Daily Summary: Intraday Activity Signals Exhaustion of Bears; 4 Highest Gainers Hit 10% Positive Circuit Breakers

The NEPSE index gained 2.68 points today and closed at 2,664.61. This is a peculiar movement of the market after taking double-digit hits in the two previous trading days. The index opened at 2,673.24 and went on a nosedive to the intraday low of 2,646.43. Nonetheless, the index was then quick to rebound and create the intraday high at 2,684.55, before ultimately closing at 2,664.61.

12,369,501 shares traded hands via 65,793 transactions. The trading of 216 scrips brought the total market turnover to a little over Rs. 5.53 Arba.

It is interesting to observe that the candlestick chart of the NEPSE index shows a declining momentum in bearish sentiment. The index creating an all-time high during Nepali New Year's Eve must have spooked investors. Selling frenzy immediately started and the index lost in double digits two days in a row. However, each candle is smaller than the last, and there is a decline in market activity with each subsequent session, possibly signaling that the bears are exhausting themselves.

However, investors will probably not take this as a declaration. Investors will likely watch upcoming market movement as it unravels to ascertain the future trend of the overall market. Nonetheless, it is worth noting that the index has also rested at the psychological support level created by the previous peak.

While the float index gained 0.15 points and closed at 184.30, the Sensitive index is at 479.60 after gaining 0.5 points.

Citizen Investment Trust (CIT) has the highest individual scrip turnover of a little over Rs. 21.42 crores. Interestingly, this is a quite lower amount for the scrip with the highest turnover. The units of Global IME Samunnat Scheme 1 (GIMES1) traded the most today.

The four highest gainers have technically hit the 10% positive circuit today, one of which is JLI, an IPO rookie.

Meanwhile, Samriddhi Finance Company Limited (SFCL) lost the most 2.47%. Even in the list of the highest losers, the percentage loss seems minuscule today.

Four sectors have lost while all others closed green. Sectorwise, Investment lost the most 1.03% and Development Bank gained the most 1.68%.