Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic stock markets continued to march higher on Friday, the first day of the fresh monthly expiry. S&P BSE Sensex jumped 632 points or 1.17% to end the day at 54,884 while the NSE Nifty 50 index settled at 16,352, up 182 points or 1.13%. bank Nifty breached 35,600 levels while India VIX tanked 5.46% to fall below 22 levels. Tech Mahindra was the top gaining Sensex stock, followed by IndusInd Bank, Infosys, Bajaj Finance. NTPC was the worst performer on Sensex, down 2.92%, accompanied by Power Grid, Bharti Airtel, and Tata Steel.
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Bulls remained in control on Dalal Street for the second day running and comfortable ended the day with gains. S&P BSE Sensex jumped 632 points or 1.17% to end the day at 54,884 while the NSE Nifty 50 index settled at 16,352, up 182 points or 1.13%. Tech Mahindra was the top gaining Sensex stock, followed by IndusInd Bank, Infosys, Bajaj Finance. NTPC was the worst performer on Sensex, down 2.92%, accompanied by Power Grid, Bharti Airtel, and Tata Steel. Bank Nifty breached 35,600 levels while India VIX tanked 5.46% to fall below 22 levels.
A record volume of Russian oil is on board tankers, with unprecedented amounts heading to India and China as other nations restrict imports because of the war in Ukraine.
Angel one has expanded its client base to 10 million, thus more than doubling its client base since March 2021.
Bank Nifty was up more than 1.5% on Friday, as the banking gauge continued its outperformance.
Tech Mahindra, Bajaj Finance, IndusInd Bank, Wipro, Infosys, and Bajaj Finserv were among top BSE Sensex gainers in the afternoon trade
BSE Sensex was trading over 1 per cent or 608 points higher at 54,861, while NSE Nifty 50 index was up 1.07 per cent or 173 points to trade at16296
Foreign Institutional Investors (FII) seem to have fallen out of love with Indian stock markets as outflows continued in April and are now heading towards the eighth month in May. Bank of America Securities (BofA) in a report noted that outflows so far this year by FIIs stand at $20 billion. In the cross-hairs have been sectors such as Information Technology, Real Estate, and Financials, among others. The magnitude of the outflows has been cushioned by Domestic Institutional Investors (DII) who have poured in roughly $19 billion during the same period, however, the inflows seem to be slowing down now.
Fuel markets have tightened globally following Russia’s invasion of Ukraine in late February, which has upended trade flows and fanned inflation. The Biden administration is reaching out to oil companies to inquire about restarting shuttered refineries. Oil’s fifth weekly advance would be the best run since February, with futures more than 50% higher this year. Further gains have been capped by a virus resurgence in China, which continues to weigh on the outlook for demand as the world’s biggest crude importer sticks with its Covid Zero strategy. The China demand story is shorter-term in nature, whereas the supply issues are a longer-term problem. Read full story
FOMC minutes this week suggested Fed policy makers are confident in the US economy and do not see rate hikes dragging the US economy into recession. According to the minutes, the Committee continues to see upside risk for inflation and a growing threat to the economy. The members said it would be appropriate to raise interest rates by 50 basis points at the next couple of meetings. Despite this gold managed to sustain above $1840 while we did not see any strong move in USD. Market participants have already factored in two 50 basis point rate hikes from the Fed. Read full story
Bajaj Finance and Bajaj Finserv were the top Sensex gainers on Friday. Bajaj Finance share price zoomed 3.5% while Bajaj Finserv stocks were up 2.4%.
An action-packed session was seen in our domestic market with a V-shaped recovery on the expiry day. The benchmark index Nifty 50 started the day with a gap up that soon got sold into, and it breached the psychological mark to test intraday lows of 15904 odd levels. However, the short covering in the mid session triggered a brisk rally that pared down all the initial loss, followed by the broad-based optimism that boosted the market sentiments and snapped the week’s selling spree. The Nifty concluded the expiry session at the day’s high with a gain of 0.90 percent. Read full story
“FPI selling, the main trigger for the market weakness in India, is showing signs of exhaustion. DII and retail buying and overwhelming FPI selling along with short covering can trigger a near-term rally. High-quality large-caps can stage a rally. Leading banks are safe bets,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Paradeep Phosphates shares listed on the stock exchanges today at a marginal premium to the IPO price amid the bullish market momentum. Shares of the company began trading on the NSE at Rs 44 per share, up/down 4.76% from the IPO price of Rs 39-42 per share and on the BSE the stock debuted at Rs 43.55 apiece. The fertilizer company came with its IPO earlier this month and was fully subscribed by investors of all categories, except NIIs. The company had a market capitalisation of Rs 3,547 crore on its market debut.
