Active Stocks
Tue Jun 18 2024 09:07:12
  1. Tata Steel share price
  2. 184.00 0.52%
  1. Tata Motors share price
  2. 998.70 0.53%
  1. State Bank Of India share price
  2. 843.20 0.36%
  1. ITC share price
  2. 432.10 0.23%
  1. NTPC share price
  2. 372.95 1.24%
Business News/ Markets / Stock Markets/  Stock market today: Sensex, Nifty 50 end flat on profit booking at record high levels
BackBack

Stock market today: Sensex, Nifty 50 end flat on profit booking at record high levels

Stock market today: The Sensex hit its fresh all-time high of 75,636.50 during the session but failed to hold gains and closed 8 points lower at 75,410.39. The Nifty 50 ended the day 11 points lower at 22,957.10 after hitting its fresh all-time high of 23,026.40 during the session.

Stock market today: The Sensex closed 8 points lower at 75,410.39. The Nifty 50 ended the day 11 points lower at 22,957 on Friday, May 24. (PTI Photo/Kunal Patil) (PTI11_26_2021_000073B) (PTI)Premium
Stock market today: The Sensex closed 8 points lower at 75,410.39. The Nifty 50 ended the day 11 points lower at 22,957 on Friday, May 24. (PTI Photo/Kunal Patil) (PTI11_26_2021_000073B) (PTI)

Stock market today: Indian stock market benchmarks, the Sensex and the Nifty 50 ended flat with a negative bias on Friday, May 24, on profit booking at record-high levels amid weak global cues.

The Sensex hit its fresh all-time high of 75,636.50 during the session but failed to hold gains and closed 8 points lower at 75,410.39. The Nifty 50 ended the day 11 points lower at 22,957.10 after hitting its fresh all-time high of 23,026.40 during the session.

The Indian stock market currently lacks new catalysts to sustain and extend its gains. The significant gains in the previous session were driven by the RBI's substantial dividend to the central government. However, with this development now factored in, the market's attention has shifted to fundamentals, valuations, and global cues.

Also Read: Bull market needs fuel by way of equity capital or debt: Shankar Sharma of First Global

Election-related jitters have eased, but speculations will keep the market volatile till the election outcome is announced.

Also Read: Lok Sabha Elections 2024: Market may see sharp 20% decline if election results deviate from expectations -Experts

The waning prospects of rate cuts by the US Fed this year continue weighing on sentiment.

The minutes of the May policy meeting of the US Fed revealed that Fed officials are still not confident that inflation was moving sustainably toward the Fed's target of 2 per cent. In fact, various Fed officials showed a willingness to tighten policy further if warranted.

Also Read: US Federal Reserve minutes show officials rally around higher-for-longer rates

Outperforming the benchmark Sensex, the BSE Midcap index ended 0.23 per cent higher at 43,519.44 after hitting its fresh record high of 43,777.64.

The BSE Smallcap index also hit its fresh record high but failed to hold gains and ended 0.20 per cent lower at 47,996.45.

Top Nifty 50 gainers today

17 stocks closed in the green in the Nifty 50 index, with HDFC Bank, Bharti Airtel, BPCL, L&T, and UltraTech Cement ending as the top gainers.

Top Nifty 50 losers today

Shares of Adani Ports, Tech Mahindra, Mahindra and Mahindra, JSW Steel and Titan ended as the top losers in the Nifty 50 index.

Also Read: Top Gainers and Losers today on 24 May, 2024: HDFC Bank, Larsen & Toubro, Adani Ports & Special Economic Zone, Tata Consumer among most active stocks; Check full list here

Sectoral indices today

Nifty Bank rose 0.42, while the Private Bank index rose 0.41 per cent. The PSU Bank index, however, dropped 0.08 per cent.

Nifty FMCG (down 0.80 per cent), Realty (down 0.66 per cent), IT (down 0.64 per cent) and Healthcare (down 0.60 per cent) ended with significant losses.

Among the gainers, Nifty Media (up 1.04 per cent) stood at the top. Nifty Financial Services (up 0.56 per cent) and Oil & Gas (up 0.51 per cent) also saw decent gains. 

Expert view on markets

"Global market sentiments remained subdued as the recent US FOMC minutes suggest a continued hawkish stance on policy rates. US jobless claims fell more than expected, corporate profits remained healthy, and stubborn inflation persists, giving the Fed no reason to cut rates," said Vinod Nair, Head of Research, Geojit Financial Services.

"The domestic market is reaching new highs, with large caps playing second fiddle to the broader market rally, indicating sustained momentum in the short term," said Nair.

Also Read: Expert view: Market may see volatility after election; upside for gold, silver may be limited, says Damania of MojoPMS

Technical views on Nifty 50

Rajesh Bhosale, a technical analyst at Angel One said that traders should maintain a positive bias, with any dip toward the previous resistance of 22,800 likely acting as a buying opportunity.

"The only concern is the benchmark index approaching the upper band of the 'Rising Channel,' which has been a turning point in recent months. This zone, around 23,100 - 23,200, should be closely watched," said Bhosale.

Bhosale believes traders may book profits around 23,100 - 23,200 ahead of the key election results in anticipation of intense volatility. The approach would be to buy on dips around 22,800 and book profits around 23,200. 

"Traders should monitor these levels and plan their trades accordingly. As it will be the last trading week before the key event, which coincides with the F&O expiry, heightened volatility is expected. Traders are advised to avoid undue risk and be very selective in their trading approach," said Bhosale.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 24 May 2024, 03:38 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started