Sensex ends 174 pts up, Nifty near 15,800; IT, pharma indices hit new peaks

Backed by firm global cues, the frontline S&P BSE Sensex hit an all-time-high of 52,641.5 while the broader Nifty50 index claimed 15,835.5-mark in morning deals

5:42 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 index level of 15800. Sustaining above 15800 levels, The market expects to gain momentum, leading to an upside projection of 15900 levels. The market expects 15900 and will act as resistance but technical factors are aligned to support the positive momentum to continue.

5:36 PM

TECH VIEW :: Market momentum is slowing down, but bias remains positive

The short term uptrend continued in the market after one day of recent dips. Though, momentum on the upside has slowed down, the market breadth remains intact and there is no indication of any profit booking or reversal emerging from the highs. The next upside levels to be watched around 16000 and immediate support is placed at 15690

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

5:25 PM

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

Technically, the index has been rising with Higher Highs & Higher Lows formation from the last couple of weeks. In the recent session, it has confirmed the Bullish Harami Candlestick pattern breakout on the daily chart. On an hourly chart, the index has settled above 9*21 HMA, which suggests a bullish move in the counter. 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 shifted up to 15650 levels.

5:12 PM

'Economic factors supportive of bull run'

FPIs have remained net buyers, month to date, to the tune of ~Rs.4769 cr underpinned by steady decline in Covid-19 cases in India and decent GST collections in April. We expect FPI flows to India, in the medium term, to remain strong as India is at a cusp of growth revival path. Interestingly, low interest rates, better exports outlook and revival in global economy is a good combination for India’s economic revival. Domestic demand revival will also be supported by upcoming festival season.

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

5:01 PM

Nifty hits record high but fails to hold gains. What's the next resistance zone?

Nifty rose for the fourth consecutive week, ending 0.82% higher for the week. Advance decline ratio fell again but remained above 1:1, as periodic profit taking by investors resulted in this. Overall sentiments remain up, inflation fears seem overdone and investors now await US Fed’s decision on June 16. 15889 could be the next resistance for the Nifty while 15705 could be the support.

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

4:47 PM

TECH VIEW :: Market is rallying on a slowed-down momentum,

Nifty50 index closed on a positive note touching new all time high. The index now seems to be finding the new range on the higher side as the dip up to 15560 on Wednesday was quickly bought into. Nifty index rallied more than 10% from the recent correction low and hence a mild pullback cannot be ruled out.  Given that the market is rallying on a slowed-down momentum, which can be properly visualized with the help of negative divergence in RSI on daily timeframe. Any sustained close below 15400 should be treated as RED signal for short term. As long as benchmark index is trading above 15400, we suggest traders maintain a bullish bias on market.

Views by: Nirali Shah, Head of Equity Research, Samco Securities 

4:29 PM

What will drive the markets next week?

Markets will first react to the IIP numbers in early trade on Monday. Going ahead, the progress of the vaccine drive and updates on the monsoon will be closely watched by the participants for cues. While the trend is bullish, the underperformance of the banking pack is certainly hurting the sentiment however we expect the bias to improve next week. Meanwhile, traders should focus on other sectors and use intermediate dips to add the selected stocks. 

Views by: Ajit Mishra, VP - Research, Religare Broking

4:17 PM

MARKET VIEW :: What drive indices to record highs today

Tracking cues from positive global markets, Indian equities remained in the green zone in today’s session. US CPI data, released yesterday, eased inflation worries as the current surge is temporary and insufficient for the Fed to taper its bond-buying policy. Global sentiments were further boosted with European Central Bank raising its growth estimates and pledging its liquidity support

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

4:07 PM

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

Markets held firm in today's trade despite a spate of new public issues being lined up this month. IT & Metals were in the limelight with select Pharma stocks lending support. Several Small Caps having rallied multiple times in CY2021, there was a sense of caution as investors resorted to profit-taking. The timely arrival of the Monsoon however kept the mood buoyant as several Midcaps were seen buzzing around

