27 February 2024: NSE Share Market Surges Despite Early Losses / NSE Updates

On the trading day of 27 February 2024, the National Stock Exchange (NSE) Nifty commenced its journey with a slight setback, witnessing a loss of 32 points at 22,090.20 compared to the previous day’s closure at 22,122.05. However, this dip was short-lived as the Nifty Fifty swiftly recovered, marking a low of 22,085.65 in the opening trade but later surging to an impressive high of 22,218.25. The positive momentum continued throughout the day, with the Nifty spot ultimately closing at 22,198.35, nearing its day’s peak. Notably, the Nifty Spot concluded the session with a gain of 0.34%, showcasing resilience despite the initial downtrend.

Today’s NSE Share Bazaar

Table of Contents

Bank Nifty Today: A Tale of Recovery

In parallel with the Nifty, Bank Nifty commenced its trading session on 27 February 2024 with a loss, opening 96 points lower at 46,480.20 compared to the previous day’s close at 46,576.50. Despite an early dip and hitting a low of 46,324.90 around 10:20 AM, Bank Nifty showcased a remarkable recovery trajectory. Subsequently, it reached a high of 46,722.25 during the day, managing to close in the green territory. However, Bank Nifty’s gain of 0.02% lagged behind the Nifty Fifty’s performance, indicating a nuanced market sentiment.

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FII and DII Cash Activity on 27 February 2024 Highlights Institutional Strength

On 27 February 2024, Foreign Institutional Investors (FIIs) exhibited significant activity in the cash segment by selling equities worth 1,509.16 crores, contrasting with Domestic Institutional Investors (DIIs) who bought equities worth 2,861.56 crores. This robust institutional involvement underscored the day’s trading in the NSE Share Market, contributing to market dynamics. Moreover, the long-to-short ratio in FII Index futures increased to 0.84 from the previous session’s 0.82, further reflecting the institutional sentiment driving market movements.

FII Derivative Statistics for 27 February 2024

You can refer to the image below containing the FII derivative statistics for 27 February 2024.

FII derivative stats For 26 february 2024

Nifty50 Performance Overview

The Nifty50 index, a benchmark for Indian equity markets, demonstrated resilience on 27 February 2024 despite early setbacks. Opening at 22,090.20, it navigated through volatile waters to achieve a high of 22,218.25. Ultimately, the index closed at 22,198.35, marking a positive change of 0.34% from the previous day’s close. Notable gainers in the Nifty50 index included TATAMOTORS, POWERGRID, and TCS, while notable losers encompassed HEROMOTOCO, BAJFINANCE, and SBIN, reflecting varied sectoral performances.

BankNifty Index Insights

The BankNifty index, representing the banking sector’s performance, witnessed fluctuations on 27 February 2024. Despite an initial loss, it rallied throughout the trading session, reaching a high of 46,722.25 and ultimately closing in the green with a marginal gain of 0.02%. Top gainers in the BankNifty index included FEDERALBNK, INDUSINDBK, and AUBANK, while prominent losers comprised SBIN, PNB, and IDFCFIRSTB, showcasing the nuanced performance within the banking sector.

