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MARKET COMMENTARY

( As on May-30-2024 08:48 )
The benchmark Sensex and Nifty indices are expected to open on a negative note on May 30, following GIFT Nifty trends indicating a loss of 54.50 points for the broader index. The Indian equity market continued their losing streak for the fourth consecutive session on May 29 with Nifty at 22,700 amid selling seen in the oil & gas, IT, realty, and banking names.

On Wednesday, the 30-share benchmark index ended at 74502.9 down by -667.55 points or by -0.89 % and then NSE Nifty was at 22704.7 down by -183.45 points or by -0.8 %.

On the global front, US stocks fell on Wednesday amid further gains in Treasury yields and concern over the timing and scale of possible interest rate cuts from the Federal Reserve.

The Dow fell more than 1% and hit its lowest level in nearly a month. All of the S&P 500 sectors ended lower as well, with rate-sensitive utilities among sectors with the biggest declines.

Asian markets extended losses on Thursday, tracking Wall Street’s moves ahead of a slew of economic data from the region on Friday.

Japan’s Nikkei fell more than 2%, while the broader Topix dropped 1.4% in early trading. South Korea’s Kospi shed nearly 1%.

Back home, Top traded Volumes on NSE Nifty – Tata Steel Ltd. 36575550.00, Hindalco Industries Ltd. 22684652.00, ICICI Bank Ltd. 19268547.00, NTPC Ltd. 18146672.00, HDFC Bank Ltd. 17573853.00,

On NSE, total number of shares traded was 351.65 Crore and total turnover stood at Rs. 102704.17 Crore. On NSE Future and Options, total number of contracts traded in index futures was 918992 with a total turnover of Rs. 58897.24 Crore. Along with this total number of contracts traded in stock futures were 3543253 with a total turnover of Rs. 273629.88 Crore. Total numbers of contracts for index options were 725009911 with a total turnover of Rs. 51084909.14 Crore. and total numbers of contracts for stock options were 6178537 with a total turnover of Rs. 524740.65 Crore.

The FIIs on 29/05/2024 stood as net buyer in equity and debt. Gross equity purchased stood at Rs. 14771.36 Crore and gross debt purchased stood at Rs. 1399.30 Crore, while the gross equity sold stood at Rs. 12636.82 Crore and gross debt sold stood at Rs. 1120.08 Crore. Therefore, the net investment of equity and debt reported were Rs. 2134.54 Crore and Rs. 279.22