Gains in large-caps like Bharti Airtel, Asian Paints, Tech Mahindra, Sun Pharm, and Tata Motors could not offset a sharp selloff in heavyweights such as Reliance Industries, HDFC twins, and SBI.

Also, global trends played a key role in dictating the domestic market’s mood.

Notably, midcap and smallcap stocks outperformed benchmarks. Nevertheless, Sensex held above the 62,600 mark and Nifty 50 stayed over the 18,500 level — hence maintaining their outperformance compared to other Asian peers and developed markets.

Sensex settled the day by falling 346.89 points or 0.55% to 62,622.24. Nifty 50 dipped by 99.45 points or 0.53% to close at 18,534.40. Bank Nifty plunged by 308.20 points or 0.69% to finish at 44,128.15. Also, Nifty Financial Services dropped nearly a percent.

Smallcap stocks were top gainers by advancing over 205 points on BSE, followed by midcaps whose index jumped by over 145 points. In terms of sectoral indices, on BSE, BANKEX shed nearly 425 points, Metal dipped over 230 points and Oil & Gas index slipped over 189 points. On the contrary, the Consumer Durables index climbed over 295.5 points, while IT, pharma, and capital goods stocks jumped between 100 points to 150 points. The Telecom index saw a huge 2.15% upside.

On the latest market performance, Vinod Nair, Head of Research at Geojit Financial Services said, “As indicated by multiple economic data points, the Indian economy is presently experiencing a robust recovery, leading to an upward trend in domestic equity markets. However, the rally is being hindered at times due to negative signals from global peers, as observed today.”

Nair added, “Concerns about a recession and potential interest rate hikes in western markets are impacting the domestic market but it is nevertheless maintaining the outperformance.”

There were more stocks on the decline side than in the advance basket on the last trading day of May month.

On May 31st, about 1,725 stocks advanced while 1,784 stocks declined. Only 136 stocks remained unchanged. However, a total of 172 stocks touched their new 52-week highs, while merely 38 stocks clocked fresh 52-week lows.

Here is the list of top gainers and losers during Wednesday’s session:

Sensex:

Top gainers: Bharti Airtel (+4.78%), Tech Mahindra (+2.08%), Asian Paint (+1.74%), Sun Pharma (+1.60%), and Tata Motors (+1.47%).

Top losers: Axis Bank (-2.44%), SBI (-2.07%), Reliance Industries (-1.77%), HDFC (-1.67%), and HDFC Bank (-1.57%).

Nifty 50:

Top gainers: Tech Mahindra (+2.33%), Bharti Airtel (+1.90%), Kotak Bank (+1.87%), SBI Life (+1.82%), and Sun Pharma (+1.71%).

Top losers: ONGC (-3.24%), NTPC (-2.35%), Axis Bank (-2.13%), Reliance Industries (-2.10%), and HDFC (-1.81%).

BSE:

Top gainers: Jindal Saw (+15.62%), Indo Count Industries (+10.10%), Suzlon Energy (+10.03%), Tega Industries at 10% upper circuit, and Eureka Forbes (+9.39%).

Top losers: KRBL (-9.65%), DB Realty (-6.76%), National Standard (India) (-5.04%), Cholamandalam Financial Holdings (-4.83%), and Adani Total Gas (-4.77%).

Adani Total Gas was impacted due to its exit from MSCI’s Global Standard index with effect from May 31, 2023.

NSE:

Top gainers: Bhartiya International, Kaushalya Infrastructure Development, Arman Financial Services, and V2 Retail ended at 20% upper circuit each. Jindal Saw followed with a 13.96% upside.

Top losers: Trigyn Technologies (-13.22%), Lumax Auto Technologies (-10.11%), Kellton Tech Solutions (-9.97%), Trejhara Solutions (-9.95%), and KRBL (-9.60%).

Updated: 31 May 2023, 04:15 PM IST