Sensex sees modest Gains Amidst Market Volatility, Nifty below 22,500

Ira Singh
Khabar Khabaron Ki,06 May’24

The domestic equity market indices ended on a flat note after yet another volatile session on Monday, though indices climbed in early trade tracking positive cues from global markets, after a softer-than- expected jobs report boosted hopes that the US Federal Reserve could start cutting interest rates soon.At close,the Sensex was up 17.39 points or 0.02 percent at 73,895.54, and the Nifty was down 33.15 points or 0.15 percent at 22,442.70. About 1294 shares advanced, 2627 shares declined, and 172 shares unchanged.

The Nifty PSU index, which includes state-owned banks, fell by 3.66% after the Reserve Bank of India (RBI) released draft guidelines proposing tighter norms for lending and heightened monitoring for under-construction infrastructure projects,

Highlights from trade:
●Kotak Bank gains 3% post Q4 show; JP Morgan upgrades stock,
●Titan stock tanks 4% as Q4 numbers miss estimates,
●Indegene IPO opens for subscription today,
●Paytm falls 5% as COO Bhavesh Gupta resigns,
●All Adani group stocks trade in the red,
●Inox Wind says targetting to be net debt free in H1 FY25,

On the sectoral front,the Nifty Realty index jumped 2.76 percent. Among losers, Nifty PSU Bank index dropped 3.66 percent, Consumer durables, oil & gas lost 2.55 percent and 1.75 percent respectively.

Rupee Close:
On 06 May’24,the Indian rupee The rupee fell 5 paise to close at 83.50 against the US dollar on Monday, weighed down by elevated crude oil prices.Forex traders said a weak trend in domestic equities also dented investor sentiments.

Trading Guide:
Market experts have recommended five stocks to buy today -Zomato, Polycab, HBL Power, NMDC, and Jindal Saw.