Market Update: Nifty and Sensex Slip
Domestic blue-chip indices Nifty50 and Sensex closed subdued on Tuesday
Stock MarketSensexNiftyEnergy StocksGeojit Financial ServicesReal EstateMay 28, 2024
The 30-share BSE Sensex closed at 75,170.45, down 220.05 points or 0.29 per cent, while the NSE Nifty settled at 22,888.15, up 44.3 points or 0.19 per cent. Among the Nifty companies, 22 stocks were advancing, while 28 stocks were declining.
Adani Ports, Power Grid, BPCL, Coal India, and Adani Enterprises were the top decliners in the Nifty 50 universe, while Divi's, SBI Life, HDFC Life, Hero MotoCorp, and Grasim led the gains.
According to Vinod Nair, Head of Research at Geojit Financial Services, The Indian market exhibited mild consolidation post the recent sharp surge. The uncertainty-led volatility is likely to continue as the market approaches the election outcome. He also added that the underlying earnings growth for the March quarter results so far was largely above expectations, which would likely support the valuation, which is currently moderately above the long-term average.
The domestically focused Nifty SmallCap 100 and Nifty MidCap100 were down 0.85 per cent and 0.89 per cent, respectively. The high-beta Nifty Bank index, which includes 12 constituents such as SBI, HDFC Bank, and ICICI Bank, settled 0.28 per cent lower at 49,142.15.
In the global market, European shares struggled for direction after the European Central Bank's survey showed consumers' easing inflation expectations in April, while real estate shares kept the index afloat. The pan-European STOXX 600 index was flat.
The Indian stock market has been experiencing volatility in recent times, driven by various factors such as the ongoing election season, global economic uncertainty, and corporate earnings.
Geojit Financial Services is a leading financial services company in India, providing a range of services including broking, investment banking, and wealth management. The company has a strong presence in the Indian market, with a team of experienced professionals providing expert advice and guidance to its clients.
Frequently Asked Questions
What was the closing price of Sensex on Tuesday?
The 30-share BSE Sensex closed at 75 170 45 down 220 05 points or 0 29 per cent
Which stocks led the losses in the Nifty 50 universe?
Adani Ports Power Grid BPCL Coal India and Adani Enterprises were the top decliners in the Nifty 50 universe
What was the performance of the Nifty SmallCap 100 and Nifty MidCap100?
The domestically focused Nifty SmallCap 100 and Nifty MidCap100 were down 0 85 per cent and 0 89 per cent respectively
How did the European shares perform on Tuesday?
European shares struggled for direction after the European Central Bank's survey showed consumers' easing inflation expectations in April while real estate shares kept the index afloat
What is the current market sentiment according to Vinod Nair of Geojit Financial Services?
According to Vinod Nair the Indian market exhibited mild consolidation post the recent sharp surge and uncertainty-led volatility is likely to continue as the market approaches the election outcome
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