24 May , 2024 By : Debdeep Gupta
Benchmark indices Sensex and Nifty were trading in flat in noon deals on May 24 after they touched fresh lifetime highs of 75,582 and 23,004, respectively. However, broader indices continued to outperform frontline indices, with BSE Midcap and Smallcap indices rising up to 0.4 percent.
Around noon, the Sensex was up 33.41 points, or 0.04 percent, at 75,451, and the Nifty was up 10.7 points, or 0.05 percent, at 22,978. The market breadth was in favor of gainers as around 1,703 shares advanced, 1,534 shares declined, and 89 shares were unchanged.
Meanwhile, India's VIX rose more than a percent to trade around 21 levels.
Sectoral trend
Among sectors, Nifty Metal and Nifty PSU Bank indices were the lead performers, gaining up to 0.7 percent on May 24 afternoon. On the contrary, defensives took a backseat, with Nifty FMCG and Nifty Pharma declining up to 0.4 percent.
Fundamental View
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services believes that this rally is being led by fairly valued large-caps while overvalued broader markets take a backseat. He expects the trend of large-caps outperformance to continue in the near term as well.
Technical view
Deven Mehata, Research Analyst at Choice Broking expects Nifty to find support at 22,900 followed by 22,850 and 22,800. "On the higher side, 23,025 can be an immediate resistance, followed by 23,100 and 23,200," he added.
KEY NIFTY GAINERS
BPCL, L&T, ULTRATECH CEMENT
Key Nifty losers
Apollo Hospitals, TCS, Hero MotoCorp
Top Sensex leaders
Ultratech Cement, L&T, Bharti Airtel
Top Sensex laggards
TCS, ITC, Sun Pharmaceutical
Stock moves
Vodafone Idea: The stock of this telecom operator surged around 5 percent on May 24 after UBS upgraded the stock to a 'Buy' rating from 'Neutral', with a revised target price of Rs 18 from Rs 13.1 earlier.
Honasa Consumer: Shares of Mamaearth parent Honasa Consumer sprung 7 percent in early trade on May 24, a day after the company posted its highest-ever quarterly net profit for the January-March quarter of FY24. The company's net profit came at Rs 30 crore in Q4FY24 as against a loss of Rs 160 crore in the base period.
ITC: Shares of ITC slipped over a percent to Rs 436 per share on May 24 after it reported a standalone net profit of Rs 5,020.2 crore for the March quarter, down 1.31 percent from the year-ago quarter, hit by flattish cigarette volumes and lower FMCG margins.
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