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.
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.