Sun. Jul 14th, 2024

Market at Close | Investors lose ₹8 lakh crore in Nifty’s second worst week of May

By Vaseline May31,2024

Equity benchmark indices BSE Sensex and NSE Nifty managed to close with modest gains on Friday (May 31) after a volatile trading session, breaking a five-day losing streak.

The Sensex rose 76 points to settle at 73,961, while the Nifty climbed 42 points to end at 22,531. Market breadth was close to neutral, with a 1:1 ratio of advances to declines.

From the Sensex basket, Tata Steel, Power Grid Corporation of India, Bajaj Finance, HDFC Bank, IndusInd Bank and Larsen & Toubro were the biggest gainers. Nestle India, Tata Consultancy Services, Maruti Suzuki India, Kotak Mahindra Bank, Tech Mahindra and Hindustan Unilever were the top laggards.

Key sectors contributed to the positive close, with financial stocks and Adani Group companies providing significant support. The Nifty Bank Index rose 302 points to 48,984, driven by strong performance by major banking stocks. All Adani Group stocks posted significant gains, ending the session with gains ranging from 2% to 9%.

The Midcap Index rose 279 points to 51,706 despite an intra-day fluctuation of over 600 points. Public sector shares (PSU) saw a sharp upward move ahead of the exit poll results, with the Nifty PSE Index recovering 2% from its lows.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong traded in the positive territory. Wall Street ended lower on Thursday (May 30). The global oil benchmark for Brent crude fell 0.34% to $81.58 per barrel.

Benchmark equity indices Sensex and Nifty fell nearly 1% each for the fifth day in a row on Thursday due to heavy sell-off in metal, consumer durables and select IT stocks amid monthly expiry of derivatives contracts.

The 30-share BSE Sensex fell 617.30 points or 0.83% to settle at 73,885.60 on Thursday. The index has been in a downtrend since May 23, when it closed at its lifetime high. The NSE Nifty ended Thursday’s session 216.05 points or 0.95% lower at 22,488.65.

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