Daily Indian Stock Market News 31st March 2023: Here in this Article, we update you with the Daily Stock Market News of India by (03:30 PM), Everyday if the Market is Open.
On Friday, Indian equities gained ground, buoyed by high weightage IT and financials shares. Following a recent correction, investors found valuations appealing, and they anticipate key economic data to help assess the direction of future rate hikes.
As of 12:05 p.m. IST, the (NIFTY) Nifty 50 index climbed 1.14% to 17,276.68, while the (SENSEX) BSE Sensex index of the S&P BSE ticked up 1.18% to 58,644.53.
Every one of the 13 principal sectoral categories made progress. In particular, the financials CNXFINANCE and IT CNXIT indices, which hold significant weight, surged by over 1% each.
After starting the process of demerging its financial services business, Reliance Industries RELIANCE1 climbed over 3.5%. It has the largest market capitalization and weightage on the Nifty 50 index.
Individual stock trading is the primary focus in the F&O Manual, where traders are expected to exhibit a high level of volatility.
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Trading began on a positive note for the final session of the 2022-23 fiscal year, with the market witnessing an upsurge. Despite this, traders remained cautious and expressed concerns about potential fluctuations. At 10:30 am, the Nifty commenced the latest series, recording a 1% increase of 171 points and settling at 17,252.
The market saw gains across all sectors, with banking and metals leading the way as the main drivers of the index.
As per Rajesh Sriwastava, a derivatives trader from Bengaluru, the market’s volatility is predicted for today, advising retail traders to avoid any major risks. Additionally, other traders have also stated that the second half of the trading day is expected to be turbulent.
Throughout the day, the bars visually represent how the open interest (OI) fluctuates. The red bars signify the call option OI, whereas the green bars denote the put option OI.
Regarding options, the most put writing was observed at the 17,200 strikes, indicating that it could be a newly established support level for the day. On the other hand, call writers were dispersed among various strikes to exert pressure on bullish investors.
There was a surge in activity in specific stocks, with Polycab India, Indraprastha Gas, and Piramal Enterprises standing out due to their increased positions. These stocks have recorded a significant uptick of 150 to 100 percent in the last three months, as compared to their previous average.
According to Sriwastava, these stocks may warrant the attention of traders.
The government’s attention was directed toward securing substantial contracts with Defence PSUs. Hindustan Aeronautics and BEL witnessed a prolonged accumulation of orders, indicating a positive market trend. Conversely, Gujarat Gas and Lupin were subject to a bearish onslaught. Please note that the opinions and investment recommendations provided by financial experts on Moneycontrol.com are their own, and users are advised to seek advice from certified professionals before making any investment decisions.
Nearly 80% of the Nifty 50’s components yielded gains, but it seems like the Nifty’s losing streak is poised to extend for the fourth consecutive month, marking its most prolonged period of losses since 2001.
Economists suggest that the recent market correction has positively impacted valuation, making it more appealing to buyers. Morgan Stanley, an esteemed global financial services firm, upgraded India’s rating to “equal weight” from “underweight,” citing favorable valuation and economic resilience.
Bharat Electronics BEL experienced a significant boost of over 7% in its individual stocks after securing various orders from the Ministry of Defence.
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Following a major 44 billion rupee contract win by a joint venture spearheaded by Va Tech Wabag, WABAG shares skyrocketed by almost 9%.
Investors are eagerly anticipating a series of economic indicators, such as current account information and external debt data.
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The United States’ preferred measure of inflation, personal consumption expenditures (PCE) data, will be released later in the day.
The US and European institutions are quick to act in response to the current upheaval, according to Chokkalingam, founder and head of research at Equinomics Research and Advisory. With that said, he also anticipates stability to return to global markets soon.
According to two analysts, the market is expected to experience periods of stagnation until corporate earnings improve noticeably. This may result in little to no significant movement for a couple of months.
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