Did the Indian stock market end in green after positive global cues?
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Synopsis
On May 29, the Indian stock market closed positively, with both Sensex and Nifty rising amidst favorable global signals. Key sectors like IT and Pharma showed promising performance, while the market navigated challenges from rising oil prices and stagnant industrial output. Investors kept a watchful eye on crucial support levels for future movements.
Key Takeaways
- Sensex closed up by 320.70 points.
- Nifty increased by 81.15 points.
- Midcap and smallcap indices also showed positive performance.
- Key sectors like IT and Pharma performed well.
- Watch for support levels at 24,670.
Mumbai, May 29 (NationPress) The Indian stock market concluded the day in positive territory on Thursday, buoyed by favorable global cues. The Sensex climbed by 320.70 points or 0.39 percent to settle at 81,633.02, while the Nifty witnessed an increase of 81.15 points or 0.33 percent, finishing at 24,833.60.
Investor interest was evident across midcap, smallcap, and largecap stocks. The Nifty Midcap 100 index surged by 315.85 points or 0.55 percent to 57,457.25, while the Nifty Smallcap 100 index rose by 105.40 points or 0.59 percent to 17,889.
From a sectoral perspective, indices in metal, IT, financial services, realty, media, and energy showed positive movement, whereas the PSU Bank, FMCG, and PSE sectors faced declines.
“The global sentiment saw an uplift after a U.S. court overturned Donald Trump’s reciprocal tax policy. However, the domestic market remained largely rangebound throughout the day due to escalating oil prices and rising U.S. 10-year bond yields,” noted Vinod Nair, Head of Research at Geojit Investments Limited.
A recovery was observed towards the end of the session, primarily driven by F&O expiry-related covering.
“Sectors focused on exports, like IT and Pharma, showed strong performance amid hopes of reduced trade tensions. The absence of positive domestic catalysts and a drop in industrial output to an eight-month low may lead to short-term consolidation in the market,” he mentioned.
The Nifty experienced a volatile session during the monthly expiry, with momentum remaining weak as the RSI continues to point downward.
“The next significant support level is at 24,670. If the index falls below this threshold, a sharp correction could ensue, potentially dragging it to 24,400 or 24,300. Conversely, if the Nifty maintains above 24,670, it could see a robust recovery towards 25,000 or 25,150 in the near term,” stated Rupak De from LKP Securities.
Gold prices remained weak during the first half of the session after FOMC meeting minutes suggested that the U.S. Federal Reserve is unlikely to lower interest rates soon, keeping a data-dependent approach. In the domestic market, MCX gold is holding support near Rs 94,000, with resistance around Rs 96,500, as per experts.
Point of View
We recognize the resilience of the Indian stock market amidst challenging global conditions. The recent gains reflect investor optimism, but caution is warranted given the potential for volatility. Our coverage aims to provide a balanced view of market dynamics, ensuring our readers are well-informed.
NationPress
11/06/2025
Frequently Asked Questions
What led to the rise in the Indian stock market?
The Indian stock market rose due to positive global cues, including the overturning of a tax policy in the U.S., which improved investor sentiment.
How did the Sensex and Nifty perform?
The Sensex closed up by 320.70 points (0.39%), while the Nifty increased by 81.15 points (0.33%).
What sectors performed well during this session?
Sectors such as metal, IT, financial services, realty, media, and energy saw gains, while PSU Bank, FMCG, and PSE sectors declined.
What are the key support levels to watch?
The crucial support level for the Nifty is at 24,670. A drop below this could lead to further corrections.
What is the outlook for gold prices?
Gold prices are expected to face pressure due to the Federal Reserve's stance on interest rates, with support near Rs 94,000.
