Market bearishness intensifies, Sensex drops 617 pts

The domestic share market indices ended lower for the fifth straight session on Thursday with Nifty finishing May F&O expiry below 22,500, amid declines in banking and IT shares. Moreover,the investor caution prevailed as they held back from making significant investments in anticipation of the outcome of national elections scheduled for early next week.At close, the Sensex was down 617.30 points or 0.83 percent at 73,885.60, and the Nifty was down 216.05 points or 0.95 percent at 22,488.65. Highlights of Trade:
●Tata Steel shares fall 3% after Q4 PAT tanks 64% YoY,
●Bata India posts a net profit of Rs 63.6 crore,
●Hero FinCorp approves Rs 4,000 crore fundraise via IPO,
●Awfis Space Solutions lists at 14% premium over IPO price.
ICICI Bank, Axis Bank, HDFC Bank, SBI and Kotak Mahindra Bank were the biggest gainers on the Nifty,while losers included Tata Steel, Tech Mahindra, Power Grid Corporation, Wipro and Titan Company.
On the sectoral front,the Bank index gained 0.5 percent, while Auto, FMCG, Metal, IT, Healthcare indices shed 1-2 percent.The BSE midcap and smallcap indices shed 1.2 percent each.
Rupee Close:
On 30 May'24,the Indian rupee falls 2 paise to 83.42 against the US dollar in early trade on Thursday, tracking the outflow of foreign capital amid volatile domestic equity markets.
Forex traders said a strong American currency also weighed on the local unit even as retreating crude oil prices capped the rupee's sharp fall.
Trading Guide:
Market experts have recommended these five buy or sell stocks for Thursday — Bajaj Auto, Zydus Wellness, Bharat Forge, Oberoi Realty, and Divi's Laboratories.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)