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 stock was the top gainer on Nifty 50, trading 4 percent higher. The company's better-than-expected performance for the January-March quarter of FY24 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 VIX rose 5.3 percent to 22.9 around noon.
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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 on June 1, monthly F&O expiry on May 30, US and India's GDP data due to be released on May 30 and May 31, US PCE inflation 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.
Also Read | Power play: Are global stocks a better bet for Indian investors?
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.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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