Stock market update: These large-cap stocks clocked strong gains in May; do you own any?
1 min read 01 Jun 2023, 10:48 AM ISTSensex and Nifty gained for the third consecutive month, with sustained foreign capital inflow, healthy Q4 earnings, and strong macroeconomic data. Market experts predict all-time high levels in June due to healthy macroeconomic indicators and a possible pause in rate hikes by the Fed.
PremiumDomestic market benchmarks the Sensex and the Nifty clocked decent gains in May on sustained foreign capital inflow, healthy March quarter earnings and strong macroeconomic data. Sensex ended 2.5 per cent higher while Nifty closed a gain of 2.6 per cent in May. Both indices extended their monthly gains into the third consecutive month.
The market witnessed buying in most sectors and data show that a majority of largecap stocks clocked gains last month.
Among the largecap stocks, Adani Enterprises emerged as the top gainer in the BSE 100 index in May, rising almost 30 per cent.
Shares of Cholamandalam Investment & Finance Company, Bandhan Bank, SBI Card, InterGlobe Aviation (IndiGo), AU Small Finance Bank and Godrej Consumer Products rose over 15 per cent in May.
Shares of Indian Hotels Company, Lupin, Tata Elxsi, Trent, Adani Power, LTIMindtree, ICICI Lombard General Insurance, Eicher Motors, Info Edge (India), Asian Paints, DLF, Indian Oil Corporation, IndusInd Bank, Bajaj Finance, Marico, Max Financial Services, Mphasis, HDFC Life Insurance Company, Hindustan Unilever were among the stocks that rose over 10 per cent in May.
On the flip side, shares of UPL, Dr Reddy's Labs, Federal Bank, Larsen & Toubro, Hindalco, HDFC Bank, HDFC, JSW Steel, Page Industries, ONGC, Power Grid Corporation and SRF were among the stock that ended in the red, falling between 1-8 per cent, in the BSE 100 index in May.
Market experts expect the Sensex and the Nifty to hit their all-time high levels in June as the undertone of the market remains strong because of the country's healthy macroeconomic indicators and the prospects of a pause in rate hikes by the Fed which is a positive for emerging markets like India.
Foreign institutional investors (FIIs) continue to remain 'net buyers' for the third straight month in May. In May 2023, FII net inflow stood at ₹27,856.48 crore in the cash segment whereas in the F&O segment, FIIs sold out shares worth ₹505.40 crore. Hence, FIIs remained net buyers in the month of May with a net inflow of ₹27,351.08 crore.
Read more: FIIs remain net buyers in Indian stock market for third month in a row. Details here
