Market News
2 min read | Updated on April 03, 2024, 17:46 IST
SUMMARY
The NIFTY50 has been consolidating in a narrow range since the beginning of April, protecting its 1 April low on the closing basis (22,427). For the 4 April expiry, options data suggest that traders expect the NIFTY 50 to trade between 22,200 and 22,700.
Stock list
NIFTY50, SENSEX close flat. Banking and IT stocks shine, realty top loser
Despite weak global cues, the domestic markets displayed resilience and staged a sharp recovery from lower levels to end Wednesday’s session flat. Both the NIFTY50 and SENSEX closed marginal lower, settling at 22,434 and 73,876 respectively. Shriram Finance (+3.6%) was the NIFTY50 top gainer, while Nestle India (-2.6%) was top loser.
The broader market continued its outperformance relative to the benchmark indices this week. The NIFTY Midcap 100 index advanced 0.5% and has recovered all its losses incurred in March 2024 (down 9%) and is hovering near its all-time high. The NIFTY Smallcap 100 index, which plunged over 15% in March 2024, has recouped the majority of losses and sits just 3% shy of its all-time high.
Top gainer and loser in NIFTY Midcap 100: Mazagon Dock Shipbuilders (+11.9%) and Tata Chemicals (-0.1%)
Top gainer in NIFTY Smallcap 100: Cochin Shipyard (+8.3%)
The NIFTY50 is consolidating in a narrow range since the beginning of April, protecting its 1 April low on the closing basis (22,427). The wait-and-watch approach comes ahead of the two key events: the RBI policy on Friday and the Fed Chairman Jerome Powell’s speech later today. Stronger-than-expected U.S. jobs and manufacturing data has prompted traders to reduce bets on a June rate cut by the Federal Reserve.
See you tomorrow!
About The Author
Next Story