March 2024

Discover the latest market updates from 1 March 2024, as the Nifty scales new heights and Bank Nifty leads the charge. Explore the surge in institutional investments and upcoming trading insights in this comprehensive overview.

Nifty Hits New Life High on 1 March 2024

On 1 March 2024, the NSE Share Bazaar witnessed a remarkable start with the Nifty opening at 22,048.30, marking a gain of 66 points from the previous close. This upward trajectory continued throughout the day, culminating in the Nifty Fifty reaching a new pinnacle at 22,353.30. Investor sentiment remained buoyant as the Nifty spot concluded the day at 22,338.75, reflecting a notable surge of 1.62%.

Yesterday’s market, characterized by light activity post the monthly expiry, saw a dramatic turnaround, fueled by better-than-expected GDP data, propelling today’s rally. Notably, barring the IT and Pharma sectors, all other sectors exhibited robust performance. Banks emerged as the frontrunners, spearheading the Nifty’s ascent, ultimately achieving both a new life high and a new closing high.

Today’s NSE Share Bazaar

Bank Nifty Ascends Strongly

Simultaneously, Bank Nifty commenced trading on 1 March 2024 with a notable gain, opening at 46,218.00, up by 98 points from the previous close. The banking sector witnessed an unrelenting surge throughout the day, with shares consistently reaching new highs. Within just five minutes of trading, Nifty Bank surged to 46,500, setting the tone for the day. Notably, Bank Nifty exhibited greater strength compared to Nifty, concluding the session at 47,286.90, boasting a substantial gain of 2.53%.

Institutional Investment Trends

FII activity on 1 March 2024 saw a net investment of 128.94 crores in the cash segment, while DII displayed even greater fervor, injecting equity worth 3,814.53 crores into the market. This aggressive investment stance by domestic institutional players underscored positive market sentiment. While FIIs remained relatively passive, DIIs exhibited remarkable aggression. The long-to-short ratio in FII index futures witnessed a marginal decline from the previous session, standing at 0.53 on this trading day.

FII Derivative Statistics for 1 March 2024

You can save the image below for the FII derivative statistics for 1 March 2024.

Upcoming Trading Session

Looking ahead, 2 March 2024, is poised to witness a special live trading session conducted by stock exchanges. Divided into two parts, the first segment will commence at the normal site from 9:15 AM to 10 AM, followed by the second session at the disaster recovery site from 11:30 AM to 12:30 PM.

Also Read:

• Nifty Makes New High: Evening Star?
• Insights into 29 February 2024
• NSE Share Bazaar Analysis on 28 February 2024

