Indian Stock Market Sees Mild Gains on May 2nd; Sensex Up 260 Points, Nifty Closes at 24,346. Adani Ports Tops Gainers, Midcaps Weaken, Smallcaps Strengthen.
Closing Bell: Indian stock markets closed in the green on Friday, May 2nd, but the b initial gains witnessed during the trading session did not sustain until the end. The BSE Sensex closed at 80,501.99, up 259.75 points, while the NSE Nifty closed at 24,346.70, up a modest 12.50 points.
Trading began with the Sensex opening at 80,300.19 and reaching a high of 81,177.93. Similarly, the Nifty touched 24,589.15, but selling in metal and pharma stocks prevented the market from sustaining its initial momentum.
Adani Ports and Maruti Suzuki Among Top Gainers
Among the top gainers on Friday was Adani Ports, which saw an increase of over 5%. This surge was attributed to the company's b quarterly results. Additionally, stocks like Bajaj Finance, IndusInd Bank, and Maruti Suzuki also performed well.
Nestle, NTPC, and Airtel Among Top Losers
On the other hand, stocks like Nestle India, NTPC, Bharti Airtel, HUL, and UltraTech Cement witnessed declines. Pressure on FMCG and energy sectors impacted the overall market rally.
Midcaps Weaken, Smallcaps Show Slight Gains
In the broader markets, the Nifty Midcap 100 index fell by 0.5%, while the Nifty Smallcap 100 index closed up 0.24%. Sectoral performance showed strength in auto, banking, IT, and oil & gas sectors. Pharma, FMCG, and real estate indices performed negatively.
Expert Opinion: Limited Volatility Expected in the Market
According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty exhibited volatile behavior during the week. Rejection near the 24,550 level indicates continued selling pressure at higher levels.
He believes that 24,250 is a crucial support level for the Nifty. If this level breaks, a correction to 24,000 is possible. A significant rally is not expected until the Nifty shows a b breakout above 24,550.
Strong Global Cues; Nasdaq Sees Significant Surge
The US stock market closed bly on Thursday. The Nasdaq saw a 1.52% increase, while the Dow Jones and S&P 500 registered gains of 0.21% and 0.63%, respectively. US Treasury yield reached 4.23%. Meanwhile, China's holidays and reduced trade tensions pushed gold prices to a two-week low.
Investors Eye Quarterly Results
On May 2nd, 37 companies released their quarterly results, including prominent names such as City Union Bank, Godrej Properties, Indian Overseas Bank, Latent View Analytics, Parag Milk Foods, and V-Mart. These results could influence market sentiment and sectoral direction.
