FINAL TRADE: Sensex ends May F&O expiry day 99 points higher, Nifty settles at 18,321

Stock market today, May 25, 2023: The benchmark indices managed to end Thursday's session (May 25), which was also the last day of the F&O contracts of the May series, in the green on the back of buying in heavyweights such as ITC, Bharti Airtel, Kotak Mahindra Bank, and Infosys. 

At close, the S&P BSE Sensex stood at 61,872.62, up 99 points, or 0.16 per cent while the NSE's Nifty ended at 18,321.15, up 36 points, or 0.20 per cent. On Sensex, Bharti Airtel (up 3 per cent) was the biggest gainer, followed by ITC (up nearly 2 per cent) and Kotak Mahindra Bank (up over 1 per cent). On the other hand, Wipro ended as the biggest laggard (down over 1 per cent). Tata Motors was the next biggest loser on the index. In the broader market, the S&P BSE MidCap index ended at 26,584.54, up 0.36 per cent while the S&P BSE SmallCap index ended 0.27 per cent higher at 30,014.82 points. 

“On the last day of the Monthly F&O series day, the benchmark indices witnessed a volatile trading session. The Nifty ended 36 points higher. Among sectors, Reality and Digital indices gained nearly 1 per cent whereas intraday profit booking was seen in PSU banks and Pharma stocks. Technically, after the morning intraday selloff, once again the Nifty took the support near 20-day SMA (Simple Moving Average) and bounced back sharply. It also formed a bullish candle on daily charts which supports a further uptrend from the current levels. We are of the view that 20-day SMA or 18,220 would be the sacrosanct support zone for the bulls. Above the same, the index could retest the level of 18,400-18,450. On the flip side, below 20-day SMA or 18,220, the uptrend would be vulnerable. Below the same, the market could slip till 18,150-18,100," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

In the May series, broader markets saw robust buying and outperformed headline indices by a decent margin. In particular, Nifty Midcap was up more than 5 per cent vs. Nifty return of 2 per cent. Among sectoral indices, auto, and FMCG stocks were standout performers, ICICI Securities said in a report issued on May 25, 2023.

BUZZING STOCKS

ITC shares hit a fresh 52-week high of Rs 442.50 apiece on the BSE today. ITC shares have grown about one-third in value in 2023 so far, sharply outperforming a one per cent rise in the overall market, and many analysts expect to see even higher levels in the stock going forward. The stock ended at Rs 441.10, up 1.76 per cent. FSN E-Commerce Ventures, the parent company of Nykaa, too, ended over 1.6 per cent higher at Rs 127.10 on the BSE. The company released its March quarter numbers yesterday.   LIC ended 1.7 per cent higher at Rs 603.60 on the BSE, a day after the company announced its March quarter numbers.

Hindalco, on the other hand, ended nearly a per cent lower at Rs 403.60 on the BSE after the company reported a 37 per cent fall in quarterly net profit. However, most brokerages remain upbeat on the stock, placing their targets as high as 30 per cent above the current market price.