Domestic equity benchmarks extended their upward momentum for the third straight session on Monday, driven by robust buying in heavyweight pockets such as banking and financials, energy, and automobiles. The rally lifted the Nifty by 312.40 points, or 1.32%, to end at 24,031.70, while the BSE Sensex surged 1,073.61 points, or 1.42%, to settle at 76,488.96.
Meanwhile, the volatility gauge India VIX ended at 16.70, down by 6.74% from the last closing.
Here's how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities said Nifty has reclaimed both the 20EMA and the 50EMA today after spending several days below the 20EMA, indicating a strong sign of sustained recovery in market sentiment. "The bullish crossover in the RSI is further supporting the positive momentum in the market. In the short term, the trend is likely to remain strong, with the potential to move towards 24,200 and higher. On the lower end, support is placed at 23,800, which had acted as a resistance level in the recent past," De added.
US markets
Frontline indices on Wall Street were closed on Monday because of Memorial Day holiday. On Friday, they ended higher as treasury yields eased, lifting megacaps and chip stocks, though markets watched for signs of a breakthrough in discussions to end the Middle East war.
European Markets
Most major European indices traded with top gains as crude oil prices slipped sharply around 5.11 pm CEDT (8:59 pm Indian time). Stoxx 600, Germany's Dax, French CAC and Spain's IBEX 35 traded up between 1% and 2.3% around this time.
Tech View
Decoding the Nifty charts, Ajit Mishra, Senior Vice President, Research at Religare Broking said Nifty has finally surpassed the key hurdle at the 24,000 mark and may gradually inch toward the 24,400–24,600 zone in the near term. Meanwhile, the earlier resistance zone around 23,800 is likely to act as immediate support in the event of any dip, he said.
"However, scheduled monthly expiries over the next two sessions and the ongoing earnings season may keep stock-specific volatility elevated. We therefore continue to maintain a positive yet cautious stance, with a focus on stock selection based on prevailing sectoral rotation," Mishra added.
Most active stocks in terms of turnover
Apollo Hospitals Enterprise (Rs 263 crore), MTAR Technologies (Rs 255 crore), Lenskart Solutions (Rs 233 crore), Bank of Baroda (BoB, Rs 170 crore), Mahindra & Mahindra (M&M, Rs 116 crore), Eicher Motors (Rs 91 crore) and Kotak Mahindra Bank (Rs 89 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 5.23 crore), JP Power (Traded shares: 1.06 crore), Suzlon Energy (Traded shares: 98.88 lakh), Ola Electric (Traded shares: 95.44 lakh), YES Bank (Traded shares: 90.29 lakh), SpiceJet (Traded shares: 67.49 lakh) and Apollo Hospitals (Traded shares: 66.94 lakh) were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Life Insurance Corporation of India (LIC), Vodafone Idea, Eicher Motors, Parle Industries, Eicher Motors, Adani Enterprises, Cords Cable Industries and The Ruby Mills were among the stocks that witnessed strong buying interest from market participants.
52-week high
Today, 154 stocks hit their 52 week highs while 51 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aanchal Ispat, Adani Enterprises, Adani Power, Cords Cable Industries, Hindalco Industries, Vodafone Idea and JB Chemicals & Pharmaceuticals.
Stocks seeing selling pressure
Among the large cap names were Max Healthcare Institute, ONGC and Hindalco Industries. Other stocks which witnessed significant selling pressure were Titagarh Rail Systems, JSW Cement, Surya Roshni, Excelsoft Technologies, Sanstar, Satia Industries and Gradiente Infotainment.
Sentiment meter favours bulls
Sensex settled with strong gains lifted mainly by ICICI Bank, HDFC Bank and Larsen & Toubro (L&T) while the broader market breadth stayed positive. Out of the 4,531 stocks that traded on the BSE on May 25, Monday, 2,703 stocks witnessed advances, 1,607 saw declines while 221 stocks remained unchanged.
