Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices BSE Sensex and NSE Nifty 50 closed in the green on Monday on favourable global cues. Nifty made an intraday high of 18,641 and fell over 40 points, settling shy of the 18,600 level, at 18,599, while Sensex ended at 62,834 after breaching the 63,000 level intraday. The broader markets closed in the green, with the Nifty Midcap 100 index adding 0.36% and Nifty Smallcap 100 gaining 0.23%. Sectorally, Bank Nifty hit a fresh record high at 44,483 intraday before tanking 200 points to a record closing high of 44,276.8. Nifty Metal, Nify Consumer Durables, Nifty Media added up to 1.32% while Nifty IT declined 0.41%. The top gainers of the day are M&M, Coal India, Titan, Tata Steel, SBI Life with M&M up 3.5%. The top losers of the day are ONGC, HCL Tech, Power Grid, Divi’s Lab and Maruti.
09:35 (IST) 29 May 2023 M&M gains 5.3%
Share price of M&M gains 5.3% to Rs 1,350 as the firm reported positive Q4FY23 numbers.
“M&M should benefit, given (1) growing customer preference for SUV, (2) capacity ramp-up to fulfill strong order book, (3) market share gains in the tractor industry, (4) strong response to EV portfolio. Retain ‘BUY’ with TP of Rs 1,585 (18x on Mar-25E core EPS and Rs 331 for subsidiaries),” said a Prabhudas Lilladher report.
09:32 (IST) 29 May 2023 ICICI Lombard up 12%
Insurance player ICICI Lombard General Insurance share price is up 12% to Rs 1,242 on the back of news that ICICI Bank is set to increase its shareholding in the firm by 4% to turn the insurance major into its subsidiary.
09:29 (IST) 29 May 2023 Nifty 50 top gainers
The top gainers on the NSE Nifty 50 index were M&M, SBI Life, HDFC, IndusInd Bank, and HDFC Life, with M&M up 4.4%.
09:27 (IST) 29 May 2023 Bank Nifty up 0.81%
Bank Nifty surged more than 350 points or 0.8% in the morning session to hit a fresh-record high at 44,415 after 113 sessions. Constituents IndusInd Bank, HDFC Bank and Kotak Mahindra Bank lead the gains.
09:19 (IST) 29 May 2023 Markets at open
Domestic indices BSE Sensex and NSE Nifty 50 opened in the green on Monday as global cues turned favourable. Nifty opened at 18,619.15, up over 100 points or 0.6% while Sensex gained more than 400 to surpass the 63,000 level. Bank Nifty hits a fresh record high at 44,278.
09:12 (IST) 29 May 2023 Bank Nifty set to open at record high
The banking index Bank Nifty is set to open at a record high. The index settled at 44,276.80 during pre-open, higher by 258.8 or 0.59%.
09:10 (IST) 29 May 2023 Markets at pre-open
Domestic indices NSE Nifty 50 and BSE Sensex gained in the pre-open session among positive global cues. Nifty jumped to cross the 18,600 level while Sensex added 300 points to settle at 62,801.
09:02 (IST) 29 May 2023 India’s GDP growth forecast
Goldman Sachs raised the Indian economic growth forecast by 30 bps for 2023, citing a boost in net exports. India’s GDP growth forecast was increased to 6.3% year-on-year for the calendar year 2023 from the 6% it predicted earlier. The brokerage expects GDP growth of 4.9% for the first quarter of 2023, compared to a Bloomberg estimate of 5.1%.
08:56 (IST) 29 May 2023 Fear index tanks 3.27%
“The India VIX, also known as the fear index, fell by 3.27% during the week, from 12.30 to 11.90, giving major relief to the bulls. Nifty is now just 2.10% away from its all-time high of 18,887.60 made on 1st December, 2022. A follow up buying from here can take Nifty to 18,700-18,800 zones while the lower end support now shifts to 18,300 from 18,200 zones.”
– Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities
08:55 (IST) 29 May 2023 Intraday stock picks
ICICIPRULI (PREVIOUS CLOSE: Rs 446) – BUY
For today’s trade, long position can be initiated in the range of Rs 445- 443 for the target of Rs 463 with a strict stop loss of Rs 437.
