By Mr. Aamar Deo Singh, Head Advisory, Angel Broking Ltd
The benchmark index Nifty witnessed a flat opening on the back of muted cues from our global peers. However, right after the bell, we saw profit booking near all-time high levels as the Nifty continued to make new highs for the fourth consecutive session, but the index was unable to sustain near the higher levels as we witnessed selling pressure. Benchmark indices recovered from the day’s low, reducing the overall loss for the day to end on a marginally lower note, dragged down by banking and metal stocks.
Broader Market Movement
The broader markets in general continue to outperform the benchmark indices. While the Sensex and Nifty ended marginally flat, the Midcap and Small cap indices gained more than half a percent, respectively. Looking into the sector specific performance, IT and the defensive Pharma sector were the top gainers, while Banking and Metals were among the top losers, with PSU Banking sector being the top loser. On the stock specific side, Tech Mahindra and Tata Motors were the top gainers, up more than 2%, while Hindalco and Tata Steel were the top losers, down more than 1%.
Stocks in News
The stocks or sectors that were in the news today. After Sundaram Clayton, a group company of the TVS Group, sold its 5% stake in TVS Motors yesterday, leading asset management firms acquired stakes in the company. Second, Shriram Transport Finance rose nearly 3% during intraday after the company board approved raising funds through QIBs. Finally, Piramal Enterprises stock rose more than 10%, reaching new highs, after the NCLT board approved the resolution plan for the troubled mortgage lender DHFL.
Global Data Front
On the global front, European indices continued to trade higher, with the DAX and CAC 40 indices trading near all-time highs. Meanwhile, futures on Wall Street’s three major indices were trading on a flat note, with the Dow Jones Futures up 0.04 percent, the Nasdaq Futures up 0.55 percent, and the S&P 500 Futures up 0.22 percent. On the US economic front, the balance of trade data showed that the US trade gap narrowed to $68.9 billion in April 2021, down from a record high $75 billion gap in March and in line with market expectations.
Summing Up, the 30 share BSE Sensex closed at 52275, down 53 points or 0.10 percent, while the Nifty 50 closed at 15740, down 11 points or 0.07 percent. Looking ahead, the Nifty levels to watch on the upside are 15800 – 15850, while the key levels to watch on the downside are 15500.
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