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NIFTY 50 and BANK NIFTY hit new all-time highs in a range-bound session

NIFTY 50 and BANK NIFTY hit new all-time highs in a range-bound session

Upstox

2 min read • Updated: April 10, 2024, 6:40 PM

Summary

The NIFTY50 witnessed sideways trading today as investors awaited key U.S. data releases. The upcoming Inflation report and FOMC minutes carry weight as they could influence the Federal Reserve's interest rate decisions.

NIFTY 50 and BANK NIFTY hit new all-time highs in a range-bound session

Markets started Wednesday's session on a positive note and traded in a narrow range throughout the day. The NIFTY50 touched a fresh record high and consolidated its gains at the higher levels to close the weekly expiry at 22,753, up 0.4%. The SENSEX gained 0.4% to close above 75,038 for the first time.

Top gainer and loser in NIFTY50: Coal India (+3.5%) and HDFC Life (-2.0%)
Broader markets also moved in tandem with the benchmark indices. The NIFTY Midcap 100 was up 0.9%, while the NIFTY Smallcap 100 advanced 0.7%.
Top gainer and loser in NIFTY Midcap 100: Hindustan Petroleum (+6.2%) and Tata Communications (-2.0%)
Top gainer and loser in NIFTY Smallcap 100: HEG (+9.2%) and Sun Pharma Advance (-5.0%)

In line with our morning trade setup blog, the NIFTY50 saw cautious trading ahead of key U.S. data releases. Investors were awaiting the inflation report and the FOMC minutes, which could influence the Federal Reserve's interest rate decisions. Experts believe that the 22,500-22,525 area will act as an immediate support as the index has maintained a positive structure on the daily chart ahead of the key events.

Key highlights of the day:

🚘Maruti Suzuki (-1.5%) was in the spotlight after it increased the prices of the Swift and select variants of the Grand Vitara by ₹25,000 and ₹19,000 respectively.

✈️Indigo (+4.4%) hit a new record high, extending gains for a fourth day. The recent rally has made it the world's third largest airline by market capitalisation. Read more