HAVELLS (PREVIOUS CLOSE: Rs 1,289) – BUY
For today’s trade, long position can be initiated in the range of Rs 1,288- 1,282 for the target of Rs1,322 with a strict stop loss of Rs1,274.
MARICO (PREVIOUS CLOSE: Rs 544) – BUY
For today’s trade, long position can be initiated in the range of Rs 544- 540 for the target of Rs 560 with a strict stop loss of Rs 531.
– Mitul Shah, Head of Research, Reliance Securities
08:39 (IST) 29 May 2023 Technical levels
“Intraday traders can look for long opportunities above 18,520 if the closing comes above 18,520 in 15 min chart. Traders can look for fresh shorts only if Nifty breaks the 18,400 level & remains below the level for 15 minutes to ensure short.”
– Stoxbox
08:37 (IST) 29 May 2023 Stock call: Buy IHCL, Reliance Industries, TCS
“Embrace the bullish opportunities presented by Indian Hotels, TCS, and Reliance Industries, capitalizing on any corrective declines for inter-week gains. Thus, we declare our resounding call to action: BUY INDIAN HOTELS (CMP: Rs 384) and ride the momentum wave towards our targets of 389, 393, and aggressive goals at 405. Stay bullish, seize the opportunities, and let the market flourish.”
– Prashanth Tapse, Research Analyst, Senior VP Research, Mehta Equities
08:32 (IST) 29 May 2023 Nifty, Bank Nifty set to touch fresh highs
“The SGX Nifty (+171, 18,719) shines with a vibrant green. As Nifty sets its sights on new heights at 18888, Bank Nifty follows suit, aiming to surpass its all-time high at 44153. With technical indicators aligning and bullish momentum prevailing, the path to success seems clear.”
– Prashanth Tapse, Research analyst, Senior VP Research, Mehta Equities
08:26 (IST) 29 May 2023 FIIs, DIIs net buyers on Friday
Foreign institutional investors (FII) net bought shares worth net Rs 350.15 crore, while domestic institutional investors (DII) net purchased shares worth Rs 1,840.98 crore on May 26, according to the provisional data available on the NSE.
08:07 (IST) 29 May 2023 Bullion prices outlook
“Gold price continue to inch lower as a tentative deal sealed over the weekend to suspend U.S. debt ceiling coupled with jitters around further rate hikes weighed down on the non-yielding metal’s appeal.”
– Manav Modi, MOFSL
07:50 (IST) 29 May 2023 Asian markets trade favorably
Shares in the Asia-Pacific region were trading in the green on positive cues from Wall Street. China’s Shanghai Composite gained 0.4% in trade, while Japan’s Nikkei 225 soared 1.39%. Hong Kong’s Hang Seng index added 0.26% while South Korea’s Kospi advanced 0.16%. The Taiwan Weighted index gained 0.88%.
07:44 (IST) 29 May 2023 FPI inflows in May
“FPI flows into India reached a nine-month high of Rs 37,316 crores in May, through 26th. The sustained buying by FPIs has lifted the Nifty by 2.4% in May. India is among the best performing markets like Japan, Taiwan, South Korea and Brazil while other markets, both developed and emerging, are struggling.”
– V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
07:38 (IST) 29 May 2023 Crude prices
Brent crude futures climbed 0.5%, to $77.34 a barrel while U.S. West Texas Intermediate crude was at $73.12 a barrel, up 0.6%.
07:37 (IST) 29 May 2023 Wall Street on Friday
U.S. stocks finished sharply higher on Friday as talks on raising the U.S. debt ceiling progressed, while chip stocks surged for a second straight day on optimism about artificial intelligence. The S&P 500 climbed 1.30%, Nasdaq gained 2.19%, while Dow Jones Industrial Average rose 1%.
07:34 (IST) 29 May 2023 SGX Nifty
The SGX Nifty gained 0.94% in trade on Monday morning, signaling that domestic indices NSE Nifty 50 and BSE Sensex would open on a positive basis. Nifty futures were 174 points higher on the Singaporean exchange at 18,722.