Benchmark indices saw a gap-up opening on May 29, and remained in the green throughout the day supported by financials and positive global cues amid progress on US debt ceiling negotiations. 10 out of 13 sectoral indices recorded gains, with financials rising over 1%. Sensex, Nifty neared their all-time highs amid broad-based buying.
NIFTY: The index opened 120 points higher at 18,619 and made a high of 18,641 before closing at 18,598. Overall, the Nifty was seen consolidating after the gap-up opening. RSI is now at 70, which indicates strength. Its immediate resistance level is placed at 18,700 while support is at 18,500.
BANK NIFTY: The index opened 258 points higher at 44,276 and closed at 44,311. Bank Nifty, too, saw a gap-up opening, breaking out from the rectangular channel of consolidation. Its immediate resistance level is now placed at 44,660 while support is at 44,150. The index closed at an all-time high.
Stocks in Spotlight
- Nucleus Software: Stock hits 20% upper circuit after quarterly net profit zooms to Rs 67.65 crore from Rs 18.29 crore in the year-ago quarter
- Ahluwalia Contracts: Stock hits 52-week high after company announces Q4 results. Net profit jumps 62% to Rs 72.2 crore while EBITDA soars 73% YoY to Rs 110.2 crore
- Greenlam Industries: Stock surges 13% on robust Q4 numbers. Net profit jumps 110% to Rs 54.32 crore while revenue rises 6% YoY to Rs 489.14 crore
- GMR Airports: Stock tumbles 10% post-Q4 results; Net loss for the March quarter widens to Rs 441.47 crore from a loss of Rs 141.28 crore in the year-ago quarter.
- Gold prices slip on US debt limit deal, Fed-rate-hike bets
- Japan stocks at highest since July 1990; Turkish Lira sinks to a record low
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