Closing Bell: Nifty below 22,500, Sensex falls 617 pts on expiry day; banks shine

Indian benchmark indices ended lower for the fifth consecutive session on May 30 with Nifty below 22,500. The Sensex was down 617.30 points or 0.83 percent at 73,885.60, and the Nifty was down 216.00 points or 0.95 percent at 22,488.70.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

The Nifty has remained volatile during the session with predominant bearishness. The sentiment for the short term remains weak as the index slipped below the critical 21-day Exponential Moving Average (21EMA). Call writing activity was significant at 22,500. Therefore, to witness a meaningful recovery, Nifty needs to sustain above 22,500. However, failure to move above 22,500 might attract fresh selling in the market, potentially driving the index towards 22,300/22,100.

After a gap down opening, Bank Nifty found support near its 21-day EMA, closing with a bullish candlestick. A recovery in large-cap private bank stocks contributed to keeping the index in the green. The critical support level for Bank Nifty is 48,300, while 49,000 serves as strong resistance. A decisive movement is anticipated once these levels are breached.

Nifty witnessed a gap down opening and continued to drift lower during the day to close around the lows for the day. It closed in the negative down ~216 points. On the daily charts we can observe that the Nifty is in the process of retracing the rise it has witnessed 22054 – 23111.

The Nifty has now reached the support cluster of 22460 – 22500 where support parameters in the form of the 20-day moving average and the 50% Fibonacci retracement level are placed. We expect the Nifty to hold this crucial support zone and start the recovery process. In case of a breach the next support is placed at 22313 – 22300.

Bank Nifty recovered smartly and closed with gains of ~181 points. On the daily charts we can observe that it has recovered sharply from the 48300 levels which coincided with the 20-day moving average and the 61.82% Fibonacci retracement level of the 47435 – 49689 rise. We expect the positive momentum to continue over the next few trading sessions. On the upside, we expect it to continue its momentum till 49400 - 49500.

The benchmark index is taking cues from the US market as treasury yields continue to climb following the stickiness of global inflation, delaying the central bank’s interest rates cut policy. Meanwhile, the broader market continued the weak trend, led by profit booking, due to feeble closing of monthly expiry owing to lack of interest to hold short-term positions, as exit poll is slated in the weekend.

Bears remained in the driver's seat as Nifty50 began the monthly expiry day lower at 22,650, following the weak global equities. The Index kept compounding its losses throughout the day to end at 22,488.65 with a loss of 216.05 points. Barring Media and BankNifty, all other sectors ended the day in red as Metal and IT corrected the most. Broader markets underperformed the Frontline Index as Mid and Smallcap indices corrected over 1.30%.

Near its 50DMA support, the Index has made a bearish candle but on the lower time frame i.e. hourly chart indicates a high probability of a reversal as it is placed in oversold territory. The immediate support is placed at 22,390 while 22,700 will be considered a strong hurdle.

Indian rupee ended flat at 83.31 per dollar on Thursday versus Wednesday's close of 83.34.

Indian benchmark indices ended lower for the fifth consecutive session on May 30 with Nifty below 22,500.

The company has fixed Friday, June 21, 2024 as the record date for determining entitlement of equity shareholders for the purpose of sub-division/split of existing equity shares of the company, such that 1 equity share having face value of Rs 10 each, fully paid up, will be sub-divided into 5 equity shares having face value of Rs 2 each.

#1 Q4 In-line; integration of acquisitions likely to drive strong earnings growth in FY25-26
#2 Management said emerging markets are driving growth
#3 FY25 capex plan is Rs 5,000 crore, out of which, Rs 2,000 crore will be spent on 18 greenfield plants
#4 Raise FY25-26 EPS by 5-8 percent, mainly driven by strong margins for modules division

Aditya Birla Sun Life AMC's promoters (Aditya Birla Capital Limited and Sun Life (India) AMC Investments Inc.) to sell up to 0.32% stake from May 31-October 10 to meet minimum public shareholding norm.

