On 23 February 2024 Nifty 50 Marks Intriguing Trends

Nifty Spot on 23 February 2024

On 23 February 2024, the NSE Nifty commenced trading with a notable gain of 73 points, opening at 22,290.00, a significant uptick from the previous day’s close of 22,217.45. The index quickly surged to a high of 22,297.50 within the first minute of trading. However, market dynamics swiftly changed, leading to a decline, with the Nifty 50 reaching a low of 21,205 near 10:30 AM. Throughout the day, the Nifty spot witnessed fluctuations, ultimately settling at 22,212.70, registering a minor loss of 0.02%. Despite the day’s mixed performance, the Nifty achieved a new intraday life high, reflecting the underlying bullish sentiment.

Today’s NSE Share Bazaar

Bank Nifty’s Volatile Trajectory

In contrast to the Nifty’s performance, Bank Nifty opened on a positive note, gaining 141 points at 47,060.70 compared to the previous day’s close of 46,919.80. The index reached a high of 47,245.35 around 10:20 AM, coinciding with a downward trend in Nifty. However, the initial strength in Bank Nifty was short-lived, as the index plummeted to a low of 46,723.15. Despite efforts to recover, Bank Nifty closed at 46,811.75, marking a loss of 0.23% for the day.

FII and DII Cash Segment Data

On 23 February 2024, Foreign Institutional Investors (FII) exhibited bullish behavior by purchasing equities worth 1,276.09 crores in the cash segment. Similarly, Domestic Institutional Investors (DII) showed confidence in the market by acquiring equities worth 176.68 crores. However, despite institutional buying, the share bazaar remained relatively flat. The long-to-short ratio in Index futures of FII witnessed a slight decrease, standing at 0.78, following a prolonged period of ascent.

FII Derivative Statistics for 23 February 2024

You can download the image below containing the FII derivative statistics for 23 February 2024

NSE NIFTY

The NSE Nifty, a key benchmark index representing the performance of the top 50 stocks listed on the National Stock Exchange, opened at 22,290.00 on 23 February 2024. Throughout the trading session, it recorded a high of 22,297.50 and a low of 22,186.10, before closing slightly lower at 22,212.70 compared to the previous close of 22,217.45, indicating a marginal decline of 0.02%. Notable gainers in the Nifty index included BAJAJFINSV, SBILIFE, and HDFCLIFE, while top losers comprised BPCL, HCLTECH, and MARUTI.

Also Read:

• 26 February 2024: Nifty 50 Performance
• On 22 February 2024 New Highs for NSE Share Market
• 21 February 2024: Analyzing the Performance of NSE Share Bazaar

BANKNIFTY

The Bank Nifty index, which tracks the performance of the banking sector stocks, opened at 47,060.70 on 23 February 2024. It experienced fluctuations throughout the day, reaching a high of 47,245.35 and a low of 46,723.15, ultimately closing at 46,811.75. This represented a decrease of 0.23% from the previous close of 46,919.80. Notable gainers in the Bank Nifty index included BANDHANBNK, IDFCFIRSTB, and AUBANK, while top losers comprised BANKBARODA, PNB, and FEDERALBNK.

Sectoral Indices on 23 February 2024

• NIFTY NEXT 50: The Nifty Next 50 index, comprising stocks ranked 51-100 by market capitalization, opened at 59,172.95 on 23 February 2024. It recorded a high of 59,331.45 and a low of 58,811.95 during the trading session, ultimately closing at 59,153.75. This represented a gain of 0.26% from the previous close of 58,999.00.
• NIFTY MIDCAP 50: The Nifty Midcap 50 index, which reflects the performance of mid-sized companies, opened at 14,031.60 on 23 February 2024. It recorded a high of 14,141.00 and a low of 14,015.25, ultimately closing at 14,062.20. This represented a gain of 0.72% from the previous close of 13,961.95.
• NIFTY AUTO: The Nifty Auto index, representing the automobile sector, opened at 20,692.80 on 23 February 2024. Throughout the trading session, it saw a high of 20,711.00 and a low of 20,540.75, ultimately closing at 20,621.35. This reflected a modest gain of 0.18% from the previous close of 20,584.85. The sector witnessed mixed performances among its constituents, influenced by factors such as consumer demand, production trends, and regulatory developments.
• NIFTY FMCG: The Nifty FMCG index, comprising fast-moving consumer goods companies, opened at 54,528.50 on 23 February 2024. It experienced fluctuations during the day, reaching a high of 54,561.55 and a low of 54,268.75, before closing at 54,337.75. Despite the volatility, the index saw a marginal decrease of 0.15% from the previous close of 54,419.20. FMCG stocks are often considered defensive and tend to exhibit stable performance even during market fluctuations.
• NIFTY IT: The Nifty IT index, which tracks the performance of information technology companies, opened at 38,487.50 on 23 February 2024. Throughout the trading session, it recorded a high of 38,490.45 and a low of 37,980.10, ultimately closing at 38,045.65. This represented a decline of 0.22% from the previous close of 38,130.15. The IT sector is influenced by factors such as global tech trends, currency movements, and demand for software services.
• NIFTY METAL: The Nifty Metal index, representing the metal sector, opened at 8,103.90 on 23 February 2024. It saw fluctuations throughout the day, reaching a high of 8,112.80 and a low of 8,032.50, before closing at 8,047.75. This reflected a decline of 0.27% from the previous close of 8,069.40. The metal sector is sensitive to factors such as commodity prices, global demand, and trade policies.
• NIFTY PHARMA: The Nifty Pharma index, comprising pharmaceutical companies, opened at 18,984.95 on 23 February 2024. It recorded a high of 19,134.80 and a low of 18,957.75 during the trading session, ultimately closing at 19,048.40. This represented a gain of 0.42% from the previous close of 18,969.45. The pharma sector is influenced by factors such as drug approvals, research and development pipelines, and regulatory changes.
• NIFTY PSU BANK: The Nifty PSU Bank index, representing public sector banks, opened at 7,183.00 on 23 February 2024. Throughout the trading session, it witnessed a high of 7,245.95 and a low of 7,059.10, ultimately closing at 7,076.05. This reflected a decline of 1.15% from the previous close of 7,158.60. The performance of PSU banks is influenced by factors such as economic conditions, government policies, and asset quality.
• NIFTY OIL & GAS: The Nifty Oil & Gas index, comprising companies in the oil and gas sector, opened at 11,828.95 on 23 February 2024. It experienced fluctuations during the day, reaching a high of 11,847.45 and a low of 11,707.50, before closing at 11,756.30. This reflected a decline of 0.43% from the previous close of 11,806.75. The sector is influenced by factors such as crude oil prices, exploration activities, and government regulations.

Option Chain Analysis

In the option chain for Nifty with a 29 February 2024 expiry, significant changes were observed in open interest calls and puts. The top three changes in open interest calls included 22200CE, 22300CE, and 22400CE, while notable changes in open interest puts comprised 22200PE, 22300PE, and 22400PE. 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 Nifty 50 index exhibited intriguing trends on 23 February 2024, characterized by initial gains, subsequent decline, and eventual stabilization. While Bank Nifty experienced volatility, the overall sentiment remained cautiously optimistic. Institutional activity, particularly FII buying, underscored confidence in the market, despite the day’s mixed performance across various sectors and indices.