Sensex ends choppy trade 77 pts higher; Adani Group cos sink up to 9%

In the broader markets, the BSE MidCap index ended the day in the red, down 0.7 per cent, amid steep losses in Adani Group stocks and BHEL

5:19 PM

MARKET STRATEGY :: Buying is advisable if the market drops to 15,700

The market opened higher today but liquidation in the positions of Adani Group of companies triggered massive selling and dragged Nifty to the level of 15606. Later the markets witnessed a gradual recovery which pulled the market back to the highest level of the day. It was completely unexpected to recapture the levels of 15800 but gains in Reliance, Infosys and Bajaj Finance made it possible.

The formation of the market is suggesting a bullish continuation. However, for that, the market would consolidate between the levels of 15850 and 15700. Once the market starts trading and sustaining above the levels of 15,850 then it would not be difficult for the market to conquer the levels of 16000/16050. Buying is advisable if the market drops to 15700/15720 levels. The Bank-Nifty has formed a Dragonfly Doji, which is bullish for the sector and for the market.

Views by: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Sec

5:04 PM

TECH VIEW :: Expect high volatility till Nifty doesn't cross 15,900

The short term trend of Nifty continuous to be positive and there is no indication of any reversal pattern unfolding at the highs. At the same time, the market is finding stiff resistance around 15800-15900 levels and sharp intraday profit bookings are triggering from the highs. Till Nifty decisively crosses above 15900 levels, the high volatility likely to be expected in the next 1-2 sessions. Immediate support is placed at 15670.

Views by: Nagaraj Shetti, Technical Research Analyst at HDFC Securities

4:53 PM

TECH VIEW :: Sumeet Bagadia, Executive Director at Choice Broking

On the technical front, the Index has taken support from 100-HMA which is placed at 15637 and bounced from there, which suggests strength for upside in the counter. On a four-hourly chart, the Index has confirmed a hammer candlestick pattern which further adds strength for upside direction. Moreover, an oscillator Stochastic has also suggested positive crossover, which indicates bullish strength for the near term. At present, the nifty seems to have resistance at around 16000 levels while immediate support comes at 15600 levels.

4:44 PM

MARKET OUTLOOK :: 15,737-15,890 seems to be the band for the near term

Indian equity benchmark indices recovered from their early losses in the second half of the session to close with small gains. The Nifty opened lower and fell to make an intra day low in the first twenty minutes of trade. Shares of some companies controlled by billionaire Gautam Adani plunged after a report said accounts of three Mauritius-based funds that own the group’s stocks have been frozen. The Nifty later started the slow recovery move up and ended the day in the positive. At close, the NSE Nifty 50 was up 12.9 points or 0.08% at 15,811.85.

 

Volumes on the NSE were in line with recent averages despite large amount of intra day volatility. Among sectors, Energy & IT gained the most while Realty and Power fell the most. BSE Midcap index fell 0.68%.

 

Nifty witnessed a massive intra day recovery from the lows suggesting that the upmove is not out of strength. However the intra day volatility was enough to prompt profit taking across the board resulting in a negative advance decline ratio. The street will now watch as to whether some more negative news will surface in the coming few days to prompt a more sustaining downmove. 15737-15890 seems to be the band for the near term. 

Views by: Deepak Jasani, Head of Retail Research, HDFC Securities

4:28 PM

MARKET RECAP :: Vinod Nair, Head of Research at Geojit Financial Services

Though the domestic market opened on a negative note due to lack of positive cues, it recovered in the afternoon, led by heavyweights following positive global markets. WPI inflation for May rose to 12.94% reflecting a higher price of fuel and manufactured products along with a lower base. Fed policy meeting to be held on June 15-16 is expected to dominate investor behaviour in the coming days. Though the Fed is expected to keep its rates unchanged, the key focus of the market will be on its comment on inflation

4:21 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

After a volatile session, the Nifty index closed a day at 15,812 with minimal gains and formed a hanging man candle pattern on the daily chart. Strong strength has been seen in The Nifty from lower levels which suggest bulls managed to grab the opportunity from lower levels. Going forward, immediate base is coming near 15,750-15,650 zone. Any dip near the said levels will be a buying opportunity for the overall target of 16,000-mark. That apart, the immediate hurdle is coming near 15,900-16,000 mark and investors can expect profit booking on the higher side.

4:06 PM

IPO Alert :: Sona Comstar issue walks at snail pace

>> IPO subscribed 8% till 4:00 PM

4:02 PM

IPO Alert :: Shyam Metalics and Energy IPO sails through on Day 1

>> Issue subscribed 100% till 3:50 PM

4:00 PM

BHEL ends 12% lower as Q4 nos miss Street estimates

3:57 PM

Adani Group stocks recover partially after Co issues clarification

3:56 PM

Broader market :: BSE SmallCap index ends little changed, down 0.2%

3:54 PM

Broader market :: BSE MidCap index ends 0.7% lower

3:50 PM

NSE Snapshot :: Top Nifty50 gainers of the day

3:49 PM

Stocks that helped Sensex recoup losses

3:46 PM

Sectoral trends on the NSE :: PSBs, IT rally, realty stocks fall

3:43 PM

Sensex Heatmap

Top gainers: RIL, Bajaj Finance, Power Grid

Top losers: Kotak Bank, HDFC, NTPC

3:35 PM

CLOSING BELL

The frontline Sensex index fluctuated 655 points before settling 77 points, or 0.15 per cent, higher from previous close at 52,551.5 levels. The Nifty50 index, meanwhile, settled at 15,812 levels, up 13 points or 0.08 per cent. India VIX index rose 4 per cent on the NSE today, suggesting high volatility in the markets.