#1 Q4 EBITDA rose 48 percent YoY, up 20 percent QoQ & 11 percent above estimate
#2 Q4 EBITDA growth led by better-than-expected margins, especially in polymers
#3 Raise FY25-26E EPS by 8-9 percent
#4 EPS has increased at 78 percent CAGR over FY22-24, & see 32 percent CAGR over FY24-27E
#5 Valuation at 21x FY25E PE is not cheap but likely to sustain, given strong growth outlook

Sensex Today | BSE Realty index down 0.7%; DLF, Sobha among major losers

#1 Profit declines 30% to Rs 46.3 crore Vs Rs 66.3 crore
#2 Revenue jumps 17.7% to Rs 405.5 crore Vs Rs 344.6 crore

#1 Q4 PAT beat of 51 percent estimates
#2 EBITDA margin at 23.5 percent, up 657 bps YoY, came in as a positive surprise
#3 Growth in EBITDA margin could be attributed to higher growth in high horse power segment
#4 Revenue was up 20 percent YoY, up 5 percent versus estimate, domestic sales rose 38 percent YoY

Markets@3 | Market extends losses; Nifty below 22,450

The Sensex was down 818.88 points or 1.10 percent at 73,684.02, and the Nifty was down 278.00 points or 1.22 percent at 22,426.70. About 1086 shares advanced, 2290 shares declined, and 469 shares unchanged.

#1 Profit declines 33.8% to Rs 70.6 crore Vs Rs 106.6 crore
#2 Revenue jumps 71% to Rs 330.6 crore Vs Rs 193.4 crore
#2 Exceptional gain of Rs 32.86 crore Vs Nil

The Board of Directors of the Bank at its meeting held today approved to Issue, offer and allot 39,68,74,600 equity shares of face value of Rs 10 each fully paid-up, on a preferential basis, to the allottees, at a price of Rs 80.63 per equity share, amounting to Rs 3,200 crore.

#1 Profit spikes 42% to Rs 553.1 crore Vs Rs 389.7 crore
#2 Revenue rises 1% to Rs 2,485.1 crore Vs Rs 2,461.1 crore
#3 Exceptional gain at Rs 306.3 crore Vs Nil

Indian Rupee appreciated by 0.04% today on softening of the US Dollar as the US treasury yields eased after rising over the past three days. Rupee fell in the first half of the day on weak domestic markets and FII outflows.

We expect Rupee to trade with a slight negative bias on risk aversion in the global markets and month end Dollar demand from OMCs and importers. Overall strength in the US Dollar amid hawkish tone of the US Federal Reserve officials may further pressurise the Rupee. However, any further easing of US treasury yields or any intervention by the RBI may support Rupee at lower levels.

Traders may take cues from preliminary GDP, weekly unemployment claims and goods trade balance data from the US. Investors may remain cautious ahead of core PCE price index later this week. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.70.

#1 Q4 significantly below estimates as India sales declined 2 percent YoY
#2 FY25 revenue growth guidance of 10 percent below our estimate
#3 20-30 bps EBITDA margin expansion is also below our estimate
#4 FY25 will be an investment year with higher R&D spend and capex
#5 Company is open to M&A in India versus earlier focus of organic driven growth
#6 Cut FY25/26 EPS by 5 percent/6 percent on subdued FY25 guidance

Sensex Today | BSE Healthcare index down 1.6%; Marksans Pharma, Alkem Lab, SMS Pharma down 6-11%

#1 Profit rises 18.2% to Rs 36.2 crore Vs Rs 30.6 crore
#2 Revenue up 2.4% at Rs 396.8 crore Vs Rs 387.4 crore

#1 Q4 PAT beat of 51 percent estimates
#2 EBITDA margin at 23.5 percent, up 657 bps YoY, came in as a positive surprise
#3 Growth in EBITDA margin could be attributed to higher growth in high horse power segment
#4 Revenue was up 20 percent YoY, up 5 percent versus estimate, domestic sales rose 38 percent YoY

Godfrey Phillips India Q4 Earnings:

#1 Net profit up 46% at Rs 214.2 crore Vs Rs 147 crore, YoY
#2 Revenue up 21% at Rs 965.7 crore Vs Rs 796.1 crore, YoY

The Sensex was down 628.55 points or 0.84 percent at 73,874.35, and the Nifty was down 219.90 points or 0.97 percent at 22,484.80. About 1085 shares advanced, 2302 shares declined, and 457 shares unchanged.

