Stock Market Today: Domestic benchmark equity market indices started on a subdued note on May 30, mirroring weakness in Asian markets. The Sensex started at 81,471.22, down by 176.33 points, or 0.21 per cent. Similarly, the Nifty 50 began the session at 24,812.60, lower by 21 points or 0.08 per cent. Both indices exhibited back-and-forth motion, swinging between gains and losses in the early minutes of trade.
Earlier, on May 29, the Sensex ended up by 483.03 points or 0.59 per cent at 81,795.35, and the Nifty closed higher by 128.35 points or 0.52 per cent at 24,880.80.
On the other hand, the broader market indices firmly traded in the green. The Nifty Midcap 100 traded higher by around 0.5 per cent and the Nifty Smallcap 100 traded up by 0.22 per cent in early trade.
On the sectoral front, the Nifty IT index emerged as the top loser, falling nearly 1 per cent. Following it were Nifty Metal, and Nifty Auto. Other major sectoral indices like Nifty FMCG, Nifty Pharma, Nifty PSU Bank, Nifty Private Bank, Nifty Realty and Nifty Oil & Gas traded mostly in the green. The Nifty Bank index, which tracks the performance of the top 12 banking stocks, quoted higher by 0.12 per cent, above the 55,600 level.
Sensex, Nifty 50: Top Gainers & Losers
Among Sensex's 30 stocks, Adani Ports, Nestle India, Larsen & Toubro, Bajaj Finserv, Sun Pharma and Maruti led the gains. At the same time Infosys, Tech Mahindra, IndusInd Bank, HCL Technologies, Tata Steel and Mahindra & Mahindra dragged the index the most.
From the Nifty 50 pack, the top gainers were Coal India, Nestle India, Jio Financial Services, Trent, Grasim Industries and Adani Ports, while the top losers were Bajaj Auto, Tech Mahindra, Hindalco, IndusInd Bank, HCL Technologies, and Wipro.
US Market Rises After Court Reinstates Trump Tariffs
US stock market closed on a positive note on May 29 as investors reacted to a court ruling that reinstated President Donald Trump's tariffs. The appellate court's ruling came a day after US Court of International Trade had ordered an immediate block on the tariffs. The rally was also buoyed by gains in Nvidia shares after the AI chipmaker reported $18.8 billion profit in its quarterly earnings report.
The Dow Jones Industrial Average gained 117.03 points, or 0.28 per cent, to 42,215.73, the S&P 500 gained 23.62 points, or 0.40 per cent, to 5,912.17 and the Nasdaq Composite gained 74.93 points, or 0.39 per cent, to 19,175.87.
Asian Markets Trade Lower On Renewed Concerns Of Trade Tensions
In Asian markets, however, key indices traded lower on May 30 as the US appellate court's ruling allowed tariffs to stay in effect, renewing concerns that the tariff tensions are here to stay. Further, the Trump administration also made it clear that it will continue to pursue tariffs "through other means" even if it loses ongoing legal battles.
The widely-tracked Hong Kong-based Hang Seng traded lower by around 1.45 per cent in early trade. In China, the SSE Composite traded down by 0.31 per cent, and the SZSE Component quoted lower by 0.75 per cent. Japan's Nikkei 225 was down by 1.41 per cent and Topix was down by about 0.74 per cent. South Korea's Kospi too traded in the red by 63 per cent.
