return to news
  1. Upstox
    /
  2. News
    /
  3. Market News
    /
  4. Trading
    /
  5. NIFTY50 consolidates at 24,300, volatility drops 3%

Market News

NIFTY50 consolidates at 24,300, volatility drops 3%

Upstox
By Upstox News Desk

3 min read | Updated on July 11, 2024, 20:05 IST

Twitter Page
Linkedin Page
Whatsapp Page

SUMMARY

The NIFTY50 and BANK NIFTY are trading in a range, showing mixed signals on the weekly chart. Early indications suggest a formation of doji on the NIFTY50 and a hammer pattern on BANK NIFTY.

Stock list

TCS
--
HDFCBANK
--
IRCTC
--
GLENMARK
--
NIFTY50 consolidates at 24,300, volatility drops 3%

NIFTY50 consolidates at 24,300, volatility drops 3%

Markets remained volatile throughout the day, trading within the range of the bearish candle formed on 10 July. The NIFTY50 index ended the day flat and formed an inside candle on the daily chart, closing the day at 24,315.

On a sectoral basis, most of the major indices ended the day in the green. Oil & Gas (+1.1%), Consumer Durables (+0.6%) and FMCG (+0.2%) led the way, while Real-Estate (-1.5%), Pharmaceuticals (-0.6%) and Automobiles (-0.1%) saw selling pressure.

The NIFTY50 index formed an inside candle on the daily chart and witnessed buying from the 24,200 zone. It is currently consolidating between 24,100 and 24,400 zones, experiencing sharp intraday volatility. Until the index breaks this range, the price action is likely to remain range-bound.

  • Top gainer and loser in NIFTY50: ONGC (+2.4%) and Tata Consumer Products (-1.7%)

  • Broader markets outperformed the benchmark peers. The NIFTY Midcap 100 index rose 0.4%, while the Smallcap 100 jumped 0.6%.

  • Top gainer and loser in NIFTY Midcap 100: Oil India (+8.2%) and Tube Investments of India (-6.6%)

  • Top gainer and loser in NIFTY Smallcap 100: Great Eastern Shipping (+7.2%) and Amara Raja Energy & Mobility (-1.9%)

unnamed_2.webp

Key highlights of the day

🖥️Tata Consultancy Services net profit rose 9% YoY in Q1FY25 to ₹12,040 crore. The IT giant’s revenue increased 5% YoY to ₹62,613 crore. The net profit was higher than the street estimate of ₹11,900 crore. However, the net profit slipped 3% on a QoQ basis.
🏦HDFC Bank initiated talks with private credit funds to sell a stake in its lending arm, HDB Financial Services. According to reports, the bank is negotiating with five funds to acquire a 4% to 7% stake.
🚆IRCTC (+0.8%) was in focus after collaborating with Delhi Metro and Centre for Railway information systems to promote the ‘One-India-One-Ticket’ initiative.
💊Glenmark Pharma gained over 1% after announcing plans to sell its entire stake in Glenmark Life Sciences.

Top traded futures contracts

unnamed_3.webp

Top traded options contracts

unnamed_4.webp

4 trading insights from NIFTY 200🔍

📉Open=High (Bear power): Tube Investments of India, Coforge, Bajaj Finance, Zydus Lifesciences and Mahindra and Mahindra

📈Open=Low(Bull power): BSE, Indus Towers, One 97 Communications (Paytm), TVS Motor and Trent

🏗️Fresh 52 week-high: Oil India, Sona Blw Precision, Sun Tv, Rail Vikas Nigam and Zomato

⚠️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!

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.

Next Story