On 12 February 2024, the NSE stock market witnessed mixed sentiments with the Nifty and BankNifty indices experiencing fluctuations throughout the trading session. Let’s delve into the key data points and trends that shaped the day’s market performance.
Nifty Index Analysis On 12 February 2024
Opening the day at 21,800.80, the Nifty index showed initial strength, reaching a high of 21,831.70 within minutes. However, the index soon succumbed to selling pressure, touching a low of 21,574.75 before settling at 21,616.05, marking a decline of 0.76% from the previous close. This downward movement continued the recent trend of bearish sentiment in the market.
BankNifty Index Insights On 12 February 2024
Starting at 45,664.30, the BankNifty index surged early, reaching a high of 45,748.50. Despite this initial momentum, it faced significant selling pressure, dropping to a low of 44,633.85 during the day. Eventually, it closed at 44,882.25, marking a notable loss of 1.65%. The index’s performance indicated increased volatility and a bearish outlook in the banking sector.
FII and DII Cash Activity For 12 February 2024
On 12 February 2024, Foreign Institutional Investors (FII) and Domestic Institutional Investors (DII) played a crucial role in market dynamics. FIIs bought equities worth 126.60 crores, while DIIs exhibited stronger buying activity, purchasing equities worth 1,711.75 crores in the cash segment. However, despite these substantial investments, the market remained under pressure, primarily due to derivative activities.
FII Derivative Statistics for 12 February 2024
You can save the image below for the FII derivative statistics for 12 February 2024.
Nifty Option Chain Analysis
In the Nifty option chain for the 15 February 2024 expiry, notable changes in Open Interest (OI) were observed. The top three changes in OI for calls were seen in the 21500CE, 21600CE, and 21700CE strikes. Conversely, for puts, significant changes were witnessed in the 21650PE, 21800PE, and 21600PE strikes.
BANKNIFTY Option Chain Data
Analyzing the BANKNIFTY option chain for the 14 February 2024 expiry, substantial changes in OI were recorded. The top three changes in OI for calls were observed in the 45000CE, 44900CE, and 44800CE strikes. Conversely, for puts, notable changes were seen in the 45000PE, 45500PE, and 44800PE strikes.
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Sectoral Indices Performance Analysis
In addition to the broader Nifty and BankNifty indices, various sectoral indices provide insights into the performance of specific segments within the market. Let’s delve into the performance of key sectoral indices on 12 February 2024:
NIFTY NEXT 50
The NIFTY NEXT 50 index represents the performance of the next 50 companies on the NSE after the Nifty 50. On 12 February 2024, this index opened at 57,559.70 and saw a high of 57,698.70 before declining to a low of 56,104.00. It closed at 56,323.70, indicating a decline of 1.93% from the previous close. The performance of this index is essential as it reflects the performance of mid-cap companies and provides insights into market breadth beyond the Nifty 50.
NIFTY MIDCAP 50
The NIFTY MIDCAP 50 index tracks the performance of the top 50 mid-cap companies on the NSE. Opening at 13,896.20, it reached a high of 13,899.20 before dipping to a low of 13,541.50. Finally, it closed at 13,579.30, marking a decline of 1.89% from the previous close. The performance of mid-cap companies is closely watched as it reflects the growth potential and risk appetite of investors beyond large-cap stocks.
NIFTY AUTO
On 12 February 2024, The NIFTY AUTO index comprises companies in the automobile sector. Opening at 19,644.00, it reached a high of 19,653.15 and a low of 19,364.50. It closed at 19,419.60, indicating a decrease of 0.80% from the previous close. Factors such as consumer sentiment, input costs, and regulatory changes significantly influence the performance of this index.
NIFTY FMCG
The NIFTY FMCG index represents the fast-moving consumer goods sector. On 12 February 2024, opening at 54,005.55, it saw a high of 54,036.00 and a low of 53,231.50. It closed at 53,292.95, marking a decline of 1.07% from the previous close. This index’s performance is indicative of consumer spending patterns, brand strength, and market penetration of FMCG companies.
NIFTY IT
The NIFTY IT index tracks the performance of IT companies listed on the NSE. Opening at 37,770.00, it reached a high of 38,285.35 and maintained a low of 37,770.00. It closed at 37,998.00, reflecting an increase of 0.79% from the previous close. Factors such as global technological trends, currency fluctuations, and demand for IT services impact this index’s performance.
NIFTY METAL
The NIFTY METAL index represents companies in the metal sector. Opening at 8,135.75, it reached a high of 8,182.95 before declining to a low of 7,863.25. It closed at 7,901.65, indicating a decrease of 2.40% from the previous close. This index’s performance is closely tied to factors such as commodity prices, global demand, and government policies affecting the metal industry.
NIFTY PHARMA
The NIFTY PHARMA index comprises pharmaceutical companies listed on the NSE. Opening at 18,685.65, it reached a high of 18,850.30 and a low of 18,605.20. It closed at 18,669.55, reflecting an increase of 0.28% from the previous close. Factors such as regulatory approvals, research and development pipelines, and global healthcare trends influence this index’s performance.
NIFTY PSU BANK
The NIFTY PSU BANK index tracks the performance of public sector banks in India. Opening at 6,981.65, it saw a high of 6,984.55 and a low of 6,583.80. It closed at 6,637.05, marking a decline of 4.43% from the previous close. This index’s performance is closely linked to factors such as government policies, economic conditions, and asset quality of public sector banks.
NIFTY OIL & GAS
The NIFTY OIL & GAS index represents companies in the oil and gas sector. Opening at 11,510.25, it reached a high of 11,561.15 and a low of 11,190.60. It closed at 11,239.05, indicating a decrease of 2.62% from the previous close. This index’s performance is influenced by factors such as crude oil prices, global demand-supply dynamics, and regulatory changes affecting the energy sector.
Sectoral indices provide valuable insights into the performance of specific segments within the market, allowing investors to assess opportunities and risks associated with different industries. On 12 February 2024, these indices exhibited varied performances, reflecting the diverse dynamics at play in the Indian stock market. Understanding sectoral trends alongside broader market movements is essential for making informed investment decisions.
Conclusion
The trading session on 12 February 2024 depicted a mixed picture in the NSE stock market. While indices like Nifty and BankNifty faced downward pressure, institutional buying activity remained strong. Additionally, option chain data provided insights into market sentiment and expectations. Investors navigated through volatility, keeping a close watch on both domestic and global factors shaping market movements. As the market continues to evolve, staying informed and adaptable remains crucial for investors seeking to navigate the dynamic landscape of the stock market.