Stock Market Highlights, May 31: Benchmarks snap 5-day losing run ahead of Lok Sabha exit polls

Stock Market Highlights on May 31: Sensex, and Nifty indices closed up to 0.19 per cent higher ahead of exit polls, Q4FY24 GDP data

3:49 PM

Tech View :: Trading strategy for Bank Nifty

Bank Nifty saw a sharp recovery from its 21-day EMA, closing near the resistance level of 49000. The RSI is making higher lows and heading towards a bullish crossover. A buy-on-dips strategy is advisable with a stop loss at the 21-day EMA, placed at 48500. Thus, 48500 is strong support and 49200 is the first resistance. If Bank Nifty breaks 49200 on the daily chart, it could soon reach 50000."

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

3:44 PM

Comment :: 'Pre-election trading strategy has come to an end'

The pre-election trading strategy has come to an end, and all eyes will be on the release of the exit poll for further action. Regional diversions, marginally low voter turnout and strong resistance at current range are prompting investors to adopt a cautious stance. They are aligning their investments towards fundamentally strong sectors & stocks to safeguard against any abrupt reactions in the market. On the global front, the release of inflation data from the US, which are estimated to be high, could sway global market sentiment in the near-term.

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

 

3:41 PM

Currency check :: Rupee ends at 83.46/$ against Thursday’s close of 83.32/$

3:40 PM

Broader markets :: SmallCap index outshines peers

3:39 PM

Sensex Heatmap :: Consumption, IT stocks decline on Friday

3:38 PM

Closing Bell :: Nifty holds 22,500 ahead of LS exit poll outcome on Saturday

3:37 PM

Closing Bell :: Sensex turns volatile in fag-end, ends 76 points higher

3:29 PM

Suzlon Group gets 82 megawatt wind energy project from Oyster Green

As part of the agreement, Suzlon will supply the wind turbines and execute the project, including erection and commissioning. The company will also undertake comprehensive operations and maintenance services post commissioning. READ MORE

3:24 PM

S&P Global to observe India's fiscal glidepath for possible rating upgrade

However, it needs to be seen whether the government uses the funds to reduce fiscal deficit or increase spending, Phua said. India is able to finance its deficit domestically in its local currency which will come through in the ratings construct going forward, he added. READ MORE

3:15 PM

Macquarie sees 47% downside in Zomato amid rising competition for Blinkit

Macquarie's stand comes a month after Goldman Sachs analysts said Zomato-owned quick commerce platform Blinkit's implied market value is larger than that of its core food delivery business. READ MORE

3:03 PM

Adani group shares in demand; Enterprises, Total Gas, Power rally up 14%

Adani Power hit a record high of Rs 791.95, as it zoomed 13 % in intra-day trades as India's foremost private power producer, is very well placed to benefit from the long-term power demand outlook. READ MORE

2:53 PM

KNR Constructions stock soars 28% in 3 weeks, nears record high; here's why

Shares of KNR Constructions hit a fresh 52-week high at Rs 315, up 4 per cent on the BSE in Friday’s intra-day trade. The stock has surged 13 per cent in the past two days on a robust order book. In the past three weeks, the stock of the engineering, procurement and construction (EPC) services company has soared 28 per cent. It was trading close to its record high of Rs 343.55 hit on September 1, 2021. READ MORE

2:44 PM

Domestic PV sales set to exceed 5mn; TaMo set to tap growth opportunity

India's vehicle penetration, at about 30 vehicles per 1,000 population, is well below global norms and is expected to continue to increase. READ MORE

2:36 PM

Market check:: Sensex slips into red, down 600 pts from day's high

2:30 PM

Suven Pharma slips 3% as Q4FY24 results serve bitter pill to investors

Suven Pharmaceuticals on Thursday reported a 58 per cent year-on-year (Y-o-Y) decline in net profit at Rs 62.4 crore, while its revenues reduced by 32 per cent Y-o-Y. READ MORE