Stock market today: Sensex, Nifty 50 rise after 5-day slump; all eyes on Lok Sabha election 2024 exit poll results
Stock market today: Sensex settled 76 points, or 0.10 per cent, higher at 73,961.31. The Nifty 50 closed 42 points, or 0.19 per cent, up at 22,530.70 on Friday, May 31.
Stock market today: Indian stock market benchmarks—the Sensex and the Nifty 50—ended with mild gains on Friday, May 31, snapping the losing streak of the last five consecutive sessions, led by gains in key heavyweights such as HDFC Bank, ICICI Bank, L&T, and Reliance.
All eyes are now on the last phase of the General Election 2024 on Saturday, June 1, followed by the exit poll results.
The counting of votes will commence on June 4, and the results could be announced later that day.
While most experts believe the BJP-led NDA will be re-elected for the next five years, there is no consensus on the number of seats the NDA may win this time.
The domestic stock market has been under pressure lately owing to nervousness related to the Lok Sabha election 2024.
Strong capital outflows by foreign institutional investors (FIIs), mixed global cues, dwindling hopes of rate cuts, and concerns over geopolitical tensions have all been weighing on market sentiment lately.
The domestic market witnessed some buying interest on Friday as the benchmarks and the second-rung mid and smallcap indices ended in the green.
Sensex settled 76 points, or 0.10 per cent, higher at 73,961.31, with 15 stocks up. The Nifty 50 closed 42 points, or 0.19 per cent, up at 22,530.70 with 26 stocks in the green.
The BSE Midcap index closed with a tepid gain of 0.06 per cent, but the Smallcap index rose 0.76 per cent.
The overall market capitalisation of the firms listed on the BSE rose to nearly ₹412.2 lakh crore from almost ₹410.4 lakh crore in the previous session, making investors richer by about ₹1.8 lakh crore in a single session.
Top gainers in the Nifty 50 index
Shares of Adani Enterprises (up 6.94 per cent), Adani Ports (up 4.01 per cent) and Shriram Finance (up 3.57 per cent) closed as the top gainers in the Nifty 50 index.
Top losers in the Nifty 50 index
Shares of Divi's Labs (down 2.38 per cent), Nestle (down 2.08 per cent) and LTIMindtree (down 1.64 per cent) closed as the top losers in the Nifty 50 pack.
Sectoral indices today
Among the sectoral indices, Nifty Realty (up 2.34 per cent), Metal (up 1.87 per cent) and PSU Bank (up 1.28 per cent) closed with healthy gains.
On the other hand, Nifty Media (down 1.39 per cent) and IT (down 1.28 per cent) closed with significant losses.
Nifty Bank rose 0.62 per cent, while the Private Bank index climbed 0.50 per cent.
Expert views on markets
"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," said Vinod Nair, Head of Research at Geojit Financial Services.
"Regional diversions, marginally low voter turnout and strong resistance at the current range are prompting investors to adopt a cautious stance. They are aligning their investments towards fundamentally strong sectors and 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," said Nair.
Technical views on Nifty 50
Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas, pointed out that on the daily charts, the Nifty 50 consolidated within the range of the previous trading session, forming an inside bar pattern which makes the extremes of the range 22,700 – 22,400 crucial levels to watch out for.
"A breakout on either side shall lead to a treading move in that direction. In terms of levels, 22,420- 22,313 is the crucial support zone while 22,820 – 22,900 is the crucial resistance zone from a short-term perspective," said Gedia.
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