The market ended slightly higher.cars, power, metal shine

Indian markets erased some of the previous session’s losses, with Nifty hovering around 22,650 on May 2 as market participants digested the Fed chair’s comments on rate hikes after leaving key rates unchanged at the May 1 meeting. It rose and ended.

At the close, the Sensex was up 128.33 points or 0.17 per cent at 74,611.11 and the Nifty was up 43.35 points or 0.19 per cent at 22,648.20.

The market erased its losses and the Nifty crossed 22,700 and traded higher through the session, led by buying seen across sectors except real estate and banking. However, selling pressure in the second half erased some of the intraday gains.

BPCL, Power Grid Corporation, Asian Paints, Bajaj Auto and Tata Motors were among the top gainers on Nifty, while Kotak Mahindra Bank, Bharti Airtel, Tata Consumer, Axis Bank and HDFC were among the top losers. It was life.

By sector, automobiles, metals, and oil and gas each rose 1%, but banking and real estate indices ended with small losses.

The broad indexes once again outperformed the benchmarks, with the BSE Midcap Index hitting a new high and ending with a percentage gain, while the Small Cap Index gained 0.3%.

Among individual stocks, volumes of Dabur, Indiamart Intermesh and Bosch surged more than 400%.

While Cholamandalam Investment Finance Ltd., REC and Indiamart Intermesh saw long-term gains, Godrej Properties, IGL and Kotak Mahindra Bank saw short-term gains.

Over 250 stocks like REC, Ashok Leyland, BHEL, CESC, Federal Bank, Grasim Industries, IRCTC, Jindal Steel, M&M, Mangalam Cement, MOIL, NTPC, Petronet LNG, Polycab, Power etc. are listed at 52 on BSE. It hit a weekly high. Stocks such as Grid Corporation, Raymond, REC, Sobha, etc.Click to see complete list

Outlook for May 3rd

Jatin Gedia – Technical Research Analyst at BNP Paribas Sharekhan

Nifty started in the red, but recovered during the day and became strong. I finished up about 43 points inside the green. On the daily chart, we can see that the Nifty is consolidating after the selling in the previous trading session. The upper level of 22,700 remains an important resistance level, while 22,450 is an important support from a short-term perspective. Nifty is likely to consolidate within this range in the next few sessions.

Bank Nifty faced selling pressure and closed in the red by around 166 points. All in all, Nifty Bank can also be integrated. Downside support is between 49000 and 48900 and resistance is between 49800 and 49850. Overall, we expect some consolidation in both indices.

Rupak De, Senior Technical Analyst, LKP Securities

Nifty closed marginally higher after volatile trading. On the hourly chart, it forms a lower peak, indicating a decline in bullish sentiment. Momentum indicators have entered bearish territory, suggesting weak momentum. In the short term, the trend may continue sideways and may fluctuate within the range of 22500-22800.

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