Market Ended on Positive Note with Continued Volatility

Indian equity indices extended its winning streak on Wednesday. Nifty opened at 22576.60, a gap up of 47.55 points from Tuesday’s close and made an intraday high of 22629.50 and closed at 22597.80 up 68.75 points or 0.31%. Heavy-weight stocks like Reliance Industries, Infosys, Hindustan Unilever, ITC, HDFC Bank contributed to the gains in the Nifty 50. While State Bank of India, ICICI Bank, Axis Bank, Shriram Finance, and Hindalco Industries weighed on the index.

The broader market ended on the mixed note; The S&P BSE Mid-Cap index declined by 0.05% while the S&P BSE Small-Cap index rose by 0.18%. On BSE, 1,923 stocks declined, 1,906 stocks advanced and 119 remained unchanged.

Among the sectoral indices, the Nifty FMCG index (up 1.43%), the Nifty Realty index (up 1.41%) and the Nifty Media index (up 0.73%) outperformed the Nifty 50 index. Meanwhile, the Nifty Metal index (down 0.62%), the Nifty Bank index (down 0.55%) and the Nifty Financial Services index (down 0.52%) weighed the Nifty 50 index.

The Index is at crucial level of 22500, if this level is sustained then it may rally for the 22700 – 22800 range.

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• The Indian benchmark indices ended on positive note on May 22 with Nifty reclaiming 22,600 in a volatile session ahead of release of the Fed’s latest meeting minutes. At close, the Sensex was up 267.75 points or 0.36 percent at 74,221.06, while the Nifty was up 68.80 points or 0.31 percent at 22,597.80. Cipla, HUL, Tata Consumer Products, HUL, Coal India and Britannia Industries were among the major gainers on the Nifty, while losers included SBI, Hindalco Industries, Shriram Finance, Hero MotoCorp and Apollo Hospitals.

• The Reserve Bank of India’s (RBI) Central Board of Directors has approved the transfer of Rs 2,10,874 crore as surplus to the government for the financial year 2023-24, the RBI said on May 22.

• India’s largest domestic drug maker Sun Pharmaceutical Industries on Wednesday reported a 33.8 per cent rise in consolidated net profit at Rs 2,654.58 crore for the quarter ending on March 31 (Q4) for the financial year 2023-24 (FY24). During the same period last year, the pharma had reported a net profit of Rs 1,984.47 crore. The company’s total revenue from operations for the fourth quarter stood at Rs 11,982.9 crore, up 9.6% year-on-year (Y-o-Y) from Rs 10,930.67 crore.

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

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