Sensex Uptrend Persists for 2nd Day, Gains 253 Points; Nifty Above 22,450

Ira Singh
Khabar Khabaron Ki,17 May’24

The domestic share market indices extended previous session hain and ended higher on Friday,though the market traded slightly down in early trade influenced by decreases in banking and IT shares, mirroring a trend seen in other global markets.At close, the Sensex was up 253.31 points or 0.34 percent at 73,917.03 and the Nifty was up 62.25 points or 0.28 percent at 22,466.10.The market breadth was widely in favour of gainers as 2,118 shares advanced, 1,249 shares declined, and 103 shares remained unchanged.

Highlights of trade:
●M&M shares rise 6% after Q4 PAT surges 32% YoY,
●Nomura maintains a buy rating on Info Edge,
●Jefferies upgrades M&M to a buy from hold,
●Info Edge shares surge 8% after Q4 PAT rises 18% YoY,
●Nifty Auto index hits fresh record high led by M&M,
●ICICI Direct trading platform hit by technical glitch,
●Go Digit IPO sails through on Day 3.

On the sectoral front, Nifty Consumer durables index led gains up 2.2%, followed by Auto indices and Metals indices 1.4% and 1% respectively. Meanwhile, IT was the biggest loser on the Nifty down 0.4%.The broader markets outperformed the indices with BSE Midcap and Smallcap gaining more than 1 percent each.

Rupee Close:
On 17 May,24,the Indian rupee opened on a flat note at 83.50 against the US dollar in early trade on Friday, weighed down by a negative trend in domestic equities and the strength of the American currency in the overseas markets . Forex traders said the Indian rupee underperformed among the Asian currencies amid higher imported commodity prices and foreign fund outflows amid worries about election results.

Trading Guide
Market View by Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services,there are some positive global and domestic cues which augur well for the market. The decline in US inflation in April to 3.4% YoY and retail sales cooling off indicate a soft landing of the US economy, paving the way for rate cuts by the Fed. This favourable global construct can impart resilience to the mother market thereby providing stability to other markets. Domestically, the improvement in the voter turnout in the 4th phase of polling is positive from the market perspective since it removes some jitters associated with election results.

Market experts have recommended buying these eight shares — Welspun Enterprises, Triveni Turbine, Chambal Fertilizers, ICICI Pru, Power Grid, Chalet Hotels, HCC, and LIC Housing Finance.