Indian equities closed in negative territory on May 28, with the Nifty 50 settling at 23,907.15, down 6.55 points, while the Sensex ended at 75,867.80, losing 141.90 points. The session was marked by broad-based weakness as key sectoral indices dragged benchmark indices lower.
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 23,907.15 | -6.55 | -0.03% |
| Sensex | 75,867.80 | -141.90 | -0.19% |
Sectoral Pressure Drags Benchmarks
The IT sector led the decliners with the Nifty IT index shedding 71.80 points to close at 28,906.70. Banking stocks also contributed to the downturn, with Nifty Bank sliding 239.05 points to end at 54,853.85. The session saw 531.57 million shares changing hands on the NSE as the Nifty 50 traded in a range of 23,858.25 to 23,983.20.
Among individual movers, Hindalco emerged as one of the active stocks, trading between ₹1,103.80 and ₹1,154.00 during the session. PowerGrid also saw heightened activity, with the stock oscillating between ₹292.00 and ₹301.25. Major heavyweights including Hindustan Unilever at ₹2,198.40 and Reliance Industries at ₹1,350.50 remained under watch, though detailed intraday movements were limited.
The broader Nifty Next 50 closed at 70,815.85, while the Nifty Financial Services index ended at 26,102.15. Derivatives activity remained elevated with the June Nifty futures contract trading at 23,997.20, down 109.20 points or 0.45%.
GIFT NIFTY Tracks Domestic Weakness
GIFT NIFTY mirrored the domestic market's subdued tone, closing at 23,667.00, down 178 points or 0.75% from the previous close of 23,845.00. The contract opened at 23,884.00 and hit an intraday high of 23,897.00 in early trade before succumbing to selling pressure that pushed it to a low of 23,551.00 during the midday session.
| Parameter | Level |
|---|---|
| LTP | 23,667.00 |
| Open | 23,884.00 |
| High | 23,897.00 |
| Low | 23,551.00 |
| Change | -178.00 (-0.75%) |
The session was characterized by volatile swings with GIFT NIFTY dropping sharply through the midday hours before staging a partial recovery into the afternoon. The contract traded in a 346-point range, reflecting heightened volatility as it tracked the cash market's weakness.
Session II Ahead
GIFT NIFTY heads into the evening session at 23,667.00, positioned below the psychological 24,000 mark as traders assess global cues and domestic sentiment ahead of Thursday's trade.