NIFTY50 succumbs to global jitters, plunges below 3-day low
Upstox
3 min read • Updated: April 12, 2024, 5:58 PM
Summary
The NIFTY 50 is signalling weakness after forming a bearish engulfing candle on the daily chart and closing below the previous three days' lows. This coincides with negative global cues, including an uptick in the U.S. inflation for the third consecutive month, rebound in crude oil prices and a weakening rupee.
Tracking weak global cues, Indian markets started the day on the negative note and after initial volatility closed the Friday’s session near the day’s low. The NIFTY50 declined 1% and ended the day at 22,519, while the SENSEX also slipped 1% and closed at 74,244.
-
Top gainer and loser in NIFTY50: Divi's Laboratories (+0.8%) and Sun Pharma (-3.6%)
-
The broader markets fared slightly better than the benchmark indices but ended the day lower. The NIFTY Midcap 100 index was down 0.6% and the Smallcap 100 index shed 0.4%.
-
Top gainer and loser in NIFTY Midcap 100: Sona Blw Precision Forgings (+5.2%) and Max Financial Services (-1.0%)
-
Top gainer and loser in NIFTY Smallcap 100: CDSL (+6.4%) and Shyam Metalics and Energy (-1.3%)
The NIFTY 50 is signalling weakness after forming a bearish engulfing candle on the daily chart and closing below the previous three days' lows. This coincides with negative global cues, including an uptick in the U.S. inflation for the third consecutive month, rebound in crude oil prices and a weakening rupee.
On Monday, the markets will react to the results from IT major TCS. While the company's net profit was in line with street estimates, revenues fell slightly short of expectations. Immediate support for the NIFTY 50 is at 22,300 and resistance is at 23,000-mark.
Key highlights of the day:
🛬 Hindustan Aeronautics (HAL) gained over 2% after the government ordered the purchase of 97 LCA Mark 1A fighter jets, an advanced version of Tejas, worth ₹65,000 crore.
💊Sun Pharma fell 4% after the US FDA flagged its Dadar plant as an OAI (official action indicated). OAI stands for recommended regulatory and administrative actions.
🎞️PVR Inox (+0.2%) was in the spotlight after it opened a 14-screen megaplex theatre in Bengaluru's Phoenix Mall.
💉Metropolis jumped over 2% after reporting a 15% YoY increase in core FY24 revenues and becoming debt-free as of 31 March 2024.
Top traded futures contracts
Top traded stock options contracts
4 trading insights from NIFTY 200🔍
📉Open = High (Bear power): Sun Pharma, Maruti Suzuki, Indraprastha Gas, JSW Steel, Shriram Finance, Tata Steel and Hindalco
📈Open = Low (Bull power): Dr. Lal PathLab and IPCA Laboratories
🏗️Fresh 52 week-high: IRCTC, Vedanta, HAL, Bharat Electronics, Tata Power and Cummins India
⚠️Fresh 52 week-low: Hindustan Uniliver and Dabur
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!