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Taking Stock: Market on 5-month high, Sensex zooms 629 points, Nifty at 18,500

All sectoral indices ended in the green, with metal, FMCG, information technology, realty, pharma and PSU Bank rising a percent each

May 26, 2023 / 04:27 PM IST
The BSE midcap index added 0.8 percent and the smallcap index was up 0.5 percent.

The BSE midcap index added 0.8 percent and the smallcap index was up 0.5 percent.

Indian equity market ended higher for the second consecutive session on May 26, starting the June series on a positive note, and hitting five-month high, helped by gains in heavyweight RIL and buying across sectors.

At close, the Sensex was up 629.07 points or 1.02% at 62,501.69, and the Nifty was up 178.10 points or 0.97% at 18,499.30.

The benchmarks started on a higher note on f positive global cues and extended gains as the day progressed.

For the week, the Sensex and the Nifty50 rose 1.2 percent and 1.6 percent.

Stocks and Sectors

Biggest gainers on the Nifty included Reliance Industries, Sun Pharma, Divis Labs, HUL and Hindalco Industries, while losers were ONGC, Grasim Industries, Bajaj Auto, Bharti Airtel and Power Grid Corp.

All sectoral indices ended in the green. Metal, FMCG, information technology, realty, pharma and PSU Bank were up a  percent each.

The BSE midcap index added 0.8 percent and the smallcap index was up 0.5 percent.

Sensex62,625.63-223.01 -0.35%
Nifty 5018,563.40-71.15 -0.38%
Nifty Bank43,989.00-6.25 -0.01%
Nifty 50 18,563.40 -71.15 (-0.38%)
Fri, Jun 09, 2023
Biggest GainerPricesChangeChange%
IndusInd Bank1,331.0527.20 +2.09%
Biggest LoserPricesChangeChange%
Hero Motocorp2,899.30-65.50 -2.21%
Best SectorPricesChangeChange%
Nifty Infra5574.253.30 +0.06%
Worst SectorPricesChangeChange%
Nifty PSU Bank4035.30-49.50 -1.21%

A long build-up was seen in Info Edge, Zee Entertainment Enterprises and Cummins India, while a short build-up was seen in Page Industries, BHEL and Glenmark Pharma.

Among individual stocks, a volume spike of more than 200 percent was seen in Page Industries and Info Edge.

More than 150 stock touched their 52-week high on the BSE, including ABB India, Aptech, Bajaj Auto, Exide Industries, Cummins India, Heritage Foods, IDFC First Bank, Voltamp Transformers and TVS Motor Company.

Outlook for May 29

Ajit Mishra, VP - Technical Research, Religare Broking

Markets edged higher on Friday and gained nearly a percent, making a strong start for the June expiry. The buying was witnessed across the sectors wherein FMCG, IT and realty were among the top gainers. Consequently, Nifty settled around the day’s high at 18,499.35 levels. Meanwhile, the buoyancy continued on the broader front and the midcap index made a new record high as well.

The tone was positive in the index amid consolidation and now recovery in the US markets combined with improved participation from the IT sector has provided the needed trigger. Besides, a strong surge in heavyweights like Reliance further added to the positivity. Since Nifty has decisively crossed 18,400 levels, we are now eyeing 18,700 to be tested shortly. Traders should align their positions accordingly.

Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas:

The Nifty has finally decisively broken out of the sideways consolidation on the upside. After two weeks of consolidation the Nifty has once again resumed its upmove. This breakout is likely to be a broad-based rally and we expect participation from all sectors hereon.

On the upside, we expect the Nifty to target levels of 18800 which is the 161.82% Fibonacci extension level of the five wave rise (18060 – 18420) on the hourly charts. The hourly momentum indicator has a positive crossover, and the daily momentum indicator is on the verge giving a positive crossover. Thus, both price and momentum indicator suggest that the positive momentum is likely to continue. Overall, from short term perspective we change the outlook to positive for target of 18800.

Prashanth Tapse, Vice President (Research), Mehta Equities

The Nifty has held onto decent gains, with a positive sentiment favoring the bulls. The major hurdles for the Nifty are anticipated to be at its all-time high of 18888. The key support level to monitor is at 18203.

The positive monsoon prediction by IMD has boosted market sentiment, leading to gains in various sectors. The Nifty FMCG and Nifty Banks indices have shown strength, driven by bullish interest, short covering, and value buying.

Additionally, the Nifty Media index received a significant boost after NCLAT's directive. Overall, the market outlook remains optimistic, with the Nifty aiming for new highs while maintaining support at 18203.

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Rakesh Patil
first published: May 26, 2023 03:55 pm