The Nifty 50 Lost Ground Today

At the close, the Nifty 50 was at 17,610.40 down by 0.03%

It was a bumpy day for the NSE Nifty 50 Index, with a 0.03 percent drop at the open and further losses as the day continued. Investors were likely affected by global economic news, as well as some weak performances by companies listed on the index. 

Buzzing

Adani Enterprises, a conglomerate company based in India, experienced a sharp decline in its stock price. The stock was the biggest loser in the Nifty 50, a stock market index of the National Stock Exchange of India, and fell 26.70%. Other stocks in the same group also saw significant selling.

India’s market regulator is currently investigating the unexpected crash of Adani company shares, as reported by Reuters earlier in the day. The source, familiar with the matter, who was also cited in the report suggests irregularities in the secondary share sale of Adani Enterprises may be to blame. This comes on the heels of a significant drop in Adani company shares, leaving investors and market regulators alike feeling concerned and searching for answers. The investigation could potentially shed light on what caused the sharp fall and prevent similar incidents from occurring in the future.

Bank Nifty: Up by 0.39%

Bank Nifty opened in red managed to close in green at 40,669.30, a growth of 0.39% indicating the market sentiments were positive. Similarly, the BSE Sensex also opened in the low but closed in the green at 59932.24, up by 0.38%. Such bullish sentiments boosted the market as the Bank Nifty and the BSE Sensex both ended the day with a surge in the market.

Bank Nifty

The Nifty Banking sector had some gainers and some losers for the day. The gainers included IDFC First Bank with a 5.66% increase, IndusInd Bank with a 3.66% increase, AU Bank with a 2.44% increase, Federal Bank with a 1.45% increase, and Axis Bank with a 1.42% increase. On the other hand, the biggest losers in the sector included Bandhan Bank with a 3.65% decline, and HDFC Bank with a 1.34% decline. These results suggest that some banking stocks performed better than others for the day.

The FMCG and Information Technology indices have both shown strong growth this month, with gains of 2.28 and 1.83 percent, respectively. This is in contrast to the metal index, which fell 4.35 percent, and the energy index, which shed 2.2 percent. The movement of the Nifty FMCG and Information Technology indices demonstrates that investors are increasingly confident about the prospects for these sectors, despite wider market trends. These figures indicate that there is a continued appetite for investments in these areas, and that both consumers and investors alike are expecting significant returns over the coming months.

Advance Decline Ratio

The advance-decline ratio for today was 0.87, indicating a negative market breadth. The volatility index India Vix decreased by 6.24 percent to settle at 15.73 and the FIIs were net sellers today. This shows a lack of confidence and indicates bearish movements in the market and points towards a negative outlook for tomorrow’s trading session.

The market breadth and advance-decline ratio can be powerful indicators of the stock market. They look at different aspects of market performance and can offer insight into how stocks are faring overall. By understanding what these indicators are and how they work, you can gain a better understanding of the stock market and make more informed investment decisions.

DAILY MARKET ACTION
Advancers – 1038
Decliners – 1194
52Wk High –  43
52Wk Low – 116
High Band Hitters – 59
Low Band Hitters – 76
200d SMA – 17290
50d SMA – 18200
20d SMA – 17905

Top Gainers and Losers Stocks

The top gainers were Britannia (+4.94%), ITC (+4.81%), IndusInd Bank (+3.66%), Hindustan Unilever (+2.17%), and Infosys (+1.93%).

The top losers were Adani Enterprises (-26.70%), Adani Ports (-7.20%), UPL (-5.82%), HDFC Life (-4.40%), and Eicher Motors (-2.67%).

Top Gainers and Losers Sector

The top gainers sector were FMCG (+2.28%), IT (+1.83%), Media (+0.50%), Realty (+0.38%), and Consumer Durables (+0.28%).

The top losers sector were Metal (-4.35%), Oil & Gas (-1.97%), Pharma (-0.40%), and Financial Services (-0.35%).

The Nifty Midcap 50 was up by 0.30 percent, while the Nifty Small Cap 50 up by 0.88 percent on the day.

The Nifty Midcap 50 index currently closed at 8,580.65, while the Nifty Small Cap 50 index currently closed at 4,276.15.

SECTORS – NOTABLE ACTION
FMCG +2.28%
IT +1.83%
MEDIA +0.50%
METAL -4.35%
OIL & GAS -1.97%
PHARMA -0.40%

Stocks Ban List

(SEBI) F&O ban list (AMBUJACEM open at 355.00 and close at 352.55), are not currently on the stock exchange.

The Securities and Exchange Board of India (SEBI) has banned AMBUJACEM, from trading in the futures and options (F&O) segment of 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.

AMBUJACEM has a possibilites of exit from ban list.

ADANIPORTS, and IBULHSGFIN has a possibilites of entery in a ban list.

Daily Pivots

Nifty trading range has been within the 17480 to 17700 range.

Read previous -Daily Insights- here
Nifty Red Close
Marginal Gains
Market Bounced Back

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