Aether Industries IPO, which was subscribed 6.26 times, is likely to finalise the share allotment basis on Tuesday, 31 May. The Rs 808-crore public issue was sold in the range of Rs 610-642 per share. Aether Industries’ shares were seen trading tepid in the grey market, with stock quoting a weak premium in the unlisted space of just Rs 9 apiece, down from Rs 20 per share on Monday when the IPO opened, according to the people who deal in unlisted shares of the companies. Read full story
“Going ahead, follow-through strength in Bank Nifty (which carries 35% weightage in Nifty) would drive Nifty towards upper band of consolidation placed at 16400.”
~ ICICI Direct
The US markets ended higher on Thursday after optimistic retail earnings outlooks and waning concerns about overly aggressive interest rate hikes by the Federal Reserve put investors in a buying mood. Asian markets are trading in green on Friday thanks to strong results from regional tech firms and US retailers. Key support and resistance levels to watch is 16,000 and 16,400.
~ Mohit Nigam, Head – PMS, Hem Securities
Sensex rose more than 400 points or 0.84% to cross 54,700 points on the opening bell while NSE Nifty 50 index was above 16,300, jumping 130 points.
Sensex was soaring higher at the beginning of the pre-open session on Friday. Nifty was down with marginal losses.
The maximum Call open interest was seen at 16,200 strike, followed by 16,300 strike. While call writing was seen at 15,900 strike, followed by 16,200 strike. On the other hand, the maximum Put open interest was seen at 16,000 strike, followed by 16,100 strike. Put writing was seen at 16,100 strike, followed by 15,900 strike. Read full story
Bears remained under control in May expiry and pushed the markets further lower. Global headwinds like fear of aggressive rate hikes from the US Fed, the ongoing Russia-Ukraine War, and Covid-led lockdown in China continue to dent the sentiment. On the domestic front, the earnings season turned out to be mixed, in absence of any major positive surprise. However, intermediate buying in select index majors capped the damage till the end. Read full story
The prices of petrol and diesel were kept unchanged by the OMCs for the fifth day running on Friday. Finance Minister Nirmala Sitharaman had announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel on Saturday. Petrol price in Delhi today stands at Rs 96.72 a litre as against Rs 105.41 a litre last week, while diesel will cost Rs 89.62 a litre as opposed to Rs 96.67. In Mumbai, one litre of petrol costs Rs 111.35 while diesel is retailing at Rs 97.28 per litre.
“While we remain open to a pullback rally in the very near term, we must remember that the intermediate trend remains down. The bears would gain more control once the recent intermediate low of 15735 is broken.”
~ Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities
The May series was divided into two parts wherein Nifty corrected sharply to almost retest the March lows of 15700, while the index then consolidated within a broad range in the latter part of the series. With modest recovery from the lows at the end, Nifty ended a tad below 16200 with a loss of over 6 per cent compared to the last expiry. During the May series, we witnessed aggressive short formations during the first couple of weeks, while the pullbacks in the latter half witnessed some short covering. Although the retail participation in the derivatives segment has increased substantially in recent times; FIIs were in the driver's seat as they started the May series with short positions and maintained bearish positions throughout the series.
SGX Nifty was up 80 points during the early hours of Friday, suggesting a positive start for Dalal Street.
Indian equity markets are likely to open gap-up on Friday amid strong global cues. Nifty futures were trading 82.5 points, or 0.51% higher at 16,258.50 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start. In the previous session, benchmark BSE Sensex ended 503.27 points, or 0.94%, higher at 54,252.53 and NSE Nifty 50 closed 144.40 points, or 0.90% up at 16,170.20. “Market witnessed a relief rally after 3 days of correction with Nifty ending the session near day’s high. Also short covering on monthly FNO expiry helped market to recover. Nifty now needs to hold above 16061 zones for an up move towards 16400 and 16500 level,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.