May 28, 2024
New Delhi, India
Sensex Falls 220 Points, Nifty Below 22,900; Mid and Smallcaps Drag
The Indian stock market closed lower in a volatile session on May 28, with both the Sensex and Nifty ending in the red due to pressure from key sectors and index heavyweights.
Market Performance
The BSE Sensex fell by 220.05 points, or 0.29%, to close at 75,170.45. The NSE Nifty dropped 44.30 points, or 0.19%, to end at 22,888.20. This marks the third consecutive session of losses for the benchmark indices.
Sectoral and Stock Highlights
- Declining Sectors: The oil & gas, PSU bank, power, and realty sectors were major drags on the market, each falling by 1-1.5%.
- Mid and Smallcaps: The BSE Midcap and Smallcap indices were down by 0.5-1%, indicating broader market weakness beyond the major indices.
- Top Gainers: Within the Nifty50 pack, Divi’s Labs rose by 3.05%, SBI Life by 2.96%, HDFC Life by 2.44%, Hero MotoCorp by 1.99%, and Grasim Industries by 1.86%.
- Top Losers: Adani Power dropped by 4%, Adani Ports by 2.17%, Power Grid by 1.64%, BPCL by 1.59%, and Coal India by 1.53%.
Market Dynamics
Profit booking and pressure from heavyweight stocks, especially Reliance Industries and major banks, contributed significantly to the market’s decline. Despite the volatility, some sectors, such as banking, saw selective gains, with Bank Nifty closing up by 222.65 points or 0.45% at 49,059.15.
Investor Sentiment
The market witnessed heightened volatility, reflecting cautious investor sentiment amid ongoing profit booking. The Nifty Midcap 100 index also closed in the red, down by 0.94% at 52,263.85, underscoring the broader market weakness.
Conclusion
In summary, the Indian stock market experienced a challenging session on May 28, with significant declines across various sectors and indices. The Sensex and Nifty both ended lower, pressured by profit booking and losses in heavyweight stocks. Midcap and smallcap indices also dragged, reflecting broader market concerns. As investors navigate this volatility, the focus remains on key economic indicators and corporate earnings in the coming weeks.
Disclaimer:
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