Sectoral Indices on 1 March 2024

• Nifty Next 50: On 1 March 2024, the Nifty Next 50 index commenced trading with an open price of 59,315.40, marking a positive start to the day’s session. As trading progressed, the index continued its upward trajectory, reaching a high of 59,578.20. Despite fluctuations, the Nifty Next 50 maintained its resilience, closing at 59,506.75 with a gain of 0.87% compared to the previous day’s close. This performance reflects the strength of the broader market beyond the top 50 stocks, providing investors with valuable insights into the overall market sentiment and trends.
• Nifty Midcap 100: The Nifty Midcap 100 index opened at 48,574.95 on 1 March 2024, signaling a positive sentiment among mid-cap stocks. Throughout the trading session, the index displayed consistent growth, reaching a high of 48,830.50. This upward momentum underscores investor interest and confidence in mid-cap companies. By the end of the day, the Nifty Midcap 100 closed at 48,790.60, reflecting a notable gain of 0.94% from the previous close. The performance of this index provides valuable insights into the performance of mid-sized companies and their contribution to the overall market dynamics.
• Nifty Auto: The Nifty Auto index kicked off the trading session on 1 March 2024 with an open price of 20,485.75, indicating positive momentum in the automotive sector. As the day progressed, the index witnessed significant gains, reaching a high of 20,918.25. This strong performance can be attributed to factors such as favorable economic indicators and increased consumer demand for automobiles. The Nifty Auto index closed at 20,871.95, registering a notable gain of 2.25% compared to the previous day’s close. The performance of this index serves as a barometer for the health of the auto industry, providing investors with insights into sector-specific trends and developments.
• Nifty FMCG: The Nifty FMCG index commenced trading on 1 March 2024 with an open price of 54,272.85, reflecting positive sentiment towards fast-moving consumer goods (FMCG) stocks. Throughout the trading session, the index exhibited steady growth, reaching a high of 54,559.65. Despite minor fluctuations, the Nifty FMCG index closed at 54,225.15, registering a modest gain of 0.39% from the previous close. This performance highlights the resilience of FMCG companies in the face of market volatility, underscoring their importance in the consumer goods sector and their ability to withstand economic headwinds.
• Nifty IT: The Nifty IT index opened at 37,823.70 on 1 March 2024, signaling a mixed sentiment towards the information technology (IT) sector. However, as the trading session progressed, the index experienced slight downward pressure, reaching a low of 37,462.85. By the end of the day, the Nifty IT index closed at 37,516.05, registering a marginal decline of 0.54% compared to the previous close. This performance reflects the challenges faced by the IT sector, including global economic uncertainties and currency fluctuations. Nonetheless, the Nifty IT index remains a key benchmark for tracking the performance of IT companies in the Indian market, providing investors with valuable insights into sector-specific trends and developments.
• Nifty Metal: The Nifty Metal index opened on a positive note on 1 March 2024, with an open price of 7,992.80, signaling bullish sentiment towards metal stocks. As the trading session progressed, the index witnessed robust growth, reaching a high of 8,225.65. This surge can be attributed to factors such as increased infrastructure spending and global demand for metals. By the end of the day, the Nifty Metal index closed at 8,208.50, registering a significant gain of 3.62% compared to the previous close. This performance underscores the resilience of the metal sector and its contribution to overall market dynamics, providing investors with valuable opportunities for diversification and growth.
• Nifty Pharma: The Nifty Pharma index opened at 19,058.00 on 1 March 2024, with a cautious sentiment prevailing in the pharmaceutical sector. Throughout the trading session, the index faced downward pressure, reaching a low of 18,796.90. By the end of the day, the Nifty Pharma index closed at 18,822.30, registering a decline of 0.95% compared to the previous close. This performance reflects the challenges faced by the pharmaceutical industry, including regulatory issues and pricing pressures. However, the Nifty Pharma index remains an important benchmark for tracking the performance of pharmaceutical companies in the Indian market, providing investors with insights into sector-specific trends and developments.
• Nifty PSU Bank: The Nifty PSU Bank index opened on a positive note on 1 March 2024, with an open price of 6,978.85, signaling bullish sentiment towards public sector banks. Throughout the trading session, the index witnessed robust growth, reaching a high of 7,090.35. This surge can be attributed to factors such as improved economic outlook and government initiatives to boost the banking sector. By the end of the day, the Nifty PSU Bank index closed at 7,080.75, registering a significant gain of 2.18% compared to the previous close. This performance underscores the resilience of PSU banks and their contribution to overall market dynamics, providing investors with valuable opportunities for growth and investment diversification.
• Nifty Oil & Gas: The Nifty Oil & Gas index commenced trading on 1 March 2024 with an open price of 11,544.25, signaling positive sentiment towards the oil and gas sector. Throughout the trading session, the index witnessed strong gains, reaching a high of 11,746.15. This surge can be attributed to factors such as rising crude oil prices and increased demand for energy commodities. By the end of the day, the Nifty Oil & Gas index closed at 11,715.40, registering a notable gain of 2.25% compared to the previous close. This performance underscores the importance of the oil and gas sector in driving overall market dynamics, providing investors with valuable opportunities for growth and diversification.

Option Chain Insights

Option chain data for Nifty, with an expiry date of 7 March 2024, revealed notable changes in open interest. Among calls, the 22400CE and 22300CE experienced significant increases, while the 22000CE witnessed a decline. Conversely, among puts, the 22000PE registered a substantial rise, accompanied by gains in the 22400PE and 22500PE.

