Sensex extends rally to 4th day, ends 123 pts higher; ITC, IT stocks shine

CLOSING BELL ON MAY 30, 2023: The NSE Nifty 50 gained 35 points at 18,634; while the Bank Nifty hit a fresh all-time high at 44,499.

Stock Market Highlights: The key benchmark indices gyrated between zones in a range-bound trade on Tuesday as investors preferred to stay on the sidelines ahead of US lawmakers' key vote on lifting the debt ceiling for next two years.

The S&P BSE Sensex scaled a high of 63,036 in late deals, after having touched a low of 62,737 in opening trade, thus gaining almost 300 points intra-day trade. The Sensex finally extended its rally to the fourth straight day, as it settled 123 points higher at 62,969. The BSE benchmark index has gained 1,196 points in the last four trading sessions.

The NSE Nifty 50 touched a high of 18,662, and ended with a gain of 35 points at 18,634. The Bank Nifty scaled record peak for the second straight trading session at 44,498.60 on Tuesday. The banking index eventually was up 0.3 per cent for the day.

ITC was the top gainer among the Sensex 30 stocks. The stock ended 2.3 per cent higher at Rs 450 after it turned ex-date for dividend. Bajaj Finserv, Kotak Bank, Bajaj Finance and Axis Bank were the other prominent gainers. 

On the other hand, Tata Steel, Tech Mahindra, Sun Pharma and Nestle India were the notable Sensex losers.

In the broader markets, the BSE Midcap and Smallcap indices added 0.2 per cent each. Secotrally, the Bankex and IT indices moved up to 0.4 per cent higher, while the Metal index slipped 1.3 per cent on Tuesday.

 

3:57 PM

Comment :: 'Mixed global cues capping the momentum'

Markets are gradually inching towards the record high; however mixed global cues are capping the momentum. We feel the scenario may continue and that may keep the traders guessing on the sustainability of the trend. Having said that, traders should maintain a positive tone till Nifty holds 18,250 and proactively manage their positions. 

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

 

3:52 PM

Comment :: 'Underlying trend is strong, supported by strong liquidity'

The domestic market continued its rally as recent Q4 results indicated improvement in demand. Further, expectations of a normal monsoon and a drop in international commodity prices support a rise in the margin profile. The underlying trend is strong, supported by strong liquidity, the negative slope of the interest yield, and the forecast of strong QoQ growth in Q4 FY23 GDP vs. 4.4% in Q3.

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

3:49 PM

Tech View :: 'Nifty may stay range-bound in coming sessions'

The Nifty witnessed a day of consolidation today and managed to close the day on a positive note, up ~35 points. On the daily charts, we can observe that after a sharp upmove, the Nifty is witnessing consolidation which is a bullish sign. During this range-bound price action, it will prepare a base for itself and set the stage for the next leg of the upmove. The hourly momentum indicator still has a negative crossover which points out that the consolidation is still not over, and it could lead to a rangebound price action over the next few trading sessions. in case of a huge gap up it is unlikely to sustain at higher levels without the support from the momentum indicator. Overall, the uptrend is intact, and this consolidation shall provide an opportunity for initiating fresh long positions. In terms of levels, 18705 – 18735 shall act as the immediate hurdle zone while 18570 – 18500 is the crucial support zone from a short-term perspective.

 

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

3:46 PM

Comment :: 'Bulls make hay in May'

On a day when the Volatility Index dropped below 12, it was an eventful trading session today as the month of May has witnessed cash market volumes surging towards a six-month high as the return of FII's pepped up domestic investors in search of Alpha in a month which defied the usual 'Sell in MAY and Go Away' rhetoric.

As markets shrugged away inflation, supply-chain disruptions and a slowdown in certain discretionary spends, buoyant FII inflows of Rs 450bn since April has powered the Bank Nifty to its yearly-high today ahead of the MSCI rejig tomorrow. The sight of 63K on the BSE SENSEX today was indeed music to Bulls who made Hay in May.

Views by: S Ranganathan, Head of Research at LKP Securities

3:43 PM

Currency check :: Rupee ends lower at 82.71/$ against Monday’s close of 82.63/$

3:42 PM

BSE Stats :: Market remains equally divided between gainers and losers

3:41 PM

Buzzing stock :: Force Motors freezes at 20% upper circuit

3:40 PM

Buzzing stock :: Repco Home Finance rally 10% on solid Q4

3:39 PM

Buzzing stock :: Jubilant Pharmova ends off lows, still down over 7% on US FDA observation

3:37 PM

Broader market :: MidCap, SmallCap indices rise in tandem with benchmarks

3:36 PM

Sector check :: Metal, Pharma indices fall in an otherwise firm market

3:35 PM

Sensex Heatmap :: ITC, financials, IT stocks lift Sensex for 4th day

3:33 PM

CLOSING BELL :: Nifty holds 18,600 at close

3:32 PM

CLOSING BELL :: Sensex ends lackluster trade over 100 pts higher

3:27 PM

Repco Home Finance surges 25% in 2 days post solid Q4 results

Net interest income (NII) rose marginally by 3 per cent year-on-year (YoY) at Rs 155 crore. Net interest margin improved 30 bps sequentially to 5.1 per cent. Assets quality improved during the quarter, with gross non-performing asset (GNPA) ratio coming in at 5.77 per cent and NNPA at 2.99 per cent against 6.97 per cent and 4.86 per cent in the year earlier period, respectively. READ MORE

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