Stock Market Highlights, May 29: Sensex falls for 4th day, tanks 668 pts; Nifty nears 22,700

Stock Market Highlights on May 29, 2024: In the broader markets, the BSE SmallCap index was the only outperformer, rising 0.23 per cent

3:58 PM

Tech View :: 'Nifty might expire May F&O series around 22,800'

Bears remained in control, leading to a sharp fall in Nifty. During the day, heavy call writing activities were seen at the 23,000 and 22,800 strikes, while put writing activities were visible at the 22,800 and 22,700 strikes.

 

The option data suggests that Nifty might expire around 22,800. On the other hand, a fall below 22,700 might trigger additional selling pressure in the market. Immediate resistance is placed at 22,800.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:53 PM

Tech View :: What is the next support for Nifty Bank after today's selling?

The Bank Nifty index has demonstrated a clear shift in sentiment by opening below its support level at 49,000 and trading beneath it. It closed near its 21-day EMA at 48,400. If Bank Nifty fails to maintain above the 21-day EMA, further selling pressure may drive it down to 48,000. Consequently, 48,400 now serves as the support level for Bank Nifty, with 49,000 acting as the new resistance level.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:50 PM

Comment :: 'Nifty may find support at 22,500; avoid aggressive longs'

The recent decline signals caution among investors, and we anticipate Nifty finding support around the 22,550 level, which corresponds to the 20-day EMA.

With the May derivatives contracts expiry approaching, volatility is expected to remain high. We recommend limiting aggressive long positions and adopting a hedged approach.

Views by: Ajit Mishra – SVP, Research, Religare Broking

3:46 PM

Comment :: 'Broad based weakness is noticed across sectors'

Weak global cues prompted investors to take profits ahead of the US core PCE data, a key gauge of inflation that is anticipated to rise. Continued soaring of global inflation, like latest trend in Japan and Australia is diminishing investor expectation of a US Fed rate cut in the near term. Broad based weakness is noticed across the sectors with heavy underperformance from financials and IT.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

3:44 PM

Currency check :: Rupee ends sharply lower by 16 paise on May 29

>> Rupee ends at 83.35/$ vs Tuesday's close of 83.18/$

3:43 PM

Broader markets :: SmallCap index outshines peers

3:41 PM

Sectoral trends :: Pharma, Metal indices buck market weakness

3:40 PM

Sensex Heatmap :: ICICI Bank, HDFC Bank, RIL among 24 losing stocks

3:39 PM

Closing Bell :: Nifty ends near 22,700

3:38 PM

Closing Bell :: Sensex's fall extends into 4th day

3:29 PM

March Quarter Results :: Mazagon Dock Shipbuilders report net profit of Rs 660 crore

>> PAT was Rs 320 crore YoY

>> Ebitda comes at Rs 524 crore vs Rs 210 crore YoY, margin at 16.89% vs 10.13% YoY

3:21 PM

Titagarh Rail soars 13% to hit new peak in weak market; up 81% in 11 weeks

At 02:49 pm, TRSL was trading 11 per cent higher at Rs 1,396, as compared to 0.77 per cent decline in the S&P BSE Sensex. The average trading volume more than doubled on May 29, with a combined 7.9 million equity shares, representing 5.9 per cent of total equity of the company, changing hands on the NSE and BSE. READ MORE

3:10 PM

Sensex Heatmap at this hour :: 25 of 30 stocks decline

2:59 PM

Foreign funds return to Indian bonds as JPMorgan index inclusion nears

India has been top of mind for global investors this year as the inclusion of the nation’s debt in JPMorgan’s flagship gauge in June heralds its growing clout, with the US bank estimating inflows of as much as $25 billion. A reduction in short-term borrowings and a record dividend payout by the central bank have also boosted the appeal of local bonds. READ MORE

2:47 PM

17 penny stocks zoomed up to 500x in the Narendra Modi era. Do you own any?

