Stock market today: Ahead of the weekly expiry, the Indian stock market ended higher on Thursday. The Nifty 50 index ended 130 points higher at 24,750, the BSE Sensex finished 443 points upside at 81,442, while the Bank Nifty index added 84 points and closed at 55,760. Eternal, Trent and Dr Reddy were major gainers on the Nifty, while major losers were IndusInd Bank, Tata Consumer, and Axis Bank. Trading volumes on the NSE cash market were higher by 6% compared to Wednesday's session.
The Mid-cap and the Small-cap indices continued to outperform the benchmark. The Nifty Mid-cap 100 Index rose by 0.53%, while the Nifty Small-cap 100 Index surged by 0.96%. Nifty small-cap index continued its upward journey for the fourth day to close at a four-month high. Market breadth remained positive for the fourth consecutive day, with advancing stocks outpacing declining ones, as indicated by a BSE advance-decline ratio of 1.33.
On the outlook of the Nifty 50 today, Devarsh Vakil, Head of Prime Research at HDFC Securities, said, "Technically, the Nifty has regained its level above the 20-day EMA, indicating a potential strengthening of the underlying trend. The index appears to have established a strong base near 24,500. On the upside, 24,900 could offer short-term resistance for the Nifty, as investors also looked ahead to the Reserve Bank of India's (RBI) monetary policy decision on June 6, with the central bank widely expected to cut interest rates by 25 basis points for the third consecutive time."
Asked about the outlook of the Bank Nifty today, Om Mehra, Technical Research Analyst, SAMCO Securities, said, "The Bank Nifty index is trading above all major moving averages, and the ascending triangle visible on the daily chart suggests the potential for an upward push. A close above 56,162 could open room for a fresh leg of gains."
Speaking on the outlook for the Indian stock market today, Siddhartha Khemka, Head of Research — Wealth Management at Motilal Oswal, said, “We expect markets to consolidate with a positive bias, tracking global markets, macro-economic indicators and progress in US-India trade negotiations.”
Regarding stocks to buy today, market experts Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher; Mahesh M Ojha, AVP — Research at Hensex Securities; Sugandha Sachdeva, Founder of SS WealthStreet; and Anshul Jain, Head of Research at Lakshmishree Investment and Securities — recommended these six intraday stocks for today under ₹100: Shriram Properties, Subex, Sagility India, Ujjivan Small Finance Bank, YATRA, and Ugar Sugar.
1] Shriram Properties: Buy at ₹97.95, Target ₹103, Stop Loss ₹95.50; and
2] Subex: Buy at ₹15.30, Target ₹18, Stop Loss ₹14.
3] Sagility India: Buy at ₹38.50 to ₹39.10, Targets ₹40.75, ₹42.50, ₹45, Stop Loss ₹37.70; and
4] Ujjivan Small Finance Bank: Buy at ₹44 to ₹44.60, Targets ₹45.60, ₹46.50, ₹48, ₹50, Stop Loss ₹42.80.
5] YATRA: Buy at ₹95.90, Targets ₹100.80, ₹104, Stop Loss ₹93.80.
6] Ugar Sugar: Buy at ₹49.70, Target ₹53, Stop Loss ₹48.50.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
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