Closing Bell: Sensex down 625 pts, Nifty above 24,800; Ultratech Cement, ITC, Tata Motors, NTPC top losers

Today, the benchmark indices experienced a volatile trading session. After a roller coaster activity, the Nifty ends 175  points lower, while the Sensex was down by 625  points. Among sectors, the Defense index outperformed, rallied over 1 percent, whereas intraday profit booking was seen in selective Auto, Banking, and IT stocks. After an initial fall, the market bounced back sharply, but once again, profit booking occurred at higher levels. Currently, the market is witnessing non-directional activity; perhaps traders are waiting for an either-side breakout.

Technically, 24,700/81100 would be the key support zone for traders, while 25,000/82200 would act as a crucial resistance zone for the bulls. As long as the market trades within this range, a range-bound texture is likely to persist. On the higher side, a successful breach of 25,000/8220 could push the market up to 25,100–25,250/82500-83000. On the downside, a fall below 24,700/81100 could retest levels of 24,500–24,450/80600-80500.

As per SEBI's latest circular, stock exchanges will have to pick only one weekly benchmark index options contracts, which can be either Tuesday or Thursday. This will help in reducing the concentration risk and help stock exchanges to go with product differentiation. This step will also help in curbing the excessive expiry-day volatility, create uniformity, and promote market stability.

For all other equity derivatives contracts, the expiry should be chosen from the last Tuesday or last Thursday of the month. The decision to limit expiry to specific days will help in reducing the clutter between multiple exchanges, boost product innovation, and create a robust risk management framework for the investors. Exchanges will now have to take approval from SEBI before making any changes to expiry days. It will help in creating predictability in the market and reduce constant re-shuffling of expiry days, thereby giving a clear picture to the investors.

The Nifty has been consolidating for the past 10–11 days, setting an indecisive tone among investors. However, the overall trend remains strong as the index continues to sustain above the short-term moving average. The RSI is showing signs of fatigue and is turning downward, indicating waning bullish momentum. The short-term outlook remains positive, with the potential to reach the 25,000–25,150 range. On the lower end, support is placed at 24,700.

The domestic market witnessed volatility and snapped a two-day rally, as investors opted for profit booking driven by valuation concerns and weakness across Asian markets. The benchmark index once again failed to decisively breach the 25k resistance level, reflecting the absence of positive triggers. Large-cap stocks underperformed, weighed down by subdued FII participation and lacklustre earnings from blue-chip companies. Conversely, mid- and small-cap segments remained relatively resilient, supported by better than estimated Q4 earnings and moderation in premium valuation.

Benchmark indices ended lower, with the Sensex falling 625 points while the Nifty managed to stay above the 24,800 mark. Pressure was seen across key sectors, with Ultratech Cement, ITC, Tata Motors, and NTPC leading the list of top losers.

Among sectoral indices, Nifty FMCG was the worst performer, declining 0.9 percent, followed by Nifty Auto and Nifty IT, which dropped 0.7 percent each. Nifty Oil & Gas slipped 0.6 percent, while Nifty Metal and Nifty Private Bank were down 0.5 percent apiece. On the gaining side, Nifty PSU Bank and Nifty Realty edged up 0.25 percent each.

Central Mine Planning & Design Institute, a subsidiary of Coal India, has filed draft papers with SEBI to raise funds through an initial public offering.

HDB Financial Services is reportedly nearing approval from India's securities regulator for its initial public offering, according to Bloomberg.

#1 Net Profit at Rs48 Cr Vs Rs20.20 Cr (YoY)

#2 Revenue Up 35% at Rs407.7 Cr Vs Rs302 Cr (YoY)

#3 EBITDA at ₹48.73 Cr Vs ₹9.50 Cr (YoY)

#4 Margin at 11.95% Vs 3.14% (YoY)

#1 Net Profit Up 89% at Rs191 Cr Vs Rs101 Cr (YoY)

#2 Revenue Up 8.1% at Rs1,225 Cr Vs Rs1,133 Cr (YoY)

#3 EBITDA Up 28.60% at Rs306 Cr Vs Rs238 Cr (YoY)

#4 Margin at 24.98% Vs 21.01% (YoY)

#1 Net Loss At Rs40.64 Cr Vs Profit Of Rs58.7 Cr (YoY)

#2 Revenue Up 4.3% At Rs650 Cr Vs Rs623 Cr (YoY)

#3 EBITDA Down 33.60% At Rs51.53 Cr Vs Rs77.59 Cr (YoY)

#4 Margin At 7.93% Vs 12.45% (YoY)

#5 Exceptional Loss At Rs71.42 Cr Vs Nil YoY

#1 Net profit was at Rs 255 crore, up 21% YoY

#2 Revenue Rs 687 cr, up 12% YoY

#3 99acres revenue Rs 106 cr, up 15% YoY

#4 Total cost Rs 456 cr, up 19% YoY

The Sensex was down 671.34 points or 0.82 percent at 81,505.11, and the Nifty was down 174.90 points or 0.70 percent at 24,826.25. About 1707 shares advanced, 1675 shares declined, and 125 shares unchanged.

