ICICI Bank, Axis Bank, HDFC Bank, SBI, and Kotak Bank were the major gainers in the Nifty 50. While Tata Steel, Tech Mahindra, Power Grid, Wipro, and Titan were the key laggards in the Nifty 50 on May 30.

Courtesy: NSE

In terms of stock performance, Brigade Enterprise shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 19.15% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 50.78%, indicating a strong upward trend. 

Year-to-date, Brigade Enterprise shares have surged by 37.54%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 127.77% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.

Morgan Stanley has issued an Equal-Weight call on Tata Steel, setting a target price of Rs 135. The report highlights that the company’s consolidated EBITDA surpassed expectations, driven by better-than-anticipated performance in both its domestic and overseas businesses. 

In the domestic market, Tata Steel’s Kalinganagar Phase 2 expansion remains on track. This significant project is poised to enhance the company’s production capacity and improve its competitive edge. 

The expansion includes the development of advanced steel manufacturing facilities, which are expected to support Tata Steel’s long-term growth strategy by meeting increasing domestic demand and improving product offerings.

Gold prices slipped for a second consecutive session on Thursday as the U.S. dollar and Treasury yields edged higher ahead of key inflation data, which could offer further clarity on the Federal Reserve’s interest rate plan.

Spot gold was down 0.4% at $2,330.44 per ounce, as of 0311 GMT, after falling 1% on Wednesday. U.S. gold futures fell 0.5% to $2,328.60.

The dollar strengthened 0.5%, making the greenback-priced bullion less attractive for other currency holders, while benchmark U.S. 10-year bond yields lingered near the multi-week highs hit in the previous session.

Commenting on the Gold outlook Bhavik Patel Sr. Commodity/Currency Research Analyst at TradeBulls Securities said that Gold market in MCX is consolidating in range of 71200-72700. Friday’s PCE data will give momentum to gold either upside or downside. Momentum oscillator is neutral at 50 and we believe 70,000 still proves to be strong base for the market.

Patel also added that Any bullish trend will be reversed if Gold breaches below 70,000. For the week, we would recommend traders to wait for Friday’s PCE data to be published before taking any positions as market will react to the numbers. Any higher than expected PCE data will be negative for gold while if data comes lower or equal to expectation, then we may see gold consolidation continue for next week.

An activist investment firm Snowcap Research has analysed Adani Green Energy and gave five main points: mixed operational performance, declining project returns, 50GW funding concerns, inflated run-rate EBITDA, and related party merchant power sales, reported Live Mint in a news report.

ICICI Bank, Bharti Airtel, HDFC Bank, Kotak Mahindra Bank, and State Bank Of India are the top gaines on NSE Nifty 50 index whereas the top laggards inclde Tata Steel, Titan Company, Shriram Finance, Nestle India, and Power Grip Corp.

The NSE Nifty 50 was down 147.20 points or 0.65% at 22,557.50, while the BSE Sensex was down 416.71 points or 0.56% at 74,086.19.

The shares of Tata Steel plunged over 4% in the early trading session on Thursday, after the company reported a 64% dip in net profit year-on-year in Q4FY24 on Wednesday. The share price of Tata Steel slipped 4.27%, reaching an intra-day low of Rs 166.80 on the NSE.

Power Mech Projects Limited (PMPL) announced on Wednesday that it has secured its first construction project in the critical nuclear power sector. The company has been awarded a Rs 563.23 crore order from BHEL – Power Sector Southern Region for civil, structural, and architectural works of the Turbine Island package for the 2 x 700 MWe PHWR Kaiga Atomic Power Project (Units 5 and 6) in Uttar Kannada Dt., Karnataka.

Multibagger stock Kfin Technologies dropped over 7 percent in intra-day trading on Thursday after 6 percent equity in the financial services firm was exchanged in a block deal at a floor price of Rs 720. This floor price was more than 3% lower than the stock’s previous closing price of Rs 744.05.

Shares of Awfis Space Solutions listed at a premium of nearly 14% above the issue price on Thursday, May 30. The stock opened at Rs 435 on the NSE, a 13.58% premium over the issue price of Rs 383. This was below analyst expectations, who had anticipated a 25-30% premium gain, supported by strong subscription numbers.

“The Bank Nifty index has demonstrated a clear shift in sentiment by opening below its support level at 49,000 and trading beneath it. It closed near its 21-day EMA at 48,400. If Bank Nifty fails to maintain above the 21-day EMA, further selling pressure may drive it down to 48,000. Consequently, 48,400 now serves as the support level for Bank Nifty, with 49,000 acting as the new resistance level,” said Rupak De, Senior Technical Analyst, LKP Securities.

Shares of Edelweiss Financial Services plummeted by as much as 17% to hit intra-day low of Rs 65.20 on Thursday following the Reserve Bank of India’s imposition of immediate restrictions on two of its entities on Wednesday, citing significant supervisory concerns.

Securities, said Bears remained in control, leading to a sharp fall in Nifty. During the day, heavy call writing activities were seen at the 23,000 and 22,800 strikes, while put writing activities were visible at the 22,800 and 22,700 strikes. The option data suggests that Nifty might expire around 22,800. On the other hand, a fall below 22,700 might trigger additional selling pressure in the market. Immediate resistance is placed at 22,800.

State Bank Of India, ICICI Bank, Axis Bank, Kotak Mahindra Bank, and ONGC are the top gainers on NSE Nifty 50 index whereas top laggards include Tata Steel, Power Grid Corp, JSW Steel, Nestle India, Titan Company.

The NSE Nifty 50 opens down by 0.38% at 22,617.45, while the BSE Sensex drops 0.18% to 74,356.90 in the opening trade.

The NSE added GMR Airports Infrastructure, Aditya Birla Fashion & Retail, Hindustan Copper, and Vodafone Idea in F&O on May 30, 2024.

Foreign institutional investors (FII) sold shares worth Rs 5,841.84 crore, while domestic institutional investors (DII) bought shares worth Rs 5,233.79 crore on May 29, 2024, according to the provisional data available on the NSE.

WTI crude prices are trading at $79.14 down by 0.18%, while Brent crude prices are trading at $83.42 down by 0.15%, on Thursday morning.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.46% at 105.14.

A global equities gauge fell on Wednesday while U.S. Treasury yields rose after a third weak government debt auction in a row, and investors worried about higher interest rates while they waited for a key U.S. inflation report due on Friday, reported Reuters. The tech-heavy Nasdaq Composite ended down by 99.30 points or 0.58% at 17,920.58. The S&P 500 ended lower by 39.09 points or 0.74% at 5,266.95, while the Dow Jones Industrial Average ended lower by 411.32 points or 1.06% at 38,441.54.