|Nifty MidCap 50||11,646.30||+38.75||+0.33%|
|Nifty SmallCap 50||5,983.60||+49.40||+0.83%|
At the close, the Nifty 50 was at 19,794.00 down by 0.09%
Today’s financial markets experienced a volatile journey, reflecting a delicate interplay of global factors. The day began optimistically, driven by positive global indicators, but gradually gave way to a day marked by consolidation. The NSE Nifty 50 index started strong but closed in the negative, down by 0.09 percent, slipping below the 19800 mark. This followed two consecutive days of gains, illustrating the market’s oscillation between bullish and bearish sentiments.
The IT sector, a pivotal component of India’s economic landscape, faced downward pressure due to disappointing results from a major player and a lackluster near-term outlook. Nonetheless, amidst this turbulence, the broader market demonstrated resilience. Expectations of strong Q2 results, supported by India’s expanding operating profit and consistent volume demand, boosted overall market confidence, despite concerns about the global economic slowdown.
Global trends introduced further complexity into market dynamics. Positive UK GDP figures and the anticipation of a moderation in US CPI inflation caught investors’ attention, potentially influencing the future actions of the Federal Reserve. In this dynamic environment, market participants need to remain vigilant and adaptable, given the multitude of factors in play.
Bank Nifty: Up by 0.18%
In the intricate landscape of financial markets, the Bank Nifty took a divergent path compared to its counterpart, the BSE Sensex. The day began on a positive note for the Bank Nifty, opening in the green and closing the session with a respectable gain of 0.18 percent, reaching a closing value of 44,599.20. Conversely, the BSE Sensex experienced a 0.10 percent decline, concluding in the red at 66,408.39.
Amidst this fluctuating market scenario, the Bank Nifty managed to consolidate within a defined range and exhibited the formation of an Inside bar pattern. A closer examination of the hourly charts revealed narrowing Bollinger bands and a negative crossover on the hourly momentum indicator. These signals suggest that the consolidation phase is likely to persist through several upcoming trading sessions.
Regarding sectorial performance, the Media sector stood out as a top gainer, witnessing a notable increase of 3.02%. Within this sector, Network18 Media & Investments Ltd. demonstrated remarkable strength, achieving a significant gain of 10.94%, while TV18 Broadcast Ltd. also experienced healthy growth, with an increase of 6.13%.
Conversely, the IT sector encountered challenges, ranking as the leading loser with a decline of 1.67%. Within this sector, Infosys Ltd. experienced a noteworthy decrease, with its share price falling by -2.82%, and Tech Mahindra Ltd. closely followed with a loss of -2.79%.
Foreign Institutional Investors (FII/FPI) reported a buy value of Rs. 8,601.40 crore and a sale value of Rs. 10,463.97 crore. As a result, their net value amounted to -Rs. 1,862.57 crore, indicating a net selling position in the market. On the domestic front, Domestic Institutional Investors (DII) reported a buy value of Rs. 8,706.39 crore and a sale value of Rs. 7,174.31 crore, resulting in a net value of Rs. 1,532.08 crore, signifying a net buying position by DIIs.
The Nifty Banking sector had some gainers and some losers for the day.
The gainers included Federal Bank with a 1.80% increase, Bandhan Bank with a 0.70% increase, HDFC Bank with a 0.55% increase, Bank of Baroda with a 0.27% increase, and ICICI Bank with a 0.17% increase. On the other hand, the biggest losers in the sector included Punjab National Bank with a 0.72% decline, IDFC First Bank with a 0.71% decline, State Bank of India with a 0.47% decline, Kotak Bank with a 0.42% decline, and Axis Bank with a 0.17% decline. These results suggest that some banking stocks performed better for the day.
Rupee Dips Amidst Soaring Crude Oil Prices
The Indian rupee, after a brief respite, took a step back, settling 6 paise lower at 83.24 against the US dollar on Thursday. This halt in the rupee’s two days of gains can be attributed to the resurgence in crude oil prices, which has cast a shadow on investor sentiment.
