Stock Market Live: Market erases gains of the day! Nifty near 22,500, Sensex below 74,000.Real estate stocks and FMCG stocks perform well – Market News

Provided by: NSE

Shares of Bharat Heavy Electricals plunged more than 8 per cent in early trade on Wednesday after the company announced a 25 per cent year-on-year decline in net profit for the fourth quarter of FY24. BHEL stock fell 8.20 per cent to hit an intraday low of Rs 295 on the NSE.

In the NSE Nifty 50 index, Coal India, Reliance, Hindustan Unilever, Ultra Tech Cement and NTPC are the top gainers, while the top laggards are Sun Pharma, Power Grid, JSW Steel, Hindalco, Includes Shriram Finance.

“The market is likely to react to the election results sooner than June 4th. Investors could consider buying stocks before earnings. By the time the election results near, both FIIs and DIIs may turn into buyers of large-cap stocks and indexes to higher levels.” said VK Vijayamar, investment strategist.

“With the overall bias remaining positive, we expect levels to remain around the 22400 zone for the next few days, and a decisive break above the 22600 level will take us to the next target of the 22900 level. “There will be a growing tendency to expect the same,” Vaishali said. Mr. Parekh, Vice President, Technology Research, Prabhudas Lilladher said,

“GIFT Nifty’s early move comes after Federal Reserve officials, including Governor Christopher Waller, reiterated that a sustained decline in inflation is needed before considering rate cuts.” This suggests that it will be a volatile day ahead of the release of the FOMC minutes. The outlook for the Nifty is optimistic despite the rise in prices. All eyes are on metal stocks, supported by rising copper prices due to China’s intervention in the housing market. Technically, Nifty is bullish and heading for an all-time high above 22,795,” said Prashant Taps, senior vice president, research, Mehta Equities. he said.

“May FOMC minutes will be released today, which will be extremely important for the yellow metal. US existing home sales (April) and UK CPI (April) data will also be closely watched.FOMC Ahead of the meeting, gold is expected to remain range bound, with support at $2,400/$2,380 and resistance at $2,450/$2,475, with traders’ favorite strategy remaining for the metal. It could reach the $2,500 level in the short term,” said Praveen Singh, associate vice president of basic currencies and products at Sharekan at BNP Paribas.

“On the daily chart, we can see that the Nifty is in the recovery process after testing the lower limit of the ascending channel. It is currently in the 22570 – 22600 zone where resistance in the form of the 78.6% Fibonacci retracement level is placed. The hourly momentum indicator has caused a negative crossover, indicating that the Nifty is likely to consolidate as the price reaches an important level and gains momentum on the hourly timeframe. Considering the losses, we can expect the Nifty to firm up over the next few trading sessions. Stop losses for long positions should be kept at 22400,” said Technical Research Analyst Sharekhan at BNP Paribas. List, Jatin Gedia said.

Foreign institutional investors (FIIs) sold shares worth Rs 1,874.54 crore. However, domestic institutional investors (DIIs) purchased shares worth Rs 3,548.97 crore on May 21, 2024, as per provisional data available with NSE.

On Wednesday morning, WTI crude oil prices were down 0.67% to trade at $78.13, while Brent crude oil prices were down 0.58% to trade at $82.40.

The US dollar index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading 0.01% lower at 104.61.

Wall Street or the U.S. market rose as investors awaited Nvidia’s quarterly earnings report. Market participants are also awaiting the release of the Fed MPC minutes on Wednesday. Additionally, the NASDAQ and S&P 500 hit record highs. The Nasdaq Composite Index, which has a high proportion of high-tech stocks, rose 37.75 points (0.22%) to settle at 16,832.62. The S&P 500 rose 13.28 points, or 0.25%, to close at 5,321.41. The Dow Jones Industrial Average rose 66.22 points, or 0.17%, to 39,872.99.