NSE Share Bazaar Update – 1 February 2024: Analyzing Nifty, BankNifty, FII DII Data, and Option Chains

A comprehensive overview of the market performance and key indices on the interim budget day.

On 1 February 2024, the National Stock Exchange (NSE) witnessed a dynamic day of trading, marked by volatility and notable movements in various indices. The focus of the day was the Interim Budget, influencing market sentiment and shaping the day’s trading patterns.

Today’s NSE Share Bazaar

NSE NIFTY Performance: On 1 February 2024

The Nifty opened at 21,780.65, showcasing a slight gain compared to the previous close of 21,725.70. The initial trade saw the index touching a low of 21,658.75 before the budget speech. Subsequently, a recovery took place, reaching a high of 21,832.95. The day concluded with a closing price of 21,697.45, reflecting a marginal loss of -0.13%. Despite the volatility, the market maintained a range. Notable gainers in the Nifty Index included MARUTI, POWERGRID, and CIPLA, while GRASIM, LT, and ULTRACEMCO faced losses.

BANKNIFTY Resilience:

BANKNIFTY opened with a slight gain at 46,164.90, compared to the previous day’s close of 45,996.80. After a dip to 45,668.35 in the first hour, the index rebounded, reaching a high of 46,306.90. The day concluded with a closing price of 46,188.65, marking a positive change of 0.42%. In contrast to Nifty’s performance, BANKNIFTY closed in the green, with top gainers including PNB, BANKBARODA, and AXISBANK, while BANDHANBNK, IDFCFIRSTB, and FEDERALBNK faced losses.

Market-Wide Volatility:

The market, on the whole, exhibited volatility on 1 February 2024. Foreign Institutional Investors (FII) sold shares worth 1,879.58 crores in the cash segment, while Domestic Institutional Investors (DII) bought equity worth 872.49 crores. This divergence in trading activities contributed to the overall market dynamics.

Key Index Movements: On 1 February 2024

  • NIFTY NEXT 50: The index opened at 55,673.85, reaching a high of 55,858.30 and a low of 55,168.60. The day concluded with a positive change of 0.38%, closing at 55,508.85.
  • NIFTY AUTO: Starting at 19,351.85, the index reached a high of 19,559.55 and a low of 19,283.35. Closing with a positive change of 0.53%, the index concluded at 19,328.70.
  • NIFTY MIDCAP 50: The index opened at 13,672.35 and maintained a range throughout the day. Closing at 13,529.35, it experienced a change of -0.67%.
  • NIFTY FMCG: Opening at 55,205.85, the index reached a high of 55,792.00 and a low of 55,114.20. Closing with a positive change of 0.26%, the index concluded at 55,215.80.
  • NIFTY IT: Starting at 36,632.50, the index reached a high of 36,951.40 and a low of 36,451.15. Closing with a negative change of -0.28%, the index concluded at 36,534.55.
  • NIFTY METAL: Opening at 8,000.15, the index reached a high of 8,003.80 and a low of 7,869.60. Closing with a negative change of -1.03%, the index concluded at 7,891.05.
  • NIFTY PHARMA: Starting at 18,004.60, the index reached a high of 18,053.10 and a low of 17,734.75. Closing with a negative change of -0.55%, the index concluded at 17,839.20.
  • NIFTY PSU BANK: The index opened at 6,304.40, reaching a high of 6,500.10 and a low of 6,217.15. Closing with a significant positive change of 3.11%, the index concluded at 6,466.45.

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FII/FPI & DII Trading Activity:

On 1 February 2024, in the Capital Market segment, DIIs were net buyers with a value of 872.49 crores, whereas FIIs were net sellers with a value of -1,879.58 crores.

FII Derivative Statistics for 1 February 2024

You can download the image below for the FII derivative stats for 1 February 2024 for your reference:

FII Derivative Statistics for 1 February 2024

Option Chain Data:

For NIFTY with an 8 Feb 2024 Expiry:

  • Top Three Changes in Open Interest Calls:
    1. 21700CE: 40,902
    2. 21800CE: 39,418
    3. 21900CE: 28,126
  • Top Three Changes in Open Interest Puts:
    1. 21800PE: 20,212
    2. 21700PE: 55,476
    3. 21600PE: 28,158

For BANKNIFTY with a 7 Feb 2024 Expiry:

  • Top Three Changes in Open Interest Calls:
    1. 46000CE: 86,572
    2. 46200CE: 34,779
    3. 46300CE: 40,968
  • Top Three Changes in Open Interest Puts:
    1. 46300PE: 18,805
    2. 46200PE: 30,150
    3. 46000PE: 89,341

In summary, 1 February 2024 proved to be an eventful day for the NSE Share Bazaar, with indices experiencing fluctuations, and FII DII data indicating divergent trading sentiments. Investors closely monitored the market movements influenced by the Interim Budget.

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