14 May , 2024 By : Debdeep Gupta
BSE Sensex and NSE Nifty 50 extended the previous session's gains with automobile and energy stocks leading the gains. However, concerns about the results of the ongoing general elections persist.
The broader market outperformed the benchmarks with BSE Midcap rising 0.7 percent and BSE Smallcap gaining 1.4 percent.
At 11:42 am, the Sensex was up 221 points or 0.3 percent at 72,998 and the Nifty 50 was up 76 points or 0.4 percent at 22,180. About 2,388 shares advanced, 834 shares declined, and 103 shares remained unchanged.
Investors are now awaiting the release of key CPI inflation data from the US on May 15 for further insights into the trajectory of interest rates.
Sectoral Trend
Nine out of the 13 major sectoral indices saw gains, with automobile stocks leading the charge. Conversely, Nifty Pharma and Nifty Healthcare witnessed a decline following a rally in the previous session.
Fundamental View
"The trend in May of sustained selling by FIIs and sustained buying by DIIs continues," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. He said that this trend will continue and the spike in India's VIX will ensure high volatility.
"Clarity on election trends is likely to come before June 4, the counting day, and the market response can be strong," he said. As of now, banks, capital goods, auto, and top IT companies like TCS are fundamentally strong, according to Vijayakumar.
Technical View
Nifty 50 can find support at 22,050 followed by 22,000 and 21,900, said Deven Mehata, Research Analyst at Choice Broking. He said that on the higher side, 22,200 can be an immediate resistance, followed by 22,250 and 22,300.
Key Nifty gainers
Adani Enterprises, M&M, Hero MotoCorp, Adani Ports
Key Nifty losers
Cipla, Britannia, Axis Bank, Nestle
Key Sensex gainers
M&M, JSW Steel, Titan, L&T
Key Sensex losers
Axis Bank, Nestle, TCS, Bajaj Finance
Stock moves
Hindustan Aeronautics: Shares surged over 3 percent after global brokerage firm UBS maintained a 'buy' call on the counter and raised the target price to Rs 5,200 per share from Rs 3,600, indicating an upside of 28 percent from current levels.
Cochin Shipyard: Shares zoomed as much as 9 percent as the company bagged a large order from a European client, for the design and construction of a Hybrid Service Operation Vessel (Hybrid SOV) with an option for two more such vessels.
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