For Bank Nifty, slated to expire on 6 March 2024, changes in open interest were observed predominantly in calls and puts. The 47500CE recorded a notable surge, whereas the 46000CE witnessed a decline. Among puts, the 47000PE stood out with a significant increase, followed by gains in the 47300PE and 47500PE.

In summary, 1 March 2024, witnessed an exceptional performance in the stock market, marked by the Nifty achieving new heights, robust activity in the banking sector, and pronounced institutional investment trends. As investors gear up for the upcoming trading session, the market remains poised for further developments and opportunities.

Prepare for SEBI’s special trading session with insights on circuit filters, settlement procedures, and market dynamics. Stay informed to navigate tomorrow’s trading with confidence.

The Securities and Exchange Board of India (SEBI) has mandated a special trading session to bolster market resilience in the face of potential contingencies. This initiative aims to ensure that exchanges can seamlessly transition to a disaster recovery site if needed. Let’s delve into the details of this unique trading arrangement.

Today’s NSE Share Bazaar

Two-Session Structure for Live Trading

The special trading session comprises two distinct segments, each replicating regular trading activities. The first session kicks off at 9:00 a.m., featuring a pre-open period until 9:08 a.m., followed by an hour-long live trading session until 10:00 a.m. Notably, live trading will commence at the primary site and later transition to the disaster recovery site.

Also Read:

• 1 March 2024: Nifty Hits New Highs, Bank Nifty Leads Surge
• Insights into 29 February 2024

Transition to Disaster Recovery Site

Following the initial session, a switch to the disaster recovery site occurs. The second session’s pre-open phase starts at 11:15 a.m., concluding at 11:23 a.m., paving the way for trading from 11:30 a.m. to 12:30 p.m. This segment operates exclusively from the disaster recovery site, ensuring continuous market access.

Key Highlights and Changes of SEBI’s Special Trading Session

Tomorrow’s trading session introduces notable changes, including a 5% circuit filter for all securities, including FNO (Futures and Options) securities, a departure from regular trading norms. However, stocks subject to a 2% circuit filter will maintain their existing thresholds. Importantly, all pending orders from the first session will be annulled before transitioning to the disaster recovery site, prohibiting intraday trading.

Settlement and Trading Considerations

Given that March 2nd falls on a Saturday, it is a designated clearing holiday. Consequently, any bill credits or intraday profits accrued on this day won’t reflect in limits, with trades from both Friday and Saturday being settled together on Monday, March 4th. Traders are advised against selling shares purchased on Friday during the special session on the following day.

Risk Management and Mutual Fund Activity

Risk management procedures, such as RMS selling, will proceed as usual, underscoring the importance of maintaining adequate margins in demat accounts. While mutual fund activities typically remain operational on Saturdays, they will be suspended during this special trading session.

Conclusion: Preparing for Market Contingencies

SEBI’s initiative to conduct a special trading session underscores its commitment to fortifying market infrastructure against potential disruptions. Traders and investors must be cognizant of the unique aspects of tomorrow’s trading, including circuit filter adjustments and settlement considerations. By adhering to these guidelines, market participants can navigate the session with confidence, ensuring continuity and stability in India’s financial markets.

Explore the highlights of the Indian stock market on 29 February 2024, including the performance of Nifty Fifty and insights into FII/DII data. Gain valuable insights into market movements and institutional activity to stay informed and make informed investment decisions.

29 February 2024: Nifty Fifty Today

On the trading day of 29 February 2024, the NSE Share Bazaar commenced its journey with a slight loss of 16 points, opening at 21,935.20, compared to the prior day’s close of 21,951.15. Nifty Fifty, the benchmark index, displayed a volatile performance, initially attempting a recovery to reach 22,022 around 10 AM. However, bears quickly regained control, pushing the Nifty Spot to a low of 21,860.65 by 10:15 AM. Despite the early setback, Nifty 50 managed to bounce back by 100 points from its low, consolidating for four hours. As the day progressed, the expiry-related movements led to a surge, propelling the Nifty Spot to its peak of 22,060.55 during the closing session. Ultimately, Nifty Spot concluded the day with a modest gain of 0.14%, closing at 21,982.80.

