Podcast | Fireworks on expiry day! Sensex jumps over 400 points; Nifty above 10,700

The S&P BSE Midcap index closed 0.24 percent lower while the S&P BSE Smallcap index was down by 0.57 percent.

Sectorally, the S&P BSE Banking index rose 1.9 percent, followed by the S&P BSE oil & gas index which gained 1.1 percent, and the S&P BSE FMCG index was up 0.58 percent.

On the losing front, the S&P BSE Consumer Durable index slipped 0.97 percent, followed by the S&P BSE Realty index which slipped 0.85 percent, and the S&P BSE Healthcare index was down 0.83 percent.

Top Sensex gainers include names like Adani Ports (up 4.7 percent), HDFC Bank (up 4.3 percent), IndusInd Bank (up 3.1 percent), M&M (up 3.1 percent), and Kotak Bank (up 2.6 percent).

Top Sensex losers include names like Sun Pharma (down 2.9 percent), followed by Tata Motors (down 2.09 percent), Hero MotoCorp (down 1.6 percent), and Maruti Suzuki (down 0.8 percent).

Stocks in news

Shares of HDFC Bank gained 4.3 percent as investors made big bets ahead of the FII buying window being opened on June 1. The SEBI decided to open the window for institutional trading series (6 lakh series) just for a day on June 1, 2018. In fact, the regulator has decided to scrap the mechanism from July 1 onwards. This has led to an increase in demand for the stock.

Shares of Atlanta touched 52-week low of Rs 51.10, locking at 20 percent lower circuit on the back of resignation of statutory auditors of the company. There were pending sell orders of 110,352 shares, with no buyers available. Price Waterhouse Chartered Accountants LLP, statutory auditors of the company, vide their letter dated May 29, 2018 have resigned from their position as the Statutory Auditors of the Company for F.Y.-2017-18 with immediate effect, company said in release.

Shares of Manpasand Beverages plunged 10 percent to hit their lower circuit limit for the fourth consecutive session on account of the resignation of its auditing firm with effect from May 26, 2018. The stock has been on a downtrend for the seventh consecutive sessions and has cracked as much as 49.87 per cent since May 22.

Dilip Buildcon share price extended losses, falling another 9.07 percent on top of 13 percent correction in previous session on rumours of auditors resigned. There are unconfirmed rumors in the market relating to the resignation of its statutory auditors of the company.

Shares of Coal India gained 2 percent as brokerages Jefferies and CLSA has raised the target price of the company. Jefferies has maintained buy rating on Coal India and raised target price to Rs 363 from Rs 350 per share.

Country's largest IT services exporter Tata Consultancy Services share price recouped losses and was down just 0.8 percent after the stock adjusted for bonus share issue. It fell over 2 percent in trade.

In other news/Global Update

On the global markets, Asian markets ended higher following rally in US markets last night, as the recent political concerns in Italy eased. Hong Kong's Hang Seng ended up 1.4 percent and China's Shanghai Composite gained 1.9 percent while Japan's Nikkei rose 0.83 percent.

European stocks also traded mildly higher at the time of writing this article. Oil prices dipped on unexpected growth in US crude inventories and likely increase in crude output from OPEC and non-OPEC members. Brent crude futures fell half a percent to $77.10 a barrel.