BANK NIFTY nears all-time high, NIFTY50 holds ground at 22,500
Upstox
2 min read • Updated: April 5, 2024, 6:37 PM
Summary
The BANK NIFTY built on its morning gains after the RBI kept the interest rates unchanged, closing just near its all-time high. The index firmly stayed above the 48,000 mark throughout the day, fueled by aggressive put writing at 48,000 and below strikes for 10 April expiry.
After a subdued start on weak global cues, the markets consolidated at higher levels and closed flat. The NIFTY50 and SENSEX traded in a narrow range throughout the day after the RBI decided to keep the policy rates unchanged and closed flat at 22,513 and 74,248 respectively.
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Top gainer and loser in NIFTY50: Kotak Mahindra Bank (+1.9%) and Grasim (-1.9%)
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Broader markets extended the rally and continued to outperform the benchmark indices. The NIFTY Midcap 100 closed at a record high and gained 0.5%. The NIFTY Smallcap 100 index was up 0.8%.
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Top gainer in NIFTY Midcap 100: Indraprastha Gas (+5.5%)
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Top gainer in NIFTY Smallcap 100: IIFL Finance (+12.9%)
The NIFTY50 remained range-bound on Friday, trading within Thursday's session and failing to confirm the potential bearish reversal pattern (hanging man) formed on Thursday. However, the formation of a doji candle today highlights the indecisiveness of traders at current levels. A break above or below Thursday's range on a closing basis will be crucial in determining the index's next move.
Key highlights of the day:
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⭐Marico rose 3% as the company said in its fourth quarter update that its business saw a slight uptick in volume growth across all products. The company said its top line grew in low single digits, returning to positive territory after three quarters.
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🏠Godrej Properties (+1%) was in focus after the company sold ₹2,960 crore worth of flats within fifteen months of acquiring land in Kandivali, Mumbai.
Top traded futures contracts
Top traded stock options contracts
Four trading insights from NIFTY 200🔍
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📉Open = High (Bear power): Bajaj-Auto, LTI Mindtree, L&T Finance, Page Industries and Escorts Kubota
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📈Open = Low (Bull power): ICICI Lombard, Fsn E-Commerce (NYKAA), Torrent Pharmaceuticals, Mahindra and Mahindra Financial and Lupin
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🏗️Fresh 52 week-high: IPCA Laboratories, Vedanta, ABB, Indus Towers, ICICI Prudential and Bharat Electronics
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⚠️Fresh 52 week-low: N/A
And that's it for today's F&O recap! Get the full scoop on market trends and curated scans at https://pro.upstox.com/
See you on Monday!