CLOSING BELL: Nifty at 24,750, Sensex slips 180 points as auto, metal, IT dampen sentiment

Stock Market Today | Market commentary by Sundar Kewat, Technical and Derivatives Analyst at Ashika Institutional Equity

The Nifty opened at 24,812 and traded within a narrow range, touching an intraday high of 24,863 and a low of 24,717, mirroring the subdued movement seen in recent sessions. Sectoral performance was mixed, with PSU banks leading the gains, while private banks saw mild buying interest. On the flip side, metals, automobiles, IT, and media sectors faced selling pressure.

Investors remained cautious amid lingering global trade uncertainties after a US federal appeals court upheld former President Trump’s tariff measures. Market participants are also awaiting key economic cues, including the US PCE price index due later today, China’s official PMI data over the weekend, and the RBI’s monetary policy decision next Friday.

On the derivatives front, the market breadth tilted negative, with 59 stocks advancing and 156 declining. Notable open interest buildup was seen in Manappuram Finance, Chambal Fertilisers, Nykaa, Muthoot Finance, and SJVN, indicating heightened trader activity in these counters.

Stock Market Today | Market commentary by Vinod Nair, Head of Research at Geojit Investments Limited

A range-bound movement continued in the market, with the temporary reinstatement of US tariffs by the appeal court influencing investors to stay sidelined. The global market may contend with macroeconomic concerns as the global trade landscape has yet to see stability, which may navigate a short-term consolidation. Meanwhile, FII inflows continued due to the volatility in the US 10-year yield and an expectation of solid domestic Q4 GDP data later today and a rate cut by the RBI.

Stock Market Today | Closing Bell: Sensex closes 180 points lower, Nifty ends at 24,750; Bajaj Auto, Hindalco, Shriram Finance top losers

At close, the Sensex was down 182.01 points or 0.22 percent at 81,451.01, and the Nifty was down 82.90 points or 0.33 percent at 24,750.70. About 1,751 shares advanced, 2,087 shares declined, and 114 shares were unchanged.

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IndiGo CEO says

• Supply chain issues are improving
• Have been able to deal with operational challenges
• IndiGo's leadership in pricing is important when looking at profitability
• Domestic US aviation market can't be compared to the Indian aviation market
• India's aviation market is very competitive

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NII - 83.80 times

Retail – 15.46 times

Overall – 29.83 times

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NII - 63.55 times

Retail – 13.27 times

Overall – 22.14 times

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Senco Gold management says

• Grew 18-19 percent in April-May, will maintain this growth for FY26
• Diamond sales are seeing an upward trend currently
• Margin was over in FY26 due to the customs duty impact
• Q4 saw expected recovery in margin, and can maintain margin at 6.80-7.20 percent in FY26
• The diamond business should see 20-25 percent growth
• Consumers will opt for diamonds if gold prices remain at an all-time high
• Average ticket size has increased by 15 percent to Rs 72,000

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NII - 49.96 times

Retail – 11.45 times

Overall – 17.99 times

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Markets@12 | Nifty above 24,750, Sensex down 200 points

At 12 pm, the Sensex was down 247.81 points or 0.30 percent at 81,385.21, and the Nifty was down 79.25 points or 0.32 percent at 24,754.35. About 1483 shares advanced, 1844 shares declined, and 125 shares unchanged.

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Stock Market LIVE Updates | Most active stocks on the Nifty 500 index

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Stock Market LIVE Updates | May series analysis by Axis Securities

The Nifty May series rollover stood at 79.1%, slightly below the three-month average of 79.6% but above the six-month average of 74.6%. It remained unchanged from the previous expiry’s 79.1%, indicating a stable yet relatively subdued rollover compared to short-term trends.

Similarly, the Bank Nifty May series rollover stood at 79.3% on Thursday, marking a strong carry-forward from the previous expiry's 75.0%. This figure also exceeded the three-month average of 73.6% and the six-month average of 74.5%, suggesting stronger conviction in extending positions to the June expiry.

In contrast, the market-wide May series rollover remained steady at 92.5%, marginally higher than the previous expiry’s 92.4%, above the three-month average of 92.3%, though slightly below the six-month average of 92.6%. This consistency signals stable positioning across the broader market despite mixed trends in key indices.

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Sandip Raichura, Executive Director, CEO Retail and Distribution - PL Capital Group says

“Gold prices rebounded above $3,300 an ounce as markets grappled with a U.S. lower court ruling striking down former President Donald Trump’s tariff authority—a decision that may further delay Federal Reserve rate cuts this year. This has sparked confusion again supporting gold prices – The US DXY is also holding near 99 levels thus not making it clear which way risk aversion is likely to move in the near term. In all this background, the Fed may delay rate cuts which is dollar positive and gold negative. However, the US unemployment data incrementally is not positive and there are definitive signs of a US slowdown sometime in the near future which will support gold."

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Vikram Kasat, Head - Advisory, PL Capital says

“Nifty has bounced back from the rising channel formed on the hourly chart. The bulls have the upper hand as long as the Nifty is trading above 24,462. Further, 25,116 is a major resistance level - a decisive close above will put the bulls in a dominating position. Hourly low of 24,667 will be the immediate support.”

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QIB – 2.1 times

NII - 27.03 times

Retail – 7.73 times

Overall – 10.26 times

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