NIFTY50 retreats from record high, Metals and realty stocks buck the trend
Upstox
2 min read • Updated: April 9, 2024, 6:36 PM
Summary
Experts attribute the pullback from day’s high as the profit-booking ahead of the key data releases including U.S. inflation data and result of the IT major TCS. They believe that a close below the 22,500 level will signal the first signs of a cautious pullback, potentially pushing the index back into the 22,000-22,500 range.
Markets opened at a record high, but failed to sustain the momentum as profit-taking at higher levels pushed benchmark indices lower in anticipation of tomorrow's US inflation data. The NIFTY50 shed its gains and closed at 22,642 (-0.1%), while the SENSEX after briefly touching the historic 75,000 mark for the first time, ended the day flat.
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Top gainer and loser in NIFTY50: Apollo Hospitals (+3.1%) and Titan (-1.7%)
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Broader markets once again closed on a mixed note. The NIFTY Midcap 100 shed 0.2%, while the NIFTY Smallcap 100 was up 0.2%.
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Top gainer and loser in NIFTY Midcap 100: Godrej Properties (+4.5%) and Hindustan Petroleum (-0.9%)
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Top gainer and loser in NIFTY Smallcap 100: Hindustan Copper (+7.7%) and Praj Industries (-0.4%)
On the daily chart, the NIFTY50 has formed a negative candle and witnessed selling pressure around 22,800-mark. This area is likely to remain a hurdle for any immediate upward movement. On the other hand, immediate support can be found in the 22,500-22,550 region ahead of tomorrow's expiry.
Experts attribute the pullback from day’s high as the profit-booking ahead of the key data releases including U.S. inflation data and result of the IT major TCS. They believe that a close below the 22,500 level will signal the first signs of a cautious pullback, potentially pushing the index back into the 22,000-22,500 range.
Key highlights of the day:
🚘Maruti Suzuki was in focus after company expanded the production capacity at its Manesar plant by 1 lakh units per annum.
🏦Axis Bank came under the spotlight after reports suggested that private equity firm Bain Capital plans to sell its entire stake worth $431 million.
Top traded futures contracts
Top traded stock options contracts
4 trading insights from NIFTY 200🔍
📉Open = High (Bear power): Bharat Petroleum, Tata Consumer Products, Laurus Labs, Indian Hotels and Colgate-Palmolive
📈Open = Low (Bull power): N/A
🏗️Fresh 52 week-high: Steel Authority of India (SAIL), Tata Steel, GAIL, Tata Power, ICICI Bank and Godrej Properties
⚠️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!