FIRST TRADE: Indices in red amid weak global cues; Tata Steel down over 2%

Stock market today: Domestic equity indices opened lower amid weakness in global stocks and ahead of general election results which are slated to be released next week. Last seen, both indices were down 0.17 per cent, Sensex was down 124.29 points at 74,378.61 and Nifty slipped 37.8 points at 22,666.9. 

"There will be heightened volatility on June 3 and June 4. If the exit polls indicate a clear trend, which is favourable from the market perspective, buying decisions will be easy even after a spike in prices.

A major concern is the spike in US bond yields pushing the 10-year yield above 4.6 per cent. This can trigger a continuation of the FII selling which will depress the prices of large caps further," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. V K Vijayakumar added the highly valued mid and small caps remaining resilient and the fairly valued large caps turning weak is a short-term aberration. Long-term investors can profit from this temporary aberration

In the broader market, Nifty Midcap 100 and Smallcap 100 traded over lower. High-beta Nifty Bank was up 0.44 per cent at 48,712.7 on the monthly expiry day. 

BUZZING STOCKS

Emami shares were up over 11 per cent a day after the company posted its Q4 results.

Aadhar Housing shares were up nearly 2 per cent after the company posted its Q4 numbers. 

R R Kabel shares were up over 2 per cent after reports about the block deal.

Conversely, Tata Steel shares were down over 2 per cent after the company reported its Q4 results. 

SJVN shares were down over 4 per cent after the company posted operationally weak Q4 numbers. 

Edelweiss Financial Services shares were down over 12 per cent after RBI took strict action against ECL Finance and Edelweiss ARC.

KFin Technologies shares were down over 5 per cent after reports of block deal.

IRB Infrastructure shares were down over 8 per cent after reports around the block deal.

Catch all the updates of May 30 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com. 

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