May 7, 2024 Market Recap: Hindustan Unilever (HUL), Tech Mahindra (TECHM), Bajaj Auto (BAJAJ-AUTO), and Power Grid Corporation Of India (POWERGRID) Lead Active Stocks

• The Nifty closed at 22442.7, down by 0.62% for the day, while the Sensex ended 0.52% down at 73895.54.
• The Nifty Midcap 50 and the Nifty small cap 100 also underperformed, closing 2.0% and 1.89% down respectively.
• Top gainers in the Nifty index included Hindustan Unilever and Tech Mahindra, while Bajaj Auto and Power Grid Corporation Of India were among the top losers.

Indian stock market indices Nifty and Sensex closed lower on May 7, 2024, with underperformance noted in midcap and small cap stocks. Top gainers and losers across indices are also discussed in detail.

Nifty and Sensex Performance

The Nifty ended the trading day at 22442.7, marking a 0.62% decline. The index fluctuated between a high of 22499.05 and a low of 22232.05 throughout the day. The Sensex traded between 74026.8 and 73259.26, finally closing 0.52% down at 73895.54, which was 383.69 points below the opening price.

Performance of Midcap and Small Cap Stocks

The Nifty Midcap 50 closed 2.0% down, underperforming compared to the Nifty 50. Small cap stocks also saw a decline, with the Nifty small cap 100 ending at 16683.15, down by 316.1 points and 1.89% lower.

Top Gainers and Losers in Nifty Index

The top gainers in the Nifty index were Hindustan Unilever (up 5.46%), Tech Mahindra (up 2.39%), Britannia Industries (up 2.22%), Nestle India (up 2.09%), and Tata Consultancy Services (up 1.48%). The top losers in the Nifty index were Bajaj Auto (down 4.14%), Power Grid Corporation Of India (down 3.78%), Oil & Natural Gas Corporation (down 3.03%), Indusind Bank (down 3.00%), and Hindalco Industries (down 2.91%).

Bank Nifty Performance

The bank nifty ended at 48895.3, with an intraday high of 49023.5 and a low of 48213.75. The bank nifty has shown negative returns in the past week and month, with returns of -2.21% and -0.57% respectively. However, it has shown positive returns in the past 3 months, 6 months, and 1 year, with returns of 5.43%, 10.44%, and 11.6% respectively.

Conclusion

The Indian stock market witnessed a decline on May 7, 2024, with both Nifty and Sensex closing lower. Midcap and small cap stocks also underperformed. However, certain stocks like Hindustan Unilever and Tech Mahindra emerged as top gainers, while others like Bajaj Auto and Power Grid Corporation Of India were among the top losers. The market performance indicates a mixed trend with some sectors outperforming others.