At the close, the Nifty 50 was at 19,365.25 down by 0.51%
The NSE Nifty 50 commenced its session on a downtrend, opening low and recording a 0.51 percent decline. As trading concluded, the index remained in the red, with the closing figures reflecting this negative sentiment. Notably, the Nifty closed below the significant level of 19400.
Mounting Global Weakness Dampens Recovery amidst the pull of weak international cues, the domestic market grappled with challenges in its attempt to regain lost ground. This scenario sustained selling pressure, influencing trading sentiment and overall performance.
Fed Minutes Reveal Divergent Views the disclosure of Federal Reserve minutes exposed a divergence of opinions among its members regarding the urgency of additional rate hikes. This nuanced stance contrasts with previously anticipated rate stability, creating uncertainty in the market.
Rupee’s Slide and RBI’s Intervention the Indian rupee faced depreciation as the dollar index surpassed the critical mark of 103.5. However, a likely intervention from the Reserve Bank of India (RBI) extended support to the currency, mitigating some of the downward pressure.
US Bond Yield Impact on Investment Flows the escalation of US bond yields looms as a potential deterrent for foreign investments flowing into the Indian market. This factor is poised to exert an additional influence on market dynamics, potentially impeding growth.
Bank Nifty: Down by 0.13%
The banking index sustained its downtrend for the sixth consecutive session, reflecting ongoing challenges in the sector. Bank Nifty, mirroring broader trends, initiated the trading session on a downward trajectory, experiencing a 0.13 percent decline. This trend persisted throughout the day, leading to a red close at 43,891.35. Index sustained its downtrend for the sixth consecutive session, reflecting ongoing challenges in the sector.
Likewise, the BSE Sensex, a prominent benchmark, encountered a similar fate. Commencing the day in negative territory, it registered a 0.59 percent decrease in value. Ultimately, the Sensex concluded the trading day in the red, reaching a low point of 65,151.02.
Doji Candlestick Pattern Signals Uncertainty an intriguing pattern emerged as the Bank Nifty’s daily charts revealed the formation of a Doji candlestick. This pattern indicates a state of equilibrium, as the closing levels were in close proximity to the opening levels. This balance suggests a lack of clear momentum in either direction, revealing market participants’ indecision.
Consumer Durables emerges as the frontrunner, showcasing a robust gain of 1.79%. Notably, Amber Enterprises India Ltd. excelled with an impressive surge of 8.21%, followed by Bata India Ltd. which gained by 5.58% within the same sector.
Conversely, the FMCG sector grappled with a decline, recording a loss of 0.89%. Among the key players within this sector, Procter & Gamble Hygiene And Health Care Ltd. experienced a notable setback, facing a decline of -2.67%. ITC Ltd. also encountered a downturn, reflecting a decrease of -2.07%.
The Nifty Banking sector had some gainers and some losers for the day.
The gainers included Punjab National Bank with a 2.51% increase, Bandhan Bank with a 2.40% increase, Bank of Baroda with a 1.85% increase, Federal Bank with a 1.78% increase, and State Bank of India with a 1.13% increase. On the other hand, the biggest losers in the sector included Kotak Bank with a 1.07% decline, HDFC Bank with a 0.70% decline, ICICI Bank with a 0.68% decline, IndusInd Bank with a 0.32% decline, and AU Bank with a 0.27% decline. These results suggest that some banking stocks performed better for the day.
Rupee Retreats to Record Low Amid Global and Domestic Pressures
Rupee Dips to Unprecedented Lows the Indian rupee, which initially displayed strength, relinquished its gains and concluded the day 2 paise lower at a historic low of 83.10 (pro) against the US dollar. This decline is attributed to a combination of factors exerting pressure on the currency.
External and Domestic Factors at Play the rupee’s retreat can be attributed to the resilience of the US dollar on the global stage, coupled with a downward trend in domestic equities. The impact of these factors was pronounced in the interbank foreign exchange market, where the rupee commenced trading at 83.10 against the dollar. Remarkably, the currency concluded the session at the exact same level, underscoring a fall of 2 paise from its previous close.
Adani Ports & Special Economic Zone Ltd. stock exhibited an upward trend, climbing by 4.43% from its previous closing value of Rs 776.10 to reach a last-traded price of Rs 810.50. Notably, the company has delivered a compelling 3-year return of 117.12%, surpassing the Nifty 100’s return of 70.5%. A significant indicator emerged with a 14-day moving crossover, which appeared recently. Historical data reveals an average price decline of -3.7% within 7 days of this signal over the past 5 years. Moreover, the company’s annual revenue growth stands strong at 23.86%, outperforming its 3-year CAGR of 17.53%. Over the last 15 years, a mere 2.91% of trading sessions witnessed intraday declines surpassing 5%.
In contrast, ITC Ltd. witnessed a downturn, experiencing a -2.07% decrease from its prior closing value of Rs 450.25, resulting in a last-traded price of Rs 440.95. The company has yielded an impressive 3-year return of 126.54%, exceeding the Nifty 100’s return of 70.5%. Furthermore, the company’s annual revenue growth of 16.66% outperforms its 3-year CAGR of 11.8%.
Advance Decline Ratio
Today, the advance-decline ratio was 0.89, and the market breadth was negative. The volatility index India Vix increased by 0.94 percent to settle at 12.24 and the FIIs were net sellers today.
DAILY MARKET ACTION
Advancers – 1105
Decliners – 1243
52Wk High – 128
52Wk Low – 22
High Band Hitters – 92
Low Band Hitters – 43
200d SMA – 18306
50d SMA – 19291
20d SMA – 19606
Top Gainers and Losers Stocks
The top gainers were Adani Ports (+4.43%), Titan (+2.01%), Adani Enterprises (+1.33%), SBIN (+1.13%), and Bajaj Auto (+1.12%).
The top losers were ITC (-2.07%), LTIM (-2.06%), Power Grid (-1.83%), Reliance (-1.60%), and LT (-1.56%).
Top Gainers and Losers Sector
The top gainers sectors were Consumer Durables (+1.79%), and Realty (+0.12%).
The top losers sectors were FMCG (-0.89%), Oil & Gas (-0.83%), IT (-0.49%), Media (-0.40%), and Pharma (-0.26%).
The Nifty Midcap 50 was up by 0.32 percent, while the Nifty Small Cap 50 was up by 0.22 percent on the day.
The Nifty Midcap 50 index currently closed at 10,872.75, while the Nifty Small Cap 50 index currently closed at 5,341.35.
SECTORS – NOTABLE ACTION
CONSUMER DURABLES +1.79%
OIL & GAS -0.83%
Stocks Ban List
(SEBI) F&O ban list (HINDCOPPER open at -143.15 and close at -142.55), (INDIACEM open at -245.90 and close at -241.05), (GNFC open at +541.90 and close at +542.35), (SAIL open at -85.05 and close at -84.90), (DELTACORP open at -182.05 and close at -182.50), (CHAMBLFERT open at +255.50 and close at +263.70), (GRANULES open at +293.80 and close at -294.05), (ZEEL open at +276.10 and close at -273.85), (IBULHSGFIN open at +166.00 and close at -162.05), (MANAPPURAM open at +149.35 and close at +154.05), and (BALRAMCHIN open at +395.10 and close at +394.60) 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.
PNB, BHEL, RBLBANK, RECLTD, CANFINHOME, MGL, and VEDL stocks has the possibilities of enterance in the ban list.
MANAPPURAM and BALRAMCHIN stocks has the possibilities of exit from the ban list.
As per the above pivots data, 19300 to 19450 is the Nifty 50 trading range.
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This article is only for educational purposes and is not an investment advice.