Market News
2 min read | Updated on July 18, 2024, 13:45 IST
SUMMARY
In stock-specific action, IT giants TCS (+2.14%) and Infosys (0.70%) provided support to the index, followed by Hindustan Unilever (+1.01%) and M&M (+0.74%). Infosys is expected to announce its earnings today. On the other hand, heavyweight Reliance Industries (-0.88%) is weighing on the index
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Volatility is expected to be the hallmark of today’s session amid weekly expiry of NIFTY50 options contracts
It’s Thursday, and volatility is likely to be the hallmark of today’s session due to the weekly expiry of the NIFTY50 options contracts. Indian markets experienced a roller-coaster ride: after opening on a negative note, the frontline benchmark indices bounced back from the lower levels. The NIFTY50 scaled a fresh record high of 24,678.90, while SENSEX touched 80,910.45.
The NIFTY50 is currently trading at new life-time high levels of 24,720, while SENSEX crossed 81,000 for the first time. On Monday and Tuesday, it formed an indecisive candle- a DOJI candlestick pattern. A close below the level of 24,520 would confirm the negative implication of the DOJI candlestick pattern.
Most of the sectoral indices traded in negative territory, with Nifty Media (-3.41%), Nifty Realty (-1.18%) and Nifty Metal (-1.08%) being top three losers on Thursday. On the flip side, Nifty IT (+1.07%) and Nifty FMCG (-0.48%), were the top two gainers.
The sell-off is severe in the broader markets, with the Nifty Midcap 100 and Smallcap 100 indices, both down by over 1%. Market breadth is negative with 1,710 stocks trending lower and 603 stocks trending higher.
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