Stock Market Highlights, May 30: Sensex drops 617 pts, gives up 74K; Nifty below 22,500

Stock Market Highlights on May 30: In the broader markets, the BSE MidCap, and SmallCap indices fell over 1 per cent each

Closing Bell on May 30, 2024: Extending their weakness into fifth day, benchmark indices ended up to 0.9 per cent lower on Thursday, May 30. The S&P BSE Sensex saw exacerbated selling in the second half, leading to the index settling 617 points, or 0.83 per cent, lower at 73,886 levels.

The Nifty50, on the other hand, ended beow the 22,500-mark at 22,489, down 216 points or 0.95 per cent.

Tata Steel, Tech M, Titan Company, Power Grid, Bajaj Finserv, Bajaj Finance, Wipro, Nestle, JSW Steel, TCS, Infosys, M&M, Tata Motors, ITC, Sun Pharma, HCL Tech, NTPC, and Ultratech Cement dropped in the range of 1.5 per cent to 5.75 per cent.

Meanwhile, in the broader markets, the BSE MidCap, and SmallCap indices fell over 1 per cent each.

Among sectors, the Nifty Metal index declined nearly 3 per cent, the Nifty IT 2.2 per cent, and the Nifty Pharma 1.8 per cent. 

 

3:53 PM

Tech View :: 'Nifty may fall to 22,300 if it doesn't firmly reclaim 22,500'

Nifty 50
On the daily charts, we can observe that the Nifty is in the process of retracing the rise it has witnessed from 22,054 – 23,111. The Nifty has now reached the support cluster of 22,460 – 22,500 where support parameters in the form of the 20-day moving average and the 50% Fibonacci retracement level are placed. We expect the Nifty to hold this crucial support zone and start the recovery process. In case of a breach, the next support is placed at 22,313 – 22,300.

 

Bank Nifty

On the daily charts, we can observe that it has recovered sharply from the 48,300 levels which coincided with the 20-day moving average and the 61.82% Fibonacci retracement level of the 47,435 – 49,689 rise. We expect the positive momentum to continue over the next few trading sessions. On the upside, we expect it to continue its momentum till 49,400 - 49,500.

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

3:45 PM

Comment :: Why did markets fall today, May 30?

The benchmark index is taking cues from the US market as treasury yields continue to climb following the stickiness of global inflation, delaying the central bank’s interest rates cut policy.

Meanwhile, the broader market continued the weak trend, led by profit booking, due to feeble closing of monthly expiry owing to lack of interest to hold short-term positions, as exit poll is slated in the weekend.

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

3:43 PM

Currency check :: Rupee ends 3 paise higher

3:42 PM

Broader markets :: Mid, SmallCap indices fall over 1%

3:40 PM

Sectoral trends :: Nifty Metal, IT indices tumble, banks rally

3:39 PM

Sensex Heatmap :: Rally in private banks help trim losses in 30-stock index

3:38 PM

Closing Bell :: Nifty gives up 22,500

3:37 PM

Closing Bell :: Sensex declines for 5th day, ends over 600 pts lower

3:27 PM

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3:16 PM

Cummins India share price sheds 6% amid cautious management commentary

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3:04 PM

Global check:: Dow futures down 300 pts; UK stock futures hold marginal gains

2:54 PM

Sebi reduces approval time to 7 days for brokers for internet-based trading

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2:45 PM

This smallcap power related stock zoomed over 100% from its March low

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2:38 PM

Market check:: Nifty 50 index dips below 22,500, down 213 points

2:32 PM

ALERT:: Godfrey Phillips Q4 net jumps 55%; stock up 3%

Godfrey Phillips today reported 55 per cent growth in Q4FY24 net profit at Rs 178.42 crore when compared with Rs 115.11 crore in Q4FY23. Revenue from operations rose by 20.5 per cent YoY to Rs 1,174.98 crore from Rs 975.13 crore.