The Sensex was down 128.99 points or 0.16 percent at 82,047.46, and the Nifty was down 27.85 points or 0.11 percent at 24,973.30. About 1790 shares advanced, 1532 shares declined, and 133 shares unchanged.

The Sensex was down 689.83 points or 0.84 percent at 81,486.62, and the Nifty was down 203.00 points or 0.81 percent at 24,798.15. About 1572 shares advanced, 1662 shares declined, and 140 shares unchanged.

JM Financial has initiated coverage on Vedant Fashions Limited (VFL) with a BUY rating and a target price of Rs 930. VFL, the market leader in men’s branded wedding wear (~35% share), boasts strong fundamentals driven by an asset-light model, integrated supply chain, and broad product appeal.

Despite near-term headwinds from rising competition, weak discretionary demand, and high rentals, JM sees these as temporary. Growth is expected from its women’s brand Mohey, premium line Twamev, mass-market label Diwas, and steady network expansion. The stock trades at a 20–50 percent discount to peers like Metro and Titan, offering attractive upside.

Maharashtra Transport Minister Pratap Baburao Sarnaik has publicly called for the cancellation of a major electric bus tender, citing Olectra Greentech’s failure to meet revised delivery deadlines.

The minister expressed concern over the company’s inability to adhere to timelines, stressing the importance of timely execution for public transport infrastructure projects.

Indian equity markets started the day on a weak note, with benchmark indices trading in the red. The Sensex dropped 430 points, or 0.5 percent, to 81,735, while the Nifty slipped 0.5 percent to 24,880, falling below the key 24,900 mark.

Among the top losers in early trade were Eternal, Mahindra & Mahindra, and NTPC, which dragged down overall market sentiment. Investors remain cautious amid global uncertainties and mixed domestic cues.

The Indian rupee weakened slightly against the U.S. dollar in early trade on Tuesday. At 9:10 a.m., the domestic currency was trading at 85.27 per dollar, down 0.21 percent from its previous close.

According to CR Forex, the U.S. Dollar Index trading below the 99.00 level continues to act as a tailwind for the Indian rupee, helping it stay supported in the near term. Additionally, subdued Brent crude prices are aiding in keeping India's trade deficit in check, further stabilizing currency fundamentals.

The rupee is also drawing strength from robust foreign inflows, with the upcoming IPOs of Scoda Tubes, Groww, and other fundraising activity expected to bring in USD 3.4 billion. These factors are contributing to increased FII participation, providing additional backing for the currency.

However, sentiment remains mixed as speculation of an RBI rate cut in the upcoming Monetary Policy Committee (MPC) meeting is gathering pace. This is largely driven by softening food and energy prices, which are dragging bond yields lower. As the yield differential narrows, short-term rupee sentiment could face pressure.

Given these dynamics, CR Forex expects the rupee to encounter strong resistance around the 85.50 level, viewing any uptick as a selling opportunity. On the downside, immediate support is seen at 84.80–84.90, and a break below this range could open the door for a further decline toward 84.50.

In the near-term the market is likely to consolidate around the current levels. Since mutual funds are sitting on sizeable cash any dip will be bought into and high valuations will trigger selling on rallies. A sustained rally will happen only when leading indicators suggest revival in earnings growth. That is some time away.

An important trend in the market now is the slow accumulation in rate sensitives like autos in anticipation of more rate cuts which are almost sure to happen since inflation is trending down. A significant feature of the SIP flows during this phase of the market is that investors are staying invested for longer time periods than in the past. This will provide support to the market.

Motilal Oswal has initiated coverage on Radico Khaitan, highlighting its exceptional long-term performance and strong potential for future growth. Titled "Crafted for Connoisseurs," the report positions Radico as a standout in the consumer space.

Radico has delivered stellar returns, with a 25-fold increase over the past decade and an 8-fold rise in the last five years. This performance has been driven by consistent outperformance in its Premium & Above (P&A) portfolio, which currently sells around 15 million cases annually. This compares with a P&A industry size of approximately 200 million cases and a total IMFL (Indian-Made Foreign Liquor) market of about 400 million cases.

Looking ahead, Radico is focused on expanding into the premium and luxury segments, aiming to capture a larger share of the high-value market. This move is expected to broaden its consumer base and improve trade confidence in new product rollouts.

Motilal Oswal projects a 16 percent revenue CAGR from FY25 to FY28 and an EBITDA margin of 16.2 percent by FY28, aligning with FY19 levels. With an expected 30 percent EPS CAGR, the firm sees Radico well-positioned to sustain its premium valuation. The brokerage has assigned a target price of Rs 3,000, valuing the stock at 60x Jun’27 estimated EPS.