#1 The terminal, located on the east cost, was commissioned last year but is currently operating at half its 5m tons/year capacity

#1 JV for warehousing and trucking services

#1 Net profit down 28.2% at Rs6.1 cr vs Rs8.5 cr (YoY)

#2 Revenue down 20% at Rs174 cr vs Rs217.1 cr (YoY)

#3 EBITDA down 30.4% at Rs9.2 cr vs Rs13.2 cr (YoY)

#4 Margin at 5.3% vs 6.1% (YoY)

#1 Snowcap Research warns that Adani Green Energy Ltd., a key unit in Gautam Adani’s conglomerate, risks missing growth targets

#2 Adani Green is reportedly falling short of its return targets, as outlined in a 51-page report

#3 Rising debt-financing costs and lower returns pose challenges for Adani Green Energy Ltd

#4 Snowcap suggests that a share issue may be necessary to consolidate finances and meet its 2030 renewable energy goal

#1 Beat on consolidated EBITDA was led by better-than-estimate performance in domestic & overseas busines
#2 For domestic business, Tata Steel Kalinganagar phase 2 expansion remains on-track
#3 For UK, existing heavy assets are nearing their closure

#1 Profit declines 3% to Rs 63.6 crore Vs Rs 65.6 crore
#2 Revenue rises 2.5% to Rs 797.9 crore Vs Rs 778.6 crore
#3 Board announces a dividend of Rs 12 per share

India’s stocks, bonds and currency are among the most attractive plays across emerging markets, thanks to a vibrant economy and policies that shield the country from global markets, according to Goldman Sachs Group Inc.

Strong earnings growth is supporting the share market, while the country’s inclusion in international indexes, stronger government finances, and slowing inflation favor fixed income, analysts led by Kamakshya Trivedi, Danny Suwanapruti and Sunil Koul wrote in a note. Ample foreign exchange reserves mean the rupee is a top choice for carry, they said. Read More

#1 Profit surges 42.3% to Rs 84 crore Vs Rs 59 crore
#2 Revenue rises 29.5% to Rs 327.3 crore Vs Rs 252.7 crore

Insurance stocks like LIC, HDFC Life, SBI Life, ICICI Prudential Life, ICICI Lombard were on a slippery slope on May 30, declining up to 1 percent after reports suggested that the Insurance Regulatory Development and Authority of India (IRDAI) may hike surrender value for insurance policies, revisiting its March proposal.

According to sources cited by CNBC-TV18, IRDAI may require insurers to pay higher guaranteed value or special surrender value if policies are voluntarily terminated. The development follows after the insurance regulator did not change surrender value in March 2024. Read More

#1 Net loss narrows to Rs 167.6 crore Vs loss of Rs 638.9 crore
#2 Revenue jumps 29.5% to Rs 2,446.8 crore Vs Rs 1,889.7 crore

Markets@1 | Nifty at 22,600, Sensex down 300 points; mid, smallcap drag

The Sensex was down 314.72 points or 0.42 percent at 74,188.18, and the Nifty was down 108.40 points or 0.48 percent at 22,596.30. About 1129 shares advanced, 2194 shares declined, and 509 shares unchanged.

BSE Midcap index down 0.5 percent and Smallcap index down 0.7 percent.

Top Sectoral Gainers: Telecom, Bank, Media, Capital Goods
Top Sectoral Losers: Auto, IT, Metal, Pharma

Stocks In Focus: 

#1 Dredging Corp falls 5% on posting losses in Q4
#2 Jefferies keeps 'underperform' rating on Alkem Labs, target Rs 4,200
#3 ISGEC Heavy shares plunges 12% as Q4 profit falls 22%
#4 Banco Products shares fall 3% despite Q4 profit jumps 33% 
#5 NOCIL shares gain as Q4 profit jumps 46%

#1 Profit jumps 46.7% to Rs 41.5 crore Vs Rs 28.3 crore
#2 Revenue falls 9.2% to Rs 356.5 crore Vs Rs 392.7 crore
#3 Other income zooms to Rs 24.7 crore Vs Rs 2.94 crore

Sensex Today | BSE PSU Index down 0.5%; Mishra Dhatu Nigam, KIOCL, SJVN down 4% each

#1 Loss narrows to Rs 4.4 crore Vs loss of Rs 15.4 crore
#2 Revenue declines 17.8% to Rs 349.2 crore Vs Rs 424.7 crore
#3 Board re-appoints Ravi B Goyal as the Managing Director of the company

