Stock market today: The domestic benchmark settled mixed on Tuesday, May 21. The blue-chip NSE Nifty 50 edged higher aided by buying interest in metal and mining stocks though selling pressure in financial counters played spoilsport and limited the upside. Nifty 50 gained 0.12 per cent, or 27.05 points, to settle at 22,529.05, while the BSE Sensex settled flat, 0.07 per cent, or 52.63 points, to close at 73,953.31.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Among the Nifty companies, 27 stocks were declining while 23 stocks were advancing. Hindalco, Coal India, Tata Steel, JSW Steel and Adani Ports were the top gainers on the Nifty50, while notable losers included Nestle India, Hero MotoCorp, Maruti Suzuki, IndusInd Bank and ICICI Bank. 

Nifty Bank settled 0.31 per cent lower at 48,048.2. Meanwhile, the domestically focussed Nifty SmallCap 100 and Nifty MidCap100 settled mixed. Nifty SmallCap 100 was down 0.41 per cent while later gained 0.38 per cent, respectively.

Among individual stocks, Nestle India fell nearly 2 per cent, walking back gains made in the previous session, KitKat chocolate maker has rejected a proposal by the company to increase the amount of royalty payment to its parent firm.

The Consumer products firm was the top loser on the benchmark Nifty 50. Bharat Electronics closed 5.87 per cent higher, after scaling an all-time high post reporting a strong in March-quarter profit. Oil India settled 2.37 per cent higher after scaling an all-time high post a rise in fourth-quarter profit.

"The domestic market experienced a sideways trend and concluded on a flat note today, halting a three-day streak of gains as cautious comments from US Fed officials weighed on investor sentiment," Vinod Nair, Head of Research, Geojit Financial Services said.  

"As the general election approaches its final stages, volatility is anticipated to remain elevated. However, despite the ongoing volatility, the market has nearly recouped the losses from the previous peak. Metal stocks saw an uptick, propelled by increasing commodity prices, while the midcap index touched a new high," he added. 

Global Market

European stocks edged lower on Tuesday, following losses in Asian market, as calls from US Federal Reserve officials for policy caution tempered investor enthusiasm about potential interest rate cuts this year.

The pan-European STOXX 600 index slipped 0.5 per cent seen at the last count.  

"Global shares retreated Tuesday, even as US Federal Reserve officials tempered investor enthusiasm about potential interest rate cuts as they called for policy caution and traders opted to take profits after being spooked by a surge in commodity prices," said Deepak Jasani - Head Retail Research, HDFC Securities. 

(with agency inputs)

For all other news related to business, politics, tech and auto, visit Zeebiz.com.