Indices Declined After Hitting All-Time Highs

Indian equity indices remained in consolidation after hitting all-time high levels in the previous session. Nifty opened at 22,977.15 a gap up of 44.70 points from Monday’s close and made an intraday high of 22,998.55 and closed marginally lower at 22,888.15 down 44.30 points or 0.19%. Heavy-weight stocks like Reliance Industries, Bharti Airtel, Infosys, ICICI Bank, NTPC weighed on the Nifty 50. While Asian Paints, SBI Life Insurance, Divi’s Laboratories, Grasim Industries, HDFC Life Insurance helped to limit the losses in the index. The S&P BSE Sensex ended 220.05 points or 0.29% down at 75,170.45.

The broader market underperformed the benchmark index; The S&P BSE Mid-Cap index declined by 0.63% and the S&P BSE Small-Cap index declined by .09%. On BSE, 2,501 stocks declined, 1,320 stocks advanced and 124 remained unchanged.

Among the sectoral indices, he Nifty Pharma index (up 0.54%), the Nifty Healthcare index (up 0.43%) and the Nifty media index (up 0.31%) outperformed the Nifty 50 index. Meanwhile, the Nifty Realty index (down 2.16%), the Nifty PSU Bank index (down 1.28%) and the Nifty Oil & Gas index (down 1.02%) weighed the Nifty 50 index.

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• After hitting record highs in the previous session, the Indian benchmark indices remained in consolidation mode on May 28. At close, the Sensex was down 220.05 points or 0.29 percent at 75,170.45, and the Nifty was down 44.30 points or 0.19 percent at 22,888.15. After a positive start, the market gyrated between gains and losses during the session, but again, selling in the last hour dragged the indices to the day’s low point.

• The board of Adani Enterprises, on May 28, approved a fundraising plan of Rs 16,600 crore, while the board of Adani Energy Solutions had approved a plan to raise up to Rs 12,500 crore on May 27. The boards of the two Adani group companies – the flagship Adani Enterprises Ltd and its energy transmission and distribution business Adani Energy Solutions Ltd – had announced plans to collectively raise as much as Rs 29,100 crore ($3.5 billion) this week, stock exchange filings show.

• India recorded the highest foreign fund outflows in May among emerging markets as election uncertainty created panic in Dalal Street. Foreign institutional investors have been selling Indian stocks during all the sessions except two, according to the provisional data from the National Stock Exchange. They have pulled out around $2.97 billion from the Indian market so far this month.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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