sensex News: Bulls are back in action! Sensex rose for the first time in five days, jumping 500 points. Excellent at over 22,600
BSE Sensex was trading 508 points higher at 74,394 points. Nifty50 was trading 163 points higher at 22,632 around 9:20 am.
India’s election, which started on April 19th, will end on June 1st and the counting of votes will take place on June 4th. Investors are awaiting exit polls that predict the results after voting ends.
Focus will also be on India’s fourth quarter gross domestic product (GDP) data due to be released today, with the economy expected to grow at a slower pace than the previous three months.
In the Sensex pack, M&M, L&T, Bajaj Finserv, Bajaj Finance, Sun Pharma and IndusInd Bank opened higher while Maruti Suzuki and Infosys opened with losses. Apollo Hospitals Enterprise shares rose more than 3% in early trading after the company reported a 77% gain. Consolidated net profit reached Rs 258 million in the fourth quarter ended March 2024, growing %. Sector-wise, Nifty Realty rose 2.4 per cent led by gains from Phoenix Mills, Lodha and Prestige. Nifty Bank, Financials, Automobiles, Metals, Consumer Durables and Oil & Gas were also up 0.5-1 per cent. In the broader market, Nifty Midcap 100 and Nifty Smallcap 100 were both up 0.6%.expert opinion
“The market is tantalizingly primed for the possibility of a sharp move based on the exit poll results tomorrow evening. With the Nifty down about 600 points from its May high, the market move, if it is to the upside, could be sharp and swift,” he said. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“Data from the U.S. shows the economy is slowing and the labor market is weakening slightly, which means the Fed may not delay cutting interest rates any longer. If this happens and U.S. bond yields fall, Once started, FII outflows can be reversed,” Vijayakumar said.
“Nifty may find support at 22,400, followed by 22,350 and 22,300. On the higher side, 22,550 could be immediate resistance followed by 22,600 and 22,650,” said Deven Mehata, research analyst at Choice Broking. “There is,” he said.
global market
MSCI’s largest index of Asia-Pacific shares outside Japan rose 0.55%, surpassing a three-week low on Thursday. The index was expected to fall 1.4% this week, but rose 2.7% in May, marking its fourth consecutive month of gains.
Japan’s Nikkei index rose 0.20% and remained flat this month. The Chinese stock market also continued its upward trend, with the blue chip index rising 0.23% and Hong Kong’s Hang Seng index rising 1.3%.
FII/DII tracker
Foreign institutional investors (FIIs) increased their selling for the second day on May 30, selling 3,050.15 billion rupees worth of Indian stocks, and on the same day, domestic institutional investors did not spare support by purchasing stocks worth 3,432.92 million rupees. .
oil waterfall
Oil prices fell early on Friday as investors reacted to remarks by U.S. Federal Reserve officials that it was too early to consider a rate cut and a sudden increase in U.S. gasoline inventories that weighed on markets.
Brent crude oil was traded at $81.74 per barrel, down 12 cents (0.15%), and U.S. West Texas Intermediate (WTI) crude oil was traded at $77.74, down 17 cents (0.22%).
Currency Monitoring
The Indian rupee rose four paise to 83.25 against the US dollar in early trade. The dollar index, which tracks the movement of the dollar against the world’s six major currencies, soared 0.11% to the level of 104.83.
(Based on the opinion of the institution)
(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are their own and do not represent the views of The Economic Times.)
