Strong End to the Week for Nifty 50 Equities with Impressive Recovery

At the close, the Nifty 50 was at 17,594.35 up by 1.57%

The market erased the losses from the previous session, ending strongly on March 3rd. It’s always encouraging to see markets recover after a downturn. When a market wipes out previous session’s losses, it suggests that investors have regained confidence and are once again buying stocks.

Today, the NSE Nifty 50 opened at a high and surged 1.57 percent in a single day is a significant increase, indicating positive investor sentiment and bullishness in the market. The fact that it closed in the green suggests that the market momentum continued throughout the day and that there was sustained buying interest, closing in the green.

The level of 17590 is also noteworthy as it indicates that the index has breached the psychological barrier of 17500. This could be seen as a positive sign for investors as it suggests that the market is gaining strength and that there may be further upside potential in the future.

Buzzing

Equity benchmarks logged weekly gains on Friday following the news of US boutique investment firm GQG Partners’ $1.87 billion investment in Adani stocks. The investment seems to have spurred a broad-based rally and helped markets look past rate-hike worries, at least for the moment.

Rate-hike worries have been a concern for many investors, as rising interest rates can have a negative impact on economic growth and corporate profits. However, the news of this large investment by GQG Partners appears to have boosted investor sentiment and helped markets recover some of the losses from the previous weeks.

Adani Group is a large conglomerate in India with interests in various sectors such as infrastructure, energy, and logistics. GQG Partners is a U.S.-based investment firm that manages assets worth over $41 billion. The news of their investment of almost $2 billion in Adani stocks seems to have boosted investor sentiment in the Indian stock market and turned foreign investors into buyers after a six-session hiatus.

Bank Nifty: Up by 2.13%

Bank Nifty and the BSE Sensex both opened in green and closed in green with impressive gains on Friday. The Bank Nifty opened in the green and surged 2.13%, closing at 41,251.35. Similarly, the BSE Sensex rose 1.53%, closing at a record high of 59,808.97. This bullish sentiment was indicative of a strong market performance.

Sectoral indices in the Indian stock market ended in the green on Friday, with several sectors posting impressive gains. The Nifty PSU Bank index gained 5.4 percent, which is a significant increase and suggests that investors are optimistic about the prospects of the public sector banks.

The metal sector also saw a gain of 3.5 percent, which is a positive sign for the industry. The bank sector gained 2 percent, which is a good sign for the overall health of the banking industry in India.

Other sectors also saw gains, with the FMCG, energy, and infra indices all up by 1 percent each. These gains suggest that investors are optimistic about the prospects of these sectors and that there is broad-based optimism in the Indian stock market.

Bank Nifty

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

The gainers included State Bank of India with a 5.11% increase, Bank of Baroda with a 4.83% increase, Punjab National Bank with a 4.02% increase, IndusInd Bank with a 2.26% increase and IDFC First Bank with a 2.18% increase. On the other hand, the biggest losers in the sector included Bandhan Bank with a 0.23% decline. These results suggest that some banking stocks performed better for the day.

Advance Decline Ratio

Today, the advance-decline ratio was 2.14, and the market breadth was positive. The volatility index India Vix decreased by 6.09 percent to settle at 12.18 and the FIIs were net buyers today.

DAILY MARKET ACTION
Advancers – 1533
Decliners – 716
52Wk High –  26
52Wk Low – 48
High Band Hitters – 91
Low Band Hitters – 42
200d SMA – 17397
50d SMA – 17857
20d SMA – 17704

Top Gainers and Losers Stocks

The top gainers were Adani Enterprises (+16.60%), Adani Ports (+9.76%), SBIN (+5.11%), Bharti Airtel (+3.28%), and SBI Life (+2.80%).

The top losers were Tech Mahindra (-2.09%), UltraTech Cement (-0.94%), Cipla (-0.87%), Divi’s Laboratories (-0.32%), and Nestle India (-0.23%).

Top Gainers and Losers Sector

The top gainers sectors were Metal (+3.55%), Financial Services (+1.77%), Realty (+1.49%), Oil & Gas (+1.33%), and FMCG (+1.29%).

The Nifty Midcap 50 was up by 0.87 percent, while the Nifty Small Cap 50 was up by 0.77 percent on the day.

The Nifty Midcap 50 index currently closed at 8,623.75, while the Nifty Small Cap 50 index currently closed at 4,206.60.

SECTORS – NOTABLE ACTION
METAL +3.55%
FINANCIAL SERVICES +1.77%
REALTY +1.49%

Stocks Ban List

F&O ban, Securities and Exchange Board of India (SEBI) has not put any stocks under the F&O ban for the current trading day.

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 a possibilites of entery in a ban list.

Daily Pivots

As per the above pivots data, 17460 to 17690 is the Nifty 50 trading range.

Read previous -Daily Insights- here
Selling Pressure Continues in Nifty
Market Rebounds: Green Finally Appears After 8 Days
Nifty Suffers Eighth Consecutive Session of Decline Today

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