Stock market today: Ending the day flatly, Indian stock market benchmarks, the Sensex and the Nifty 50, continued witnessing cautious trade on Tuesday, May 21, with most stocks suffering losses.
Domestic market sentiment remained cautious in the run-up to the Lok Sabha election outcome. Weak global cues, the lack of fresh triggers, and the market’s rich valuation thwart the Indian stock market’s upside.
Major Asian and European markets suffered losses a day ahead of the Federal Reserve’s latest policy meeting minutes. The minutes, expected to be out on Wednesday, will offer investors hints on the timing and extent of interest rate cuts this year.
Also Read: General Elections 2024: Kotak Alternate Asset Managers suggests THIS strategy ahead of poll results amid volatility
Sensex closed 53 points, or 0.07 per cent, lower at 73,953.31, while the Nifty 50 ended the day 27 points, or 0.12 per cent, higher at 22,529.05.
Shares of ICICI Bank, HDFC Bank, L&T, Infosys and TCS ended as the top drags on the Nifty 50 index. On the other hand, shares of Tata Steel, Coal India, Hindalco and Power Grid were the top contributors to the gains in the Nifty 50.
The mid and smallcap indices, however, hit their fresh record highs during the session.
The BSE Midcap index hit its fresh all-time high of 43,223.69 before ending 0.34 per cent higher at 43,191.88. The BSE Smallcap index hit its fresh record high of 48099.29 during the session but failed to hold gains and ended with a loss of 0.18 per cent at 47,873.56.
The volatility index India VIX hit its fresh 52-week high of 22.30 during the session. At close, it was 6.26 per cent up at 21.81.
During the session, the overall market capitalisation of the firms listed on the BSE hit the milestone of $5 trillion, thanks to buying seen in the mid and small-cap segments.
In rupee terms, the overall market capitalisation of BSE-listed firms stood at nearly ₹414.6 lakh crore at the close, against ₹412.4 lakh crore in the previous session, making investors richer by over ₹2 lakh crore in a single session.
Top Nifty 50 gainers today
Some 23 stocks ended with gains in the Nifty 50 index, among which Hindalco (up 4.79 per cent), Coal India (up 4.49 per cent) and Tata Steel (up 3.63 per cent) closed as the top gainers.
Top Nifty 50 losers today
Shares of Nestle (down 1.61 per cent), Hero MotoCorp (down 1.27 per cent) and Maruti (down 1.10 per cent) ended as the top losers among the 27 stocks that ended in the red in the Nifty 50 index.
Also Read: Top Gainers and Losers today on 21 May, 2024: Hindalco Industries, Coal India, Nestle India, Hero Motocorp among most active stocks; Check full list here
Sectoral indices today
Among the gainers, Nifty Metal clocked robust gains of 3.88 per cent. Nifty PSU Bank and Media indices rose 1.51 per cent and 1.25 per cent respectively.
Nifty Bank fell 0.31 per cent, while the Private Bank index suffered a loss of 0.59 per cent.
Expert view on markets
Vinod Nair, the head of research at Geojit Financial Services, pointed out that the domestic market experienced a sideways trend and concluded on a flat note today, halting a three-day streak of gains as cautious comments from US Fed officials weighed on investor sentiment.
Nair expects volatility to remain high as the general election approaches its final stages. However, despite the ongoing volatility, the market has nearly recouped the losses from the previous peak. Metal stocks saw an uptick, propelled by increasing commodity prices, Nair said.
Also Read: Expert view: It’s a good time to enter the market; one can look at banking, defence, retail, says Hemant Sood of Findoc
Technical views on Nifty 50
According to Rupak De, a senior technical analyst at LKP Securities, strong put writing at 22,400 and 22,500 might support the Nifty.
On the higher end, a decisive move above 22,600 might induce a rally towards 22,800 in the near term. Until then, the index might continue consolidating as long as it remains within the range of 22,400 to 22,600, said De.
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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
