Amid volatility after touching an all-time high Sensex, Nifty close flat
May 27, 2024
New Delhi [India], May 27 : Indian equity indices, Nifty50 and Sensex, surged to historic highs on Monday, propelled by gains in private banking stocks.
The S&P BSE Sensex breached the remarkable 76,000-mark for the first time, hitting 76,010, while the NSE Nifty50 scaled a new summit at 23,111 before retracting into negative territory.
At the end of Monday's trading session, Nifty50 closed at 22,932.55, down 0.11 per cent, and the BSE Sensex closed at 75,364.60, marking a slight decline of 0.06 per cent.
"Nifty remained mostly volatile during the day as India awaits the final phase of the general election. The near-term outlook remains positive, with the index staying above the crucial moving averages. Support lies at 22,900, below which the index might slip towards 22,800. On the higher end, bears are active around 23,000-23,050. A decisive move above 23,050 might trigger a stronger rally towards higher levels," said Rupak De, Senior Technical Analyst, LKP Securities.
In the broader markets, the BSE MidCap index soared to an all-time high of 43,985 intraday, concluding at 43,784, a 0.6 per cent uptick. Conversely, the BSE SmallCap index exhibited subdued performance, closing marginally lower by 0.04 per cent.
Sector-wise, the Nifty PSU Bank index witnessed an uptick of over 1 per cent, while the Nifty Bank and Nifty Realty indices notched gains of 0.6 per cent and 0.85 per cent respectively.
Top gainers in the Nifty 50 included Divi's Lab, IndusInd Bank, Adani Ports and SEZ, LTI Mindtree, and Axis Bank, whereas Adani Enterprises, Wipro, Grasim Industries, ONGC, and SBI Life Insurance were among the key laggards.
"Investors are closely monitoring European Central Bank officials' comments as they evaluate the trajectory of monetary policy post the anticipated easing in June. Executive Board member Piero Cipollone advocated for an ECB rate cut next month, while Chief Economist Philip Lane emphasized the need for maintaining policy in restrictive territory through 2024" said Varun Agarwal, MD, Profit Idea.
In Europe, amidst subdued trading due to holidays in the UK and US, the Stoxx 600 Index remained largely unchanged, with auto and energy stocks performing well, while technology shares faced notable declines.