Today’s NSE Share Bazaar

NiftyBank Today

Simultaneously, Bank Nifty initiated trading on 29 February 2024 with a loss of 82 points, opening at 45,881.45 compared to the previous close of 45,963.15. The early hours witnessed a dip, with Nifty Bank touching a low of 45,661.75 around 10:10 AM. However, demonstrating resilience, NiftyBank embarked on a recovery journey, reaching a high of 46,329.65 throughout the day. Despite prevailing volatility, the banking sector exhibited a bullish trend, evident in NiftyBank’s closing at 46,120.90, marking a gain of 0.34%.

FII/DII Data Analysis

On 29 February 2024, Foreign Institutional Investors (FIIs) displayed significant activity in the cash segment, accumulating stocks worth 3,568.11 crores. Conversely, Domestic Institutional Investors (DIIs) were observed selling equities valued at 230.21 crores in the same segment. Notably, institutional players appeared to be more engaged in expiry adjustments rather than actively influencing market movements. The long-to-short ratio in Index futures for FIIs experienced a decline from 0.83 to 0.54 compared to the previous closing session, indicative of adjustments made in both long and short positions, primarily due to the monthly expiry. The change in ratio suggests a higher proportion of long positions being closed relative to short positions.

Also Read:

• SEBI’s Special Trading Session
• 1 March 2024: Nifty Hits New Highs, Bank Nifty Leads Surge
• NSE Share Bazaar Analysis on 28 February 2024
• 27 February 2024: NSE Share Market Surges Despite Early Losses

FII Derivative Statistics for 29 February 2024

You can save the image below for the FII derivative statistics for 29 February 2024.

Nifty Fifty Analysis

The NSE Nifty, the primary equity index of the National Stock Exchange, witnessed fluctuations throughout the trading day. Opening at 21,935.20, it reached a high of 22,060.55 and a low of 21,860.65 before settling at 21,982.80. The marginal gain of 0.14% indicated a relatively stable performance despite the intraday volatility. Among the top gainers in the Nifty Index were ADANIENT, ADANIPORTS, and INDUSINDBK, while APOLLOHOSP, BAJAJ-AUTO, and LTIM faced losses.

NiftyBank Analysis

Bank Nifty, representing the banking sector’s performance, demonstrated resilience amidst market fluctuations. Opening at 45,881.45, it recorded a high of 46,329.65 and a low of 45,661.75 before closing at 46,120.90, registering a gain of 0.34%. Noteworthy gainers in the BankNifty Index included INDUSINDBK, BANKBARODA, and PNB, whereas AUBANK, HDFCBANK, and AXISBANK were among the top losers.

NIFTY NEXT 50 Analysis

The NIFTY NEXT 50 index, comprising the next 50 stocks on the National Stock Exchange after the Nifty 50, exhibited a robust performance on 29 February 2024. Opening at 58,390.80, it surged to a high of 59,256.30 and maintained a low of 57,803.70 before closing at 58,991.35. This represented a notable increase of 1.03% from the previous day’s close at 58,387.30. The index’s strong performance indicated positive sentiment among mid-cap stocks, reflecting investors’ confidence in the broader market beyond the top 50 companies.

NIFTY MIDCAP 100 Analysis

The NIFTY MIDCAP 100 index, tracking the performance of the top 100 mid-cap companies listed on the National Stock Exchange, demonstrated resilience amidst market fluctuations on 29 February 2024. Starting the day at 48,098.65, it reached a high of 48,470.80 and experienced a low of 47,548.80 before concluding at 48,335.70. This marked a commendable increase of 0.51% compared to the previous day’s close at 48,089.10. The index’s upward movement indicated investors’ interest in mid-cap stocks, contributing to the overall positive sentiment in the market.

NIFTY AUTO Analysis

The NIFTY AUTO index, comprising stocks from the automobile sector, witnessed moderate gains on 29 February 2024. Opening at 20,317.80, it reached a high of 20,481.75 and dipped to a low of 20,230.20 before settling at 20,412.40. This represented a marginal increase of 0.20% from the previous day’s close at 20,372.35. Despite facing some volatility, the index managed to maintain stability, reflecting mixed sentiment within the auto industry amidst economic and regulatory developments.

