Special Trading Session on March 2 NSE Nifty 50 Soars to New Heights in Benchmark Indices

At the close, the Nifty 50 was at 22,378.40 up by 0.18%

Today, the NSE Nifty 50 index commenced on a positive note, marking a gain of 0.18% and sustained its upward trajectory throughout the trading session, closing in the green. However, it faced challenges in maintaining momentum against selling pressure, culminating in a closure at the day’s lowest point. Despite this, overall market sentiment remains optimistic, with investors anticipating a breakthrough past the crucial 22,400 mark to ignite a fresh wave of rally.

During a special trading session on March 2, the benchmark indices witnessed further gains, with the Nifty 50 reaching new all-time highs, peaking at 22,419.55 and ultimately closing 0.18% higher at 22,378.40. This surge underscores the resilience of the Indian equity market, particularly amidst the prevailing selling pressure.

Additionally, the broader market indices, including Nifty Midcap and Smallcap, demonstrated robust performance, recording gains of over half a percent each. This reflects investor confidence in mid and small-cap stocks, contributing to the overall positive sentiment in the market.

FPIs Turn Buyers Despite High US Bond Yields

Despite US bond yields remaining high, Foreign Portfolio Investors (FPIs) exhibited a bullish stance in February, turning into buyers in the equity segment with an inflow of Rs 1539 crores. Although there’s a possibility of FPIs resuming selling in the coming days, their impact on the market may be subdued due to the market’s resilience in setting new record highs.

It’s noteworthy that FPIs are increasingly shifting their focus towards debt investments, with substantial purchases recorded in February and January. This trend suggests a strategic move towards debt instruments amidst volatile equity markets. However, it’s essential to recognize that Domestic Institutional Investors (DIIs), High Net Worth Individuals (HNIs), and retail investors are currently driving market dynamics, underscoring a shift in market influence away from FPIs.

Bank Nifty: Up by 0.02%

In today’s trading session, the Bank Nifty commenced on a positive note, opening in the green and marking a slight gain of 0.02%. Ultimately, it closed in the green zone at 47,297.50, reflecting the resilience and stability in the banking sector amidst market fluctuations.

Likewise, the BSE Sensex also experienced a positive trajectory, recording a modest gain of 0.08%. The index concluded the trading session in the green, reaching a high of 73,806.15. This upward movement underscores the overall bullish sentiment prevailing in the Indian stock market, with key indices maintaining their upward trajectory.

In the sectorial landscape, the media sector stood out with a significant rise of 1.75%. Leading the pack were notable gainers including TV18 Broadcast Ltd., which saw an impressive uptick of 3.78%. Following suit, Network18 Media & Investments Ltd. marked a gain of 3.07%, while Sun TV Network Ltd. registered a commendable rise of 2.57%.

Foreign Institutional Investors (FII/FPI) recorded a buy value of Rs. 49.52 Cr. Conversely, their sale value amounted to Rs. 131.39 Cr., resulting in a net value of -Rs. 81.87 Cr. This indicates a net selling activity by FIIs/FPIs during the period.

On the other hand, Domestic Institutional Investors (DIIs) exhibited a buying trend, with a buy value of Rs. 189.36 Cr. However, their sale value surpassed the buy value, amounting to Rs. 234.07 Cr. Consequently, the net value for DIIs stood at -Rs. 44.71 Cr., indicating a net selling activity by DIIs.

Bank Nifty

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

The gainers included Punjab National Bank with a 0.80% increase, State Bank of India with a 0.59% increase, IDFC First Bank with a 0.55% increase, AU Bank with a 0.50% increase, and Federal Bank with a 0.49% increase. On the other hand, the biggest losers in the sector included Axis Bank with a 0.36% decline, ICICI Bank with a 0.28% decline, Kotak Bank with a 0.17% decline. These results suggest that some of the banking stocks performed better for the day.

Stocks Highlights

Hero MotoCorp Ltd. witnessed a positive movement in its share price, increasing by 1.57% from its previous close, reaching Rs 4,578.00. Notably, only 1.37% of trading sessions in the last 19 years have seen intraday gains surpassing 5%, indicating a relatively stable performance. Furthermore, the company’s annual revenue growth of 15.35% has outpaced its 3-year CAGR of 4.97%, reflecting robust growth potential. Additionally, a bullish trend is anticipated, as indicated by the 5-day moving crossover observed recently, historically resulting in an average price gain of 2.53% within 7 days. Moreover, the company has maintained prudent expense management, allocating less than 1% of operating revenues towards interest expenses and 6.59% towards employee costs.

In contrast, Mahindra & Mahindra Ltd. experienced a slight decline in its share price, decreasing by -0.67% to Rs 1,959.80. Similarly, only 1.77% of trading sessions in the last 19 years have witnessed intraday gains exceeding 5%, indicating relative stability. However, the company has demonstrated robust performance metrics, with an ROE of 18.24% surpassing its 5-year average of 10.72%. Moreover, its annual revenue growth of 34.43% has outperformed its 3-year CAGR of 16.85%, indicating strong growth momentum. A bullish trend is anticipated following the recent 5-day moving crossover on Feb 29, 2024, historically resulting in an average price gain of 3.12% within 7 days.

Advance Decline Ratio

Today, the advance-decline ratio was 2.51, and the market breadth was positive. The volatility index India Vix decreased by 1.59 percent to settle at 14.99 and the FIIs were net sellers today.

DAILY MARKET ACTION
Advancers – 1677
Decliners – 667
52Wk High –  98
52Wk Low – 9
High Band Hitters – 207
Low Band Hitters – 58
200d SMA – 20083
50d SMA – 21789
20d SMA – 22014

Top Gainers and Losers Stocks

The top gainers were Tata Steel (+3.60%), Hero MotoCorp (+1.57%), Tata Motors (+1.19%), Adani Ports (+1.06%), and JSW Steel (+0.93%).

The top losers were M&M (-0.67%), Maruti (-0.65%), NTPC (-0.49%), Sun Pharmaceutical (-0.46%), and Nestle India (-0.44%).

Top Gainers and Losers Sector

The top gainers sector were Media (+1.75%), Metal (+1.58%), Consumer Durables (+1.16%), Realty (+0.96%), and FMCG (+0.44%).

SECTORS – NOTABLE ACTION
MEDIA +1.75%
METAL +1.58%
CONSUMER DURABLES +1.16%

Stocks Ban List

(SEBI) F&O ban list (ZEEL open at -160.00 and close at -155.30) are not currently on 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.

Daily Pivots

As per the above pivots data, 22300 to 22500 is the Nifty 50 trading range.

Read previous -Daily Insights- here
Nifty Skyrockets to New Heights on Impressive GDP Figures
February’s Nifty50 Index Performance: 1% Monthly Gain and 3% Expiry Surge
GDP Data and Monthly Expiry Weigh on Indian Equity Benchmarks, Closing Over 1% Lower

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