May 2, 2023
New Delhi, India
Nifty Ends Near 22,650, Sensex Posts Gains in Volatile Trading
Indian benchmark indices witnessed a volatile session on May 2, with the Nifty closing around 22,650 and the Sensex gaining 128 points. Mid and smallcap stocks led the gains, while certain sectors experienced mixed performances.
Market Recap: Sensex and Nifty Performance
At the close of trading, the Sensex recorded an increase of 128.33 points, rising by 0.17 percent to reach 74,611.11. Similarly, the Nifty climbed by 43.40 points, or 0.19 percent, to settle at 22,648.20.
Factors Driving Market Movement
The positive momentum in the Indian stock market was supported by several factors, including the decision of the US Federal Reserve to maintain unchanged interest rates. Additionally, the decline in crude oil prices and robust auto sales figures contributed to a bullish sentiment on Dalal Street.
Despite a one-day holiday in observance of Maharashtra Day, trading resumed with renewed vigor. However, sectoral indices saw mixed performances, with IT and realty sectors experiencing slight declines.
Key Highlights from Trading Session
Several notable developments occurred during the trading session, including fourth-quarter earnings announcements from companies such as Adani Enterprises, Dabur, and Coal India. Nomura raised its target price for Havells, while ICICI Bank denied reports of its Managing Director leaving the company.
In other news, there was a significant surge in volumes for Gift Nifty futures over the past four months, indicating increased market participation. Adani Ports reported a substantial year-on-year increase in cargo volumes for April, contributing to positive market sentiment.
Conclusion
The Indian stock market closed on a positive note, with the Nifty hovering around the 22,650 mark and the Sensex posting modest gains. Despite volatility, mid and smallcap stocks outperformed, supported by favorable global cues and upbeat domestic developments.
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