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Stock Market Highlights- Markets end higher! Nifty at 22,550, Sensex above 74,000; Realty and metal gains
Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed the trading session on a positive note on May 31. The BSE Sensex rose 132.44 points or 0.18% to finish the day’s trading at 74,018.04, while the NSE Nifty 50 closed 61.75 points or 0.27% higher at 22,550.40. Nifty Midcap 100 closed 309.10 points or 0.60% at 51,735.95. Bank Nifty closed in the green up 300 points or 0.62% at 48,982.40.
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15:30 (IST) 31 May 2024
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Sony-Zee Merger- Zee Entertainment shares plunge 8 per cent; market valuation falls by Rs 2,036 crore
Shares of Zee Entertainment Enterprises tanked nearly 8 per cent on Tuesday amid uncertainty over the fate of the USD 10 billion merger between the company and Culver Max Entertainment, formerly Sony Pictures Networks India.
The stock tumbled 12.66 per cent to Rs 242.30 during the day on the BSE. It ended at Rs 256.25 apiece, lower by 7.64 per cent. On the NSE, the stock plunged 13.60 per cent to Rs 240.30 during the day. Shares of the company ended at Rs 255.95 each, down 7.98 per cent.
The company’s market valuation fell by Rs 2,036.3 crore to Rs 24,613.31 crore. In volume terms, 105.74 lakh shares of the company were traded on the BSE and over 15.72 crore shares on the NSE during the day.
Ambuja Cements shares surge 4% after promoter sells 3% stake…
Rising volatility keeps markets on the edge
Broader market came under selling pressure on Tuesday as rising volatility and high valuations provided investors a recipe for profit booking. The smallcap and midcap index on BSE corrected as much as 2% each intraday, while the volatility index India VIX rose for the ninth consecutive session to 17.01.
This was the third consecutive session of decline for both the broader market indices after they hit their lifetime high levels in intraday trading on May 3.
On Tuesday, the BSE Smallcap index ended 1.7% lower at 45,920.86 points, while BSE Midcap index fell 1.9% to 41,211.15 points. At the same time, Nifty ended 0.6% lower at 22,302.50 points and Sensex fell 0.5% to 73,511.85. Overall investor wealth also declined by Rs 4.87 trillion to Rs 398.4 trillion.
Deepa…
Stocks to Watch- Reliance Industries, Adani Ports, Cyient, Force Motors
Stocks in Focus: GIFT Nifty traded up 54.5 points or 0.26% at 21,079.5, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Monday, the NSE Nifty 50 dipped 90.70 points or 0.43% to settle at 20,906.40, while the BSE Sensex dropped 377.50 points or 0.54% to 69,551.03.
“The Nifty has formed a bearish engulfing pattern on the daily chart, suggesting a possibility of a bearish reversal. On the higher end call writers have built a heavy position at 21000. On the lower end, put writers are heavily present at 20,800 and 20,900. Therefore, the Nifty is likely to remain mostly sideways to negative as long as it remains below 21000. Only a decisive move above 21,000 might induce a resumption of …
Religare’s top stock picks include Balkrishna Industries, Can Fin Homes, HCL Tech and Hero MotoCorp
By Ajit Mishra
Markets plunged sharply lower in the passing week and ended the 3-month long consolidation phase. All sectors felt the heat wherein metal, realty and financials were among the top losers. The broader indices too witnessed pressure and lost in the range of 2%-3%.
Apart from the domestic factors, continuous weakness on the global front is weighing on the sentiment. Among the major markets, the US markets have been declining for the last 3 months and there is no sign of reversal yet. Though the existence of support around 32,500 may prompt some rebound, sustainability seems difficult to multiple hurdles around the 33,200-33,500 zone. On the flip side, 31,600 would be the next major support, in case of a breakdown.
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Mcap of four of top 10 most-valued firms rise Rs 65,671 crore; Reliance biggest winner
The combined market valuation of four of the top-10 most-valued firms climbed Rs 65,671.35 crore last week, with Reliance Industries emerging as the biggest gainer. Last week, the BSE benchmark climbed 175.31 points, or 0.26 per cent. While Reliance Industries, HDFC Bank, ICICI Bank, and Bharti Airtel were the gainers, Tata Consultancy Services (TCS), Infosys, Hindustan Unilever, ITC, State Bank of India, and Bajaj Finance faced erosion in valuation.
The market valuation of Reliance Industries jumped Rs 26,014.36 crore to reach Rs 16,19,907.39 crore. HDFC Bank added Rs 20,490.9 crore, taking its valuation to Rs 11,62,706.71 crore. The market valuation of Bharti Airtel rose Rs 14,135.21 crore to Rs 5,46,720.84 crore , while that of ICICI Bank gained Rs 5,030.88 crore to Rs 6,…
Rupee falls 3 paise to close at 83.23 against US dollar
The rupee depreciated 3 paise to settle at 83.23 (provisional) against the US dollar on Wednesday, as a muted trend in domestic equities and sustained foreign fund outflows weighed on investor sentiments.Forex traders said the strength of the American currency in the overseas market further dented investor sentiments.
At the interbank foreign exchange market, the local unit opened at 83.22 against the US dollar and moved in a range of 83.27 to 83.19.The rupee finally settled at 83.23 (provisional) against the US dollar, down 3 paise from its previous close.On Tuesday, the rupee had settled at 83.20 against the dollar.”The Indian rupee declined on weak domestic markets and further selling by FIIs. However, softening of US dollar cushioned the downside,” said Anuj …