Q4 results today: Tarai Foods, VAS Infra, Athena Constructions among 5 companies to post earnings on May 31

Fourth Quarter Results Today: The financial markets are gearing up for the quarter 4 earnings announcements from several major companies, scheduled for May 31. The results covering the quarter ending March 31, 2024, will include reports from Add-Shop ERetail Ltd, Athena Constructions Ltd, Panorama Studios International Ltd, Tarai Foods Ltd, and VAS Infrastructure Ltd.

Indian benchmark indices ended lower for the fifth consecutive session on May 30, with the Nifty falling below 22,500. The Sensex dropped 617.30 points, or 0.83 per cent, to 73,885.60, while the Nifty declined 216.00 points, or 0.95 per cent, to 22,488.65.

Bear dominated monthly expiry; Nifty plummets below 22500

Domestic markets experienced a challenging expiry day, with the benchmark index remaining under pressure throughout the session and testing several technical supports. By the end of the day, the bulls tried to recover some lost ground. Still, the day concluded with the Nifty50 index settling below the pivot of 22500, dropping by 0.95 per cent, as per Osho Krishan, senior analyst—technical and derivative Research, Angel One.

“In the absence of a bullish stance, the bears strategically seized the opportunity to strengthen their hold with more significant declines than advances. The index has tested the 50% Fibonacci retracement of the rally we witnessed from the lows of 21820 to the lifetime high, a significant sign of caution. For now, 22450-22400 seems to be the last hope for the bulls, as any decisive breakdown will likely disrupt the technical structure in the comparable period. On the higher end, 22600-22620 is expected to be seen as an intermediate hurdle, followed by the sturdy wall of 22800 in the short term,” said Krishan.

“Considering the exit polls, it is likely that volatility will surge higher. Therefore, it is advisable to avoid making aggressive bets on either side. Also, one must maintain exclusivity in stock selection and adhere to proper risk management to avoid unnecessary losses,” Krishan advised.

“Nifty continued its downward trend for the fifth consecutive day, closing 216 points lower at 22,489, as election-related nervousness fueled intense selling. The Sensex also dropped 617 points to 73,886, while the Bank Nifty gained 181 points to 48,682. Despite the anxiety, India VIX edged slightly lower to 24.17. Key losers included Tata Steel and Tech Mahindra, while ICICI Bank and Axis Bank saw gains. Technically, as long as Nifty holds above 22,300, a bullish outlook remains, with targets at 22,701 and 23,111. However, a sustained rise above 23,000 is crucial to overcome prevailing market uncertainties," said, Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd