Indian benchmark indices failed to build on the opening gains to end marginally higher in the highly volatile market on May 14 with banking stocks remained under pressure, while IT, media, metal, realty provided support at the lower levels.
At close, the Sensex was up 182.34 points or 0.22 percent at 81,330.56, and the Nifty was up 88.55 points or 0.36 percent at 24,666.90.
Amid positive global cues, the Indian market opened higher and extended the gains as day progressed with Nifty moving above 24,750 in the first half, however, a mid-session profit booking dragged the index below 24,550, before settling with minor gains.
Overnight, US stock indexes rose on news that US consumer inflation picked up less than expected in April when President Donald Trump unveiled a raft of tariffs that has wreaked havoc on global markets.
Asian stocks followed the US markets to end mostly higher on Wednesday, while European indices were trading with 0.5 percent loss.
Tata Steel, Shriram Finance, Bharat Electronics, Hindalco Industries, Eternal were among major gainers on the Nifty, while losers included Asian Paints, Cipla, Tata Motors, Kotak Mahindra Bank, NTPC.
Broader indices outperformed the main indices with BSE Midcap index rising 1 percent and Smallcap index rose 1.6 percent.
Among sectors, except bank, all other sectoral indices ended in the green with realty, oil & gas, telecom, media, IT and metal indices rising 1-2.5 percent.
In stock-specific action, Tata Steel shares rally 4% post better Q4 show, Bharti Airtel shares added 1% as Q4 earnings beat, Tata Motors shares was down 1 percent on reporting sharp fall in Q4 profit and Garden Reach shares soared more than 15%, to touch 10-month high as profit doubles in Q4.
More than 80 stocks on the BSE tested 52-week high including, Authum Investment, Hitachi Energy, Aster DM Healthcare, Max Financial, Ceat, Bharat Electronics, Mazagon Dock, Dalmia Bharat, J. K. Cement, City Union Bank, Bharat Dynamics, APL Apollo, Solar Industries, Godfrey Phillips, Bharti Hexacom among others. Click to View More
Outlook for May 15
Aditya Gaggar Director of Progressive Shares
Indian equities witnessed heightened volatility throughout the trading session. After a strong opening, the Index soared higher, mainly driven by Metal and IT stocks. However, a sudden decline in Banking stocks pulled the Index into negative territory. Despite this setback, the Index gradually recovered and ended the session at 24,666.90 with gains of 88.55 points.
In addition to Metals and IT, the Realty and Energy sectors also outperformed. Positive momentum persisted in the broader markets, with Mid and Smallcap indices advancing by 1.11% & 1.44% respectively and outperforming the Frontline Index.
On the technical front, the daily chart reflects the formation of a small green candle, indicating cautious optimism.
For the Index to resume its uptrend, it must decisively break above the 24,770 mark, which would then open the door toward the next resistance at 24,900. On the downside, 24,550 is expected to act as immediate support.
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty traded within a narrow range today, following two days of high volatile moves. The short-term trend remains positive, as the index continues to remain above critical moving average. After a sharp rally, this sideways movement appears to be a healthy consolidation, suggesting the market is catching its breath before the next move.
As long as the index stays above the crucial support level of 24,400, the bulls are likely to maintain their grip. In the near term, the index might move towards the 24,850–25,000 range. However, a drop below 24,400 could delay this upward trajectory and lead to further consolidation.
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