Stock market today: Nifty 50 ends in the red for 3rd consecutive session; mid, smallcaps underperform

The Indian stock market has seen strong volatility this month amid strong foreign capital outflow due to election-related caution. The market has been swinging between gains and losses amid a lack of fresh triggers, high valuation and mixed global cues.

The India VIX, an index measuring market volatility, has surged by 88 per cent in May so far, indicating heightened nervousness in the market due to the ongoing Lok Sabha election. On Tuesday, May 28, the India VIX rose over 4 per cent to the 24.20 level.

Nifty 50 opened 45 points higher at 22,977.15 against its previous close of 22,932.45 and climbed 66 points in intraday trade to the level of 22,998.55. The index, however, failed to hold gains, a trend observed in the last few days, to close 44 points, or 0.19 per cent, lower at 22,888.15 with 28 stocks in the red.

(More to come)

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Published: 28 May 2024, 03:32 PM IST