Share market

 Indian stock indices gave up historical gains and fell sharply in late trading sessions on May 27. The index hit a record high in a volatile trading session as the general election enters its final voting phase. The Nifty 50 index rose to a record high of 23,110.80 but then failed to sustain gains and ended down 25 points, or 0.11 per cent, at 22,932.45. Similarly, the BSE Sensex surged to a record high of 76,009.68, crossing the psychological mark of 76,000 for the first time. However, the index also gave up its historic gains in later trading sessions, closing down 20 points, or 0.03%, at 75,390.50. Oil and gas, power and metal stocks were the main drags. Bank stocks, on the other hand, pushed the index to new highs.


In the Nifty 50 index on May 27, Adani Enterprises, Wipro, Grasim Industries, ONGC and SBI Life Insurance ) led the decline.

Bulls faced strong resistance at the 23,000 level as investors started taking profits at higher levels to avoid any knee-jerk reaction in the market ahead of the election results. Improving earnings growth, expectations of recovery in private capex and moderating intensity of FII selling are the key positives for the market. India's fourth-quarter GDP and U.S. inflation data released this week will also influence investors' direction in the near term. "

Resistance on the Nifty index near 23,100 points, coupled with gains in the volatility index India VIX, limited the upside. We may see further consolidation in the index going forward, so participants should focus on prudent stock selection and effective trade management. "Bank Nifty is in line with other indices and hence we are witnessing continuation of positive price action. Support from major heavyweights in the index such as HDFC Bank, ICICI Bank, Axis Bank and IndusInd Bank are supporting the uptrend. We believe that in the short term Look, Bank Nifty may continue to rise towards 49700 – 49975. Trailing Stops for long positions should remain at 49000.

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