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CAPITALSTARS INDIAN EQUITY MARKET WRAP UP – 23 MAY 2019

Thursday Equity Wrap Up

Closing Bell: Indices end in the red after record rally; Nifty at 11,657, Sensex down 298 pts @ 30614.

Benchmark indices ended lower on May 23 as they wiped out all its intraday gains after hitting record highs in the morning trade.
At close, the Sensex was down 298.82 points at 38811.39, while Nifty was down 55.40 points at 11682.50. About 1182 shares have advanced, 1303 shares declined, and 170 shares are unchanged.
IndusInd Bank, Zee Entertainment, Adani Ports, Grasim Industries and Cipla were among major gainers the Nifty, while losers were Vedanta, Eicher Motors, ITC, Hindalco and Bajaj Finserv.
Among sectors, except infra (up 1 percent) all other sectoral indices ended in red led by FMCG, energy, metal, IT, auto and pharma.

HEADLINES OF THE DAY
Benchmark indices wiped out all its intraday gains and trading lower after hitting record highs in the morning trade.
Rupee at day’s low: The Indian rupee erased all its morning gains and trading lower by 19 paise at 69.85 per dollar versus previous close 69.66.
Shares of ITI gained 3 percent on May 23 after it signed a Memorandum of Understanding (MoU) with the Department of Telecommunications, Ministry of Communications, Government of India for the year 2019-20.
PSU banks rally 3-13%: PSU banks are prominent gainers on May 23 when the counting of votes for Lok Sabha elections indicated that BJP is set to form government again.

The crucial resistance for Nifty spot is now seen at 11800 and above this 12000 Support for the immediate term is now placed at 11520 next support will be 11380.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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