Sensex, Nifty cross new milestones but end flat amid volatility

The record run continued on Dalal Street with benchmark indices hitting fresh all-time high led by buying seen in the realty, banking and Information Technology stocks.

At close, the Sensex was down 19.89 points or 0.03 percent at 75,390.50, and the Nifty was down 24.65 points or 0.11 percent at 22,932.45.

On the back of positive global markets, the Indian indices opened on positive note and extended the gains as the day progress with Sensex and Nifty crossing 76,000 and 23,100 for the first time. However, the last hour selling erased all the day’s gains.

Top gainers on the Nifty included Divis Labs, IndusInd Bank, Axis Bank, LTIMindtree and Adani Ports, while losers were Adani Enterprises, Wipro, Grasim Industries, ONGC and SBI Life Insurance.

On the sectoral front, bank, realty and Information Technology indices gained 0.5 percent each, while oil & gas, power and media were down 0.5-1 percent.

The BSE midcap index was up 0.6 percent while the smallcap index ended flat.

Among individual stocks, a volume spike of more than 1,600 percent was seen in Balrampur Chini Mills, Zee Entertainment Enterprises, Indian Energy Exchange.

A long build-up was seen in Glenmark Pharma, Ashok Leyland, Jubilant FoodWorks, while a short build-up was seen in Sun TV Network, Aurobindo Pharma and Alkem Laboratories.

More than 230 stocks touched their 52-week high on the BSE, including Adani Ports, Ashok Leyland, Axis Bank, Bharti Airtel, Divis Labs, Exide Industries, Glenmark Pharma, Samvardhana Motherson International, NTPC, Oil India, Polycab, Power Finance, REC, Supreme Industries, Tata Steel, Torrent Pharma, among other stocks. Click to view full list

Outlook for May 28

Aditya Gaggar Director of Progressive Shares

Indian bourses commenced the week at a fresh high of 23,039 and banking counters-led rally provided an impetus for the Index to compound its gains but in the last session, profit-booking pressure dragged the Index lower to trade in red. With a loss of 24.65 points, Nifty50 settled the session at 22,932.45.

Apart from Banking, the Realty sector performed well while Media and Energy were the major laggards.

At record levels, Nifty50 has made a bearish candle and we believe that the Index is likely to retest its strong support of 22,780 while a level of 23,110 will be considered as immediate resistance.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

Nifty witnessed a volatile day of trade. It opened on the positive note and continued to inch higher during the first half. A sharp decline during the last hour of trade erased all the gains and the Nifty closed in the negative for the day. The upmove was not supported by the momentum as on the hourly time frame there is a negative crossover. Thus, we shall expect more consolidation before next leg of uptrend resumes. Also, after a sharp run up the probability of a sideways consolidation is high and hence the Nifty can consolidate around 23000 till the monthly expiry.

Bank Nifty is in the process of aligning with the other indices and hence we are witnessing continuation of the positive price action. Support from the key heavyweights of the index Like HDFC Bank, ICICI bank, AXIS Bank and IndusInd Bank is supporting the upmove. We believe that the Bank Nifty is likely to continue its upmove towards 49700 – 49975 from short term perspective. The trailing stoploss for the long positions should be kept at 49000.

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