Stock Market Highlights, May 6: Sensex, Nifty end flat; broader indices fall 1% as financials bleed

Stock Market Highlights on May 6: Kotak Bank, HUL, TCS, M&M, Sun Pharma, and Tech M were the top gainers on the Sensex

Closing Bell on May 6: After starting higher on Monday, lifted by healthy global cues, Indian equity markets ended flat amid selling in financial shares. READ MORE

The S&P BSE Sensex ended at 73,896, up 17 points or 0.02 per cent, while the Nifty50 closed at 22,443, down 33 points or 0.15 per cent. 

In the broader markets, the BSE MidCap and SmallCap indices declined 0.95 per cent and 1 per cent, respectively. 

The volatility gauge, India VIX, meanwhile, soared nearly 14 per cent.

Among sectors, the Nifty PSU Bank index shed 3.66 per cent, the Nifty Consumer Durables 2.5 per cent, and the Nifty Media 2.16 per cent. On the upside, the Nifty Realty index gained nearly 2.7 per cent. 

3:56 PM

Tech View :: Key levels to watch on Nifty, Bank Nifty

Nifty50

The strategy to trade in Nifty would be to sell in case the low of 22,348 if breached on the downside or if the Nifty bounces towards 22,570 – 22,620 zone. Under both scenarios we are expecting very limited upside as the Nifty is unable to sustain at higher levels. A stoploss of 22,700 should be maintained for the short positions. Targets on the downside are 22,280.

 

Bank Nifty

The bank nifty also witnessed range-bound price action. We expect correction to resume in Bank Nifty which could lead to a drift towards 48,400 – 48,000 over the next few trading sessions. The ideal strategy to trade this would be to sell on rise near resistance 49,200 – 49,300. Key support is placed at 48,400 – 48,300.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:54 PM

Comment :: What all happened in the markets today?

The domestic indices traded in a range-bound manner influenced by PSU banks’ underperformance due to the RBI's tighter norms on lending to projects under development. The broader indices also witnessed major selling pressure due to valuation concerns and profit booking. Globally, weaker US payroll data has increased expectations of potential FED rate cuts. Investors are closely monitoring this week’s FED speakers for insights on future monetary policy.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

3:49 PM

Currency Check :: Rupee ends 7 paise weaker

3:46 PM

Broader markets :: Mid, SmallCap indices end 1% lower each

3:43 PM

Sector check :: PSU Bank index slides over 3%

3:40 PM

Sensex Heatmap :: Losses in 11 stocks outweigh gains in others

3:38 PM

Closing Bell :: Nifty ends below 22,450

3:37 PM

Closing Bell :: Sensex end flat after choppy session

3:20 PM

Paytm slips 5% on resignation of president & COO Bhavesh Gupta

Gupta's resignation marks the third senior resignation from the company in the past few months after its associate entity, Paytm Payments Bank (Paytm PB), faced regulatory action from the Reserve Bank of India (RBI). READ MORE

3:07 PM

ALERT:: Coromandel International ups stake in Ecozen; stock up 1%

Coromandel International in an exchange filing today said it increased its investment in Ecozen, to 5.54% from 3.13% for an investment of Rs 24 crore. 

2:57 PM

Shapoorji Pallonji Group seeks $1.2 billion loan from Power Finance Corp

As collateral for the initial loan, the SP Group pledged its 18 per cent stake in Tata Sons, the holding company of the Tata Group, according to reports. READ MORE

 

 

2:48 PM

MRPL falls 9% on weak Q4 results

Mangalore Refinery & Petrochemicals Limited (MRPL) shares dropped as much as 8.85 per cent to hit an intraday low of Rs 229.15 apiece on Monday The falls came after the company reported a weak set of quarter-ending March (Q4FY24) results. READ MORE

2:36 PM

ALERT:: CG Power Q4 net flat at Rs 240 cr; stock down 1%

CG Power & Industrial Solutions today reported a flat growth in net profit at Rs 240.59 crore for Q4FY24 when compared with Rs 240.23 crore in Q4FY23. Total income, however, rose by 18.7 per cent YoY to Rs 2,139.31 crore from Rs 1,802.32 crore.

2:21 PM

ALERT:: Indian Bank Q4 net jumps 55%; stock off day's low

Indian Bank today reported 55.3 per cent surge in net profit at Rs 2,247 crore for Q4FY24 as against Rs 1,447.28 crore in Q4FY23. Total income increased by 18.6 per cent YoY to Rs 16,887 crore from Rs 14,239 crore.

2:10 PM

This solar pump manufacturer's stock zoomed over 100% in 33 trading days

Shares of Shakti Pumps were locked in upper circuit for the fifth straight day, up 5% at Rs 2,585.85 on the BSE after reported robust March quarter (Q4FY24) earnings and strong order book. READ MORE