Nifty and Sensex witness a mixed session, Broader markets outperformed
Upstox
2 min read • Updated: May 8, 2024, 6:36 PM
Summary
Benchmark Indices – NIFTY 50 (+0.00%) and SENSEX (-0.06%) ended the trading session flat on Wednesday. Nifty holds 50-DMA on a closing basis.
On Wednesday, the 30-share BSE SENSEX closed marginally lower by 0.06% to settle at 73,466.39. NSE NIFTY 50 ends at 22,302.50 with no change from Tuesday’s closing. Though the Nifty ended flat, the daily range was greater than its prior session as Wednesday’s range was 183.45 points.
The India VIX cooled off from the higher levels of the day, but it settled above the 17 level. In the NIFTY50 space, 25 stocks advanced. BPCL (+2.78%), Hero MotoCorp (+2.49%), Tata Motors (+2.48%), Hindalco Industries (+2.21%) and Coal India (+2.09%) were the major gainers. Laggards included Dr Reddy's Laboratories (-3.27%), Asian Paints (-2.21%), Grasim Industries (-2.07%), UltraTech Cement (-1.78%) and HDFC Bank (-1.50%).
The broader market resumed its positive performance with the Nifty Midcap 100 gaining by 0.89%, while the Nifty Smallcap 100 soared by 0.63% on Wednesday. Market breadth was strong as 1,187 stocks advanced as against 908 stocks which witnessed a decline.
Among the sectoral indices, most ended in green while five sectors closed in red. The top two performers were NIFTY Oil & Gas (+1.80%) and NIFTY Auto (+1.64%). On the other hand, the top two losers were NIFTY Private Bank (-0.65%) and Nifty Financial Services (-0.43%).
In the Asian equity markets, the Shanghai index declined by 0.61%, Hang Seng slipped by 0.90%. The Nikkei 225 fell by 1.54%, while the Kospi added 0.39%.
At 4:00 PM: Dow Jones Futures were seen trading at 39,033, with minor gains of 0.02%. The futures were off day’s high as Neel Kashkari, the president of the Minneapolis Federal Reserve, stated that he believes interest rates will probably have to remain at their current levels for an "extended period". He also indicated that he wouldn't rule out a rate increase if inflation remains around 3%.
On Wednesday, shares of Hero MotoCorp Limited gained 2.49% on the NSE. The company announced its fourth-quarter results for FY24. Revenue of the company increased 15% in Q4FY24 and stood at ₹9,519 crore. PAT was ₹1,016 crore, up by 18%. The board declared a dividend of ₹40.
Radico Khaitan Limited's stock fell by 2.10% on the NSE. The company announced that its Jaisalmer Indian Craft Gin gained a market share of 50% competing against global brands.