Benchmarks end flat; Sensex down 53 pts; Tata Motors up 3%, Tech M 2%

Adani Power hit a record high of Rs 151, soaring 19 per cent in intra-day trade, on the back of heavy volumes while Torrent Power and Tata Power gained over 4 per cent each on the BSE

5:29 PM

Trade set-up for Wednesday

On Wednesday, below the level of 15670, Nifty would drop to 15620 or 15580 levels. On the higher side, Nifty would rally if it manages to surpass 15800 levels. The index faces resistance at 15800, 15880 and 15950 levels. The focus should be on Pharmaceuticals and Technology companies.

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

 

 

5:22 PM

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

Technically, the Index has been trading in Higher Highs & Higher Lower formation, which suggests a continued upside move in the index. Moreover, the index has taken support from 21-EHMA and closed above the same, which suggests a positive move for upcoming days. A momentum indicator MACD is also trading with a positive crossover as well as above the zero lines. At present, the nifty seems to have resistance at around 15850 levels while immediate support shifted up to 15650 levels.

5:09 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities

Indian Benchmark equity indices closed marginally lower after a crisscross trading session on June 08. The Nifty opened higher but quickly gave up the gains in the first hour of trade. Later a gradual grind upwards followed. At close, the Nifty settled with a nominal loss of 12 points, or 0.07 percent, 15,740.10.

 

Volumes on the NSE were a little higher than the recent averages. Among sectors, Realty, Telecom, IT, Healthcare and FMCG were the main gainers while Metals and Banks were the main losers. Midcaps and smallcaps outperformed as the BSE Midcap index closed with a gain of 0.38 percent and the smallcap index ended 0.93 percent higher. 

 

In India, high-frequency economic indicators are showing early signs of a rebound as the second wave of Covid-19 cases ebbs. The turn, if it strengthens, will mean that the months of April-May were worst hit, with the economy set to rebound from June. The Nomura India Business Resumption Index, a weekly tracker of the pace of economic activity normalisation, rose for the week ended June 6 to 69.7 from 62.9 in the previous week, and 60.2 at its nadir.

 

Nifty made an almost double top compared to the previous trading session but closed nominally lower. The advance decline ratio though in the positive, is falling and hence showing signs of profit taking across the markets. Sector rotation continues as does some specific stock rotation based on news and developments. 15630-15840 remains the band for the Nifty for the near term.

4:52 PM

TECH VIEW :: Nifty to face resistance at 15,800

The Nifty index opened with gap up but showed some profit booking from opening level and closed a day at 15,741, down 11.5 points. It has formed a hanging man-candle pattern on the daily chart which is bearish reversal candle by nature. 

The stiff hurdle is still placed at 15,800 zone and any decisive close above 15,800 zone can open the quick door 16,000-mark. Support remains at 15,680-15,600 zone and any dip near the said levels will again be a buying opportunity. Overall stop out level is below 15470 zone

Views by: Rohit Singre, Senior Technical Analyst at LKP Securities

4:41 PM

MARKET OUTLOOK :: Volatile days could be in the offing

Tracking cues from weak Asian peers, benchmark indices failed to sustain its momentum to stay at all-time highs, however, buoyancy in the broad market is maintained. Global markets are awaiting U.S inflation data, due on Thursday, to get cues over Fed policy outlook and global recovery, which will bring some volatility during the week

Views by: Vinod Nair, Head of Research at Geojit Financial Services

4:28 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets ended almost unchanged in a volatile trading session, in absence of any major trigger. The benchmark started on a flat note but selling pressure in the banking majors pushed the index lower in the first hour of the trade. As the day progressed, Nifty gradually inched higher, thanks to buying interest in IT, FMCG and healthcare majors and finally settled at 15,740 levels. The broader markets continued their outperformance and ended on a positive note in the range of 0.4-0.9%

 

In absence of any trigger, we may see further consolidation in the index thus it’s prudent to continue with a stock-specific trading approach. Needless to say, stability in the banking index is critical for further directional move in Nifty else the lackluster move would continue.

 

 

4:17 PM

Gold outlook

Gold prices have gained 11 percent in the international markets and around 10 percent on the MCX futures in the time period 31st March to 7th June 2021. The factors surrounding the rise in the yellow metal is a combination of host of factors ranging from increased inflationary pressures, weakness in the dollar index, and the White house proposal of $6 trillion to ramp up spending on infrastructure programmed to boost the economy.

We expect MCX gold futures (CMP: As on 8th June2021:Rs.49056/10gms) prices to move higher towards Rs.50400/10 gms mark in a month time frame while Gold prices on the comex ($1890/oz) to move higher towards $1960/oz in the same time frame.

