Top Stock Recommendations: Sagar Doshi of Nuvama suggests buying Indraprastha Gas, Sun TV, and HDFC AMC today
Stock Market News: Tuesday was the third consecutive day that the domestic stock indices, the Sensex and Nifty 50, finished lower due to profit-taking in capital goods, energy, and power stocks as well as nervousness around the election outcomes. India VIX spiked to 2-year high at 24.14.Following a day of fluctuation between gains and losses, the 30-share BSE Sensex closed at 75,170.45, down 220.05 points, or 0.29%.
It reached a peak of 75,585.40 and a low of 75,083.22 during the day. While the NSE Nifty started the day higher, it fell 44.30 points, or 0.19%, to end at 22,888.15.Prashanth Tapse, Research Analyst and Senior Vice President of Research at Mehta Equities, stated that the Nifty 50 continued to decline for the third day in a row as caution was exercised ahead of six major events: the US PCE Inflation on May 31st, the May F&O expiry on May 30th, the US GDP on May 30th, India's GDP on May 31st, and the May Auto Sales on June 1st.
In the short term, volatility should be expected among these significant developments.Also Read: Stock market today: Sensex, Nifty 50 fall for 3rd consecutive session; investors lose nearly ₹3 lakh crore in a dayThe Nifty 50 has ended flat for the third consecutive day after a big blowout rally seen on Thursday in last week’s trade. Market participants are staying cautious ahead of a general election outcome clubbed with a high VIX environment, as India VIX has gained over 100% in the past two fortnights.
Overall, Nifty 50 has gained over 1,200 points from this month’s low and is managing to consolidate in the same range ahead of the big event outcome. Chart patterns suggest that the index is ready to scale towards 23,500+ unless a close below 22,700 is not seen.Also Read: India's GDP
. Read more on livemint.com
