NIFTY 50 hovers around 22,500, FMCG stocks lead the gains
Upstox
2 min read • Updated: May 7, 2024, 9:58 AM
Summary
On Tuesday benchmark indices started the trading day with a positive bias. Hindustan Unilever (+2.63%), Britannia (+2.24%) and BPCL (+1.92%) are among the top gainers.
Benchmark Indices - NSE NIFTY 50 and the 30-share BSE SENSEX started the trading day in the green on Tuesday. The SENSEX gained by +0.1% trading above the 73,900 level, while the NIFTY rose by +0.14%, trading close to the 22,500 level. India VIX, a gauge of volatility, has surged by 2.18% and is at 16.96 level.
US Markets - US stocks saw their strongest three-day rally since November, driven by speculation of potential Federal Reserve interest rate cuts this year. Geopolitical tensions, such as Israel's rejection of a cease-fire proposal by Hamas, were closely monitored by traders. Investors analyzed comments from various Fed officials following Jerome Powell's recent statements. Federal Bank of Richmond President Thomas Barkin believes elevated rates could slow the economy and moderate inflation. But his New York counterpart, John Williams, suggests potential rate cuts based on data trends.
Top Gainers and Losers - Within the Nifty 50 space, Hindustan Unilever (+2.63%), Britannia (+2.24%) and BPCL (+1.92%) are among the top gainers, while Bajaj Auto (-1.32%), Power Grid Corporation (-1.30%) and HCL Technologies (-0.77%) were among the top losers.
Broader Indices - In the broader markets Nifty Midcap 100 showed marginal losses of 0.15% and traded around the 50,500 level. Nifty Smallcap 100 also traded lower by 0.19% and is hovering around 16,600 level. Market breadth remains negative as 766 stocks advance, while 1,126 stocks decline.
Sectoral Performance - Nifty FMCG (+2.5%), Nifty PSU Bank (+0.36%) and Nifty Realty (+0.32%) were among the top gainers. Nifty Auto (-0.55%), Nifty Media (-0.5%) and Nifty Metal (-0.4% )were the laggards.
Commodities - Oil prices experienced a slight uptick of 0.3% on Tuesday following an Israeli strike on Rafah in Gaza. Negotiations for a ceasefire with Hamas persisted without resolution. Prices had also edged up on Monday, partially reversing the declines of last week, which marked the most significant weekly loss in three months. The focus continues to centre on weak US jobs data and the potential timing of a Federal Reserve interest rate cut.
Stocks in F&O Ban - Stocks that are banned for trading in the F&O segment on May 07, 2024, are Aditya Birla Fashion and Retail, Balrampur Chini Mills, Biocon, GMR Infra, Vodafone Idea and Steel Authority of India (SAIL).