NIFTY50 struggles to sustain gains, retreats below 22,500
Upstox
2 min read • Updated: April 26, 2024, 6:03 PM
Summary
Despite forming a bullish engulfing pattern on the 25 April, the NIFTY50 failed to close above 22,500 and lacked subsequent momentum. The index remained under selling pressure throughout the day and closed near the day's low, falling back into the 22,500-22,000 range.
Markets took a breather and ended the five-day winning streak to close lower on Friday. The NIFTY50 began the May series with a loss of 0.6% and closed at 22,419 while the SENSEX ended 0.8% lower at 73,730.
Among the sectors, Media (+1.1%) and Real Estate (+0.5%) gained the most, while Financial Services (-0.8%) and Banks (-0.6%) lost the most.
-
Top gainer and loser in NIFTY50: Tech Mahindra (+7.5%) and Bajaj Finance (-7.7%)
-
The broader markets continued to outperform the benchmark. The NIFTY Midcap 100 index hit a new all-time high and gained 0.7%, while the Smallcap 100 rose 0.5%.
-
Top gainer in NIFTY Midcap 100: GMR Airports Infrastructure (+7.2%)
-
Top gainer and loser in NIFTY Smallcap 100: Hudco (+11.9%) and Navin Fluroine (-0.2%)
Despite forming a bullish engulfing pattern on 25 April, the NIFTY50 failed to close above 22,500 and lacked subsequent momentum. The index remained under selling pressure throughout the day and closed near the day's low, falling back into the 22,500-22,000 range.
Key highlights of the day:
🚘Maruti Suzuki's Q4 FY24 net profit jumped 48% YoY to ₹3,878 crore, led by higher sales and exports. As the results were announced after market hours, Maruti shares fell 1.2%.
💸Bajaj Finance slumped over 7% after the company's net interest margin declined in the fourth quarter of FY24. The management also highlighted that NIMs may remain under pressure for more than two to three quarters.
🖥️Tech Mahindra rose 7% despite reporting a 40% fall in net profit to ₹661 crore. The company was in focus as the CEO unveiled a three-year turnaround roadmap for the IT services major.
🛫Indigo jumped over 3% after the company placed order an order of widebody 30 Airbus A350-900 aircrafts to further strengthen its expansion.
Top traded futures contracts
Top traded stock options contracts
4 trading insights from NIFTY 200🔍
📉Open = High (Bear power): Bajaj-Finance, Bajaj-Finserv, Indian Hotels, Apollo Hospitals and Ambuja Cements
📈Open = Low (Bull power): Biocon, Dr. Lal PathLabs, HDFC AMC and ABFRL
🏗️Fresh 52 week-high: Container Corporation of India, Dixon Technologies, Biocon, Vedanta, Interglobe Aviation (Indigo) and Havells
⚠️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 on Monday!