Market News
2 min read | Updated on February 14, 2024, 18:48 IST
SUMMARY
The NIFTY50 staged a strong recovery from its 50-day moving average around 21,500. As highlighted in our morning trade setup coverage, this level acted as a crucial support, preventing further downside. According to experts, the index remains in a consolidation zone between its all-time high (22,126) and 21,100.
F&O Market Update
Markets shrugged off weak global cues and staged a strong recovery from the day's low to close higher. The NIFTY50 index gained 0.4% to close at 21,840 and the SENSEX gained 0.3% to close at 71,822. The sharp recovery was led by gains in PSU banks, particularly SBI which gained over 4%.
Mid- and small-cap stocks also rebounded after three days of profit-booking. Both the NIFTY Midcap 100 and Smallcap 100 indices gained more than 1%, rising 1.0% and 1.6% respectively.
Sectorally, PSU Bank (+3.2%), Oil & Gas (+3.1%) and Metal (+1.7% ) emerged as the top gainers, while profit booking was seen in NIFTY IT (-1.1%) and Pharma (-0.9%).
The NIFTY50 staged a strong recovery from its 50-day moving average around 21,500. As highlighted in our morning trade setup coverage, this level acted as a crucial support, preventing further downside.
According to experts, the index remains in a consolidation zone between its all-time high (22,126) and 21,100. Traders should monitor these key levels closely in order to effectively strategies their trades.
🚀Bharat Electronics (+3%) received a ₹2,167 crore contract from the Indian Navy to supply electronic warfare suite.
🚘Mahindra and Mahindra (+0.9%) Q3 net profit rose 60% YoY to ₹2,454 crore, slightly below street estimates. A sluggish demand for tractors despite strong SUV sales left the share price with small gains.
🏢Godrej Properties rose 2% after acquiring 12.5 acres of land in Hyderabad.
🔥National Aluminium (NALCO) gained over 9% after its Q3 net profit jumped 83% YoY to ₹470 crore, aided by lower raw material and power and fuel cost.
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