Indian equity benchmarks settled near their intraday high
points on Friday with gains of more than a per cent. After a positive start, the market traded higher for the whole session, as the economic research firm Centre
for Monitoring Indian Economy (CMIE) has estimated that the labour participation
rate (LPR) was higher in rural India during the period January to April 2022.
Also Read| Memorial Day: History and significance
LPR,
defined as the number of persons in the labour force employed as a percentage
of the working-age population, is 40.9 in rural India as compared to 37.4 in urban
India during the period January to April 2022.
Also Read| Nadal vs Djokovic: French Open 2022 hosts chapter 59 of iconic rivalry
During the trading
session, market participants were seen taking a note of a private report
stating that the Reserve Bank will opt for a larger, 0.50%, hike in key rates
at its next monetary policy review in June to protect medium-term economic
stability in face of the uncomfortable inflation situation.
Also Read| Why Volodymyr Zelensky fired Kharkiv’s top security services officer
The Nifty50 is on the verge of taking out key resistance
at 16,415 on the daily chart after after making a hammer pattern on Thursday,
according to Subash Gangadharan, Senior Technical and Derivative Analyst at
HDFC Securities.
The index has staged a crossover as its 20-period level
has topped the 50-period mark, suggesting near-term strength, he pointed out.
Also Read| Red Bulls dominate Monaco GP, Sergio Perez first, Max Verstappen third
Sensex rallied 632.13 points or 1.17% to 54,884.66 and
Nifty was up by 182.30 points or 1.13% to 16,352.45 in the previous session. Sensex
touched a high and low of 54,936.63 and 54,449.34, respectively. There were 22
stocks advancing against 7 stocks declining, while 1 stock remained unchanged
on the index. Nifty traded in a range of 16,370.60 and 16,221.95. There were 37
stocks advancing against 13 stocks declining on the index.
Also Read| Texas police conducted active shooter training weeks before school shooting
Broader
Indices
The broader indices ended in green with the BSE Midcap
index up by 1.69%, while the Small cap index was up by 1.20%. On the sectoral front, IT
was up by 2.38%, TECK up by 1.84%, Capital Goods up by 1.69%, Industrials up by
1.58% and Auto up by 1.50%, while Oil & Gas down by 0.88%, PSU down by
0.62%, Energy down by 0.54%, Metal down by 0.48% and Utilities down by 0.23%
were the top losing indices on BSE.
Also Read| Who is Skylar Dewayne Buckner, alleged Oklahoma festival shooting suspect?
India
VIX Index
Nifty or India VIX, a gauge of the market’s expectation
of volatility over the near term, fell 5.45% to 21.48 on Friday.
Also Read| Marcus Ericsson wins Indianapolis 500 after late stoppage drama
SGX Nifty
The trends on SGX Nifty indicate a positive opening for
the index in India with a 45-points gain. The Nifty futures were trading at
16,467.00 on the Singaporean Exchange around 06:40 hours IST.
Also Read| Oklahoma festival shooting: 1 dead, 7 injured in Memorial Day event in Taft
Support
and Resistance levels
The key support level for the Nifty is placed at 16,259,
followed by 16,166. If the index moves up, the key resistance levels to watch
out for are 16,408 and 16,464, according to pivot charts.
Also Read| IPL 2022: Skipper Pandya wants Gujarat Titans to be a team people remember
The S&P 500 rose 100.40 points, or 2.5%, to 4,158.24
The Dow Jones Industrial Average rose 575.77 points, or 1.8%, to 33,212.96
The Nasdaq rose 390.48 points, or 3.3%, to 12,131.13
The Russell 2000 rose 49.62 points, or 2.7%, to 1,887.86
Also Read| No upper age limit for Russian military: What it says about Putin’s forces
Asian
Markets
Asian markets finished mostly higher on Friday. The
Nikkei 225 rose 0.66% and the Hang Seng rose 2.89%. The Shanghai Composite rose
0.23%.
Also Read| Nancy Pelosi’s husband Paul arrested in California for DUI: Reports
European
Markets
European markets were higher on Friday, Germany’s DAX was
up by 0.67% while France’s CAC 40 was up by 0.83% and London’s FTSE 100 was up
by 0.16%.
