Stock Market Today: Nifty ends below 18300, metal, financial stocks drag

May 24, 2023 admin

Nifty and Sensex Today 24 May 2023: Indian stock markets ended the volatile session with losses on Wednesday. The domestic equity markets slipped below their neutral lines in the afternoon session and later extended their losses in the last hour.

Traders were getting motivated in the morning deal, as the Reserve Bank of India Governor Shaktikanta Das said India`s gross domestic product (GDP) growth could be above 7% for 2022-23. He noted that almost all high-frequency indicators monitored by the center showed that momentum was sustained in the final quarter of the last financial year and it would not be a surprise if India`s economy grows at a rate higher than 7%.

The sentiments got boosted due to institutional buying and the Indian rupee got further appreciated against the dollar at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks. However, the concern about the slow progress of US debt ceiling negotiation talks and FOMC minutes which is due later in the day weighed on the market sentiments.

Stock Market Indexes Today

The Nifty 50 index closed lower by 62.60 points or 0.34 percent and closed at 18285.40 levels while the Sensex was down by 208.01 points or 0.34 percent and finished at 61773.78 levels. The Bank Nifty index ended lower by 275.60 points or 0.63 percent on the spot level and closed at 43677.85 levels

The broader markets outperformed the front-line index today, as the Nifty midcap index was up by 69.45 points or 0.21 percent and closed at 33031.35 levels. The Nifty smallcap index closed higher by 1.15 points or 0.01 percent at 9949.40 levels.

Nifty 50 top gainers & losers

The top gainers in the Nifty 50 index were Sun Pharma, Dr. Reddy, Hero Motor, ITC, and IndusInd Bank and the top losers were Adani Enterprise, Adani Ports, Tata Motors, ICICI Bank, and HDFC Bank

The top gainers in the Nifty midcap index were Deepak Nitrate, Dixon, and Laurus Lab and the top losers were Cummins, LTTS, and Jindal Steel

The smallcap top gainers were NBCC, Suzlon, and Elgi Equipements while the top losers were IRB, Cyient, and India Cement.

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

On the sectoral front, Nifty Pharma, Media, and FMCG closed higher while the sector that closed in the red were Metals, Financial Services, and Bank

Global Stock Market Today

On the global front, Asian stock markets closed lower following negative cues from US markets overnight. Concerns over the slow progress of the U.S. debt ceiling weighed on the sentiment. Shanghai closed at the lowest level since Jan 13, while Hang Seng and Nikkei ended lower for the second consecutive day. South Korea’s Kospi snapped a seven-day winning streak and ended almost flat on Wednesday.

European stock markets are trading sharply lower on Wednesday, as the slow progress of the US debt ceiling dragged the markets. The sentiments got hit after the latest data showed UK inflation fell by less than expected, raising the prospect of another rate hike by the BoE next month.

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Trade Setup for Wednesday 24 May: Stock Market Today

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Editorial desk