Stock Market Today: Both major indices showed slight gains as the trading session progressed on Tuesday, May 28. The Sensex rose by 101.91 points, reaching 75,492.41, while the Nifty50 climbed 33.2 points to 22,965.65, both up by 0.14 percent.
Market Overview: Domestic equity benchmarks edged higher, tracking the performance of their Asian counterparts. At the latest count, the Sensex was up 101.91 points at 75,492.41 and the Nifty50 had increased by 33.2 points to 22,965.65, both indices gaining 0.14 percent.
Aditya Gaggar, Director of Progressive Shares, commented on sector trends: “The Auto sector has reached the upper end of the rising channel, suggesting a potential short-term reversal; however, stock-specific activity is expected to continue. The Energy sector’s bearish divergence indicates a temporary pause in its uptrend, but we remain bullish on Oil Marketing Companies (OMCs) within the segment.”
Gaggar also noted that the metals sector, after a significant rally, is currently consolidating within a narrow range and is likely to resume its upward trend following a breakout. He highlighted strong breakouts in several PSU banking stocks, such as Indian Overseas Bank (IOB), Punjab & Sind Bank (PSB), and UCO Bank, signaling an extension of their uptrends due to symmetrical triangle breakouts.
Broader Market: The broader market indices also traded positively, with the Nifty Midcap 100 and Smallcap 100 indices in green. The high-beta Nifty Bank index rose by 0.32 percent, reaching 49,438.65.
Buzzing Stocks:
NALCO: Shares surged over 4 percent following the company’s positive Q4 operational results.
Natco Pharma: The stock increased by more than 5 percent after reporting strong Q4 results.
LIC: Shares were up nearly 1 percent after the company posted its Q4 results.
Sumitomo Chemical: The stock climbed over 5 percent on the back of favorable Q4 results.
Vishnu Prakash: Shares rose over 6 percent following the company’s strong Q4 performance.
Timken India: The stock gained over 6 percent following reports of a block deal.
Conversely, Inox Wind and Inox Wind Energy shares faced declines:
Inox Wind: Shares fell by over 9 percent.
Inox Wind Energy: Shares were down more than 3 percent after reports indicated that Inox Wind’s promoter entity, IWEL, might sell up to a 5 percent stake in the company through a block deal soon.
Disclaimer:
The information provided in this article is for informational purposes only and should not be construed as financial advice. Always consult with a qualified financial advisor before making any investment decisions. The stock market is subject to risks, and past performance is not indicative of future results. The opinions expressed by market analysts are their own and do not necessarily reflect the views of this publication.
