Sensex and Nifty Today
The Lok Sabha’s approval of the Finance Bill 2023, along with certain changes, had a significant impact on the Indian equity market today. This resulted in a turbulent trading session on March 24, 2023, which forced Sensex and Nifty to end on a dismal note. The Sensex ultimately fell by 398.18 points, or 0.69 percent, to close at 57,527.10 at the end of the trading day.
Similarly, the Nifty 50 fell by 131.90 points, or 0.77 percent, to close at 16,945. Even though the day started out depressingly, intense second-half selling pressure forced the indices to end up near the day’s low point. The Sensex and Nifty dropped 0.8% and 0.9% respectively for the week.
The revised Finance Bill imposes short-term capital gains on debt Mutual Funds (MFs) which invest less than 35 percent of their assets in equities. But the amended bill also increased the securities transaction tax (STT) on the sale of F&O contracts by up to 25 percent.
Investors and traders didn’t aware of the unexpected change in Finance Bill 2023. So, the Indian benchmark indices Sensex and Nifty reacted negatively to the development. Finally, Nifty gave up its strength above the psychological level at 17000 on a closing basis either in daily or weekly charts.
Banknifty Today
The global sentiment was weak today due to the plunge in Deutsche Bank’s share price. It has dropped by 14% due to a sudden increase in the cost of insuring against its default. This renewed bout of stress has caused a ripple effect on the Nifty Bank. The Banknifty spot has fallen by 382.15 points or 0.96 percent today. The decline in the Nifty Bank reflects the nervousness of investors. So, today’s slide was a reflection of their lack of confidence in the current market conditions. How this situation develops over the weekend is still uncertain. So, the steps that financial institutions take to stabilize the markets will be important to see.
Top Nifty Gainers of the Day
| Company Name | Stock Price | Change | Percentage Change |
|---|---|---|---|
| Cipla Ltd | 877.25 | 8.15 | 0.94% |
| Kotak Mahindra Bank Ltd | 1,692.15 | 12.45 | 0.74% |
| Infosys Ltd | 1,380.65 | 6.10 | 0.44% |
| Dr Reddys Laboratories Ltd | 4,464.15 | 17.20 | 0.39% |
| Apollo Hospitals Enterprise Ltd | 4,283.35 | 10.30 | 0.24% |
| Tech Mahindra Ltd | 1,101.95 | 2.50 | 0.23% |
| Divis Laboratories Ltd | 2,807.00 | 3.90 | 0.14% |
| Power Grid Corporation of India Ltd | 222.40 | 0.25 | 0.11% |
| Wipro Ltd | 361.75 | 0.25 | 0.07% |
| Asian Paints Ltd | 2,798.50 | 0.70 | 0.03% |
Top Nifty Losers of the Day
| Company Name | Stock Price | Change | Percentage Change |
|---|---|---|---|
| Bajaj Finserv Ltd | 1,240.65 | -49.35 | -3.83% |
| Bajaj Finance Ltd | 5,649.25 | -183.80 | -3.15% |
| Adani Enterprises Ltd | 1,740.65 | -53.35 | -2.97% |
| Tata Steel Ltd | 102.10 | -2.80 | -2.67% |
| Hindalco Industries Ltd | 388.40 | -10.40 | -2.61% |
| Adani Ports & Special Economic Zone Ltd | 638.00 | -16.95 | -2.59% |
| Coal India Ltd | 208.45 | -4.90 | -2.30% |
| Oil & Natural Gas Corpn Ltd | 149.40 | -3.40 | -2.23% |
| Hero MotoCorp Ltd | 2,313.35 | -49.15 | -2.08% |
| Reliance Industries Ltd | 2,203.30 | -44.50 | -1.98% |
Global Cues of the Day
U.S. markets declined on Friday as a result of worries about the banking sector. The S&P 500 was down 0.7%, the NASDAQ Composite was down 0.6%, and the Dow Jones Industrial Average was down 0.7%. Also, the DAX, CAC, and FTSE were down 1.5 to 2 percent in today’s session. The price of Deutsche Bank’s credit default swaps reached a four-year high. It led to stock declines among the biggest banks in the American and European markets.
Congress was informed by Treasury Secretary Janet Yellen that additional measures would be taken to safeguard the security of bank deposits. Futures traders now anticipate that the Federal Reserve will stop rising interest rates in May.
Conclusion
Today’s market fall has led to significant technical developments in the Nifty 50 index. The index has closed below 17000 on both the daily and weekly charts after a gap of 6-9 months. The last time the index closed below 17000 on a daily basis was on 11th October 2022. On a weekly basis, it was in July 2022. As a result, the daily and weekly closing setup of the Nifty 50 index has become discouraging for the coming days.
