SENSEX and NIFTY50 open positive as sectoral indices show mixed performance

Benchmark Indices - NSE NIFTY 50 and the 30-share BSE SENSEX started Thursday’s trading session positively. The 30-share BSE SENSEX was marginally up by 0.03% above the 74,300 mark, while the NSE NIFTY50 was up by +0.02% trading above the level of 22,600. Furthermore, India VIX has slightly declined by 0.15% but is still trading above the level of 21, indicating heightened market volatility.

Sectoral Performance - Within the sectoral landscape Nifty PSU Bank (+1.1%), Nifty Realty (+0.83%), and Nifty Bank (+0.49%) were among the top gainers. On the flip side, Nifty Metal (-1.27%), Nifty Pharma (-1.15%), and Nifty Energy (-0.47%) were among the top losers.

Top Gainers and Losers - Within the Nifty50 space, IndusInd Bank (+0.96%), L&T (+0.9%), and ONGC (+0.86%) were among the top gainers. On the other hand, Power Grid Corporation (-4.6%), Sun Pharma (-4.12%), and JSW Steel (-2.4%) were among the top losers.

Also Read: Trade setup for 23 May

Broader Indices - In the broader markets Nifty Midcap 100 and Nifty Smallcap 100 were up by 0.41% and 0.44%, respectively. The market breadth was positive with 1,339 stocks trading in green, while 631 stocks traded in red on NSE.

US Markets - Overnight on Wednesday, Wall Street closed lower, and oil prices dropped as investors analysed the minutes from the U.S. Federal Reserve's latest policy meeting. Blame the souring market mood to hawkish signals from the Fed’s FOMC meeting minutes.

In extended trading, Nvidia Corporation’s shares surged over 4% after the mega-cap chipmaker projected quarterly revenue exceeding expectations.

Commodities - Oil prices declined in early trading on Thursday, weighed down by ongoing concerns about prolonged high U.S. interest rates and an unexpected increase in inventories, which suggested less tight markets.

Stocks in F&O Ban - Stocks that are banned for trading in the F&O segment on May 23, 2024, are Aditya Birla Capital, Balrampur Chini Mills, Bandhan Bank, Biocon, Hindustan Copper, Vodafone Idea, Indian Energy Exchange, India Cements, Metropolis Healthcare, National Aluminum, Piramal Enterprises, Punjab National Bank and Zee Entertainment Enterprises.