Nifty Touched All Time High Amid Increased Volatility

Indian equity indices hit all-time high level but ended lower on Monday. Nifty opened at 23038.95 a gap up of 81.85 points from Friday’s close and made an intraday high of 23110.80 and closed marginally lower at 22932.45 down 24.65 points or 0.11%. Heavy-weight stocks like RIL, ITC, Mahindra & Mahindra, Adani Enterprises and NTPC weighed on the Nifty 50. While HDFC Bank, Axis Bank, Larsen & Toubro, Infosys, and State Bank of India helped to limit the losses in the index. The S&P BSE Sensex ended 19.89 points or 0.03% down at 75,390.50.

The broader market ended mixed; The S&P BSE Mid-Cap index advanced by 0.63% while the S&P BSE Small-Cap index declined by 0.09%. On BSE, 2,254 stocks declined, 1,711 stocks advanced and 140 remained unchanged.

Among the sectoral indices, the Nifty PSU bank index (up 1.33%), the Nifty Realty index (up 0.85%) and the Nifty Bank index (up 0.63%) outperformed the Nifty 50 index. Meanwhile, Nifty Media index (down 0.97%), the Nifty Metal index (down 0.62%) and the Nifty Oil & Gas index (down 0.55%) weighed the Nifty 50 index.

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• The record run continued on Dalal Street with benchmark indices hitting fresh all-time high led by buying seen in the realty, banking and Information Technology stocks. At close, the Sensex was down 19.89 points or 0.03 percent at 75,390.50, and the Nifty was down 24.65 points or 0.11 percent at 22,932.45. On the back of positive global markets, the Indian indices opened on positive note and extended the gains as the day progress with Sensex and Nifty crossing 76,000 and 23,100 for the first time. However, the last hour selling erased all the day’s gains.

• Hindalco Industries Ltd. plans to invest Rs 30,000 crore in capital expenditure over the next three to four years, driven by robust demand and significant capacity additions, Managing Director Satish Pai said on Monday.

• Awfis Space Solutions’ IPO subscription witnessed upbeat investor interest on May 27, the final day of bidding, as the issue was subscribed 106.5 times. Investors showed keen interest, with bids pouring in for 91.88 crore shares as against the 86.29 lakh shares on offer. The IPO, valued at Rs 599 crore, comprises a fresh issuance of shares worth Rs 128 crore and an offer-for-sale (OFS) of 1,22,95,699 equity shares by existing shareholders.

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

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