Nifty ends near 18600, Sensex up 345 pts; Metal, Fin Services, Realty rally

 

Nifty and Sensex Today 29 May 2023: Indian stock market indexes closed higher on Monday amid positive cues from the US markets overnight. The domestic markets opened a gap-up after US Republicans and Democrats agreed in principle to raise the US debt ceiling to avoid US default.

The domestic equity indices maintained their solid gains throughout the session on account of continuous buying by funds and retail investors. The market sentiment got further boosted as Foreign Portfolio Investors (FPIs) pumped Rs 37,316 crore to their highest investments in 6 months in Indian equities in May so far, primarily due to strong macroeconomic fundamentals and reasonable valuation of stocks. 

Besides this, the support also came in as Union minister Ashwini Vaishnaw said India is all set to become the fourth largest economy in the world within two years. India is being seen as a bright spot globally and the world is placing its confidence in India.

 

Stock Market Indexes Today

 

The Nifty 50 index closed higher by 99.30 points or 0.54 percent and closed at 18598.65 levels while the Sensex was up by 344.69 points or 0.55 percent and finished at 62846.38 levels. The Bank Nifty index ended higher by 293.90 points or 0.67 percent on the spot level and closed at 44311.90 levels

The broader markets underperformed their larger peers today, as the Nifty midcap index was up by 125.90 points or 0.38 percent and closed at 33551 levels. The Nifty smallcap index closed higher by 29.80 points or 0.30 percent at 10040.60 levels.

 

Nifty 50 top gainers & losers 

 

The top gainers in the Nifty 50 index were M&M, Titan, Tata Steel, Coal India, and SBI Life and the top losers were ONGC, Power Grid, HCL Tech, Divis Lab, BPCL

The top gainers in the Nifty midcap index were BHEL, Lupin, and TIINDIA and the top losers were BalKrishna Ind, FORTIS, and Gland Pharma

 The smallcap top gainers were Rail Vikas Nigam, Brightcom Group, and Quess Corp while the top losers were CUB, Anupam Rasayan, and NLC India.

The most active stocks in the Nifty index in terms of value were HDFC Bank, Reliance, and ICICI Bank. The most active stocks in terms of volume were Tata Steel, ONGC, and ITC

On the sectoral front, barring IT all other sectors closed higher led by Nifty Metal, Financial Services, and Realty.

 

Global Stock Markets Today

 

On the global front, Asian markets were mostly closed higher after U.S. President Joe Biden and congressional leaders reached a tentative deal to raise the debt ceiling on Sunday. The bill is expected to be voted on later this week. Japan’s Nikkei ended higher since 1990 while Hang Seng continue to make new low this year. China ended higher for the second consecutive session.

European markets are trading higher on Monday on optimism about the US debt ceiling deal. CAC and DAX are trading marginally higher while UK’s FTSE closed today on account of a Bank holiday.

 

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You may also like to read,  Stock Market Prediction Next Week (29 May- 2 June 2023)

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Happy Investing!!

Editorial desk