21 February 2024: Analyzing the Performance of NSE Share Bazaar

Nifty Spot Today: 21 February 2024

On 21 February 2024, the Nifty 50 index, a key benchmark of the NSE Share Bazaar, started the day on a positive note, opening with a gain of 52 points at 22,248.85. The index hit an early high of 22,249.40, showcasing initial strength. However, the momentum shifted, and Nifty 50 dipped to a low of 22,161 near 10:45 AM. Despite a brief recovery around 1 PM, the Nifty spot witnessed a downward trend, reaching a low of 21,997.95. The day concluded with the index closing at 22,055.05, marking a decline of 0.64%. Although the Nifty made a new life high, it couldn’t sustain the upward momentum to close at a new life high for the NSE Share Bazaar.

Today’s NSE Share Bazaar

Nifty Bank Today: 21 February 2024

In contrast to Nifty 50, Nifty Bank exhibited resilience in today’s trade. The Bank Nifty index opened strong at 47,363.40, registering a gain of 269 points compared to the previous close. The opening price also marked the high for the day. Throughout the trading session, Bank Nifty demonstrated stability, with a low of 46,886.95 recorded near the closing of trade. Nifty Bank closed at 47,019.70, experiencing a marginal loss of 0.16%. Despite the decline, Bank Nifty showed better resilience compared to Nifty 50.

FII/FPI Cash Data: 21 February 2024

On 21 February 2024, Foreign Institutional Investors (FIIs) showed moderate activity in the cash segment, with net buying of 284.66 crores. Conversely, Domestic Institutional Investors (DIIs) engaged in selling activities, with a net value of -411.57 crores worth of equity. While the net figures remained moderate, the gross figures reflected typical trading behavior for institutional investors. The long-to-short ratio in Index futures of FII continued its upward trend, reaching 0.73, indicative of increasing bullish sentiment over the past few days.

FII Derivative Statistics for 21 February 2024

You can access the image below, which includes the FII derivative statistics for 21 February 2024.

FII derivative stats For 21 february 2024

NSE Nifty Index

The NSE Nifty index, representing the broader market sentiment, witnessed a mixed trading session. Opening at 22,248.85, it reached a high of 22,249.40 early in the day. However, the index experienced a downward trajectory, touching a low of 21,997.95. Ultimately, it closed at 22,055.05, marking a decrease of -0.64% compared to the previous close of 22,196.95. Top gainers in the Nifty Index included Tata Steel, State Bank of India (SBI), and IndusInd Bank, while top losers comprised Bharat Petroleum Corporation Limited (BPCL), NTPC, and Coal India Limited.

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Bank Nifty Index

The Bank Nifty index, which tracks the performance of banking stocks, showed relative strength in today’s session. Opening at 47,363.40, it maintained stability throughout the day, with a high and low of 47,363.40 and 46,886.95, respectively. Despite closing with a minor loss of -0.16% at 47,019.70, Bank Nifty outperformed the broader market. State Bank of India (SBIN), Bank of Baroda, and IndusInd Bank were among the top gainers, while AU Small Finance Bank, Bandhan Bank, and HDFC Bank witnessed losses.

Sectoral indices: 21 February 2024

  1. NIFTY NEXT 50:
    • The Nifty Next 50 index represents the performance of the next 50 companies listed on the National Stock Exchange (NSE) after the Nifty 50.
    • On the trading day, it opened at 58,913.60, reached a high of 59,104.80, and dipped to a low of 58,204.25 before closing at 58,386.50.
    • Compared to the previous close of 58,706.40, the index experienced a decrease of 0.54%. This indicates a slight downturn in the performance of mid-cap companies represented by this index.
    • The Nifty Midcap 50 index tracks the performance of the top 50 mid-sized companies listed on the NSE.
    • It opened at 14,008.40, hitting a high of 14,033.55 and a low of 13,777.40 during the trading session.
    • The index concluded the day at 13,813.55, showing a decline of 1.22% from the previous close of 13,984.00. This suggests a notable decrease in the performance of mid-cap stocks.
    • This index focuses on the automobile sector, comprising companies involved in the manufacturing and sale of automobiles and related products.
    • The opening, high, low, and closing prices for the trading day were 20,372.00, 20,494.10, 20,192.45, and 20,252.55, respectively.
    • With a change of -0.50% from the previous close of 20,354.25, the Nifty Auto index experienced a moderate decline in value.
    • The Nifty FMCG index tracks the performance of the fast-moving consumer goods sector, including companies engaged in the production and distribution of consumer goods.
    • It opened at 53,975.55, reached a high of 54,226.85, and a low of 53,651.25 before closing at 53,892.35.
    • With a minimal change of 0.02% from the previous close of 53,882.50, the index remained relatively stable.
  5. NIFTY IT:
    • The Nifty IT index comprises IT companies listed on the NSE, including software developers, IT services providers, and technology manufacturers.
    • On 21 February 2024, it opened at 37,938.85, recorded a high of 38,001.45, and a low of 37,302.60, closing at 37,405.90.
    • The index experienced a decrease of 1.64% from the previous close of 38,029.70, indicating a notable decline in IT sector stocks.
    • This index represents the performance of metal companies, including those involved in mining, refining, and manufacturing metal products.
    • On 21 February 2024, it opened at 8,037.70, touched a high of 8,118.90, and a low of 7,937.25, ultimately closing at 7,976.45.
    • With a slight increase of 0.26% from the previous close of 7,955.80, the Nifty Metal index showed modest growth.
    • The Nifty Pharma index tracks pharmaceutical companies listed on the NSE, including drug manufacturers, biotechnology firms, and healthcare companies.
    • It opened at 19,015.75, recorded a high of 19,061.35, and a low of 18,830.10, closing at 18,916.45.
    • The index experienced a decrease of 0.40% from the previous close of 18,993.00, indicating a slight downturn in pharmaceutical stocks.
    • This index focuses on public sector banks listed on the NSE, including major government-owned banking institutions.
    • On 21 February 2024, It opened at 7,135.10, reached a high of 7,253.05, a low of 7,129.05, and closed at 7,143.75.
    • With an increase of 0.60% from the previous close of 7,101.20, the Nifty PSU Bank index showed modest growth.
    • The Nifty Oil & Gas index represents companies in the oil and gas sector, including exploration, production, and refining entities.
    • It opened at 11,977.95, touched a high of 12,009.80, a low of 11,708.35, and closed at 11,771.95.
    • With a decrease of 1.44% from the previous close of 11,943.35, the index experienced a notable decline in oil and gas sector stocks.

Option Chain Data

In the option chain data for the Nifty with a 22 February 2024 expiry, notable changes were observed in both open interest calls and puts. Calls at the 22200 strike saw increased open interest, while puts at the 22100 strike witnessed significant unwinding. For the Bank Nifty with a 29 February 2024 expiry, call options at the 47000 strike recorded increased open interest, while put options at the 47000 strike saw notable additions.

In conclusion, the NSE Share Bazaar on 21 February 2024 witnessed a mixed trading session, with the Nifty 50 index experiencing a decline while the Nifty Bank exhibited resilience. Foreign institutional activity remained moderate, and option chain data reflected dynamic market sentiment. Investors continue to monitor these indicators closely for insights into market trends and potential trading opportunities.

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