Stock markets decline for third day in volatile trade ahead of poll results

The NSE Nifty dropped 44.30 points or 0.19% to settle at 22,888.15 despite beginning the day on a positive note

Published - May 28, 2024 05:02 pm IST - Mumbai


File. | Photo Credit: Reuters

Benchmark equity indices Sensex and Nifty closed lower on May 28 in highly volatile trade, extending their losing run to the third day in a row as investors opted for profit-taking amid uncertainty ahead of the results of Lok Sabha polls.

After gyrating between gains and losses during the day, the 30-share BSE Sensex finally ended 220.05 points or 0.29% lower at 75,170.45. During the day, it hit a high of 75,585.40 and a low of 75,083.22.

The NSE Nifty dropped 44.30 points or 0.19% to settle at 22,888.15 despite beginning the day on a positive note.

From the Sensex firms, Power Grid, NTPC, Tech Mahindra, Bharti Airtel, Tata Motors, IndusInd Bank, Reliance Industries, Kotak Mahindra Bank and Maruti were among the laggards.

Asian Paints, Wipro, JSW Steel, Hindustan Unilever, Bajaj Finserv and Mahindra & Mahindra were among the biggest gainers.

"The Indian market exhibited mild consolidation post the recent sharp surge. The uncertainty-led volatility is likely to continue as the market approaches the election outcome," Vinod Nair, Head of Research, Geojit Financial Services said.

Sensex and Nifty hit lifetime high levels on Monday following gains in select auto, banking and IT shares. However, investors booked profits towards the end of the trade dragging the indices into the negative.

Analysts said mid- and small-caps underperformed, while defensive sectors like pharma and FMCG were optimistic.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower. European markets were trading on a mixed note.

US markets were closed on Monday for the Memorial Day holiday.

Global oil benchmark Brent crude climbed 0.13% to $83.21 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹541.22 crore on Monday, according to exchange data.

India's core monsoon zone covering most of the rain-fed agriculture areas in the country is likely to receive above-normal rainfall this season, the IMD said on Monday.

The BSE benchmark ended lower by 19.89 points or 0.03% at 75,390.50 on Monday. Intra-day, the barometer climbed 599.29 points or 0.79% to an all-time peak of 76,009.68.

The Nifty declined by 24.65 points or 0.11% to end at 22,932.45. The 50-issue barometer climbed 153.7 points or 0.66% to hit a new lifetime high of 23,110.80 during the day.

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