Fairytale Turn of Events but Keep Expectations in Control

The last trading session of May was a nail-biter for market participants. For most part of the day, the bears were in control, but in the last leg of the trade, the bulls put up a fight and the NSE benchmark Nifty 50 recovered 50 points from its lower levels. Interestingly, the day’s trading volume was a staggering Rs 1.35 lakh crore, the second highest ever recorded volume on the NSE. This was driven by a surge in MSCI-related flows. As a result, the Nifty 50 has now closed higher for three consecutive months. Talking about performance, the first two months of FY24 have been nothing short of a fairytale for the Indian markets.