3:34 PM

Rupee Closing

Rupee closes at 73.27 per US dollar vs Friday's close of 73.07/$

3:32 PM

Navoday Enterprises' initial public offering to open on 14 June

Navoday Enterprises Ltd. will launch Rs. 460.80 Lakhs SME IPO on 14 June 2021. The IPO is proposed to be listed on BSE's SME platform. The company will make a fresh issue of Equity Shares.

 

Initial Public Offer is of 23,04,000 Equity Shares of the face value of Rs. 10 each of the Company for cash at Rs. 20 per Equity Share (including a share premium of Rs. 10 per Equity Share) aggregating up to Rs. 460.80 lakhs. READ MORE

3:21 PM

Adani Enterprises recovers post clarification

3:07 PM

NEWS ALERT :: Demat A/c of reported FPIs are not frozen, says Adani Group

3:04 PM

Recovery from intra-day lows in today's trade

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
Deepak Fertiliz.	337.00	456.40	442.50	31.31
Alok Industries	25.00	31.40	30.40	21.60
Future Consumer	8.51	10.55	10.11	18.80
Adani Enterp.	1201.10	1444.60	1424.40	18.59

2:59 PM

How banks were able to prove doomsday predictions wrong in a pandemic year

When the Coronavirus (Covid-19) pandemic broke out in March last year and a nationwide lockdown was imposed to restrict its spread, there were concerns all round over its impact on the banking sector. Bad loans were stabilising after a relentless rise for several years and there was a ray of hope for the banking sector after a long time with non-performing assets having crossed the hump. READ MORE

2:47 PM

Greaves Cotton rallies 6% on heavy volumes; stock nears 52-week high

Greaves Cotton shares rallied 6 per cent to Rs 152.40 on the BSE in intra-day trade on Monday on the back of heavy volumes after the Central government increased the subsidy on electric two-wheelers by 50 per cent, under the second phase of the FAME India scheme, making them more affordable.

 

In the past one week, the stock of Greaves Cotton has soared 18 per cent, as compared to 0.41 per cent rise in the S&P BSE Sensex. It was trading close to its 52-week high price of Rs 158, touched on March 9, 2021. The trading volumes on the counter more than doubled with a combined 8.3 million shares changing hands on the NSE and BSE. READ MORE

2:38 PM

Mid-cap information technology players may have hit valuation ceiling

Mid-cap information technology (mid-cap IT) companies have outperformed their large-cap peers over the past year, with returns of 138 per cent as compared to the IT big boys which enriched investor wealth by 77 per cent. The rerating in mid-cap plays has been sharper over the last six months with the difference stretching to over 121 percentage points. READ MORE

2:29 PM

European markets check

(Source: Reuters)

2:22 PM

Amara Raja Batteries to diversify into emerging energy opportunities

Amara Raja Batteries Ltd (ARBL) on Monday announced energy and mobility as its strategic focus going forward to capitalise on emerging opportunities. It announced expansion of lead acid batteries business and establishment of a new energy strategic business unit encompassing lithium cell and battery pack, EV chargers, energy storage systems, advanced home energy solutions and related products and services. READ MORE

2:11 PM

Stocks that hit 52-week high on BSE today in an otherwise volatile market

Company	PRICE(rs)	52 WK HIGH	CHG(%)
Aarti Industries	1841.75	1887.65	1.45
Alkem Lab	3240.10	3257.75	1.39
Bajaj Finance	6197.50	6250.20	1.29
Caplin Point Lab	678.55	691.75	2.22
CARE Ratings	638.95	651.85	6.30

2:03 PM

Godawari Power trades higher for seventh straight day; zooms 51% in 3 days

Shares of Godawari Power & Ispat hit a new high of Rs 1,489 after rallying 18 per cent on the BSE in intra-day trade on Monday, after the company’s shareholders approved the proposal for divestment of its shareholding in Godawari Green Energy (GGEL), a material subsidiary of the company. The stock was trading higher for the seventh straight day and has zoomed 51 per cent in the past three trading days. READ MORE

1:56 PM

Sona Comstar IPO opens today: Should you subscribe to the issue?

On the financial front, over FY18-21, Sona Comstar's revenue/Ebitda/Adj. PAT grew at a robust CAGR of 36 per cent/37 per cent/39 per cent given its thrust in the global EV market while earnings before interest, tax, depreciation, and ammortisation (Ebitda) margins expanded 76bps to 28.2 per cent. "Its margins are much superior vis-a-vis peers, given its critical component products. The net D/E stood at 0.3x as of FY21, which post repayment, would reduce to zero. Return ratios are healthy with FY21 RoE/RoCE at 16.5 per cent/15.3 per cent," Motilal Oswal said in an IPO note. READ MORE