Initially, the domestic currency showcased early gains, fueled by the weakening dollar. However, these gains were swiftly reversed by the subdued performance of domestic equity markets and growing concerns over the withdrawal of foreign funds.
At the interbank foreign exchange, the rupee exhibited a fluctuating trend, opening at 83.17 and oscillating between the intra-day high of 83.12 and the lowest point of 83.25 against the greenback. Eventually, it settled at 83.24 (pro), marking a decline of 6 paise from its previous closing rate.
Brent crude futures, the global oil benchmark, surged sharply by 1.20 percent to reach $86.85 per barrel. This rise in crude oil prices has ignited apprehensions in the market, underlining the vulnerability of emerging economies like India to external factors. As the situation unfolds, prudent risk management remains crucial for businesses and investors alike.
Bharat Petroleum Corporation Ltd. (BPCL): In the recent trading session, BPCL’s share price showed an upward momentum, climbing by 1.82% from its previous close of Rs 342.55. The stock’s last traded price settled at Rs 348.80. Notably, a 5-day moving crossover signal emerged, historically resulting in an average gain of 2.95% within 7 days. The company’s annual revenue growth at 35.99% has impressively outpaced its 3-year CAGR of 18.13%. Over the past 18 years, only a mere 1.8% of trading sessions recorded intraday gains exceeding 5%.
Infosys Ltd.: On the flip side, Infosys Ltd. witnessed a -2.82% decline in its share price from the previous close of Rs 1,494.40. The stock’s last traded price stood at Rs 1,452.30. A daily MACD crossover signal appeared, with a historical average gain of 2.77% within 10 days following this signal over the past decade. The company’s annual revenue growth, currently at 20.6%, outperformed its 3-year CAGR of 16.7%.
Advance Decline Ratio
Today, the advance-decline ratio was 1.40, and the market breadth was positive. The volatility index India Vix decreased by 3.34 percent to settle at 10.62 and the FIIs were net sellers today.
DAILY MARKET ACTION
Advancers – 1403
Decliners – 1000
52Wk High – 132
52Wk Low – 14
High Band Hitters – 102
Low Band Hitters – 41
200d SMA – 18546
50d SMA – 19607
20d SMA – 19750
Top Gainers and Losers Stocks
The top gainers were BPCL (+1.82%), Maruti (+1.76%), Coal India (+1.54%), Power Grid (+1.28%), and Grasim (+1.08%).
The top losers were Infosys (-2.82%), Tech Mahindra (-2.79%), Apollo Hospitals (-1.92%), TCS (-1.85%), and HCL Technologies (-1.78%).
Top Gainers and Losers Sector
The top gainers sector were Media (+3.02%), Oil & Gas (+1.11%), Auto (+0.78%), Metal (+0.75%), and FMCG (+0.21%).
The top losers sector were IT (-1.67%), and Realty (-0.18%).
SECTORS – NOTABLE ACTION
OIL & GAS +1.11%
Stocks Ban List
(SEBI) F&O ban list (INDIACEM open at +229.35 and close at -228.70), (BALRAMCHIN open at -422.60 and close at -416.75), (HINDCOPPER open at -155.00 and close at +157.40), (IBULHSGFIN open at +178.30 and close at -175.80), (L&TFH open at -133.55 and close at +133.85), (MANAPPURAM open at +146.00 and close at +146.30), and (PNB open at +76.70 and close at -75.75) 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.
BHEL, ESCORTS, SAIL, NMDC, RBLBANK, and SUNTV stock has the possibilities of enterance in the ban list.
PNB stock has the possiblities of exit from ban list.
As per the above pivots data, 19750 to 19850 is the Nifty 50 trading range.
Read previous -Daily Insights- here
Market Soars with Steady Gains Sector-Wide Buying Keeps Momentum Alive
Market Bounces Back as Dollar and Treasury Yields Take a Dive
Geopolitical Tensions Weigh on Indian Equity Markets
This article is only for educational purposes and is not an investment advice.