Market Commentary     22-May-24
Mid-Session
Market opens on positive note; breadth strong
The headline equity benchmarks traded with decent gains in early trade. The Nifty traded above the 22,550 mark. Realty, FMCG and IT stocks advanced while bank, financial services and private bank shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 165.49 points or 0.22% to 74,117.97. The Nifty 50 index added 41.35 points or 0.18% to 22,570.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.13% and the S&P BSE Small-Cap index added 0.21%.

The market breadth was strong. On the BSE, 1,825 shares rose and 1,105 shares fell. A total of 118 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,874.54 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,548.97 crore in the Indian equity market on 21 May 2024, provisional data showed.

Stocks in Spotlight:

Reliance Industries advanced 1.70% after the company signed a license agreement with Nel Hydrogen Electrolyser in which the company will get an exclusive license for Nel’s alkaline electrolysers in India and allow RIL to manufacture Nel’s alkaline electrolysers for captive purposes globally.

United Spirits shed 0.18%. The company’s Nanded unit received notice from the Water Resources Department to pay water charges of Rs 345.45 crore. The company has filed a petition in the Bombay High Court for the same.

G R Infraprojects rallied 3.06% after the company emerged as the lowest bidder for the Pune Ring Road project worth Rs 1,997 crore and the Wardha Expressway road project worth Rs 2,350 crore.

Numbers to Track:

The yield on India's 10-year benchmark federal shed 0.65% to 7.032 as compared with previous close 7.078.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.2650, compared with its close of 83.3125 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement lost 0.33% to Rs 73,777.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 104.65.

The United States 10-year bond yield fell 0.05% to 4.413.

In the commodities market, Brent crude for July 2024 settlement lost 60 cents or 0.72% to $ 82.28 a barrel.

Global Markets:

Most of the Asian stocks advanced on Wednesday. Investors, on edge, held onto hope that tech giant Nvidia could deliver on lofty expectations. However, concerns lingered regarding potential interest rate increases by both the US Federal Reserve and the Bank of England.

The release of the Federal Reserve meeting minutes later today is expected to reaffirm the possibility of a rate cut. Nevertheless, policymakers require further assurance that inflation is definitively on a downward path before implementing such a move.

UK inflation figures, also due out today, could sway the Bank of England's decision on rate adjustments. This data may determine whether they choose to ease rates in June or postpone it until August.

US stocks ended Tuesday with modest gains in the absence of significant market movers. All three major indexes rose, with the S&P 500 and Nasdaq reaching all-time closing highs in anticipation of both Nvidia's earnings report and the release of the Fed meeting minutes.

Previous News
  Nifty June futures trade at premium
 ( Market Commentary - Futures Market 20-Jun-24   16:15 )
  Jnk India sizzles after bagging order from Reliance Inds
 ( Hot Pursuit - 18-Jun-24   12:54 )
  Nifty June futures trade at discount
 ( Market Commentary - Futures Market 10-Jun-24   16:30 )
  Nifty June futures trade at premium
 ( Market Commentary - Futures Market 07-Jun-24   16:16 )
  G R Infra arm gets appointed date for Rs 1,227-cr project in UP
 ( Hot Pursuit - 07-Jun-24   15:33 )
  Reliance Industries Ltd spurts 2.24%, gains for third straight session
 ( Hot Pursuit - 07-Jun-24   13:05 )
  United Spirits Ltd up for third straight session
 ( Hot Pursuit - 05-Jun-24   13:05 )
  Reliance Industries to develop integrated digital and services industrial area in Navi Mumbai
 ( Corporate News - 04-Jun-24   09:09 )
  Reliance Industries Ltd drops for fifth straight session
 ( Hot Pursuit - 30-May-24   13:35 )
  G R Infraprojects consolidated net profit rises 42.15% in the March 2024 quarter
 ( Results - Announcements 30-May-24   09:54 )
  Nifty May futures trade at premium
 ( Market Commentary - Futures Market 29-May-24   16:31 )
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  20-Jun-24   14:40
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  20-Jun-24   13:31
  Barometer trade with minor gains; oil & gas shares rises
  20-Jun-24   12:32
  Nifty climbs above 23,500; metal shares shine
  20-Jun-24   11:39
  Broader mkt outperforms; realty shares in demand
  20-Jun-24   10:35
  Indices edge lower in early trade; breadth strong
  20-Jun-24   09:39
  Sensex climbs 260 pts; bank shares in demand
  19-Jun-24   14:40
  Nifty below 23,600; European market declines
  19-Jun-24   13:34
  Market trades sideways; VIX rallies 3.56%
  19-Jun-24   12:34
  Barometers off day's low; media shares under pressure
  19-Jun-24   11:42
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