EU gives final approval to Artificial Intelligence act, China allocates billions of dollars to bailout its crisis-hit property sector, BJP expels Bhojpuri superstar Pawan Singh for contesting LS polls as independent candidate, Juvenile board cancels bail of Pune teen driver who killed two in Porsche crash,

Sensex snaps 3-day winning streak, drops 118 pts in volatile trade

The Indian share market indices closed marginally lower on Wednesday ,tracking cues from rising domestic wholesale inflation, ahead of crucial US inflation data. At close, the Sensex was down 117.58 points or 0.16 percent at 72,987.03 and the Nifty 50 was down 17.30 points or 0.08 percent at 22,200.55.About 2,180 shares advanced,1,471 shares declined, and 135 shares were unchanged. Highlights of trade:
●Cipla rises 5% after promoter groups plan to sell 2.53% stake,
●UBS maintains a neutral rating on Bharti Airtel,
●Macquarie maintains neutral rating on Shree Cements,
●MSCI adds 13 Indian stocks to EM index, removes 3,
●Virat Kohli-backed Go Digit IPO opens for subscription.
●TBO Tek shares list at 55% premium over IPO price,
●Oil India to consider proposal for issue of bonus shares on May 20.
The domestic market is likely to remain volatile until the announcement of election results in June. However, analysts believe that the volatility related to elections is temporary, and remain optimistic about India's long-term growth prospects.
Nifty PSU Bank Index led gainers, up 1.4%, followed by Nifty Realty and oil & gas, both up 1%. Nifty FMCG Index was the top loser, down 1%, with Nifty auto down 0.5%. Nifty Bank and Nifty Private Bank indices slipped 0.3% each.The broader markets showed resilience with BSE Midcap rising 0.6 percent and BSE Smallcap gaining nearly 1 percent.
Rupee Close:
On 15 May'24,the Indian rupee appreciated 1 paisa to settle at 83.50  against the US dollar on Wednesday as the American currency retreated from its elevated level.However, sustained foreign fund outflows and a weak trend in domestic equities weighed on the local unit.
Trading Guide:
Market experts have recommended three stocks to buy — Birlasoft, GAIL, and RCF.

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

 


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