27 May , 2024 By : Debdeep Gupta
Nifty and Sensex hit fresh highs around noon on May 27 with banking and IT stocks leading the gains. HDFC Bank, ICICI Bank, and L&T were the major contributors to the Nifty 50.
Divi's Lab shares were the top gainers on Nifty 50 while trading over 4 percent. The company's better-than-expected performance for the January-March quarter of FY24 has prompted brokerages to raise their price targets for the stock, to factor in the strong earnings.
In the broader market, BSE Midcap gained 0.6 percent and BSE Smallcap gained 0.1 percent.
Volatility remained high ahead of the general election outcome. India's VIX rose 5.3 percent to 22.9 around noon.
At 12.32 pm, the Sensex was up 553 points or 0.7 percent at 75,964 and the Nifty 50 was up 140 points or 0.6 percent at 23,097. About 1,588 shares advanced, 1,810 shares declined, and 119 shares remained unchanged.
Sectoral Trend
Nifty Bank and Nifty IT gained 1.4 percent and 0.9 percent, respectively, and were among the top gainers when it came to sectoral indices.
Meanwhile, Nifty Energy and Nifty Media fell 0.5 percent each.
Fundamental View
"Nifty traders should gear up for a week of potential volatility driven by six big catalysts," said Prashanth Tapse, Senior VP (Research), Mehta Equities. The exit poll is on June 1, the monthly F&O expiry is on May 30, US and India's GDP data due to be released on May 30 and May 31, US PCE inflation is due on May 31, and May auto sales data due on June 1 were pointed out as the six major events that the markets look forward to.
Tapse said that despite Wall Street being closed on May 27 for Memorial Day, confidence remains high among Nifty buyers, bolstered by investor optimism about the general elections and a drop in oil prices.
Technical View
Nifty 50 can find support at 22,900 followed by 22,850 and 22,800, said Deven Mehata, Research Analyst at Choice Broking. "On the higher side, 23,050 can be an immediate resistance, followed by 23,100 and 23,200," he added.
Key Nifty gainers
Divis Labs, IndusInd Bank, L&T, HDFC Bank, Adani Ports
Key Nifty losers
Wipro, ONGC, Eicher Motors, Adani Enterprises, Grasim
Key Sensex gainers
IndusInd Bank, HDFC Bank, L&T, Bajaj Finance, ICICI Bank
Key Sensex losers
Wipro, NTPC, Maruti Suzuki, Sun Pharma
Stock moves
Torrent Pharmaceuticals: Shares soared 7 percent as investors cheered for the company's strong Q4FY24 results and a robust growth outlook for the coming time.
Bosch: Shares traded over 4 percent higher after the company's impressive fourth-quarter results were cheered by the Street.
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