Most traded stocks today: The domestic stock market continued its rangebound session on Monday, 1 June, amid a spike in crude oil prices, persistent uncertainty over a potential US-Iran deal, and caution ahead of the RBI MPC decision this week.
Benchmark Nifty 50 touched an intraday high and low of 23,733.70 and 23,517.70, respectively, by 10:30 am, with banking, financial services, FMCG, and auto counters witnessing selling pressure.
However, the IT sector saw strong buying interest. The Nifty IT index jumped more than 3% during the session.
Shrikant Chouhan, the head of equity research at Kotak Securities, believes that as long as Nifty trades below the 50-day SMA of 23,700, weak sentiment may continue.
“On the downside, the index could slip to 23,300-23,200. Further downward movement may also continue, potentially dragging the index to 23,050-23,000. On the upside, above the 50-day SMA of 23,700, a bounce back could extend till 23,800. If it crosses 23,800, the index could move towards 24,000-24,100,” said Chouhan.
Meanwhile, Jaiprakash Power Ventures (JP Power), Vodafone Idea, NMDC Steel, Suzlon Energy, YES Bank, Ola Electric Mobility, Dharan Infra-EPC, PC Jeweller, and GTL Infrastructure were the most traded stocks, or most active stocks in terms of volume, on the NSE.
HFCL, IFCI, Inox Wind, SEPC, Zee Entertainment Enterprises, Bharat Coking Coal, Coal India, Tata Gold Exchange Traded Fund, Fineotex Chemical, Billionbrains Garage Ventures (Groww), and Reliance Power were also among the most traded stocks on the NSE.
Some of the most traded stocks today
JP Power: More than 36 crore shares changed hands as the stock crashed more than 15% in intraday trade, looking set to extend losses for the second consecutive session. In separate exchange filings on 29 May, JP Power informed about the acquisition of 24% shares of JP Power held by Jaiprakash Associates and the release of 1,30,26,97,997 pledged shares of the company by IDBI Trusteeship Services Limited, acting in its capacity as the security trustee for lenders to Jaiprakash Associates.
Vodafone Idea: Over 19 crore shares changed hands as the stock climbed more than 2% during the session. The telecom stock jumped 37% in May after a 20% jump in April, as AGR relief, healthy Q4 numbers, and an increase in subscriber base for the third consecutive month in April boosted sentiment for the stock.
Suzlon Energy: More than 8 crore shares changed hands as the stock declined more than 4% during the session after capital markets regulator Sebi levied penalties of about ₹29 crore on the company and several of its former executives.
Ola Electric: Over 8 crore shares changed hands as the stock declined over 1% during the session, even as the company said it outpaced the industry with 23% month-on-month growth in May, registering 15,139 units in the month.
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Disclaimer: This story is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