NIFTY FMCG Analysis

The NIFTY FMCG index, tracking the performance of the fast-moving consumer goods sector, showcased positive momentum on 29 February 2024. Starting the day at 53,836.75, it climbed to a high of 54,113.30 and maintained a low of 53,453.50 before closing at 54,015.60. This represented a modest increase of 0.35% compared to the previous day’s close at 53,824.90. The index’s upward trajectory indicated sustained consumer demand and investor interest in FMCG stocks, underscoring their defensive nature in volatile market conditions.

NIFTY IT Analysis

The NIFTY IT index, comprising stocks from the information technology sector, experienced slight fluctuations on 29 February 2024. Opening at 37,616.20, it reached a high of 37,896.05 and dipped to a low of 37,414.95 before settling at 37,720.40. This represented a marginal decrease of -0.06% from the previous day’s close at 37,741.75. The index’s mixed performance reflected varying investor sentiment towards IT stocks amidst global economic uncertainties and currency fluctuations impacting the sector’s outlook.

NIFTY METAL Analysis

The NIFTY METAL index, tracking the performance of metal stocks, demonstrated strong gains on 29 February 2024. Starting the day at 7,859.75, it surged to a high of 7,965.95 and maintained a low of 7,812.00 before concluding at 7,921.90. This marked a significant increase of 0.91% compared to the previous day’s close at 7,850.35. The index’s robust performance indicated optimism regarding the metal sector, driven by factors such as rising demand, favorable commodity prices, and positive industrial activity indicators.

NIFTY PHARMA Analysis

The NIFTY PHARMA index, comprising pharmaceutical stocks, displayed moderate gains on 29 February 2024. Opening at 18,930.65, it reached a high of 19,056.45 and experienced a low of 18,761.25 before settling at 19,003.15. This represented a modest increase of 0.32% compared to the previous day’s close at 18,942.55. The index’s upward movement indicated resilience in the pharmaceutical sector amidst ongoing healthcare developments and regulatory changes impacting the industry landscape.

NIFTY PSU BANK Analysis

The NIFTY PSU BANK index, tracking the performance of public sector banks, exhibited notable gains on 29 February 2024. Starting the day at 6,845.65, it climbed to a high of 6,981.75 and maintained a low of 6,759.10 before closing at 6,929.85. This marked a significant increase of 1.30% compared to the previous day’s close at 6,840.60. The index’s strong performance indicated renewed investor confidence in PSU banks, potentially driven by factors such as government policies, economic recovery prospects, and banking sector reforms.

NIFTY OIL & GAS Analysis

The NIFTY OIL & GAS index, comprising stocks from the oil and gas sector, demonstrated stability on 29 February 2024. Opening at 11,456.70, it reached a high of 11,516.10 and dipped to a low of 11,376.75 before settling at 11,457.50. This represented a marginal increase of 0.14% compared to the previous day’s close at 11,441.60. The index’s steady performance reflected a balanced outlook for the oil and gas sector amidst ongoing geopolitical developments, supply-demand dynamics, and energy transition trends.

Option Chain Insights

Analyzing the option chain data for NIFTY with a 7 March 2024 expiry, significant changes were observed in Open Interest Calls and Puts. Notable increases in Open Interest Calls were witnessed for 22000CE, 22100CE, and 21900CE, while substantial rises in Open Interest Puts were noted for 22000PE, 21900PE, and 21800PE. Similarly, for BANKNIFTY with a 29 February 2024 expiry, prominent changes were observed in Open Interest Calls and Puts, highlighting potential areas of interest for market participants.

In conclusion, the trading day of 29 February 2024 witnessed dynamic movements in the Indian stock market, characterized by volatility in major indices, notable institutional activity, and intriguing developments in the option chain data. Investors and traders remained vigilant amidst the evolving market landscape, utilizing available data to make informed decisions.