Nifty extended its winning streak for the fourth day in a row; India VIX slips below 21.5

On Wednesday, after opening the session on a positive note, the benchmark indices traded in a stipulated range for most part of the trading session. The chip-chop move could be attributed to a tepid performance by most of the global indices and a lack of any significant cues. But, in the last leg of trade, recovery in the Bank Nifty from the intraday lows led the market higher.

NSE NIFTY 50 index closed within striking distance of 22,600 mark up by 0.31% or 68.75 points. The 30-share BSE SENSEX closed in green, up by 0.36% to settle at 74,221.06. India VIX slipped below 21.5 mark.

Overall, the NSE benchmark Nifty 50 index has extended its up move for the fourth day in a row on Wednesday, but the move has been lethargic and no clear trend has emerged barring a day or two. This could be attributed to the cautiousness adopted by market participants on D-Street and anticipation that a clear trend would emerge only after the outcome of the general election scheduled for June 4.

Top Gainers & Losers

In the NIFTY50 space, 30 stocks advanced. Cipla (+2.79%), Tata Consumer (+2.51%), Hindustan Unilever (+2.39%), Coal India (+2.28%) and Reliance Industries (+1.70%) were the major gainers. Laggards included Shriram Finance (-1.53%), Apollo Hospitals (-1.32%), Hindalco Industries (-1.17%), Hero MotoCorp (-1.12%) and HDFC Life (-0.86%).

Index Movers

Now coming to the NIFTY 50 index pullers and draggers, Reliance Industries (+37.43 pts), Infosys (+16.24 pts), Hindustan Unilever (+11.21 pts), ITC (+10.46 pts) and HDFC Bank (+8.45 pts) were the pullers of the day. While the draggers were, SBI (-10.36 pts), ICICI Bank (-10.04 pts), Axis Bank (-4.03 pts), Hindalco Industries (-2.69 pts), and Tata Steel (-2.43 pts).

Broader indices

The broader markets ended on a mixed note with Small-cap indices declining today. Nifty Midcap 100 ended higher by 0.19%. Market breadth also witnessed a mixed performance today as 1,319 stocks advanced on NSE and 1,295 stocks declined.

Sectoral Indices

Among sectors, the indices closed on a mixed note. The top three sectoral performers were NIFTY FMCG (+1.43%), NIFTY Realty (+1.41%) and Nifty Media (+0.73%). The top three sectoral losers were Nifty Metal ( -0.62%), Nifty Financial Services (-0.61%), and Nifty Bank with a decline of (-0.55%).

Most of the Asian markets were in red barring the Shanghai Composite which was up by 0.02%. Nikkei 225 slipped 0.85%, Hang Seng down by 0.13% and Kospi by 0.03%. The Dow Jones Futures were seen trading lower by 39 points at 39,697 ahead of the much-awaited Fed minutes, following a string of cautious signals from the members of the central bank.