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  5. NIFTY50 recovers from lower levels, Bank NIFTY and broader markets outperform

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NIFTY50 recovers from lower levels, Bank NIFTY and broader markets outperform

Upstox
By Upstox News Desk

3 min read | Updated on June 20, 2024, 14:12 IST

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SUMMARY

NIFTY50 recovers 100 points from the day’s low and the index is likely to see its weekly expiry in the range of 23,500-23,600 as per the options data. Bank NIFTY gains over 200 points and it is outperforming the frontline gauge along with the broader markets.

Stock list

HINDALCO
--
TATASTEEL
--
BPCL
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Nifty50 recovers from lower levels, Bank Nifty and broader markets outperform

NIFTY50 recovers from lower levels, Bank NIFTY and broader markets outperform

Indian frontline equity benchmark indices the SENSEX and NIFTY50 after having positive soon pared gains and turned volatile on Thursday. However, recovery has been seen from the lower levels with the Nifty50 index recovering almost 100 points from the day’s low. Heavyweight Reliance Industries along with Kotak Bank and HDFC Bank are helping the index to hold in green.

The SENSEX trading with a gain of 0.09%, while NIFTY50 was up by 0.11% on Thursday. The Bank NIFTY continued its outperformance as it is trading up by 0.51% at the 51,663 level.

On the weekly expiry day, huge writing is seen at the 23,500-strike price on the put (PE) side and on the call (CE) side, aggressive writing is seen at the 23,600-strike price. This indicates the weekly expiry can be seen within this range.

The top gainers and losers in the NIFTY50 Index are as follows: Hindalco (+1.97%), Kotak Bank (+1.61%), Tata Steel (+1.32%%), BPCL (+1.32%) and Adani Enterprises (+0.95%). On the flip side, the top losers include Sun Pharma (-1.82%), M&M (-1.60%), Titan (-1.18%), Power Grid (-1.12%), and Cipla (-0.98%).
Sectoral Indices

NIFTY Metal (+1.94%) led from the front on Thursday followed by NIFTY Realty (+0.69%) and NIFTY Bank (0.54%). Meanwhile, NIFTY Pharma (-0.5%), NIFTY IT (-0.17%) and NIFTY Auto (-0.16%) were seen trading in the red.

Broader Indices On Thursday, buying interest was seen in the broader markets with Nifty Midcap 100 and Smallcap 100 index up by 0.69% and 0.74%, respectively. With the outperformance from the broader markets, the market breadth was in favour of advances with 1,653 stocks seen advancing and 654 stocks seen declining.

Listless activity was seen in the Dow Jones Futures as it was seen trading flat down by 4 points at 39,283.

During the afternoon session, some of the trending stocks included Vedanta and MapmyIndia
On Thursday, shares of Vedanta scaled to their highest level since June 24, 2024. The shares have rallied over 6% as the company will raise ₹1,000 crore via private placement of non-convertible debentures (NCDs). The board has approved the issuance of 1 lakh debentures with value of ₹1 lakh each. In 2024, the stock of Vedanta gained 84%.
Shares of Sapphire Foods surged 7% on Thursday following the company's announcement that its board has approved a stock split of existing equity shares of the company from 1 equity share to 5 equity shares. The record date for the purpose of sub division/split of existing equity shares will be announced in due course.

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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