Bulk of Indian Stocks: Top Performers and Decliners on May 27, 2023

Indian Stock Market Remains Unchanged Amid Uncertainty in West Asia

The Indian stock market remained largely unchanged in Wednesday's trade, 27 May, as investors turned cautious amid uncertainty surrounding a potential peace deal in West Asia following fresh US strikes on Iran. Weak participation from heavyweight stocks also weighed on Dalal Street.

The Nifty 50 closed the session at 23,907, down 0.03% from the previous close, while the Sensex ended 0.19% lower at 75,867. The broader markets, however, outperformed the headline indices, with the Nifty Midcap 100 rising 0.42% and the Nifty Smallcap 100 ending 0.15% higher.

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Sectoral performance remained mixed, with the Nifty Media index surging 3%, while the Nifty Metal rallied 1.67%. It was followed by Nifty Auto and Nifty Consumer Durables, which advanced 1.45% and 0.63%, respectively. On the losing side, Nifty Private Bank, Nifty Oil & Gas, and Nifty IT were among the top laggards.

Hostilities between US and Iranian forces near the Strait of Hormuz continued even as both sides signalled progress toward an interim peace deal, with US Secretary of State Marco Rubio stating that any agreement would likely take a few days to finalise. Despite the impasse, confidence grew that the three-month conflict would remain contained, with traders taking cues from signs of diplomatic progress even as attacks continued.

Adani, capital goods stocks post strong gains Jaiprakash Power Ventures emerged as the top performer among Nifty 500 stocks, with the stock locked in the 20% upper circuit limit at ₹22.9 apiece. Meanwhile, Finolex Cables, Exide Industries, Jindal Saw, Apar Industries, and AIA Engineering also posted strong gains of over 7%.

The buying momentum in Adani Group stocks persisted, with four stocks — Adani Total Gas, Adani Energy Solutions, Adani Green Energy, and Adani Power — rallying between 2% and 13.5%. Likewise, Tata Group stocks such as Tata Motors PV, Tata Steel, and Tata Technologies closed the trade higher by 4%, 2%, and 1.9%, respectively.

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Capital goods stocks ended with solid gains, with names such as Cummins India and Siemens Energy India rallying 11.2% and 8.8%, respectively. Others, including Apar Industries, AIA Engineering, CG Power and Industrial Solutions, ABB India, Zen Technologies, Siemens, Suzlon Energy, and GE Vernova T&D India, also closed with gains of over 5%.

Newly listed stocks Honasa Consumer and Pine Labs surged 6.1% and 5.7%, respectively. Ola Electric also saw renewed buying interest, with the stock rising 4.4% to ₹39.24 apiece, its one-month high.

Great Eastern Shipping and Techno Electric lead losers On the losing side, Techno Electric & Engineering, Great Eastern Shipping, and Poly Medicure were among the top laggards, falling 11%, 8.4%, and 7.6%, respectively. Weaker-than-expected March quarter performance dragged ONGC shares 4.7% lower to ₹274 apiece. Blue Jet Healthcare shares came under profit booking, falling 6% to ₹470 and snapping a two-day winning streak. Shares of both exchange operators, BSE and MCX, also ended lower by 4.5% and 3.5%, respectively.

Other stocks such as Radico Khaitan, Bharat Dynamics, Concord Biotech, Brainbees Solutions, LIC, Rail Vikas Nigam, Meesho, and HDFC Bank all closed with losses of over 2%.