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  5. Market highlights| NIFTY50 hit by profit-booking, drops below 26,000 mark

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Market highlights| NIFTY50 hit by profit-booking, drops below 26,000 mark

Upstox
By Upstox News Desk

3 min read | Updated on September 30, 2024, 18:19 IST

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SUMMARY

NIFTY50 open interest data for the 3rd October expiry showed a notable shift since Friday. There was a significant build-up of call options at the 26,000 strike, signalling the presence of fresh sellers around this level.

Stock list

AUROPHARMA
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BHARTIARTL
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NMDC
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BIOCON
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NIFTY50 hit by profit-booking, drops below 26,000 mark

NIFTY50 hit by profit-booking, drops below 26,000 mark

Markets started the week on a weak note and lost nearly 1.5% amid weak cues from the Asian markets. After the gap-down start, the NIFTY50 index slipped below the crucial 26,000 mark and ended the session near day’s low at 25,810.

Except for Metals (+1.3%), all the major sectoral indices ended the day in the red with Automobiles (-2.1%) and Financial Services (-1.7%) losing the most.

The NIFTY50 index saw significant profit-taking, falling over 350 points and forming a large bearish candlestick on the daily chart. The lack of a meaningful intraday recovery suggests further weakness in the coming sessions.

Also Read: Key reasons behind today's market fall

However, analysts believe that the broader bullish trend remains intact, with key support in the 25,550-25,650 region. If the index break below this level, followed by a negative close, the broader trend could turn bearish.

  • Top gainer and loser in NIFTY50: JSW Steel (+2.7%) and Hero Motorcorp (-4.0%)

  • Top gainer and loser in NIFTY Midcap 100: Tube Investments of India (+4.1%) and Bharti Hexacom (-4.1%)

  • Top gainer and loser in NIFTY Smallcap 100: Century Textiles (+4.2%) and SW Solar (-4.9%)

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Key highlights of the day

💊Aurobindo Pharma fell more than 3% after the US FDA issued 10 observations for its arm, APL Healthcare's API manufacturing facility in Andhra Pradesh. The observations highlight potential quality control and compliance issues at the unit.
📱Airtel (-1.2%) prepaid ₹8,465 crore to the Department of Telecommunications (DoT), clearing its high-cost spectrum debt from the 2016 auction. The move is expected to reduce the company's interest expense and free up cash flow, improving its financial flexibility.
🔩NMDC rose over 3% on the back of a rise in iron ore prices, driven by China's recent stimulus measures to boost its economy. The rise in commodity prices, particularly iron ore, has been positive for NMDC, which stands to benefit from improved demand prospects.
💉Biocon shares dropped nearly 2% after the USFDA issued four observations for its Bengaluru-based manufacturing facility. These observations point to possible regulatory and compliance gaps at the plant.

Top traded futures contracts

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Top traded options contracts

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4 trading insights from NIFTY 200🔍

📉Open=High (Bear power): Hero Motocorp, TVS Motor, HDFC AMC, Mphasis and Fsn E-Commerce

📈Open=Low (Bull power): JSW Steel, IPCA Laboratories, AU Small Finance Bank, Dr Lal Pathlabs

🏗️Fresh 52 week-high: JSW Steel, NTPC, Hindalco Industries, Britannia and Colgate Palmolive

⚠️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 tomorrow!

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About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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