 percent to settle at 11.98 and the FIIs were net buyers today.
DAILY MARKET ACTION
Advancers – 1426
Decliners – 843
52Wk High – 47
52Wk Low – 10
High Band Hitters – 142
Low Band Hitters – 26
200d SMA – 17523
50d SMA – 17505
20d SMA – 17211
Top Gainers and Losers Stocks
The top gainers were Kotak Bank (+4.62%), JSW Steel (+3.85%), Eicher Motors (+2.89%), Bajaj Auto (+2.69%), and Tata Steel (+2.53%).
The top losers were TCS (-1.79%), Infosys (-1.77%), HCL Technologies (-1.43%), Wipro (-0.75%), and Tech Mahindra (-0.75%).
Top Gainers and Losers Sector
The top gainers sectors were Metal (+1.76%), Financial Services (+1.08%), Auto (+0.99%), Oil & Gas (+0.93%), and FMCG (+0.78%).
The top losers sectors were IT (-1.26%), Consumer Durables (-0.38%), and Realty (-0.28%).
The Nifty Midcap 50 was up by 0.30 percent, while the Nifty Small Cap 50 was up by 0.63 percent on the day.
The Nifty Midcap 50 index currently closed at 8,607.85, while the Nifty Small Cap 50 index currently closed at 4,231.55.
SECTORS – NOTABLE ACTION
FINANCIAL SERVICES +1.08%
CONSUMER DURABLES -0.38%
Stocks Ban List
The Securities and Exchange Board of India (SEBI) Futures and Options (F&O) ban list has not included any stocks on the ban list for today.
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 has the possiblities of enterance in the ban list.
As per the above pivots data, 17660 to 17780 is the Nifty 50 trading range.
Read previous -Daily Insights- here
Market Ends with Marginal Gains after Early Surge
NSE Nifty Extends Winning Streak to Fifth Session on Surprise RBI Decision
Resilient Indian Market Despite Weak Global Peers
This article is only for educational purposes and is not an investment advice.