In the last 10 years – since the Lok Sabha election results were announced back in 2014 that saw the National Democratic Alliance (NDA) assumed power for the first time with Narendra Modi at the helm, as many as 17 stocks across the Sensex, midcap and the smallcap segments on the BSE have given returns in excess of 200 times. READ MORE

2:40 PM

This air conditioning stock has zoomed 53% in one week on strong earnings

Shares of Johnson Controls-Hitachi Air Conditioning India (JCH-IN) hit two-year high of Rs 1,872.90, as they rallied 13 per cent on the BSE in Wednesday’s intra-day trade, extending its past four days gain. This came after the company reported a net profit of Rs 48.1 crore in March quarter (Q4FY24). The household appliances firm had posted a net loss of Rs 1.06 crore in Q4FY23 and a loss of Rs 27.11 crore in December 2023 quarter (Q3FY24). READ MORE

2:31 PM

GNFC slips 3% on weak March quarter performance; check details here

At the operating front, earnings before interest, tax, depreciation and amortisation (Ebitda), also known as operating profit, plunged 60.7 per cent annually to Rs 145 crore in the March quarter of FY24, from Rs 369 crore in the March quarter of FY23.  READ MORE

2:21 PM

March Quarter Results :: Alkem Labs post PAT of Rs 290 cr vs Rs 71 cr YoY

>> Misses estimate of Rs 360-cr PAT

2:11 PM

March Quarter Results :: Ipca Labs posts profit of Rs 59.5 crore vs estimate of Rs 114 crore

>> Ebitda at Rs 320 cr vs Rs 180 cr YoY

>> Ebitda margin at 15.83% vs 11.98% YoY
 

1:59 PM

Market Check :: Stocks at 52-week highs on May 29

Amara Raja Energy, Divi's Labs, Glenmark Pharma hit 52-week highs

Check full list here

1:48 PM

This Madhuri Kela-owned stock has zoomed over 100% in six weeks

The company in an exchange filing said, a meeting of the board of directors of IRIS Business Services was scheduled on Thursday, May 30, 2024 inter alia to consider and evaluate proposal for raising of funds by the company through one or more permissible mechanisms as may be deemed appropriate by the company's board. READ MORE

1:39 PM

Lok Sabha elections, global cues: Reasons why Sensex fell 600 pts today

According to a Bloomberg News survey of market participants, Indian stocks need Prime Minister Narendra Modi's party to win more than 303 seats in the general election to extend their record rally. READ MORE

1:24 PM

ALERT :: S&P gives India BBB- rating ; revises outlook to Positive from Stable

1:12 PM

Why are DIIs buying heavily ahead of Lok Sabha elections? Analysts weigh in

At the end of Q4FY24, the difference between the Foreign Institutional Investors (FII) and DII ownership of Indian equities stood at 1.6 per cent, compared to a 10.3 per cent gap recorded in March 2015, which was twice the domestic investor holdings at that time. READ MORE

1:02 PM

TCPL Packaging stock zooms 8% post Q4 earnings; margins improve YoY

On Tuesday, TCPL Packaging delivered its Q4FY24 results. Revenue from operations surged 2 per cent year on year (YoY) and stood at Rs 400.5 crore in Q4FY24 as against Rs 392.6 crore in the same quarter last year.  READ MORE

12:51 PM

India summer temperature hits 50 degrees: 5 cool stocks for your portfolio

Ashok Leyland, Balkrishna Industries, Siemens and Bharat Forge were the top gainers, up over 30 per cent each. Cummins, Container Corporation of India, InterGlobe Aviation, HPCL, Power Grid, Godrej Properties, BPCL, IRCTC and Adani Ports gained 10 - 20 per cent during this period. READ MORE

12:42 PM

Market Check :: Breadth favours sellers

12:30 PM

Defence manufacturer MTAR Technologies shares sink 16%; here's why

The company’s revenue, however, improved marginally by 1.2 per cent at Rs 580 crore versus Rs 573 crore in FY23. Ebitda slides by 26.8 per cent in FY24 to Rs 112 crore as compared to Rs 154 crore in FY23. READ MORE

12:20 PM

Market Check : Stocks with highest turnover today

12:10 PM

ALERT :: Power Mech wins order worth Rs 563.23 crore from BHEL