FIRST TRADE: Sensex opens flat, Nifty tests 18,600; Sobha climbs 9%

Stock market today, May 30, 2023: After edging toward record highs in the previous session, the domestic equity market was in consolidation mode on May 30, Tuesday. In the opening deals, the S&P BSE Sensex traded flat at 62,860.39 levels while the NSE's Nifty was hovering around 18,600 points. 

Among individual stocks, realty developer Sobha climbed as much as 9 per cent on robust Q4 numbers. IRCTC, on the other hand, slipped as much as 3.1 per cent to Rs 625 post-March quarter numbers. After market hours on Monday, IRCTC reported a consolidated profit of Rs 278.8 crore for the January-March period, marking a jump of 30.4 per cent compared with the corresponding period a year ago. Its revenue grew 39.7 per cent on a year-on-year basis to Rs 965 crore, according to a regulatory filing.

According to Zee Business research, IRCTC was expected to report a consolidated net profit of Rs 258.6 crore for the three-month period and revenue of Rs 942 crore. READ MORE

In the broader market, the S&P BSE MidCap index was trading 0.39 per cent higher at 27,016.36 levels while the S&P BSE SmallCap index was trading at 30,305.33, up 0.17 per cent.

“Early gains are likely in Tuesday trades as steady optimism in other Asian indices is likely to keep the mood upbeat for local investors. Even as US markets were shut on Monday, the trading theme still revolves around the US debt agreement between US President Joe Biden and Republican Kevin McCarthy to raise the $31.4 trillion debt ceiling. The vote on the deal is likely to happen on Wednesday. Also, FIIs' relentless buying and hopes of a Fed rate hike pause could help maintain the buying momentum. Technically, all bullish eyes will now be at Nifty’s all-time-high at the 18888 mark, while Bank Nifty could be a big outperformer as the benchmark aims at its psychological 45,000 mark," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.