Adani Enterprises, Adani Ports and SEZ, Shriram Finance, Tata Steel, and Coal India were the top gainers in the Nifty 50. While Divi’s Laboratories, Nestle India, Dr Reddy’s Lab, TCS, and Maruti Suzuki were the major laggards in the Nifty 50 on May 31.

Courtesy: NSE

“We estimate a 30% EBITDA CAGR over FY24-26E aided by scale-up in margins, healthy ARPOB and bed additions. Our FY25E/26E estimates for India business EBITDA remained unchanged. At the current market price, the stock is trading at 20x EV/EBITDA on FY26E, respectively adjusted for minority stake and rental. We maintain a “Buy” rating with a target price of Rs 400, valuing the Indian hospital segment at 23x EV/EBITDA on FY26E EBITDA. Utilization of proceeds and timely expansion will be key monitorable in the near term,” said Param Desai, Senior Research Analyst artPrabhudas Lilladher.

Shares of Adani Group companies, from Adani Enterprises Ltd. to Adani Ports Ltd., are trading with gains of up to 6% on Friday. All 10 group companies are showing gains. With Friday’s surge, the group has added nearly Rs 56,000 crore in market capitalisation, bringing the overall group market capitalisation to Rs 17.7 lakh crore.

However, this figure is still below the pre-Hindenburg high of Rs 24 lakh crore. Currently, three group companies – Adani Enterprises, Adani Ports, and Adani Green Energy – each have a market capitalisation in excess of Rs 3 lakh crore.

Commenting on Crude Oil outlook Bhavik Patel Sr. Commodity/Currency Research Analyst at TradeBulls Securities said that MCX Crude oil trend is weak as the market is making lower top and lower bottom formation on daily scale. It is also trading below its 21-day moving average while momentum oscillator RSI_14 is bearish trading around 42.

Patel also said that, Immediate support comes around 6350 which is the previous swing low while major hurdle is above 6728. Twice this month, Crude has tested the levels of 6725 followed by correction as 6725 is proving to be a strong hurdle.

“Looking at yesterday’s price action, we believe any long positions could only be taken above 6725. Till then it is on rise around 6580 with stoploss of 6725 and expected target of 6345,” added Patel.

PB Fintech, NHPC, GRM Infra, NMDC, and Prestige were the top gainers in the Nifty Midcap 100. While IPCA Laboratories, Page Industries, Max Health, Mazagon Dock Shipbuilders, and Paytm were the major losers in the Nifty Midcap 100 on May 31.

According to Nuvama Institutional Equities, the maximum inflow is anticipated for Indus Towers at $224 million, followed by PB Fintech and Phoenix Mills at $223 million and $213 million, respectively. Other stocks are estimated to see inflows ranging from $144 million to $207 million.

Thermax is considered borderline for inclusion in the MSCI index, and if included, it could attract inflows worth $139 million. Conversely, Paytm, Indraprastha Gas, and Berger Paints will be excluded from the index, potentially leading to combined outflows of around $283 million.

Also Read: MSCI Index rebalancing today- Find out what stocks make it as India expects $2 billion worth inflows

Prabhudas Lilladher maintains a “Buy” rating on Apollo Hospitals with a target price of Rs. 7,050 per share. Prabhudas Lilladher’s estimates by $0.8-0.9 billion, the likely merger of Keimed with AHL is seen as a positive step that removes the overhang of any leakage. 

According to a report by Prabhudas Lilladher on Apollo Hospitals, Apollo Hospitals Enterprise’s 100% subsidiary, Apollo Health, has entered into an agreement to raise equity capital of Rs. 24.75 billion ($300 million) from Advent International (Advent) for a 16.8% stake. 

Additionally, Apollo Health has proposed the integration of the promoter group entity, Keimed Pvt Ltd (Keimed), into Apollo Health, in a phased manner. This move aims to create a leading integrated pharmacy distribution business complemented by a fast-growing omni-channel digital health business. 

Courtesy: BSE

The NSE Nifty 50 was up 40 points or 0.18% at 22,528.30, while the BSE Sensex was up 175.84 points or 0.24% at 74,061.44.

Courtesy: NSE

Shares of Welspun Corp fell over 8% on Friday to intra-day low of Rs 550.10 after the company’s March quarter results and subsequent guidance for financial year 2025 failed to enthuse the street.

“After a gap down opening, Bank Nifty found support near its 21-day EMA, closing with a bullish candlestick. A recovery in large-cap private bank stocks contributed to keeping the index in the green. The critical support level for Bank Nifty is 48,300, while 49,000 serves as strong resistance. A decisive movement is anticipated once these levels are breached,” said  Rupak De, Senior Technical Analyst, LKP Securities.

Apollo Hospital’s share price surged over 3% in the early trading session on Friday, as the company reported 77% jump in net profit, reaching Rs 258 crore in the Q4 results year-on-year. The shares soared as much as 3.23%, reaching an intraday high of Rs 5,959.35 per share on the NSE.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty has remained volatile during the session with predominant bearishness. The sentiment for the short term remains weak as the index slipped below the critical 21-day Exponential Moving Average (21EMA). Call writing activity was significant at 22,500. Therefore, to witness a meaningful recovery, Nifty needs to sustain above 22,500. However, failure to move above 22,500 might attract fresh selling in the market, potentially driving the index towards 22,300/22,100.

Apollo Hospitals, Adani Enterprises, Mahindra & Mahindra, Adani Ports and SEZ, and Shriram Finance are the top gainers on NSE Nifty 50 index whereas the top laggards include Asian Points, LTIMindtree, Hindustan Unilever, Eicher Motors, and Tata Consumer Products.

The NSE Nifty 50 opens up by 0.35% at 22,568.10, while the BSE Sensex gains 0.44% to 74,208.53 in the opening trade.

NSE Indices, the index services subsidiary of the National Stock Exchange of India, has launched India’s first electric vehicle index to track the performance of companies within the EV ecosystem. Called the Nifty EV & New Age Automotive Index, it will include companies involved in the development of new-age automotive vehicles and related technologies.

Foreign institutional investors (FII) sold shares worth Rs 3,050 crore, while domestic institutional investors (DII) bought shares worth Rs 3,433 crore on May 30, 2024, according to the provisional data available on the NSE.

On Friday morning, WTI crude prices are trading at $77.70, down 0.22%, while Brent crude prices are trading at $81.73, down 0.16%.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down 0.34% to 104.77.

U.S. stocks ended lower on Thursday, with the Nasdaq falling more than 1% as technology shares led the declines following a disappointing Salesforce forecast. Investors also digested data showing that the economy grew slower than previously expected in the first quarter, reported Reuters. The tech-heavy Nasdaq Composite dropped by 183.50 points, or 1.08%, to close at 16,737.08. The S&P 500 fell by 31.47 points, or 0.60%, to 5,235.48, while the Dow Jones Industrial Average declined by 330.06 points, or 0.86%, to 38,111.48.