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  5. Market highlights | NIFTY50 marks third week of gains, Metal, Oil & Gas stocks shine

Market News

Market highlights | NIFTY50 marks third week of gains, Metal, Oil & Gas stocks shine

Upstox
By Upstox News Desk

3 min read | Updated on September 27, 2024, 20:07 IST

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SUMMARY

The NIFTY50 closed the week on a positive note, holding above the 26,000 level. Immediate support is around 25,850 and as long as the index remains above this level, the trend is expected to remain bullish.

Stock list

BALRAMCHIN
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TCS
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INFY
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ZEEL
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NIFTY50 marks third week of gains, Metal and Oil & Gas stocks shine

NIFTY50 marks third week of gains, Metal and Oil & Gas stocks shine

Markets snapped its six-day winning streak and ended Friday's session in the red amid profit booking in banking and FMCG stocks. However, the NIFTY50 ended the week on a positive note, protecting the 26,000 level on a closing basis.

Sectorally, Oil & Gas (+2.3%) and Pharma (+1.1%) index advanced the most, while Banking (-1.0%) and FMCG (-0.4%) came under selling pressure.

The technical structure of the NIFTY50 index on the weekly time frame remains bullish, with index closing above previous week’s high for the second week in a row. For the upcoming sessions, traders can look for buy on dips strategy as the index has immediate support in the 25,850 and 25,950 zone. Unless index breaks this range on closing basis, the structure may remain bullish.

  • Top gainer and loser in NIFTY50: Bharat Petroleum (+6.2%) and Power Grid (-2.9%)

  • Top gainer and loser in NIFTY Midcap 100: SJVN (+5.4%) and Macrotech Developers (-7.3%)

  • Top gainer and loser in NIFTY Smallcap 100: Exide Industries (+5.6%) and Honasa Consumer (-4.6%)

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Key highlights of the day

🍯Sugar stocks were in focus after Food Minister Pralhad Joshi announced possible increases in ethanol prices. The government is also considering an increase in the minimum selling price (MSP) of sugar. These developments have boosted optimism in the sugar sector with Balrampur Chini and EID Parry advancing in the range of 2% to 6%.
🖥️The IT index rose almost 2% during the first half of the session after Accenture's improved revenue forecast for FY25. However, the gains were short-lived as market volatility affected IT stocks, eroding early optimism. Despite this, index heavyweights TCS and Infosys managed to close slightly in the green, though overall sector momentum remained subdued.
📺Zee Entertainment was in spotlight after company’s board approved a ₹200 crore fundraising plan through the issue of warrants. The company plans to use the capital to improve financials and support growth initiatives.

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): United Spirits, Godrej Consumer Products, HDFC AMC, ICICI Bank and Larsen & Toubro

📈Open=Low (Bull power): SJVN, Vedanta, Container Corporation of India, IRCTC and Grasim Industries

🏗️Fresh 52 week-high: Bharat Petroleum, ABFRL, Sun Pharma, Bosch and Pidilite Industries

⚠️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!

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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