Sensex Today | BSE Midcap index sheds 0.6%; Alkem Lab, Cummins, SJVN among major losers

#1 Profit falls 10.8% to Rs 72.5 crore Vs Rs 81.2 crore
#2 Revenue rises 20.7% to Rs 781.8 crore Vs Rs 647.5 crore

Sensex Today | Nifty Midcap 100 index falls 0.7%; Cummins, Alkem Lab, Max Financial Services down 4-5%

#1 Profit jumps 33.6% to Rs 68.2 crore Vs Rs 51 crore
#2 Revenue rises 19.3% to Rs 730.3 crore Vs Rs 612.3 crore

The share of public sector companies in India's total stock market capitalization has soared to a seven-year high of over 16 percent in May, driven by a strong rally in state-owned companies. This surge is a significant rise from the low of 7.8 percent in October 2020, doubling since then, and stands in contrast to the peak of 29 percent in February 2009. Read More

#1 Loss narrows to Rs 257.9 crore Vs loss of Rs 678.9 crore
#2 Revenue increases 7.8% to Rs 943.3 crore Vs Rs 874.8 crore

#1 Profit falls 22.6% to Rs 72.1 crore Vs Rs 93.2 crore
#2 Revenue declines 8.6% to Rs 1,868 crore Vs Rs 2,042.7 crore

#1 Q4 significantly below estimates as India sales declined 2 percent YoY
#2 FY25 revenue growth guidance of 10 percent below our estimate
#3 20-30 bps EBITDA margin expansion is also below our estimate
#4 FY25 will be an investment year with higher R&D spend and capex
#5 Company is open to M&A in India vs earlier focus of organic driven growth
#6 Cut FY25/26 EPS by 5 percent/6 percent on subdued FY25 guidance

#1 The Reserve Bank of India will not cut rates before the Federal Reserve decides to pivot, according to Deutsche Bank.

#2 The outcome of the US CPI trajectory and the consequent Fed reaction function will be much more critical for influencing the timing and the magnitude of the RBI rate cutting cycle,” according to a Deutsche Bank note

#3 If the Fed does not cut rates in 2024, then the RBI is also unlikely to ease this year

#4 The spread between the repo rate and fed funds rate is at a record low

#1 Loss at Rs 23.5 crore Vs profit at Rs 27.2 crore
#2 Revenue increases 4.7% to Rs 277.9 crore Vs Rs 265.4 crore

The Sensex was down 427.56 points or 0.57 percent at 74,075.34, and the Nifty was down 147.90 points or 0.65 percent at 22,556.80. About 1140 shares advanced, 2157 shares declined, and 527 shares unchanged.

Among sectors, Bank index was trading with marginal gains, while Pharma, IT, Metal down 1-2 percent.

BSE Midcap and Smallcap indices down more than 0.5 percent each.

Stocks In Focus:

#1 MTNL losses widen; shares fall 2%
#2 Heritage Foods shares gain 11% post Q4 earnings
#3 Dredging Corporation hits 5% lower circuit despite posting Rs 35 crore profit for FY24
#4 Emami hits 52-week high on strong Q4
#5 Edelweiss Financial stock tanks 15% after RBI crackdown

#1 Loss widens to Rs 783.7 crore Vs loss of Rs 748.6 crore
#2 Revenue falls 4.6% to Rs 209 crore Vs Rs 219.2 crore

Sensex Tdoay | Nifty Bank down 350 points from day's high

Sensex Today | BSE Auto index slips 1%; Cummins India sheds 5%

#1 Profit zooms 126% to Rs 40.5 crore Vs Rs 17.9 crore
#2 Revenue rises 16.3% to Rs 950.6 crore Vs Rs 817.6 crore

Stock Market LIVE Updates | ICICI Bank, Bharti Airtel caps Nifty's downside, emerge top contributors

#1 Balance sheet normalised to pre-pandemic level, says RBI annual report
#2 RBI's balance sheet increased to 24.1 percent of India's GDP at end of March 2024
#3 RBI's income rises 17 percent in FY24, while expenditure decreases by 56 percent
#4 Indian economy remains bright, supported by strong macro fundamentals, says RBI

#1 In a conversation with CNBC-TV18, management said that they will see gross margin sustain at current levels
#2 Management targets double-digit revenue growth in FY25
#3 While rural growth has picked up, Emami expects summer products to drive substantial growth this season
#4 Emami expects 2-3 percent price growth, rest by volumes in double-digit topline growth in FY25

