Stock Market Highlights: Markets close lower! Nifty at 22,700, Sensex down 680 points;

Hindalco, Power Grid, Divi’s Lab, Nestle India, and Cipla were the major gainers in the Nifty 50. While HDFC Life Insurance, SBI Insurance, ICICI Bank, Tata Consumer Products, and Tech Mahindra were the key laggards in the Nifty 50 on May 29.

Shares of Paytm gets locked in upper circuit of 5% after Vijay Shekhar Sharma clarified that he is not selling stake to Gautam Adani. Earlier, in a news report it was alleged that Adani is in talks with Vijay Shekhar Sharma to acquire stake in Paytm.

“We hereby clarify that the above mentioned news item is speculative and the Company is not engaged in any discussions in this regard. We have always made and will continue to make disclosures in compliance with our obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,” said One97 Communications in an exchange filing.

The credit rating agency S&P revised the outlook for the Indian economy to ‘positive’ from ‘stable’ and has affirmed the overall rating at ‘BBB-‘. “India‘s fiscal deficit elevated, but consolidation efforts are on. We expect India’s fundamentals to aid growth momentum in 2-3 years,” said S&P.

Courtesy: NSE

Courtesy: NSE

“Silver prices have outperformed gold this year, gaining about 18% year-till-date. In addition to being a precious metal, and having ornamental value, silver is also considered as an industrial metal. Silver is an imperative raw material in electric vehicles, solar panels, and 5G antennas, among other products that are expected to drive the global economy in the coming years, supported by a constant rise in demand. Fuelled by the ongoing geopolitical tensions, economic uncertainty, higher inflation, and anticipation of rate cuts coupled with robust industrial demand, silver prices are increasingly gaining momentum from the past few days,” said Colin Shah, MD, Kama Jewelry. “Going ahead, given its hybrid nature of being a precious and an industrial metal, a robust rally seems to be in the foresight, with a possibility to breach the Rs 1,00,000 mark by the end of 2024 supported by the ongoing circumstances.”

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The index remained within a range as the lack of a breakout on either side failed to provide any directional movement. Significant Call writing was observed at the 23000 strike price, followed by the 23100 and 22900 strikes. In comparison to the heavy Call writing, Put writers were less active, leading to a decline in the PCR. The high India VIX suggests that market volatility might remain elevated. On the higher end, the 22950-23000 zone might act as a strong resistance, and any rise may attract selling pressure. On the lower end, the Nifty might drift down towards 22800/22600.

Shares of Hindalco surged 2% on the BSE during Wednesday’s trading session, reaching a day’s high of Rs 695. This uptick followed the announcement that the company’s subsidiary, Novelis, filed to offer 45 million shares in its US initial public offering (IPO), with a price range set at $18-21 per share.

Courtesy: NSE

The NSE has added  Aditya Birla Fashion & Retail, Biocon, GNFC, Hindustan Copper, Vodafone Idea, and Piramal Enterprises in F&O on May 29, 2024.

Foreign institutional investors (FII) mopped shares worth Rs 66 crore, while domestic institutional investors (DII) bought shares worth Rs 3,232 crore on May 28, 2024, according to the provisional data available on the NSE.

On Wednesday morning, WTI crude prices are trading at $80.20, down by 0.10%, while Brent crude prices are trading at $84.52, down by 0.12%.

The US Dollar Index (DXY), which gauges the dollar’s value against a basket of six foreign currencies, recorded a 0.05% increase, reaching 104.70 in trading.

Reuters reported that on Tuesday, the Nasdaq surpassed 17,000 for the first time ever, buoyed by gains in Nvidia, while the S&P 500 closed marginally higher and the Dow finished lower due to rising Treasury yields. The tech-heavy Nasdaq Composite rose by 99.09 points or 0.59% to reach 17,019.88. The S&P 500 edged higher by just 1.32 points or 0.02% to 5,306.04, while the Dow Jones Industrial Average declined by 216.73 points or 0.55% to 38,852.86.