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Nifty hits fresh all-time high, India VIX jumps to 22 months high

Upstox
By Upstox News Desk

3 min read | Updated on May 27, 2024, 09:56 IST

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SUMMARY

On Monday, benchmark indices started the first trading day of the week on a positive note. Similarly, broader indices also got off to a positive start. India VIX has surged by 5.5% and is trading closer to the 23 mark, indicating heightened market volatility.

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NIFTY touched new high of 23,043 on Monday

Benchmark indices started Monday’s trading session positively, making new highs amid a significant rise in volatility. The 30-share BSE SENSEX was up by 0.2% above the 75,500 mark, similarly, the NSE NIFTY50 was up by 0.19% and was trading near the 23,000 mark. Furthermore, India VIX has spiked by 5.5% and is trading near to 23 mark, indicating heightened market volatility.

Here is why Indian markets opened upbeat

The Indian benchmark indices opened the session in green amid positive cues from Wall Street as Nasdaq Composite ended at a new record high, driven by a rally in AI stocks. Furthermore, expectations of the current administration's victory in the 2024 general election have led investors to anticipate the continuation of the "Make in India" initiative to attract foreign direct investment (FDI). Another key catalyst which is working in the favor of the Indian market is crude oil prices, crude oil prices are hovering near their lows which were last seen in the month of March.

Sectoral Performance - Within the sectoral landscape Nifty Realty(+1.62%), Nifty Pharma (+0.84%), and Nifty Metal (+0.43%) were among the top gainers. On the flip side, Nifty Media (-0.49%), Nifty Auto (-0.18%), and Nifty Energy (-0.09%) were among the top losers.
Top Gainers and Losers - Within the Nifty50 space, Divi’s Laboratories (+4.98%), Hindalco (+1.5%), and Bharti Adani Ports (+1.1%) were among the top gainers. On the other hand, Adani Enterprises (-2.02%), ONGC (-1.43%), and Wipro (-1.28%) were among the top losers.
Broader Indices - In the broader markets Nifty Midcap 100 and Nifty Smallcap 100 were up by 0.5% and 0.86%, respectively. The market breadth was positive with 1,200 stocks trading in green, while 790 stocks traded in red on NSE.
US Markets - U.S. stocks rebounded on Friday from the sharp losses experienced the previous day, buoyed by news of an improving consumer outlook on inflation. This led the Nasdaq to its fifth consecutive week of gains, reaching a record closing high.
Commodities - Oil prices remain steady after seeing a drop near to the March lows in early trade on Monday as markets anticipated the OPEC meeting on June 2, where producers are expected to discuss maintaining voluntary output cuts for the remainder of the year.

Stocks in F&O Ban - Stocks that are banned for trading in the F&O segment on May 27, 2024, are Bandhan Bank, Biocon, Gujarat Narmada Valley Fertilizers & Chemicals, Hindustan Copper, Vodafone Idea, India Cements, National Aluminum, Piramal Enterprises and Punjab National Bank.

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About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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