Sectoral Performance Analysis

NIFTY NEXT 50: The NIFTY NEXT 50 index represents the performance of the next 50 companies listed on the NSE after the Nifty 50. On 27 February 2024, it opened at 59,246.05 and witnessed fluctuations throughout the day, hitting a high of 59,633.60 and a low of 58,885.05. Ultimately, it closed slightly lower at 59,150.65, marking a marginal decrease of 0.08% from the previous day’s close. This index provides insights into the performance of mid-sized companies and their contribution to the broader market sentiment.
NIFTY MIDCAP 50: The NIFTY MIDCAP 50 index comprises the top 50 mid-sized companies listed on the NSE. On 27 February 2024, it opened at 13,984.40 and experienced fluctuations during the trading session. It reached a high of 14,063.75 and a low of 13,866.20 before closing at 13,931.95, reflecting a decrease of 0.33% from the previous day’s close. The performance of this index offers insights into the mid-cap segment of the market and its relative strength compared to larger companies.
NIFTY AUTO: The NIFTY AUTO index tracks the performance of companies in the automobile sector. On 27 February 2024, it opened at 20,633.40 and displayed positive momentum throughout the day. It reached a high of 20,825.85 and a low of 20,593.00, ultimately closing at 20,788.55, marking a notable increase of 0.71% from the previous day’s close. This index reflects investor sentiment towards the automotive industry, which plays a crucial role in the Indian economy.
NIFTY FMCG: The NIFTY FMCG index monitors the performance of companies in the fast-moving consumer goods sector. On 27 February 2024, it opened at 54,342.80 and experienced fluctuations during the trading session. It reached a high of 54,456.65 and a low of 54,128.40 before closing at 54,306.45, reflecting a slight decrease of 0.02% from the previous day’s close. This index provides insights into consumer demand trends and the performance of FMCG companies in the market.
NIFTY IT: The NIFTY IT index tracks the performance of companies in the information technology sector. On 27 February 2024, it opened at 37,606.70 and displayed positive momentum throughout the day. It reached a high of 37,929.30 and a low of 37,606.70, ultimately closing at 37,870.25, marking a significant increase of 0.72% from the previous day’s close. This index reflects investor sentiment towards the IT industry, which is a key driver of India’s economic growth.
NIFTY METAL: The NIFTY METAL index monitors the performance of companies in the metal and mining sector. On 27 February 2024, it opened at 7,987.50 and witnessed fluctuations during the trading session. It reached a high of 8,016.45 and a low of 7,957.00 before closing at 8,000.55, reflecting a moderate increase of 0.36% from the previous day’s close. This index provides insights into the performance of metal companies and their correlation with global commodity prices.
NIFTY PHARMA: The NIFTY PHARMA index tracks the performance of companies in the pharmaceutical sector. On 27 February 2024, it opened at 18,946.45 and displayed positive momentum throughout the day. It reached a high of 19,075.85 and a low of 18,897.45, ultimately closing at 19,064.20, marking a notable increase of 0.57% from the previous day’s close. This index reflects investor sentiment towards the pharmaceutical industry, which is vital for healthcare and contributes significantly to India’s GDP.
NIFTY PSU BANK: The NIFTY PSU BANK index monitors the performance of public sector banks listed on the NSE. On 27 February 2024, it opened at 7,054.45 and experienced fluctuations during the trading session. It reached a high of 7,079.80 and a low of 6,944.05 before closing at 7,001.40, reflecting a decrease of 0.56% from the previous day’s close. This index provides insights into the performance of PSU banks and their role in India’s banking sector.
NIFTY OIL & GAS: The NIFTY OIL & GAS index tracks the performance of companies in the oil and gas sector. On 27 February 2024, it opened at 11,755.20 and witnessed fluctuations during the trading session. It reached a high of 11,778.25 and a low of 11,616.45 before closing at 11,684.15, reflecting a decrease of 0.73% from the previous day’s close. This index provides insights into the performance of oil and gas companies and their correlation with global energy prices.

Option Chain Analysis for NIFTY and BANKNIFTY

In the option chain for NIFTY with a 29 February 2024 expiry date, notable changes in open interest were observed. Top gainers in open interest calls included 22200CE, 22500CE, and 22300CE, while significant changes in open interest puts were recorded for 22000PE, 22200PE, and 22100PE, indicating prevailing sentiment and potential price movements.

For BANKNIFTY’s option chain with the same expiry date, substantial shifts in open interest were noted. Notable changes in open interest calls included 46500CE, 46600CE, and 46700CE, whereas significant movements in open interest puts were observed for 46600PE, 46500PE, and 46700PE, further illustrating market sentiment and potential areas of interest for traders.

In conclusion, the trading day of 27 February 2024 witnessed dynamic movements in the NSE Share Market, characterized by resilient performances from the Nifty50 and BankNifty indices amid fluctuations. Institutional activity remained robust, influencing market dynamics, while option chain data provided insights into prevailing sentiments and potential price trajectories for traders and investors alike.