Nifty, Sensex Declined on the Fifth Consecutive Session

Indian equity indices continued to decline on the fifth consecutive session. Nifty opened at 22,617.45 a gap down of 87.25 points from Wednesday’s close and made an intraday high of 22,705.75 and closed at 22,488.65 down 216.05 points or 0.95%. Heavy-weight stocks like Reliance Industries, Tata Steel, Infosys, Tata Consultancy Services, and ITC weighed the most on the Nifty 50. While ICICI Bank, HDFC Bank, Axis Bank, Bharti Airtel, and Larsen & Toubro helped to limit the losses in the index. The S&P BSE Sensex ended 617.30 points or 0.83% lower at 73,885.60.

The broader market underperformed the benchmark index; The S&P BSE Mid-Cap index declined by 1.21% and the S&P BSE Small-Cap index by 1.33%. On BSE, 2,597 stocks declined, 1,213 stocks advanced and 107 remained unchanged.

Among the sectoral indices, the Nifty Media index (up 0.48%), the Nifty Bank index (up 0.37%) and the Nifty Private Bank index (up 0.32%) outperformed the Nifty 50 index. Meanwhile, the Nifty Metal index (down 3.01%), the Nifty IT index (down 2.19%) and the Nifty Healthcare index (down 1.85%) weighed the Nifty 50 index.

The Immediate support and resistance for Nifty 50 remains at 22,390 and 22,700 respectively.

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UPCOMING ECONOMIC DATA

NEWS UPDATES

• Sensex and Nifty 50 fell nearly 1 percent on May 30, the day of monthly expiry of derivatives contracts. Nifty 50 breached its crucial support level of 22,500, hitting an intraday low of 22,467 ahead of the exit polls on June 1. At close, Nifty 50 was down nearly 1 percent or 216 points at 22,488 while Sensex had dropped 0.8 percent or 617 points to 73,885. Today, marked the fifth day of decline for the benchmarks. Out of the 13 major sectoral indices, 9 were in the red. Nifty Metal and Nifty IT fell 3 percent and 2 percent, respectively, emerging as the worst-hit sectoral indices.

• Promoters of Adani Green Energy Ltd. acquired nearly 1% stake in the co., through open market purchases in May, according to an exchange filing. Promoter group arm, Ardour Investment Holding Ltd., acquired nearly 1.82 crore shares valued nearly Rs.3,300 crore, at an average price of Rs.1,821 apiece during the month.

• India’s real gross domestic product, or GDP, growth for fiscal 2025 is projected at 7% with risks evenly balanced, according to the Reserve Bank of India. This would mark the fourth successive year of 7% or above growth. The Indian economy expanded at a robust pace in fiscal 2024, with real GDP growth accelerating to 7.6% from 7% in the previous year, the central bank said in its annual report published on Thursday.

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

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