Sensex snaps 3-day upward trend, drops 53 points, Nifty above 22,500

Ira Singh
Khabar Khabaron Ki,21 May’24

The domestic share market indices ended on a flat note in the volatile session on Tuesday,due to cautious remarks made by important officials from the U.S. Federal Reserve, which dampened investor confidence. Additionally, continuous selling by foreign investors in anticipation of the last two phases of national elections was anticipated to maintain elevated levels of market volatility.At close, the Sensex was down 52.63 points or 0.07 percent at 73,953.31, and the Nifty was up 27.05 points or 0.12 percent at 22,529.05.About 1,411 shares advanced, while 2,082 shares declined and 128 shares were unchanged.

Highlights of trade:
●India VIX hits 22.3, the highest level since February 2022,
●Delhivery falls 9% after Q4 results,
●Jefferies maintained a hold rating on Zydus Life,
●Nomura upgrades Vodafone Idea to neutral from reduce rating,
●Veritaas Advertising debuts at 141% premium on SME platform.

Hindalco Industries, Coal India, JSW Steel, Tata Steel and Adani Ports were the top gainers on the Nifty, while losers included Nestle, Hero MotoCorp, ICICI Bank, TCS and Maruti Suzuki.

On the sectoral front,metal index was up four percent, power index gained two percent, PSU Bank index rose 1.5 percent, while FMCG was down 0.5 percent.The BSE midcap index up 0.3 percent while smallcap index fell 0.2 percent.

Rupee Close:
On 21 May’24,the Indian rupee appreciated 6 paise to close at 83.31 against the U.S. dollar on Tuesday following a weak greenback against major currencies overseas and softening crude oil prices in international markets.However, a sluggish trend in the domestic equity markets restricted the sharp upside in the local currency, forex traders said.

Trading Guide:
Market experts have recommended buying these eight shares-Tata Motors, Indian Energy Exchange, Vedanta, West Coast Paper Mills, Fertilisers and Chemicals Travancore, Royal Orchid Hotels, Sterling and Wilson Renewable Energy, and Tide Water Oil.