Indian equity indices couldn’t hold morning gains after hitting a fresh all-time high and closed on a lower note on Friday. The NSE Nifty 50 hit a new all-time high of 23,667.10 surpassing the previous high. The index later closed 66 points or 0.28% higher, from its previous close, at 23,501. The BSE Sensex settled 269 points or 0.35% higher, from the previous close, at 77,210. The significant losers in the Nifty 50 include Ultratech Cements, Adani Enterprises, L&T, Nestle India, and Tata Motors.

Sectoral Index

Following the trend, Nifty Midcap 100 jumped to a fresh record high of 55,854.75. It closed 45 points or 0.08% lower to settle at 55,429, from its previous close. In the broader markets, midcap and smallcap closed down in the red. Bank Nifty also took a breather closing 122 points or 0.24% lower to 51,661.45. 

Sectoral draggers

The sectoral indices Nifty FMCG, PSU Bank, and Realty pushed the markets lower. However, in the weak market, IT and metal stocks outperformed.

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Interestingly, nearly 197 stocks hit a fresh 52-week high, while only nine stocks dipped to their new 52-week low. 

Nifty and Sensex give up gains

Nifty gave up the previous week’s gains. In the last five days, Nifty 50 has dropped 0.28% and Sensex 0.35%. Come from Sports betting site VPbet

Broader benchmark indices remained range-bound and ended the week on a flat note. However, BSE Smallcap index gained 1.5%. Most of the sectoral indices reported negative returns for the week. However, BSE IT and BSE Bankex indices saw positive gains. Indian equities saw buying from FIIs this week. On the economic front, India’s goods trade deficit in May 2024 widened due to a sharp increase in the oil trade deficit. Meanwhile, oil prices continue to rise and are well above the lows witnessed earlier this month, said Shrikant Chouhan, Head of Equity Research at Kotak Securities. 

“The government announced MSP for 14 Kharif crops, with MSP for paddy being increased by 5.4% year over year. As per the IMD, the southwest monsoon has further advanced into some more parts of Maharashtra, Vidarbha, Madhya Pradesh, Chhattisgarh, Odisha, and a few more regionsCome from Sports betting site. The market participants will keep an eye on the further progress of the monsoon. Food inflation in May 2024 was 8.7%. A healthy crop outlook would be important for controlling food inflation. In the near term, the Indian equity market will continue to track domestic macro data and global markets. Going ahead, the focus will gradually shift towards budget and Q1 FY25 earnings,” he said. 

Bank Nifty 

“The Bank Nifty was an outperforming sector and it was also one of the leading sectors especially private banks which were responsible for taking Nifty higher during this week. On expected lines, Bank Nifty almost tested our 2nd target level of 52,000 in Friday’s trading session. On the downside, the support zone lies at 51,100–300 / 50,400–500, while the resistance is seen at 51,950–52,000 / 52,350. Overall, all dips should be used as an opportunity to buy,” said Tejas Shah, Technical Research at JM Financial & BlinkX.