May 6, 2023
New Delhi, India
Sensex and Nifty Trade Flat Amidst Volatility
The Indian stock market witnessed fluctuating trends as Sensex and Nifty traded near the flatline. Here are the latest updates:
Key Market Movements:
- Sensex and Nifty: The Sensex edged marginally higher by 17.39 points closing at 73,895.54, while Nifty 50 slipped by 33.15 points and closing the day at 22,442.70.
- Market Sectors: Private banks and IT stocks led the gains, while sectors like PSU Bank, metal, energy, and media witnessed declines. Nifty PSU Bank reported the highest loss, declining over 2.5%.
- Volatility: India VIX surged over 14%, indicating heightened market volatility amidst ongoing developments.
Major Stock Highlights:
- Kotak Bank: Shares of Kotak Bank rose by 3% following a strong Q4 performance, coupled with an upgrade from JP Morgan.
- Titan: Titan stocks faced a setback, dropping by 4% as its Q4 numbers missed estimates.
- Indegene IPO: The Indegene IPO, which commenced subscription on May 6, witnessed a subscription rate of 112% by 15.30 pm, reflecting investor interest.
- Paytm: Paytm shares declined by 5% after COO Bhavesh Gupta’s resignation.
- Adani Group Stocks: All Adani group stocks traded in the red amidst market fluctuations.
Market Opening Highlights:
- Initial Gains: The market opened with gains, with Sensex rising by 0.46% and Nifty by 0.38%, supported by positive cues from Wall Street.
- Sectoral Performance: Sectors like auto, IT, pharma, FMCG, and realty remained in the green, while PSU Bank, metal, energy, and media sectors traded in the red.
Closing Note:
Despite the initial optimism, the market witnessed eroding gains, with indices hovering near the flatline. Ongoing developments, including earnings reports and the progress of the Indegene IPO, continue to influence market sentiments. Investors remain vigilant amidst fluctuating trends and heightened volatility in the Indian stock market.
Disclaimer:
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