NIFTY 50 falls over 300 points from record high, Sensex sheds 730 points at close
Upstox
3 min read • Updated: May 3, 2024, 5:26 PM
Summary
Benchmark Indices – NIFTY 50 (-0.76%) and SENSEX (-0.98%) closed in red on Friday. Coal India (+4.56%), Grasim (+1.81%) and ONGC (+1.17%) were among the top gainers in a falling market.
On Friday, after opening the session on a positive note, the NSE NIFTY 50 hit a fresh all-time high and was within striking distance of touching the key level of 22,800. But initial optimism faded and a sharp decline was seen. During the afternoon session, the NIFTY 50 index declined below its 20-DMA. But a mild recovery in the latter part of the session helped indices to recoup some of its losses.
The 30-share BSE SENSEX closed down by 0.98% to settle at 73,878.15. NSE NIFTY 50 closed in red, down by 172.35 points or 0.76% at 22,475.85. India VIX cooled off from the higher levels of the day and ended below the level of 15.
On the daily time frame, the NSE NIFTY 50 index has formed a Bearish Engulfing pattern. On the weekly chart, it has formed an indecisive candle as the price closed near the opening level of the week.
In the NIFTY50 space, 15 stocks advanced while 35 stocks declined. Coal India (+4.56%), Grasim (+1.81), ONGC (+1.17%), Apollo Hospital (+0.93%) and Hindalco (+0.72%) were the major gainers. Laggards included L&T (-2.76%), Maruti (-2.55%), Nestle India (-2.24%), Reliance (-2.12%) and Bharti Airtel (-2%).
The broader markets witnessed a negative performance with Nifty Midcap 100 declining by 0.35% and Nifty Smallcap 100 plunging by 0.49% on Friday.
Within the sectoral landscape, NIFTY Pharma (+0.05%) was the only major sector trading positively while on the other hand, NIFTY Realty (-1.03%), NIFTY IT (-0.89%) and NIFTY Auto (-0.85%) were among the top losers.
In the Asian markets, the Hang Seng gained by 1.48%, while the Shanghai index declined by 0.26% and the Nikkei 225 dipped by 0.09%.
The Dow Jones futures were trading higher by 0.78% at 38,682. In the US, Nonfarm Payrolls data would be eyed.
Tata Technologies Ltd closed the day marginally lower by 0.31% at ₹1,086.80. It reported its consolidated net profit of ₹157 crore in Q4FY24, a 28% decline on a YoY basis. Shares of Raymond Ltd ended lower by 2.92% at ₹2,227.60. The company reported an 18% jump on a YoY basis in its consolidated net profit to ₹229 crore for Q4FY24 as compared to ₹194 crore in Q4FY23.
Shares of JSW Infrastructure Ltd rose marginally by 0.47% and closed at ₹258.50 on Friday. The company reported a 8.9% YoY rise in net profit which stood at ₹329 crore in Q4FY24 as compared to ₹302 crore in Q4FY23.