On 22 February 2024, the Nifty 50 index began the day on a positive note, opening with a gain of 26 points at 22,081.55 compared to the previous day’s close of 22,055.05. However, the index experienced a brief downturn, reaching as low as 21,875.25 around 11 AM. Nevertheless, the bulls regained control, and a steady ascent commenced around 12:50 PM, propelling the Nifty spot to a peak of 22,252.50. Ultimately, the Nifty concluded the trading session at 22,217.45, recording a notable gain of 0.74%. This surge marked a new all-time high for the NSE Share Market, with the Nifty closing at its highest level ever.
Mixed Performance for Bank Nifty
While Bank Nifty exhibited strength in the previous trading session, the trend reversed on 22 February 2024. Bank Nifty commenced trading at 46,934.55, registering a decline of 85 points compared to the previous day’s close of 47,019.70. Despite opening at a high of 47,024.05, the index encountered downward pressure throughout the day, reaching a low of 46,426.85. Despite a late-hour surge that supported the Nifty, Bank Nifty failed to close in the green, settling at 46,919.80, marking a decline of 0.21%.
FII/FPI Cash Activity and Market Dynamics On 22 February 2024
On 22 February 2024, Foreign Institutional Investors (FIIs) divested 1,410.05 crores in the cash segment, while Domestic Institutional Investors (DIIs) infused 1,823.68 crores into the equity market. The net selling by FIIs notwithstanding, the market rallied on account of robust DII buying and Nifty’s weekly expiry. The long-to-short ratio in Index futures of FIIs continued to rise, reaching 0.80, indicative of growing bullish sentiment among institutional investors.
FII Derivative Statistics for 22 February 2024
You can download the image below containing the FII derivative statistics for 22 February 2024
NSE Nifty Highlights
The NSE Nifty exhibited noteworthy movements on 22 February 2024. Opening at 22,081.55, the index soared to a high of 22,252.50 and dipped to a low of 21,875.25 before concluding the session at 22,217.45, reflecting a gain of 0.74%. Among the top gainers in the Nifty Index were COALINDIA, BAJAJ-AUTO, and EICHERMOT, while INDUSINDBK, HDFCBANK, and BPCL were among the top losers.
Bank Nifty Performance
In contrast to the previous day’s performance, Bank Nifty faced downward pressure on 22 February 2024. Opening at 46,934.55, the index reached a high of 47,024.05 but ultimately settled at 46,919.80, marking a decline of 0.21%. Noteworthy gainers in the Bank Nifty Index included BANDHANBNK, AXISBANK, and ICICIBANK, while INDUSINDBK, HDFCBANK, and KOTAKBANK were among the top losers.
Also Read: Nifty 50 Marks Intriguing Trends on 23 February 2024
Sectoral Indices Overview
Across various sectoral indices, notable movements were observed on 22 February 2024. The Nifty Next 50 closed at 58,999.00, recording a gain of 1.05%, while the Nifty Midcap 50 surged by 1.07%, closing at 13,961.95. The Nifty Auto, Nifty FMCG, and Nifty IT indices witnessed gains of 1.64%, 0.98%, and 1.94%, respectively. Conversely, the Nifty Metal index recorded a modest gain of 1.17%, while the Nifty Pharma and Nifty PSU Bank indices saw marginal increases of 0.28% and 0.21%, respectively. The Nifty Oil & Gas index closed at 11,806.75, marking a gain of 0.30%.
Option Chain Analysis
In the option chain for Nifty with a 29 February 2024 expiry, notable changes were observed in open interest calls and puts. Top three changes in open interest calls included 22200CE, 22300CE, and 22400CE, while significant changes in open interest puts included 22200PE, 22100PE, and 22000PE. Similarly, in the option chain for Bank Nifty with the same expiry date, prominent changes were noted in open interest calls (47000CE, 46900CE, and 46800CE) and puts (47000PE, 46900PE, and 46800PE).
In conclusion, the NSE Share Market witnessed robust activity on 22 February 2024, with the Nifty 50 achieving record highs and several sectoral indices registering significant gains. Despite fluctuations in Bank Nifty, overall market sentiment remained positive, supported by strong DII buying and favorable FII/FPI data.