Also Read| The Sidhu Moose Wala wrapsheet: 3 notorious legal cases
Major
News Headlines
Adani
Enterprises subsidiary acquires 50% stake in General Aeronautics
Adani Defence Systems and Technologies Limited, the
wholly-owned subsidiary of Adani Enterprises Limited (AEL) announced a 50% stake
acquisition in Bengaluru-based commercial drone player General Aeronautics
Private Limited. Made for an undisclosed amount, the 50% stake acquisition will
help Adani Defence Systems and Technologies to leverage its own military drone
as well as artificial intelligence
(AI) and machine learning (ML) capabilities for extending work into the
domestic agricultural sector. General Aeronautics provides
robotic drones and drone-based solutions for crop protection services, crop
health, precision- farming and yield monitoring using artificial intelligence
and analytics for the agricultural sector.
Also Read| Gujarat Titans beat Rajasthan Royals, win IPL 2022
JSW
Steel Q4 Results: Net profit decline 20% to Rs 3,343 crore due to higher
expenses
JSW Steel reported a 20% decline in its consolidated net
profit to Rs 3,343 crore for the March 2022 quarter, dragged by higher
expenses. The company had posted a net profit of Rs 4,191 in the year-ago
period. Consolidated revenue surged 74% year on year to Rs 46,895 crore against
net revenue of Rs 26,943 crore registered in the year-ago quarter. The company
has recommended a dividend of Rs 17.35 per equity share of Rs 1 each for the
year ended March 31, 2022.
Also Read| With Pandya’s wicket, Yuzvendra Chahal beats Imran Tahir in huge IPL feat
Nykaa
Q4 Results: Net profit declines 49% to Rs 8.56 crore
FSN E-Commerce Ventures Ltd, Nykaa’s parent company, has
reported a steep 49% decline in profit to Rs 8.56 crore for the March 2022
quarter from Rs 16.88 crore reported in the year-ago period. Revenue from
operations rose to Rs 973 crore from Rs 741 crore.
Also Read| Captain Hardik Pandya puts up a ‘Titan-ic’ show in IPL 2022
Hinduja
Global Solutions Q4 Results: Net profit jumps to Rs 5,686 crore on one-off
gains
Business process management firm Hinduja Global Solutions
reported a multi-fold jump in its consolidated profit after tax to Rs 5,686 crore
for the March quarter of fiscal 2021-22, mainly on account of a one-time gain
from the divestment of its healthcare service business. The company had reported a
profit after tax of Rs 130.32 crore in the year-ago period. The consolidated revenue from operations
grew 13.57% to Rs 865.46 crore during the reported quarter, from Rs 762 crore
in the year-ago period. The
company announced a final dividend of Rs 25 per share post one bonus share
against each share.
Also Read| From Ranveer Singh to Akshay Kumar: Celebs spotted in IPL 2022 final
KUNAL DAGA bought 54,000 shares in Destiny Logistics & I Limited at Rs 17.42 per share on the NSE.
VISHESH GUPTA sold 43,59,345 shares in Integra Essentia Limited at Rs 0.15 per share on the NSE.
RAMLAL KANWARLAL JAIN sold 50,00,000 shares in Orient Green Power Co Limited at Rs 9.05 per share on the NSE.
Also Read| Lockie Ferguson beats Umran Malik, bowls fastest ball of IPL 2022
SAJJAN KUMAR JALAN HUF bought shares in Kshitij Polyline Limited at Rs 29.04 per share on the NSE.
RAJAN GUPTA bought 22,000 shares in M K Proteins Limited at Rs 203.18 per share on the NSE.
GOLDMAN SACHS FUNDS – GOLDMAN SACHS INDIA EQUITY PORTFOLIO bought 41,32,211 shares in Paradeep Phosphates Limited at Rs 45.95 per share on the NSE.
Also Read| Ohi same beef ne: Sidhu Moosewala’s top controversies
AMITNEEMA sold 1,00,000 shares in Shanti Overseas (Ind) Limited at Rs 33.70 per share on the NSE.
PAULKAMNATHSREEKAMNATH sold 51,000 shares in Sonu Infratech Limited at Rs 23.45 per share on the NSE.
VINOD HARILAL JHAVERI sold 30,000 shares in Uravi T And Wedg Lamp Limited at Rs 130.00 per share on the NSE.
Also Read| Jos Buttler dominance: RR batter’s 2022 tally second-highest in IPL history
Foreign institutional investors (FIIs) sold shares worth
a net Rs 1,943.1 crore, while domestic institutional investors (DIIs) bought
shares worth a net Rs 2,727.47 crore in the Indian equity market on May 27, as
per provisional data available on the NSE.
Also Read| Gangster rapper Moose Wala goes gangster style: All you need to know
The National Stock Exchange has not put any stock under
the F&O ban for May 30. Securities in the ban period under the F&O
segment include companies in which the security has crossed 95% of the
market-wide position limit.
