Market Closing Podcast on May 25, 2018
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Moneycontrol News
Fantastic Friday for D-Street! Bulls managed to bounce back on Friday and close the week on a positive note, supported by gains in oil & gas, metals, auto, PSU, and banking stocks. The Nifty50 closed flat but with a positive bias for the week ended May 25.
The Nifty50 slipped towards 10,400 levels before bouncing back towards 10,600 levels on Friday. The index hit an intraday low of 10,417 on May 23 largely weighed down by rising crude oil prices, falling rupee, geopolitical concerns as well as political uncertainty.
'Market participants have been confused by contradictory cues in the last couple of months. While boiling crude oil prices and the rupee-dollar equation are headwinds for the Indian economy, the demand scenario for automobiles, robust trends in the consumption growth from both rural & urban side are tailwinds,” Devang Mehta, Head – Equity Advisory, Centrum Wealth Management told Moneycontrol.
The Nifty formed a bullish candle on the daily charts and recouped all its losses witnessed in the week. The index is likely to remain volatile in the coming week ahead of F&O expiry on 31st May.
The S&P BSE Sensex closed 261 points higher or 0.76 percent at 34,924 on the other hand Nifty50 ended 91 points higher at 10,605.
Sectorally, the S&P BSE oil & gas index rose 3 percent, followed by the S&P BSE metal index which gained 2.2 percent, and the S&P BSE auto index which was up 1.7 percent.
The S&P BSE Midcap index rose 1.5 percent while the S&P BSE Smallcap index gained 1.17 percent.
Top Sensex gainers include names like ONGC (up 4.5 percent), Tata Steel (up 3.4 percent), Yes Bank (up 2.7 percent), Adani Ports (up 2.3 percent), and IndusInd Bank (up 2.3 percent).
Top Sensex losers include names like Coal India (down 1.3 percent), followed by ITC (down 1.04 percent), SBI (down 0.5 percent), and TCS (down 0.43 percent).
A month after hitting a market cap of USD 100 billion, Tata Consultancy Services hit a record Rs 7 lakh crore m-cap in intraday trade. The stock which touched a fresh 52-week high of Rs 3674, pared gains towards the close of the trade. TCS ended 0.4 percent down and mcap slipped to Rs6.8 lakh crore.