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NIFTY50 jumps nearly 200 points from day low; Metals and banks among top index movers

Author
By Rohan Takalkar

3 min read | Updated on November 18, 2024, 14:01 IST

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SUMMARY

Indian markets are attempting to take support at 200 DEMA levels on all major indices. The NIFTY 50 and SENSEX pared major losses to trade back in green during mid market session.

Stock list

HINDALCO
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VEDL
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MGL
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IGL
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Trading (3) (1).webp

The NIFTY50 jumped nearly 200 points from the intraday low of 23,350 levels to trade 10 points higher at 23,550 levels at 12:45 pm on Monday. Similarly, SENSEX too pared nearly 600 points of losses from its intraday low of 76,965 on Monday afternoon.

NIFTY50 and SENSEX jumped higher in the mid-market session as banks and mining stocks surged higher in the trade. The NIFTY50 jumped nearly 200 points from the intraday low of 23,350 levels to trade 10 points higher at 23,550 levels at 12:45 pm on Monday. Similarly, SENSEX too pared nearly 600 points of losses from its intraday low of 76,965 on Monday afternoon.

In tandem with the benchmark indices, broader indices performed better in the mid-market session on Monday. The NIFTY midcap 100 led broader indices with a 145-point gain at 54,172 at 12:50 p.m., followed by the NIFTY smallcap 100, which traded flat at 17600 levels at 12:50 p.m., recovering nearly 150 points from the intraday lows of 17,367.

Sectorally, the IT index was the biggest puller with all major IT stocks like Infosys, HCL Technologies, TCS, and Tech Mahindra losing nearly 3.5% for the day after a sharp fall in the tech-heavy NASDAQ index on Friday. The fall in IT and technology stocks was largely driven by hawkish comments by Federal Reserve chairman Jerome Powell which indicated a slower pace of rate cuts in the US. Following the development, Indian IT stocks tanked nearly 4% on Monday morning making them the top losers for the day. The NIFTY IT index too lost nearly 3% on Monday.

On the positive side, NIFTY Metals was the top sectoral gainer as China decided to cut tax rebates on aluminium and copper products, leading to a surge in aluminium and copper prices globally. Following this development, key metal stocks like Hindalco (+5.3%), Vedanta (+5.5%), and National Aluminium Company Ltd (+11.3%) jumped higher in the trade on Monday.
City gas distribution (CGD) companies, Mahanagar Gas (-13.5%), Indraprastha Gas (-18.8%), and Gujarat Gas (-6.5%) traded lower after the government cut the Administered Price Mechanism (APM) allocation to CGD players by 20%. This was the second straight month that the gas allocation had been cut.
Also read:Mahanagar Gas, Gujarat Gas, and Indraprastha Gas fall up to 20% intraday; here’s why

The top gainers on Nifty were Hindalco (+4.28%); Hero MotoCorp (+4.25%), Tata Steel (+1.17%), Adani Ports (+1.07%) and HDFC Bank (+0.99%). On the flip side, Wipro (-3.61%), TCS (-3.40%), Infosys (-3.30%), Dr. Reddy's Lab (-3.00%) and NTPC (-2.55%) were the top losers.

Asian markets were trading mixed; Jakarta Composite plunged 14.46 points or 0.2% to 7,146.80. Straits Times fell 3.01 points or 0.08% to 3,741.69, Nikkei 225 slipped 400.03 points or 1.04% to 38,242.88 and Taiwan Weighted lost 228 points or 1% to 22,514.77.

However, Hang Seng advanced 171.34 points or 0.88% to 19,597.68, the Shanghai Composite strengthened 31.33 points or 0.94% to 3,362.06, and KOSPI increased 43.39 points or 1.8% to 2,460.25.

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About The Author

Rohan Takalkar
Rohan Takalkar is a senior writer at Upstox and a seasoned capital markets analyst with around 8 years of experience. He is passionate about writing on equities, global markets, and the economy.

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