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  5. NIFTY50 forms doji candle after subdued start, FMCG stocks shine

Market News

NIFTY50 forms doji candle after subdued start, FMCG stocks shine

Upstox
By Upstox News Desk

3 min read | Updated on July 08, 2024, 19:56 IST

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SUMMARY

The NIFTY50 index traded within a range of nearly 100 points and consolidated at higher levels,forming an indecision candle. Meanwhile, the volatility index spiked over 7% to 13.6, signalling potential volatile sessions ahead.

Stock list

ONGC
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TITAN
--
PAYTM
--
AUBANK
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NIFTY50 forms doji candle after subdued start, FMCG stocks shine

NIFTY50 forms doji candle after subdued start, FMCG stocks shine

Markets started the week on a subdued note and traded in a narrow range throughout the day. In the absence of major triggers, both the NIFTY50 and SENSEX ended the session flat at 24,320 and 79,960 respectively.

Sector-wise, both FMCG (+1.6%) and Oil & Gas (+0.8%) indices extended the winning momentum and advanced the most. On the flip side, PSU Banks (-1.6%) and Metals (-0.9%) were the top losers.

The NIFTY50 index formed a doji candle on the daily chart, reflecting investor indecision and a pause at record high levels. The doji, a neutral candlestick pattern, shows the index opening and closing at nearly same levels, reflecting uncertainity.

Currently, the NIFTY50 index is consolidating between 24,000 and 24,400 zones. Within this range, the index may remain volatile. A break beyond this zone on a closing basis will provide further directional clues. Until then, the index is likely to osciallte within this range.

  • Top gainer and loser in NIFTY50: ONGC (+4.1%) and Titan (-3.3%)

  • The broader markets extended their three-day winning streak to end the day lower. The NIFTY Midcap 100 index was down 0.3% and the Smallcap 100 index was down 0.1%.

  • Top gainer and loser in NIFTY Midcap 100: Paytm (+8.3%) and AU Small Finance Bank (-4.1%)

  • Top gainer and loser in NIFTY Smallcap 100: Great Eastern Shipping Company (+6.8%) and J&K Bank (-5.0%)

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Key highlights of the day

🚘Tata Motors was in focus after its global wholesales in Q1FY25 rose 2% year-on-year (YoY) to 3,29,874 units. However, its global passenger vehicle wholesales fell 1% YoY to 1,38,682 units in Q1FY25.
🏦Bank of Baroda fell more than 4% after its domestic loans and deposits remained subdued on an annual and declined on a quarterly basis. The banks deposits slipped 2% QoQ to ₹11.05 lakh crore, while loans declined 1.8% QoQ to ₹8.8 lakh crore.
🚀FMCG heavyweights Dabur and Marico jumped in the range of 2% to 4% on strong first quarter FY25 updates. Dabur India said that the company's revenue grew at a mid to high single digit rate. Similarly, Marico said that the company expects high single-digit revenue growth on the back of higher volumes.
🥇Titan fell over 3% following a weak first quarter FY25 update. The company's domestic jewellery business posted 8% year-on-year revenue growth, which was below street expectations. The company said that elevated gold prices and lower weddings impacted growth.

Top traded futures contracts

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Top traded options contracts

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4 trading insights from NIFTY 200🔍

📉Open=High(Bear power): Bank of Baroda, Oberoi Realty, Titan, Shriram Finance and JSW Steel

📈Open=Low(Bull power): Rail Vikas Nigam, One 97 Communications (Paytm), IRFC, Dabur and United Spirits

🏗️Fresh 52 week-high: Rail Vikas Nigam, IRFC, REC, Oil and Natural Gas Corporation and Bharat Heavy Electricals

⚠️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!

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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.

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