Stock Market Highlights, May 29: Sensex falls for 4th day, tanks 668 pts; Nifty nears 22,700

Stock Market Highlights on May 29, 2024: In the broader markets, the BSE SmallCap index was the only outperformer, rising 0.23 per cent

Closing Bell on May 29, 2024: Equity markets extended weakness on the penultimate day of the monthly F&O expiry for May series, weighed by profit booking in financial shares and nervousness ahead of the Lok Sabha election results. 

The S&P BSE Sensex declined 668 points, or 0.89 per cent, to end at 74,503. The Nifty50, on the other hand, settled at 22,705, down 183 points or 0.8 per cent. 

ICICI Bank, Axis Bank, Tech M, Bajaj Finserv, HDFC Bank, Ultratech Cement, SBI, Wipro, Infosys, HUL, Kotak Bank, TCS, RIL, and Bajaj Finance were the top laggards, dropping in the range of 0.5 per cent to 2 per cent.

In the broader markets, the BSE SmallCap index was the only outperformer, rising 0.23 per cent. The BSE MidCap index, meanwhile, slipped 0.38 per cent.

Among sectors, the Nifty Financial Services index edged 1.65 per cent lower, followed by the Nifty Bank index (1.3 per cent), and the Nifty Realty (0.9 per cent). On the upside, the Nifty Pharma rose 0.55 per cent. 

3:58 PM

Tech View :: 'Nifty might expire May F&O series around 22,800'

Bears remained in control, leading to a sharp fall in Nifty. During the day, heavy call writing activities were seen at the 23,000 and 22,800 strikes, while put writing activities were visible at the 22,800 and 22,700 strikes.

 

The option data suggests that Nifty might expire around 22,800. On the other hand, a fall below 22,700 might trigger additional selling pressure in the market. Immediate resistance is placed at 22,800.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:53 PM

Tech View :: What is the next support for Nifty Bank after today's selling?

The Bank Nifty index has demonstrated a clear shift in sentiment by opening below its support level at 49,000 and trading beneath it. It closed near its 21-day EMA at 48,400. If Bank Nifty fails to maintain above the 21-day EMA, further selling pressure may drive it down to 48,000. Consequently, 48,400 now serves as the support level for Bank Nifty, with 49,000 acting as the new resistance level.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:50 PM

Comment :: 'Nifty may find support at 22,500; avoid aggressive longs'

The recent decline signals caution among investors, and we anticipate Nifty finding support around the 22,550 level, which corresponds to the 20-day EMA.

With the May derivatives contracts expiry approaching, volatility is expected to remain high. We recommend limiting aggressive long positions and adopting a hedged approach.

Views by: Ajit Mishra – SVP, Research, Religare Broking

3:46 PM

Comment :: 'Broad based weakness is noticed across sectors'

Weak global cues prompted investors to take profits ahead of the US core PCE data, a key gauge of inflation that is anticipated to rise. Continued soaring of global inflation, like latest trend in Japan and Australia is diminishing investor expectation of a US Fed rate cut in the near term. Broad based weakness is noticed across the sectors with heavy underperformance from financials and IT.

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

3:44 PM

Currency check :: Rupee ends sharply lower by 16 paise on May 29

>> Rupee ends at 83.35/$ vs Tuesday's close of 83.18/$

3:43 PM

Broader markets :: SmallCap index outshines peers

3:41 PM

Sectoral trends :: Pharma, Metal indices buck market weakness

3:40 PM

Sensex Heatmap :: ICICI Bank, HDFC Bank, RIL among 24 losing stocks

3:39 PM

Closing Bell :: Nifty ends near 22,700

3:38 PM

Closing Bell :: Sensex's fall extends into 4th day

3:29 PM

March Quarter Results :: Mazagon Dock Shipbuilders report net profit of Rs 660 crore

>> PAT was Rs 320 crore YoY

>> Ebitda comes at Rs 524 crore vs Rs 210 crore YoY, margin at 16.89% vs 10.13% YoY

3:21 PM

Titagarh Rail soars 13% to hit new peak in weak market; up 81% in 11 weeks

At 02:49 pm, TRSL was trading 11 per cent higher at Rs 1,396, as compared to 0.77 per cent decline in the S&P BSE Sensex. The average trading volume more than doubled on May 29, with a combined 7.9 million equity shares, representing 5.9 per cent of total equity of the company, changing hands on the NSE and BSE. READ MORE

3:10 PM

Sensex Heatmap at this hour :: 25 of 30 stocks decline

2:59 PM

Foreign funds return to Indian bonds as JPMorgan index inclusion nears

India has been top of mind for global investors this year as the inclusion of the nation’s debt in JPMorgan’s flagship gauge in June heralds its growing clout, with the US bank estimating inflows of as much as $25 billion. A reduction in short-term borrowings and a record dividend payout by the central bank have also boosted the appeal of local bonds. READ MORE

2:47 PM

17 penny stocks zoomed up to 500x in the Narendra Modi era. Do you own any?

In the last 10 years – since the Lok Sabha election results were announced back in 2014 that saw the National Democratic Alliance (NDA) assumed power for the first time with Narendra Modi at the helm, as many as 17 stocks across the Sensex, midcap and the smallcap segments on the BSE have given returns in excess of 200 times. READ MORE