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Taking Stock | Nifty ends above 16,300, Sensex rises 632 pts led by IT, financial; oil & gas slips

BSE Midcap and Smallcap indices rose over 1 percent each.

May 27, 2022 / 04:35 PM IST

Indian benchmark indices ended higher for the second consecutive day on May 27 with the Nifty comfortably closing above 16,300 led by the banking, auto, and information technology stocks.

At close, the Sensex was up 632.13 points or 1.17% at 54,884.66, and the Nifty was up 182.30 points or 1.13% at 16,352.50.

On the back of supportive global cues, the Indian market opened higher and remained in the green throughout the session, finishing near the day's high.

"Joining the global rally, the investors were in a buying mood following favourable retail earnings in the US. Receding FII selling also provided comfort to the domestic market in bringing down volatility," said Vinod Nair, Head of Research at Geojit Financial Services.

"The RBI’s upcoming policy meeting will be a key factor in the market, where they are expected to announce an additional policy rate hike of 25-35bps."

Close

Apollo Hospitals, Tech Mahindra, HDFC Life, Hero MotoCorp, and IndusInd Bank were among the top Nifty gainers, while losers included ONGC, NTPC, Bharti Airtel, Power Grid Corp, and Tata Steel.

Among sectors, Nifty Bank, Auto, FMCG, and Information Technology indices rose 1-2.5 percent. However Nifty Energy index fell 1 percent.

Stocks and sectors

IndexPricesChangeChange%
Sensex53,334.31606.33 +1.15%
Nifty 5015,884.40185.15 +1.18%
Nifty Bank33,917.05289.60 +0.86%
Nifty 50 15,884.40 185.15 (1.18%)
Mon, Jun 27, 2022
Biggest GainerPricesChangeChange%
Hindalco337.4015.10 +4.69%
Biggest LoserPricesChangeChange%
Apollo Hospital3,816.55-21.85 -0.57%
Best SectorPricesChangeChange%
Nifty Metal4721.45124.85 +2.72%
Worst SectorPricesChangeChange%
Nifty FMCG37987.00208.20 +0.55%

On the BSE, except metal and oil & gas, all other sectoral indices ended in the green with auto, bank, capital goods, healthcare, and Information Technology indices up 1-2 percent.

BSE Midcap and Smallcap indices rose over 1 percent each.

A long build-up was seen in Indiamart Intermesh, Whirlpool of India, and Dr. Lal PathLabs, while a short build-up was witnessed in Piramal Enterprises, Muthoot Finance, and Max Financial Services.

Sical Logistics, Hawkins Cookers, Muthoot Finance, Heritage Foods, Ipca Laboratories, and Hester Biosciences, were among the stocks that touched a 52-week low on the BSE.

Outlook for May 30

Deepak Jasani, Head of Retail Research, HDFC Securities:

Nifty built on gains of the previous session on May 27. It opened with a gap up and continued to rise to close almost at the intra-day high. At close, Nifty was up 1.18% or 190.8 points at 16,360.9.

Nifty gained for the second consecutive week rising 0.53% for the week. Sentiments seem to have turned for the better over the past two days. A move above 16,414 could take the Nifty swiftly to 16,624 and later 16,825. However, 16,006 support needs to be protected.

Rupak De, Senior Technical Analyst at LKP Securities:

Nifty remained strong as it sustained above 16,200 throughout the day. Momentum oscillator, RSI is in bullish crossover and rising.

Going forward, a decisive move above 16,400 is likely to induce a rally towards 16,700-16,800. On the lower end, supports are visible at 16,200/16,000.

Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, MOFSL

Nifty has already taken multiple support near to 15,735 mark and the base is getting stronger even after supply is near 16,400 zones.

The entire setup suggests a bounce could be seen towards 16,400 then 16,666 zones before it gets stuck at higher zones.

Bank Nifty is likely to perform well after its recent consolidation breakout and a hold of 34,750 zones could extend its move towards 36,000-36,500 zones.

Disclaimer: The views and investment tips expressed by 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.
Rakesh Patil
first published: May 27, 2022 04:35 pm
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