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NIFTY50 consolidates around 22,500, weekly close in focus

NIFTY50 consolidates around 22,500, weekly close in focus

Upstox

2 min read • Updated: May 2, 2024, 7:02 PM

Summary

The NIFTY50 consolidated above the 22,500 level and traded in a narrow range throughout the day. Currently, the index is trading above all major DMAs, 20 and 50, with immediate support in the 22,400-22,450 region.

Key market highlights: NIFTY, SENSEX close higher.

Markets traded in a narrow range, closing the lacklustre session flat on the weekly expiry of NIFTY50 options. Both the NIFTY50 and SENSEX gained 0.1% and ended the day at 22,648 and 74,611 respectively.

Top gainer and loser in NIFTY50: BPCL (+4.6%) and Kotak Mahindra Bank (-2.8%)
The broader markets performed in line with the benchmark indices and closed higher. The NIFTY Midcap 100 gained 0.4%, while the Smallcap 100 index closed flat with positive bias.
Top gainer in NIFTY Midcap 100: Hindustan Petroleum (+8.0%)
Top gainer and loser in NIFTY Smallcap 100: Raymond (+9.3%) and J B Chemicals and Pharmaceuticals (-0.5%)

Key highlights of the day:

🚋BHEL jumped over 4% after entering into a strategic partnership with HIMA, a leading German automation solutions provider, in the railway signalling sector. This collaboration is aimed at strengthening BHEL's offering to the Indian Railways.

⛽Oil marketing companies BPCL (+4.6%) and Hindustan Petroleum (+8.0%) were in focus after the Brent Crude fell over 2% on the 1 May.

💱REC jumped over 8% after the NBFC’s net profit rose 33% YoY to ₹4,079 crore, led by strong core income and a provision write-back.

🚘Mahindra & Mahindra rose over 1% after the company’s overall sales jumped 13% YoY to 70,471 in April 2024.

🏭Godrej Porpoerties slipped over 4% after the conglomerate agreed to split the business into two branches.

🏦Kotak Mahindra Bank's (-2.9%) woes deepened after the recently appointed Joint Managing Director resigned. This comes after recent RBI restrictions limiting the bank's online customer onboarding and credit card issuance.