The company's profit declined 3 percent YoY to Rs 10 crore in Q4FY24

#1 IRDAI proposes new framework on surrender value to life insurers
#2 Insurers need to submit their feedback by May 31, 2024
#3 Insurers to pay higher of guaranteed value or special surrender value
#4 Latest proposal would mean higher surrender value vs March proposals
#5 Special surrender value to be provided from first policy year

Edelweiss Financial Services stock fell 15% to Rs 66 on NSE, hit by the central bank supervisory action against ECL Finance and Edelweiss Asset Reconstruction Company.

Markets@11 | Sensex down 380 pts, Nifty around 22,600

The Sensex was down 385.96 points or 0.52 percent at 74,116.94, and the Nifty was down 121.60 points or 0.54 percent at 22,583.10.

Kotak Mahindra Bank, ICICI Bank, SBI, Hero MotoCorp and Axis Bank are among major gainers on the Nifty, while losers are Tata Steel, Nestle India, Shriram Finance, Titan Company and JSW Steel.

Top Sectoral Gainers: Bank, Capital Goods, Media
Top Sectoral Losers: IT, Metal, Pharma, FMCG, Auto

BSE Midcap and Smallcap indices down 0.4% each

Stock Market LIVE Updates | S&P Global Ratings revises rating outlook on six Indian banks

S&P Global Ratings revised its rating outlook on six Indian banks (State Bank of India, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank, and Indian Bank) to Positive from Stable. 

This follows a similar action on the sovereign (BBB-/Positive/A-3). S&P affirmed 'BBB-' long-term and A-3 short-term ratings on these banks and upgraded the SACP of Axis Bank and ICICI Bank by one notch each.

#1 Ended FY24 on a strong note with Q4 EBITDA growing 2.8x YoY/ 22 percent QoQ
#2 For FY24, EBITDA grew 70 percent+ YoY to Rs 2,970 crore

Sensex Today | BSE Bank index up 0.5%; Kotak Mahindra Bank, ICICI Bank, Federal Bank top contributors

The board will meet on June 3 to consider raising funds up to Rs 100 crore via non-convertible debentures on a private placement basis.

Sensex Today | Nifty Information Technology index down 1%; Coforge, LTIMindtree, Persistent Systems, among top losers

A fire incident occurred at Unit-1 Generator Transformer in Haldia, West Bengal, owned by Haldia Energy (a wholly-owned subsidiary of CESC), causing partial disruption in plant operation. The fire has subsided, and the cause and extent of damage are being assessed. The plant has insurance coverage.

Hero FinCorp - the financial services arm of India's largest two-wheeler maker Hero MotoCorp - has approved the Rs 4,000 crore IPO, a company statement said on May 29.

The IPO will be a combination of fresh issue of shares and an Offer For Sale by existing shareholders.

Earlier in October 2023, Moneycontrol had reported citing people familiar with the developmment that the targeted size of the proposed IPO could be around Rs 4,000 crore. Read More

#1 Profit declines 3% to Rs 63.6 crore Vs Rs 65.6 crore
#2 Revenue rises 2.5% to Rs 797.9 crore Vs Rs 778.6 crore
#3 Board announces a dividend of Rs 12 per share

#1 Profit surges 42.3% to Rs 84 crore Vs Rs 59 crore
#2 Revenue rises 29.5% to Rs 327.3 crore Vs Rs 252.7 crore

Sensex Today | BSE Metal index sheds 1%; Tata Steel, JSW Steel fall 3-4%

#1 In Q4, EBITDA rose 5 percent QoQ which was down 9 percent YoY & 7 percent above estimates
#2 Standalone EBITDA/t fell 12 percent QoQ pulled down by lower ASP
#3 EBITDA/t loss narrowed sharply from USD 191 in Q3 to USD 40 in Q4
#4 Q4 net debt was flat QoQ
#5 Company plans to infuse USD 2.1 billion in overseas holding company to repay existing debt at offshore entities, to support restructuring costs in UK

At 10:12 hrs Tata Steel was quoting at Rs 167.80, down Rs 6.40, or 3.67 percent on the BSE.

