Stock Market Highlights: Markets end higher! Nifty at 22,550, Sensex over 74,000, Real Estate and Metals up – Market News

Adani Enterprises, Adani Ports and SEZ, Shriram Finance, Tata Steel and Coal India were the top gainers in the Nifty 50. On the other hand, Divis Laboratories, Nestle India, Dr Reddy’s Labs, TCS and Maruti Suzuki were the top losers in the Nifty 50 as of May 31.

Provided by: NSE

Commenting on the outlook for crude oil, Bhavik Patel, Senior Commodity and Currency Research Analyst, TradeBulls Securities, said the trend for MCX Crude Oil is weak and the market is making higher highs and lower lows on a daily basis. It is also trading below its 21-day moving average and the momentum oscillator RSI_14 is trading bearishly around 42.

Patel also said, “The immediate support is near the previous low of 6,350 and the major hurdle is above 6,728.” This month, crude oil has tested the 6,725 level twice, followed by a correction as 6,725 proved to be a strong hurdle.

“Looking at yesterday’s price action, we believe long positions can only be taken above 6,725. Till then, the upside is near 6,580 with a stop loss at 6,725 and an expected target at 6,345,” Patel added.

PB Fintech, NHPC, GRM Infra, NMDC and Prestige were among the top gainers in the Nifty Midcap 100. On the other hand, IPCA Laboratories, Page Industries, Max Health, Mazagon Dock Shipbuilders and Paytm were among the top losers in the Nifty Midcap 100 as of May 31.

According to Nuvama Institutional Equities, the largest inflows are expected to go to Indus Towers at $224 million, followed by PB Fintech and Phoenix Mills at $223 million and $213 million, respectively. Other stocks are expected to see inflows in the range of $144 million to $207 million.

Thermax is considered to be on the borderline for inclusion in the MSCI index, which could trigger inflows of $139 million if included, while Paytm, Indraprastha Gas and Burger Paints are being excluded from the index, which could lead to outflows of around $283 million in total.

Also read: MSCI index rebalancing to take place today – Know which stocks will rebalance as India expects inflows worth $2 billion

Provided by: BSE

The NSE Nifty 50 rose 40 points, or 0.18 per cent, to 22,528.30 and the BSE Sensex rose 175.84 points, or 0.24 per cent, to 74,061.44.

Provided by: NSE

Welspun shares fell over 8% to an intraday low of Rs 550.10 on Friday as the company’s March quarter results and subsequent FY25 guidance failed to inspire the market.

“After opening with a gap down, Bank Nifty found support near the 21-day EMA and closed with a bullish candle. Recovery in large private sector bank stocks helped the index maintain its gains. The key support level for Bank Nifty is 48,300 while 49,000 will act as a strong resistance. A break above these levels is expected to result in a decisive move,” said Rupak De, Senior Technical Analyst, LKP Securities.

Apollo Hospitals shares surged over 3% in opening trade on Friday after the company reported a 77% rise in net profit to Rs 2,580 crore in its fourth-quarter results compared to the same period last year. The stock surged as much as 3.23% to hit an intraday high of Rs 5,959.35 per share on the NSE.

Commenting on the technical outlook for Nifty, Rupak De, Senior Technical Analyst, LKP Securities said, “Nifty remained largely bearish and volatile during the session. Short-term sentiment remains weak as the index fell below the crucial 21-day exponential moving average (21EMA). Call selling action was noticeable at 22,500. Hence, to witness a meaningful recovery, Nifty needs to sustain above 22,500. However, failure to sustain above 22,500 could trigger fresh selling in the market and the index could move towards 22,300/22,100.”

NSE Index, the index services subsidiary of National Stock Exchange of India, has launched India’s first electric vehicle index to track the performance of companies in the EV ecosystem. Called the Nifty EV & New Age Automotive Index, the index will incorporate companies involved in developing new-age automobiles and related technologies.

As per provisional data available with the NSE, on May 30, 2024, foreign institutional investors (FIIs) sold shares worth Rs 3,050 crore while domestic institutional investors (DIIs) bought shares worth Rs 3,433 crore.

On Friday morning, WTI crude oil prices were trading at $77.70, down 0.22%, while Brent crude oil prices were trading at $81.73, down 0.16%.

The US Dollar Index (DXY), which measures the greenback’s value against six foreign currencies, fell 0.34% to 104.77.

U.S. stocks closed lower on Thursday. The Nasdaq fell more than 1%, led by technology stocks after Salesforce’s disappointing forecast. Investors also digested data showing that economic growth in the first quarter was slower than expected, Reuters reported. The technology-heavy Nasdaq Composite Index fell 183.50 points, or 1.08%, to close at 16,737.08. The S&P 500 fell 31.47 points, or 0.60%, to 5,235.48, and the Dow Jones Industrial Average lost 330.06 points, or 0.86%, to 38,111.48.