Yesterday's trading session ended on a positive note as Nifty reclaimed the crucial 25,000 mark. All sectoral indices closed in the green, with Nifty IT, Nifty Auto, and Nifty FMCG leading the charge. The bullish sentiment was reinforced by President Trump's decision to extend the EU tariff deadline to July 9th. Looking ahead, key events include the FOMC Meeting Minutes and the US PCE report, which will influence market direction. In stock-specific news, the day will focus on Q4 results from BOSCH, JK LAKSHMI, NAUKRI, NMDC, RCF, and RCOM. Technically, Nifty's intraday bias remains positive, with potential to revisit its all-time high. The session's trading outlook favours Nifty and Bank Nifty, with strategic buys recommended. Key stocks to watch include APOLLO HOSPITALS, ABB, and CHOLAMANDALAM FINANCE. CAMS stands out as a strong buy opportunity, supported by recent performance and bullish momentum indicators

The Indian rupee, which briefly strengthened above the 85 mark on Monday, experienced a volatile session and was eventually sold off, closing near 85.0850. This came despite lower trading volumes due to a U.S. market holiday. The currency had touched an intraday low of 84.7750.

On Tuesday, the rupee opened at 85.07 and is expected to trade in a range between 84.75 and 85.50. Market participants are watching closely for a potential outflow of 900 million U.S. dollars related to Zomato, following the MSCI index rebalancing. Importers are advised to hedge part of their dollar exposure below the 85.00 level, while exporters may consider waiting for rates closer to 85.50 for hedging opportunities.

#1 Net profit was at Rs 268 crore vs Bloomberg estimates of Rs 261 crore

#2 Revenue at Rs 6872 crore, up 11% YoY

#3 Total costs Rs 6550 crore, up 9.6% YoY

#4 EBITDA Rs539 cr, up 39% YoY

Life Insurance Corporation of India, Bosch, Bharat Dynamics, NMDC, Zinka Logistics Solutions, Carraro India, DCX Systems, EPACK Durable, Gujarat Fluorochemicals, Gateway Distriparks, Hindustan Copper, JK Lakshmi Cement, Medplus Health Services, Minda Corporation, Info Edge (India), Rashtriya Chemicals and Fertilizers, and Triveni Engineering & Industries will release their quarterly earnings on May 27.

Gift Nifty was trading marginally lower in early trade on Tuesday, signaling a mildly negative opening for Indian markets. The index was at 25,017 points in the morning session, down 0.13 percent from its previous close.

Crude oil prices were marginally lower in early trading, with the commodity down 0.4% from its previous close. It was trading at $64.50 per barrel as market participants assessed global demand outlooks and geopolitical developments.

Gold prices edged lower in morning trading, with the precious metal down 0.06% from its previous close. It was trading at $3,342 per ounce as investors weighed market signals and awaited further economic cues.

On Monday, at the close of trading, the Sensex rose by 455.37 points (0.56%) to 82,176.45, while the Nifty gained 148.00 points (0.60%) to settle at 25,001.15. A total of 2,213 stocks advanced, 1,700 declined, and 187 remained unchanged.

#1 Asian markets open mixed as investors assess Trump’s tariff plans

#2 Gift Nifty signals a flat start

#3 US futures extend gains; Dow futures up over 400 points

#4 US markets were shut for Memorial Day holiday

#5 European markets end higher after Trump delays 50% tariffs on EU

#6 USD index trades below 99

#7 Gold edges lower as Trump extends EU tariff deadline

#8 Oil climbs after Trump extends EU trade talks deadline to July

Asian markets opened on a cautious note Tuesday, as investors awaited new developments on global trade that could shape sentiment toward U.S. assets.

The MSCI Asia Pacific Index started the session flat, with slight losses seen in Japan and South Korea. In currency markets, the U.S. dollar edged lower during early Asian trading, with a key index of its strength nearing a two-year low amid waning demand for American assets.

Meanwhile, bond markets reflected a risk-off mood. The yield on the 10-year U.S. Treasury slipped by two basis points, while yields on Japan’s 40-year government bonds declined ahead of an upcoming auction.

US stock futures surged Monday night after President Donald Trump announced a delay in steep tariffs on the European Union. The Dow Jones Industrial Average futures rose by 407 points, or 1%. S&P 500 futures gained 1.1%, and Nasdaq 100 futures jumped 1.3%.

The rally followed Trump’s statement on Sunday that he would postpone the planned 50% tariff on EU imports until July 9. The decision came after a request from European Commission President Ursula von der Leyen. The tariff, originally set to take effect on June 1, had sparked concerns of escalating trade tensions.