Market benchmarks the Sensex and Nifty 50 jumped more than 1% during the session on Monday, 25 May, driven by a decline in crude oil prices, the rupee's rise, and positive global cues amid optimism surrounding a potential US-Iran deal. According to reports from Mint, the Nifty 50 broke above a key resistance of 23,800, nearing 24,000 during the session. Rajesh Palviya, head of research at Axis Direct, noted that a sustained move above 23,850 could trigger short covering, potentially accelerating momentum towards the 24,000-24,200 level, while on the downside, 23,550 and 23,400 are likely to serve as immediate support levels.
Vodafone Idea, Davangere Sugar Company, Jaiprakash Power Ventures (JP Power), HFCL, Fineotex Chemical, and Apollo Micro Systems were the most traded stocks on the NSE. As reported by Mint, GTL Infrastructure, PC Jeweller, Sun Pharma Advanced Research Company, Wipro, Tata Silver Exchange Traded Fund, Sammaan Capital, Adani Power, GAIL (India), Tata Gold Exchange Traded Fund, Dharan Infra-EPC, and JSW Cement were also among the most traded stocks on the NSE. The trading volumes reflected significant investor interest across these stocks during the session.
Vodafone Idea emerged as the most actively traded stock with over 31 crore shares changing hands as the stock rose by more than 2% during the day to hit a 52-week high of ₹14.06, looking set to extend gains for the fifth consecutive session. According to Mint, the telecom stock has surged 36% so far in May after a 20% rise in April. In an exchange filing on 25 May, Vodafone Idea said CRISIL Ratings had assigned a 'CRISIL A -' rating with a stable outlook on its ₹35,000 crore bank facilities.
Davangere Sugar experienced significant selling pressure with more than 10 crore shares changing hands as the stock plunged 9% during the day, looking set to snap its eight-session winning streak, largely due to profit booking. Sugar stocks have been volatile of late after India prohibited sugar exports until the end of September. JP Power saw over 7 crore shares traded as the stock jumped more than 3% during the session, with Adani Power finalising agreements to purchase a 24% stake in JP Power and the 180 MW Churk thermal power plant located in Uttar Pradesh. HFCL recorded over 6 crore shares traded as the stock surged 10% to hit its 52-week high of ₹162.50, looking set to extend gains for the fourth consecutive session.
Pushp Brand, owner of Pushp Masale, is preparing a ₹1,000 crore IPO with a likely May-end DRHP filing, according to market sources. The Indore-based spices maker is expected to file its draft red herring prospectus in the last week of May, with investment banking firms ICICI Securities and IIFL Capital Services serving as book-running lead managers. The proposed IPO is likely to include a mix of fresh issue and offer for sale (OFS), with the fresh issue portion potentially funding expansion plans while allowing existing shareholders to partially monetise their holdings. Market sources indicate that the spices and packaged foods segment continues to attract attention due to rising branded food consumption and increasing demand for organised kitchen staples in India.
