Nifty at its Crucial level of 22,500; Short-Term Trend Remains Up

Indian equity indices extended its gain on Saturday. Nifty opened at 22512.85, a gap up of 46.75 points from Friday’s close and made an intraday high of 22520.25 and closed at 22502.00 up 35.90 points or 0.16%. Heavy-weight stocks like Tata Consultancy Services, Nestle India, Larsen and Toubro, Tata Motors, and HDFC Bank contributed to the gains in the Nifty 50. While JSW Steel, Mahindra and Mahindra, Reliance Industries, Maruti Suzuki, and Infosys weighed on the index.

The broader market outperformed the benchmark index; The S&P BSE Mid-Cap index rose 0.48% and the S&P BSE Small-Cap index rose by 0.77%. On BSE, 2,444 stocks advanced, 1,033 stocks declined and 136 remained unchanged.

Among the sectoral indices, the Nifty Media index (up 1.24%), Nifty Realty index (up 0.78%), Nifty PSU index (up 0.67%), Nifty Metal index (up 0.53%), and Nifty Oil & Gas index (up 0.47%), outperformed the Nifty 50 index. Meanwhile, the Nifty Bank index (up 0.17%), the Nifty IT index (up 0.17%) and the Nifty Auto index (up 0.23%) 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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• Indices end higher as election jitters recede; Nifty surpasses 22,500. At close, the Sensex was up 253.31 points or 0.3 percent at 73,917 and the Nifty 50 was up 61 points at 22,464.80.

• A Foreign Institutional Investor (FII) shareholder is likely to sell stake worth Rs 425 crore in CG Power and Industrial Solutions Ltd tomorrow (May 21) via block deal, sources told CNBC Awaaz on May 20. The block deal is likely of 65 lakh shares for a deal size of Rs 425 crore. CG Power closed 5.3 percent higher at Rs 663.25 apiece on BSE on May 18 in special half-day trading session held.

• Go Digit IPO: Issue booked over 6x on final day, QIBs lead. Go Digit General Insurance’s initial public offer (IPO) continued to witness robust subscription figures on the final day of bidding on May 17 as the issue was subscribed 6.6 times. The offer received bids for 35.16 crore shares against 5.28 crore shares.

• Riding high on the success of its super-luxury project The Camellias, listed real estate developer DLF Limited is planning to launch The Camellias 2 on Golf Course Road in DLF Phase-5 in Gurugram, having a sales potential of Rs 25,000 crore, Aakash Ohri, Joint MD and Chief Business Officer of DLF Home Developers Ltd.

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

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