FIRST TRADE: Indices edge higher; NALCO up over 4%, Natco Pharma up over 5%

Stock market today: Domestic equity benchmarks edged higher on Tuesday, May 28, tracking Asian peers. Last seen, both indices were up 0.14 per cent Sensex was up 101.91 points at 75,492.41 and Nifty50 climbed 33.2 points or at 22,965.65. 

"The Auto sector has reached the higher end of the rising channel which suggests a short-term reversal; however, stock-specific activity will continue. Bearish divergence in the Energy segment denotes a temporary pause in its uptrend, but we are bullish on OMCs as far as components are concerned," said Aditya Gaggar, Director of Progressive Shares.

Gaggar added after a spectacular run-up, the Metal sector is oscillating in a small range; one can expect a continuation of the same rally, post the consolidation breakout. A couple of PSU Banking stocks have given a strong breakout which shows an extension of their uptrend (IOB, PSB, and Uco Bank-Symmetrical Triangle Breakout)

In the broader market, Nifty Midcap 100 and Smallcap 100 traded in the green. High-beta Nifty Bank was up 0.32 per cent at 49,438.65.

BUZZING STOCKS

NALCO shares were up over 4 per cent after the company posted good operational Q4 results.

Natco Pharma shares were up over 5 per cent after the company reported good Q4 results.

LIC shares were up nearly 1 per cent after the company reported its Q4 results.

Sumitomo Chemical shares were up over 5 per cent after the company reported good Q4 results. 

Vishnu Prakash shares were up over 6 per cent after the company reported good Q4 results.

Timken India shares were up over 6 per cent after block deal reports.

Conversely, Inox Wind shares were down over 9 per cent and  Inox Wind Energy shares were down over 3 per cent after reports suggested that Inox Wind's promoter entity IWEL might sell up to a 5 per cent stake in the company through a block deal soon.

Catch all the updates of May 28 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com. 

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