JSW Steel to manufacture & market a Zinc-Magnesium-Aluminium alloy coated steel product in the domestic market. JSW Steel has patented the unique chemical composition of JSW Magsure.

Markets@10 | Nifty below 22,600, Sensex down 340 points

The Sensex was down 344.40 points or 0.46 percent at 74,158.50, and the Nifty was down 113.60 points or 0.50 percent at 22,591.10. About 1253 shares advanced, 1849 shares declined, and 708 shares unchanged.

Except Bank, all other sectoral indices were trading in the red with FMCG, Pharma, Metal, IT, Power down 0.5-1 percent.

BSE Midcap and Smallcap indices down 0.5 percent each.

Stocks In Focus:
#1 6% equity of KFin Technologies change hands at Rs 720 per share
#2 Tata Steel shares down 2% as Q4 profit falls 64%
#3 56 lakh shares (5% equity) of RR Kabel change hands in block deal window
#4 32.85 crore shares of IRB Infra change hands
#5 Cummins shares gain as Q4 profit gains 54%
#6 Emami shares rise 15% on volumes surge

The company has invested Rs 300 crore on a rights basis in the equity shares of Aditya Birla Housing Finance, maintaining its percentage shareholding, with ABHFL remaining a wholly-owned subsidiary.

Sensex Today | Nifty Bank index gain 0.5%; Axis Bank, Federal Bank, Kotak Mahindra Bank, among major gainers

The workspace solutions provider is set to list its equity shares on May 30, with the final issue price fixed at Rs 383 per share.

Stock Market LIVE Updates | Nifty slide below 22,600

#1 Cautious on India at this point
#2 If margin of victory is narrow, the downside may be sharp
#3 EM as an asset class has disappointed due to China's underperformance
#4 HDFC Bank is 2.4x tangible book value, one of the world’s most expensive banks
#5 Top quality banks with high RoE are struggling for deposit growth

The railway company has received a Letter of Acceptance from South East Central Railway for a project worth Rs 38.10 crore, involving the provision of auto signalling with electronic interlocking in the Champa-Sakti section of Bilaspur division.

#1 Profit jumps 255% to Rs 61.1 crore Vs Rs 17.2 crore
#2 Revenue falls 4.1% to Rs 482.9 crore Vs Rs 503.8 crore
#3 Exceptional gain of Rs 103.84 crore Vs loss of Rs 12.08 crore

The company has received board approval for signing a Joint Venture Agreement with Indian Oil Corporation to form a joint venture company for developing green RTC/renewable projects and other new technology-based projects, subject to approval from the Ministry of Power, NITI Aayog, DIPAM, and Ministry of Finance.

#1 Profit spikes 54.4% to Rs 538.9 crore Vs Rs 348.9 crore
#2 Revenue grows 20% to Rs 2,319 crore Vs Rs 1,933.9 crore
#3 Board approves final dividend of Rs 20 per share

5.44% stake in IRB Infra changes hands for Rs 2,033 crore. 32.85 crore shares sold at Rs 65 per share

#1 Profit plunges 64.6% to Rs 554.6 crore Vs Rs 1,566.2 crore
#2 Revenue falls 6.8% to Rs 58,687.3 crore Vs Rs 62,961.5 crore
#3 Exceptional loss at Rs 594.5 crore Vs exceptional gain of Rs 11.6 crore
#4 Board announces dividend of Rs 3.60 per share
#5 Board approves issuance of additional debt securities, in one or more tranches, up to Rs 3,000 crore on a private placement basis
#6 Board gives approval for the infusion of $2.11 billion (Rs 17,407.5 crore) in subsidiary T Steel Holdings Pte in FY25
#7 Board approves the conversion of debt instruments of $565 million (Rs 4,661.25 crore) held by company in T Steel Holdings in to equity shares in FY25

On the back of weak global cues, the Indian indices opened lower on May 30 with Nifty around 22,650.

The Sensex was down 225.37 points or 0.30 percent at 74,277.53, and the Nifty was down 67.60 points or 0.30 percent at 22,637.10. About 1401 shares advanced, 1101 shares declined, and 1294 shares unchanged.

SBI, Kotak Mahindra Bank, ONGC, Hindalco and ICICI Bank were among major gainers on the Nifty, while losers were Tata Steel, Titan Company, Power Grid Corp, Dr Reddy's Labs and JSW Steel