Sensex rebounds after 3day hiatus Nifty above 22000 levels

The domestic share market indices traded higher on Friday, driven by strength in auto and energy sectors, following the positive performance of global counterparts. At close the Sensex was up 260.30 points or 0.36 percent at 72,664.47,and the Nifty was up 97.70 points or 0.45 percent at 22,055.20.About 2,035 shares advanced, 1,613 shares declined, and 138 shares remained unchanged. Highlights of trade
●BPCL rises 4% despite 35% fall in Q4 PAT,
●Gold opens above Rs 72,000/10 grams on Akshaya Tritiya,
●JPMorgan maintains an overweight rating on SBI,
●Macquarie upgrades Escorts to outperform from neutral rating,
●Go Digit announces price band of Rs 258-278 for upcoming IPO.
Hero MotoCorp, Britannia Industries and HUL top gainers on the Nifty,while losers included Shriram Finance, Dr Reddy's Lab, Titan.
Nifty Metal led gains, up 1.5%, with FMCG, Auto, and Pharma following at 1% each. Nifty IT led losses, down 0.8%, trailed by Nifty Realty and Nifty PSU Bank, both down 0.4% and 0.3% respectively.BSE MidCap, SmallCap losses around 3.5 percent and 3.9 percent respectively.
Rupee Close:
On 10 May'24,the Indian rupee settled on flat note at 83.51 against US dollaron Friday, as the support from positive domestic equities was negated by elevated crude oil prices.Forex traders said the strength of the American currency in the overseas market and significant foreign fund outflows dented investors' sentiments.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services said,Indian markets largely remained positive; however, a trend of sell-on rally is emerging given domestic premium valuation and election jitters creeping in the minds of investors given lower voter turnout. Financials remained weak on account of signs of contraction in NIMs and the RBI's regulatory actions. FIIs continue to remain sellers given delays in rate cuts, inflationary concerns, moderation in corporate earnings, and premium valuation. Apart from US consumer and inflation data, the possibility of US tariff actions on Chinese EV companies will attract market attention.
Market experts have recommended five buy or sell stocks for today — Infosys, ITC, Aegis Logistics, TVS Motor, and Sun TV.

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