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MARKET COMMENTARY

( As on May-29-2024 08:47 )

The benchmark Sensex and Nifty indices are expected to open weak on May 29, following GIFT Nifty trends indicating a loss of 84 points for the broader index.

Benchmark indices consolidated in yesterday’s trading sessions, as traders preferred to take home some profit ahead following the recent surge to record high levels. Meanwhile, India VIX rose to a 2-year high, with less than a week to go for the Lok Sabha election results next week. On Tuesday, the 30-share benchmark index ended at 75170.45 down by -220.05 points or by -0.29 % and then NSE Nifty was at 22888.15 down by -44.3 points or by -0.19 %.

On the global front, Overnight, the US market ended on a mixed note with tech-laced benchmark Nasdaq topping the 17,000-mark for the first time driven by Nvidia rally. The index was up 0.6, the S&P 500 inched 0.1 per cent higher, while Dow Jones slipped 0.6 per cent.

That apart, the US treasury yields rose on Tuesday on the back of an unexpected rise in consumer confidence. The focus now shifts to the upcoming GDP and PCE (Personal Consumption Expenditure) data along with several Fed officials' speeches later this week.

Back home, Top traded Volumes on NSE Nifty – Tata Steel Ltd. 39208456.00, HDFC Bank Ltd. 13954452.00, State Bank of India 13818893.00, Hindalco Industries Ltd. 12925385.00, Power Grid Corporation of India Ltd. 10935739.00, On NSE, total number of shares traded was 394.37 Crore and total turnover stood at Rs. 102737.47 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 576516 with a total turnover of Rs. 37118.78 Crore. Along with this total number of contracts traded in stock futures were 3877862 with a total turnover of Rs. 302161.33 Crore. Total numbers of contracts for index options were 490656439 with a total turnover of Rs. 39241973.32 Crore. and total numbers of contracts for stock options were 7596132 with a total turnover of Rs. 647091.28 Crore.

The FIIs on 28/05/2024 stood as net buyer in equity and debt. Gross equity purchased stood at Rs. 15033.19 Crore and gross debt purchased stood at Rs. 3860.90 Crore, while the gross equity sold stood at Rs. 14337.03 Crore and gross debt sold stood at Rs. 889.24 Crore. Therefore, the net investment of equity and debt reported were Rs. 696.16 Crore and Rs. 2971.66