Stock market highlights: Market extends positive trend;Auto, Bank, Metal, Realty rally

Market extends positive trend;Auto, Bank, Metal, Realty rally

Ira Singh
29 May’23

The Indian stock market indices ended higher for the third straight session on Monday,amid favourable global cues.

According to recent report,India’s stock market has overtaken France and reclaimed its spot as the world’s fifth largest stock market,with market capitalisation of $3.3 trillion,aided by a revival in Adani Group stocks.

At close, the Sensex was up 344.69 points or 0.55 percent at 62,846.38, and the Nifty was up 99.30 points or 0.54 percent at 18,598.65.

Stocks and Sectors

M&M, Titan Company, SBI Life Insurance, Tata Steel and Coal India were among the major gainers on the Nifty, while losers included ONGC, Power Grid Corporation, HCL Technologies, Divis Laboratories and Maruti Suzuki, according to sources.

On sectoral front,all indices ended in the green, except IT and oil & gas, with the metal index up 1 percent.

The BSE midcap index rose 0.4 percent and the smallcap index added 0.3 percent.

On 29th May’23,the Indian rupee falls 4 paise to close at 82.64 against US dollar.

Experts Take:

Expert’s believe,”The domestic benchmarks experienced a strong rally and came close to its life-time highs, primarily driven by positive global cues and robust predictions of domestic economic growth. An in-principle approval from US leaders for raising the US debt ceiling has generated optimism among global investors, who are now anticipating the next monetary plan of the Fed and economic data points. Meanwhile, the US PCE inflation rate that came in higher than anticipated raised the prospect of another rate hike by the Fed in its June meeting.”

Market experts have recommended six stocks to buy for Monday-Pidilite Industries, Reliance, SBI, TVS Motors, IGL and Sun Pharma.