The benchmark equity indices ended Thursday’s trading session in the positive territory. The NSE Nifty 50 gained 187.85 points or 0.76% to settle at 24,800.85, while the BSE Sensex jumped 626.91 points or 0.78% to 81,343.46.
The broader indices ended in mixed territory, with gain led by Large-cap stocks. IT and FMCG stocks outperformed among the other sectoral indices while Media stocks and Metal stocks shed.
Sectoral Index
Bank Nifty index ended higher by 223.90 points or 0.43% to settle at 52,620.70. The Nifty Midcap 100 dropped by 552.90 points, or 0.96%, ending the day’s trading at 57,111.10. In the broader markets, small-cap and mid-cap stocks finished in the red.
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Top Movers for the day
LTIMindtree, ONGC, TCS, Wipro, and Bajaj Finance were the top gainers on the NSE Nifty 50, while the laggards includes Hero Moto Corp, Coal India, Asian Paints, Grasim, and Bajaj Auto.
The Indian Volatility Index (India VIX) closed up by 2.02 % at 14.51.
Experts on Today’s Market Performance
“The frontline indices firmed up in the second half, reaching fresh highs driven by renewed buying in IT stocks. Investor optimism for the sector grew after strong performance reports from the country’s leading IT firms in the June quarter, coupled with a weakening rupee.,” said Vinod Nair, Head of Research at Geojit Financial Services
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Nair also said that the broader market lagged the major indices due to high valuations and sectoral rotation, which is influenced by anticipated improvements in private consumption, particularly in rural areas.
Commenting on the same Ajit Mishra – SVP, Research, Religare Broking said that The markets extended their upward movement for another session, gaining over half a percent, continuing the existing uptrend. After an initial decline, the Nifty experienced sharp oscillations on both sides in the first half, but renewed buying in select heavyweight stocks helped the index climb higher. It ultimately settled at 24,800.85, up by 0.76%. Among the sectoral indices, IT and FMCG posted decent gains, while PSE and metal were on the back foot. However, the broader indices underperformed, shedding nearly a percent each.
Mishra also added Markets have been inching higher as expected, driven by rotational buying in heavyweight stocks. We are now eyeing the new milestone of 25,000 in the Nifty. However, the recent underperformance of the broader indices is tempering the overall buoyancy. Amid these mixed signals, we reiterate our recommendation to focus on stock selection and prefer hedged positions, given the anticipated rise in volatility due to the upcoming Union Budget and ongoing earnings season.
Bank Nifty
Commenting on the Bank Nifty today Rupak De, Senior Technical Analyst, LKP Securities said that the Bank Nifty formed a bullish engulfing pattern following a consolidation. Additionally, the index found support at the 21 EMA, and the RSI has entered a bullish crossover. The trend is likely to remain positive as long as the index stays above 52,000. On the higher end, it might move towards 53,000/53,300 in the short term.
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The benchmark equity index Nifty 50 ended Wednesday’s trading session in negative territory. The NSE Nifty 50 closed 141.90 points or 0.64% lower to settle at 22,055.05 points. While S&P BSE Sensex slipped over 400 points or 0.59% to settle at 72,623.09 points. Nifty Bank declined 74.50 points or 0.16% to settle at 47,019.70 points.
On the sectoral front, media and IT stocks lost the most amongst their peers. The broader indices ended in the red, with largecap, midcap, and smallcap stocks losing. Following the trend, the Nifty Midcap 100 slipped over 600 points or 1.25% to close the day’s trading at 48,630.50.
The gainers include Tata Steel, SBI, IndusInd Bank, JSW Steel, and Tata Consumer Products. The Indian Volatility Index (India VIX) closed 0.93% lower.
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IT company Persistent Systems’ share price on Monday tumbled 9.7% to Rs 3,510.60 on the BSE, after the company guided for flat Ebit margins in FY25. This was the biggest single-day drop in the company’s stock price in the last six years.
The company also reported a flat Ebit margin of 14.5% during the March quarter, against a market expectation of margin improvement during Q4.
Sunil Sapre, CFO and executive director, Persistent Systems, said margin did not improve because of the deal ramp-ups in BFSI, healthcare and a couple of deals in the software high-tech segment, which led to a significant increase in headcount on site.
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The Indian equity indices on Monday closed flat after a rangebound session. The Nifty 50 closed 33.15 points or 0.15% lower at 22,442.70. Sensex gained 17.39 points or 0.02% to close the day’s trading at 73,895.54. The losers included Titan Company, Adani Enterprises, BPCL, Coal India, and SBI. The Indian Volatility Index (India VIX) shot up 13.54%, indicating investor uncertainty and fear in the market.
Sharp drop in sectoral indices
The Nifty Midcap lost 273 points or 0.54% to finish the session at 50,662.20. Following the trend, Nifty Bank closed in the red, down 28.25 points or 0.06% at 48,895.30.
On the sectoral front, PSU bank and consumer durables pulled the indices lower. In the broader market, smallcap and midcap stocks closed in the red.
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Investors may have to prune their returns’ expectation from equities post Budget as the market could enter consolidation phase after the bumper post-election rally seen in the last one month, said market experts.
As the BSE Sensex closed above the historic 80,000 points mark for the first time on Thursday, it has also set another record: The 30-stock index registered its best post-election rally since 2009 with over 11% gains in a monthCome from Sports betting site. In this one month, investor wealth has soared by Rs 52.5 trillion, rising in all but three trading sessions.
On Thursday, Sensex closed 0.1% higher at 80,049.67 points. The Nifty also ended 0.1% higher at 24,302.15 points. Market participants said investors seem to have factored in most of the positives ahead of the Budget, leaving little room for upside in the near-term if the announcements in the Budget are along expected lines.
Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed the trading session on a negative note on May 28. The BSE Sensex fell 262 points or 0.35% to finish the day’s trading at 75,128.52, while the NSE Nifty 50 closed 64.10 points or 0.28% lower at 22,868.35. Bank Nifty closed up 222.65 points or 0.45% at 49,059.15. Nifty Midcap 100 closed in the red down 498 points or 0.94% at 52,263.85.
Live Updates
15:30 (IST) 28 May 2024
Markets today at close
The NSE Nifty 50 closed 0.28% lower at 22,868.35, while the BSE Sensex closed 0.35% higher at 75,128.52.
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