May 31, 2024
New Delhi, India
Stock Market Performance Overview
The Indian stock market experienced a modest uptick as the Sensex and Nifty closed with marginal gains on Friday, primarily supported by realty and metal stocks.
Key Indices Performance:
- Sensex: The index rose 76 points, closing at 73,961 ahead of the exit polls.
- Nifty: Closed at 22,530, registering a small gain.
Sectoral Highlights
- Realty and Metals: Both sectors saw positive movement, contributing significantly to the market’s overall performance.
- BSE Midcap Index: Ended the session flat, showing no significant movement.
- BSE Smallcap Index: Gained 0.8%, indicating stronger performance in smaller stocks.
Market Sentiment
After five consecutive sessions of losses, the market opened on a positive note. This initial optimism was driven largely by strong performances from major financial stocks, which provided the necessary boost to the indices.
Specific Stock Movements
- Adani Enterprises: Surged by 7%, one of the top performers.
- Nestle: Fell by 3%, marking one of the significant losses for the day.
Previous Session Recap
May 30 Highlights:
- Sensex: Dropped 617 points, closing below the 74,000 mark at 73,886.
- Nifty: Fell below the 22,500 mark, ending at 22,489 with a decline of 216 points.
Sectoral Performance on May 30
- MidCap and SmallCap: Both indices fell by over 1%, reflecting broader market weakness.
- Nifty Metal: Declined nearly 3%.
- Nifty IT: Dropped by 2.2%.
- Nifty Pharma: Fell by 1.8%.
Also Read: RBI Likely to Delay Repo Rate Cut to Late 2024, Economists Say
Notable Losers
- Tata Steel, Tech Mahindra, Titan Company, Power Grid, Bajaj Finserv, Bajaj Finance, Wipro, Nestle, JSW Steel, TCS, Infosys, M&M, Tata Motors, ITC, Sun Pharma, HCL Tech, NTPC, Ultratech Cement: These stocks saw declines ranging from 1.5% to 5.75%.
Conclusion
Despite the previous day’s sell-off, today’s stock market showed resilience with marginal gains in key indices, supported by strength in the realty and metal sectors. The upcoming exit polls are likely to keep the market on edge, influencing short-term movements.
Disclaimer:
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