In a rangebound trading session on May 24, the India benchmark indices hit fresh record highs with Nifty surpassing 23,000 mark for the first time. However, it failed to hold on to the higher levels and ended with little change.
At close, the Sensex was down 7.65 points or 0.01 percent at 75,410.39, and the Nifty was down 10.55 points or 0.05 percent at 22,957.10.
For the week, BSE Sensex and Nifty50 indices rose two percent each.
After a negative start, the benchmark indices hit fresh record highs in the early part of the session, but witnessed a rangebound movement throughout the session.
HDFC Bank, L&T, Bharti Airtel, BPCL and Axis Bank were among the top gainers on the Nifty, while losers were Adani Ports, Tata Consumer, Tech Mahindra, Titan and M&M.
Among sectors, oil & gas, capital goods, telecom and media were up 0.5-2 percent, while FMCG, Healthcare, IT, Metal and Realty were down 0.5 percent each.
BSE Midcap index was up 0.2 percent, while Smallcap index shed 0.2 percent.
More than 200 stocks touched their 52-week high on the BSE, including Samvardhana Motherson International, Adani Enterprises, Aditya Birla Fashion, Ashok Leyland, Aurobindo Pharma, Bharat Forge, Bharti Airtel, Biocon, Divis Labs, Eicher Motors, Exide Industries, Hero MotoCorp, Oberoi Realty, Power Finance, SBI, Tata Steel, among other stocks. Click to view full list
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 86,103.83 | 397.16 | +0.46% |
| Nifty 50 | 26,326.90 | 123.95 | +0.47% |
| Nifty Bank | 59,752.70 | 0.00 | +0.00% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| No Biggest Gainer details available. | |||
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| SBI Life Insura | 1,970.00 | 4.00 | +0.20% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 8514.40 | 0.00 | +0.00% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Energy | 35548.30 | 0.00 | +0.00% |
Outlook for May 27
Ajit Mishra – SVP, Research, Religare Broking
Markets traded quietly after Thursday’s surge and ended nearly unchanged. Following a flat start, the Nifty oscillated within a narrow range throughout the session but managed to briefly reach the new milestone of 23,000. Meanwhile, a mixed trend across sectors kept traders engaged, with auto, banking, and financial sectors performing well, while FMCG and realty experienced profit-taking. The broader indices also had a muted session, closing almost flat.
It's common to see a pause after a strong upward move, and traders should view any dip around 22,750-22,850 in Nifty as a buying opportunity. While key sectors are contributing to the upward movement, we are now seeing more selective participation. Therefore, it is advisable to focus on stock selection, with a preference for large-cap and large mid-cap stocks.
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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