Market Today: Sensex, Nifty open higher Shriram Finance, Hindalco, BPCL among top gainers

BSE Sensex traded at 72,902.15, higher by 126.02 pts or 0.17 per cent as of 9.20 am; and Nifty 50 traded at 22,148.70, up 44.65 pts or 0.2 per cent.

BSE Sensex traded at 72,902.15, higher by 126.02 pts or 0.17 per cent as of 9.20 am; and Nifty 50 traded at 22,148.70, up 44.65 pts or 0.2 per cent.

Sectoral indices except for nifty pharma, healthcare index, and FMCG traded in the green as of 9.30 am. Meanwhile, nifty metal rose 1.16 per cent at 9,200.05. Nifty bank was up 0.05 per cent at 47,777.20. 

India VIX increased 2.51 per cent at 21.12. 

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The trend in May of sustained selling by FIIs and sustained buying by DIIs continues. So, in May, FIIs have sold equity in the cash market for ₹29474 crore and DIIs have bought for ₹₹22973 crore. This trend is likely to continue and the spike in India VIX will ensure high volatility.”

Also Read: RBI’s gold holding increases by 27.46 metric tonnes in FY24, reaching 822.10 metric tonnes mark“Under these circumstances the best option for investors is to wait and watch for a trend change, which can happen any time. Clarity on election trends is likely to come before June 4th, the counting day, and the market response can be strong,” Vijayakumar added.

Shrikant Chouhan, Head-Equity Research of Kotak Securities, commented that if the market manages to sustain above the 22200 level, it could move towards 22300/73400 levels, where it has a resistance of 50-day & 20-day SMA (Simple Moving Average). “On the other hand, failure to sustain above 22200/73100 may drag the indices to 22000/72800 or 21900/72500 levels. The recommended strategy should be to reduce long positions at 22170 and 22300 levels. Contra buying is advisable around 22000-21950 levels, but stop loss is a must at 21800.”

“Bank nifty is expected to face a hurdle at 48000. However, if it stays above 48000, we could see the Bank-Nifty rallying towards 48500 with a minor resistance at 48200 levels. Supports exist at 47500 and 47300 levels,” Chouhan added.

Also Read: Transparency in compliance. CBDT introduces new functionality for taxpayers to confirm information accuracyStocks to watchThe stocks that emerged as top gainers as of 9.23 am on the NSE were Shriram Finance (4.20%), Power Grid (1.94%), Hindalco (1.65%), BPCL (1.41%), and Hero Motocorp(1.28%). Meanwhile, Cipla (-2.30%), Divi’s Laboratories (-0.87%), Bajaj Auto (-0.85%), Asian Paints (-0.76%), and Apollo Hospitals (-0.62%) were major laggards.

The major stocks that hit a 52-week high on the NSE as of 9.49 am were HG Infra Engineering (13.15 per cent), Aarti Pharmalabs (10.72 per cent), SMC Global Securities (5.58 per cent),Timken (5.25 per cent), Hero Motocorp (3.07 per cent), and Jindal Steel & Power (3.03 per cent).

HAL stock has hit a fresh high at ₹4,063.80 on the NSE. As of 9.44 am, the stock traded higher by 2.25 per cent at ₹4,010.

Hindalco Industries’ wholly-owned subsidiary, Novelis Inc., had announced that it has filed the registration statement on Form F-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common shares. Novelis Inc. intends to list its common shares on the New York Stock Exchange (NYSE).

Hindalco stock rose 2.15 per cent to trade at ₹647.10 as of 9.48 am.

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