View by: Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking

4:08 PM

MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities

Today's trade belonged to the broader market bulls as we saw high-quality midcaps across sectors, together with smallcaps, rallying on sustained buying interest. Advance-Declines too was encouraging today with buying seen across a wide array of stocks. The Power stocks saw high activity with all three large entities recording gains with high volumes

3:56 PM

Telecom stocks end largely higher

3:54 PM

Sugar stocks sweeten market mood; Balrampur, Triveni, EID Parry hit record highs

3:53 PM

Sector watch :: Power stocks extend rally

3:50 PM

BSE SmallCap index rally 1%

3:48 PM

Swift recovery in broader markets; BSE MidCap ends 0.4% up

3:47 PM

NSE Snapshot :: Tops that ended higher in a weak market

3:45 PM

HDFC duo, RIL weigh on Sensex

3:43 PM

Sectoral trends on the NSE :: Metals, PSBs top laggards

3:41 PM

Sensex Heatmap at Close

Top gainers: Tech M, Bharti Airtel, Infosys

Top losers: Kotak Bank, SBI, HDFC

3:34 PM

CLOSING BELL

Benchmark indices traded range-bound around flat line on Tuesday, even as broader markets scaled fresh record peaks as stock-specific action dominated the equity markets today. The BSE-barometer of 30 shares ended at 52,275 levels, down 53 points or 0.10 per cent while the Nifty50 shut shop at 15,740-mark, down 11.5 points or 0.07 per cent.

3:29 PM

BUZZING :: Jain Irrigation sees sharp upswing, volume at 1.6 million on BSE

3:18 PM

Bitcoin's fizzling 2021 returns start to lag mainstream assets: Here's why

The returns from Bitcoin this year are sliding below traditional assets as cryptocurrencies struggle to claw back ground lost in a rout in May. The largest token tumbled almost 6% at one point in Asian trading Tuesday and was at a two-week low of about $33,000 as of 1:07 p.m. in Hong Kong. The wider Bloomberg Galaxy Crypto Index fell as much as 10%. READ MORE

3:08 PM

Central banks continue to remain positive on gold, finds WGC Survey

"These results come amid ongoing uncertainty stemming from the Covid-19 pandemic, a situation which has added significant complexity to central bank reserve management," said the report.

 

It noted that this year's CBGR survey indicates continuing central bank interest in gold. Potentially driving this interest is a growing recognition of gold's financial characteristics, particularly during periods of crisis, said the report. READ MORE

2:58 PM

Sugar stocks extend rally; Balrampur, Triveni, EID Parry hit record highs

Shares of sugar companies rallied for the second day in a row, with Balrampur Chini Mills, EID Parry and Triveni Engineering & Industries hitting their respective all-time highs on the BSE in intra-day trade on Tuesday on a strong outlook. Triveni Engineering hit a record high of Rs 198 as the scrip rallied 18 per cent today, up 31 per cent in the past two trading days. READ MORE

2:51 PM

Fall from intra-day high in BSE500 stocks in today's session

COMPANY	DAY'S HIGH(RS)	DAY'S LOW(RS)	LATEST(RS)	FALL(%)
Grindwell Norton	1320.95	1201.00	1206.00	-8.70
PNB Housing	924.00	836.65	848.00	-8.23
I O B	23.45	21.50	21.85	-6.82
Central Bank	24.45	22.20	23.05	-5.73

2:46 PM

NEWS ALERT :: Hester Biosciences announces dividend of Rs 10/sh for FY21

2:37 PM

JSPL steel production jumps 31% to 13.7 lakh tonnes during April and May

Jindal Steel and Power Ltd (JSPL) has reported 31 per cent year-on-year jump in its steel production to 13.71 lakh tonnes during April and May. The production totalled 6.81 lakh tonnes in April and 6.9 lakh tonnes in May as compared to 10.44 lakh tonnes in the same period last year. READ MORE

2:22 PM

Torrent Power, NTPC, Tata Power: Trading strategies for power stocks

Shares of power generation and distribution companies extended their rally on Tuesday with the BSE Power index hitting a 10-year high of 3,008 on the BSE. Among individual stock, Adani Power and Torrent Power claimed new all-time highs while Tata Power hit a fresh 52-weeks high. In the past one week alone, the S&P BSE Power index has surged 6 per cent, against less than 1 per cent gain in the benchmark index after Ministry of Power (MoP) released a discussion paper on the implementation of Market-Based Economic Dispatch (MBED) which argues for redesigning of day- ahead scheduling of electricity markets in the country on a market based / integrated approach in order to realise the ‘One Nation, One Grid, One Frequency, One Price’ framework. READ MORE

2:11 PM

SECTOR WATCH:: Sugar stocks rally

COMPANY NAME	LATEST	HIGH	LOW	CHG(%)
Bajaj Hindusthan	13.53	13.53	12.78	4.97
Sh.Renuka Sugar	19.80	19.80	19.80	10.00
Dwarikesh Sugar	69.65	70.40	62.60	5.61
KM Sugar Mills	28.05	28.05	24.90	19.87

2:00 PM

Piramal Enterprises surges 15% in 2 days; DHFL hits 10% upper circuit

Shares of Piramal Enterprises zoomed 8 per cent to Rs 2,124 on the BSE in intra-day trade on Tuesday, thus surging 15 per cent in two days after the Mumbai Bench of the National Company Law Tribunal (NCLT) approved Piramal Group’s resolution plan for the beleaguered Dewan Housing Finance Ltd (DHFL). READ MORE

1:46 PM

March Quarter Results :: Titagarh Wagons

>> PAT: Rs 80 lakh vs Rs 8.9 crore loss YoY

>> Revenue: Rs  429 crore vs Rs 412 crore YoY

>> Ebitda: Rs 20 crore vs Rs 31 crore YoY

1:45 PM

BUZZING STOCK:: United Breweries zooms 5%, hits 52-wk high