In the second special trading session trading , the 30-share BSE Sensex ended at 74,005.94, up 88.91 points, or 0.12%. The NSE Nifty 50 rose to 22,502.00, a rise of 35.90 points, or 0.16%. On the broader market front, the Nifty Midcap 100 closed 0.51% higher, while the Nifty SmallCap 100 benchmark indices, and closed 0.82% higher. The fear gauge index, the India VIX closed 3.67% higher on Saturday.
In the first half of a special trading session on Saturday, the domestic benchmark indices finished on a flat note. The 30-share BSE Sensex closed at 73,959.63, up 42.60 points, or 0.06%. The NSE Nifty 50 increased to 22,481.90, a gain of 15.80 points, or 0.07%.
After days of nonstop outflows, Foreign Institutional Investors (FIIs) started buying on Friday. Based on market data, they purchased stocks on Friday for a total of ₹1,616.79 crore.
On May 7, the BSE and NSE announced that they will hold a special trading session in the equities and equity derivative divisions on May 18 to assess their readiness to handle significant outages or interruptions at the main site.
So today, there was an intra-day switchover during the special live trading session between the Disaster Recovery (DR) site and the Primary Site (PR).
The first was from 9:15 IST to 10 IST from the PR, and the second from 11:30 IST to 12:30 IST from the DR site.
Wall Street concluded Friday mostly higher. According to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, bets on a Federal Reserve rate cut in September have risen as a result of the Dow Jones Industrial Average reaching 40,000 for the first time and a softer-than-expected April inflation data.
The optimistic outlook is also present in Indian markets, where the Nifty 50 is probably trading between 22,000 and 22,500, with support around 22,000 and resistance at 22,500.
Top Nifty 50 Gainers and Losers of special trading session
As many as 38 stocks settled in the green in the Nifty 50 index while the rest 11 ended in red.
Shares of Nestle India Ltd (up 2.23%), Power Grid Corporation of India Ltd (up 0.91%), Tata Motors Ltd (up 0.88%), Adani Ports and Special Economic Zone Ltd (up 0.70%), and Hindalco Industries Ltd (up 0.66%) ended as top gainers. On the other side, JSW Steel Ltd (down 1.79%), Mahindra and Mahindra Ltd (down 0.42%), UltraTech Cement Ltd (down 0.37%), LTIMindtree Ltd (down 0.24%), and Maruti Suzuki India Ltd (down 0.23%) were among the laggards.
Also Read: Why did the Indian stock market rise 2% this week? Explained with 5 key reasons
Experts’ Views on Markets
According to Tapse, Nifty 50 ended an extended week on a higher note. The key positive takeaway was that Nifty 50 also ended above the psychological 22,500 mark.
Sensex too ended above psychological 74000 mark. The 3-positive catalysts were election jitters recede, hopefully, FIIs to turn buyers’ post-election results, and trader’s cheer encouraging US inflation news.
Surprisingly, India VIX ended above 20 mark after briefly correcting, up 3.64% at 20.52 levels.
Prashanth believes that it was a small dressing session to reclaim psychological highs for the benchmarks.
Also Read: Stock Market News: BSE, NSE are open for trade tomorrow. This is the reason
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 18 May 2024, 12:30 PM IST