3:57 PM

Sector of the day :: IT stocks rally; LTI, OFSS surge 4% each

3:56 PM

Sector of the day :: Nifty Metal index soars 2.7%

3:54 PM

NSE Snapshot :: Top Nifty50 gainers of the day

3:52 PM

Sensex contributors :: RIL, Infy, TCS supported the index today

3:50 PM

Broader market :: S&P BSE SmallCap adds 0.4%

>> The index claimed new record of 25,248 today

3:48 PM

Broader market :: BSE MidCap index ends 0.14% higher

>> The index hit new peak of 23,045 in intra-day trade

3:45 PM

Sectoral trends on the NSE

3:43 PM

Sensex Heatmap at Close

Top gainers: Dr Reddy's Labs, Power Grid, TCS

Top losers: Axis Bank, Bajaj Finserv, L&T

3:33 PM

CLOSING BELL

A fag-end weakness in banking, realty, and FMCG counters dragged the markets off highs. By close, the BSE barometer was at 52,475 levels, up 174 points or 0.33 per cent while the 50-share Nifty index ended at 15,799 levels, up 62 points or 0.39 per cent.

3:28 PM

IPO Alert :: Dodla Dairy Limited Initial Public Offer to open on June 16, 2021

Price Band fixed at Rs. 421 to Rs. 428 per equity share

Offer to remain open from Wednesday, June 16, 2021 to Friday, June 18, 2021

The IPO consists of a fresh issue aggregating up to Rs 500 million and an Offer for Sale of up to 10,985,444 Equity Shares

3:24 PM

Virgin Atlantic leans on TCS to power growth, transformation-led growth

Tata Consultancy Services (TCS), announced that it has expanded its strategic partnership with Virgin Atlantic, one of the UK’s leading airlines, to help the latter embark on a new phase of recovery and growth.

 

The enhanced partnership builds on a 17-year relationship between the two organisations and will see TCS take exclusive responsibility for end-to-end operational management and digital transformation. READ MORE

3:12 PM

Nifty Pharma index hits new high; Aurobindo, Dr Reddy's gain over 3%

Shares of pharmaceutical companies continued their upward journey at the bourses, with the Nifty Pharma index hitting a new high for the third straight day on Friday, amid strong gain in Aurobindo Phamra, Dr Reddy’s Laboratories and Cadila Healthcare, which rallied up to 5 per cent, each, on the National Stock Exchange (NSE). READ MORE

2:56 PM

European shares hit record high, bond yields fall as inflation fears ease

Shares gained on Friday and bond yields fell from the United States to Europe as investors shrugged off rising U.S. consumer prices, even as fears of longer-term inflation lingered. The Euro STOXX 600 added 0.3% to hit a record high and was on course for a sixth straight day of gains. London shares gained 0.6%, helped by a 1% gain for the mining sector, while Paris climbed 0.4%. READ MORE

2:44 PM

BREAKING NEWS :: Supreme Court rejects plea seeking loan moratorium

Supreme Court rejects plea seeking loan moratorium, interest waiver, and financial reliefs from the govt,  

 

SC observes that it is not for the courts to dictate govt policies & that it is not an expert in matters of finance

Source: TV reports

 

2:41 PM

Nomura ups India's 2022 GDP forecast to 7.7%; sees inflation at 5.3%

“We raise our 2021 and 2022 current account (CA) deficit forecasts to 1.5 per cent and 1.3 per cent of GDP, respectively (from 1.1 per cent and 0.8 per cent), and CPI inflation to 5 per cent and 5.3 per cent (from 4.9 per cent in both years). We also pencil-in an additional 25bp repo rate hike in Q3 2022,” wrote Sonal Varma, managing director and chief India economist at Nomura, in a recent co-authored note with Aurodeep Nandi. READ MORE

2:26 PM

NEWS ALERT | Krishna Institute of Medical Sciences Limited’s IPO to open on Wednesday, June 16, 2021

-- Price band of Rs 815 to Rs 825 per equity share of face value of Rs. 10 each (“Equity Shares”)

-- Bid /Offer Opening Date – Wednesday, June 16th, 2021 and Bid/ Offer Closing Date – Friday, June 18th, 2021

-- Minimum Bid Lot is 18 Equity Shares and in multiples of 18 Equity Shares thereafter

-- The floor price is 81.50 times the face value of the Equity Shares and the Cap Price is 82.50 times the face value of the Equity Share

2:26 PM

OPEC+ will need to boost output to meet 2022 demand recovery: IEA

"OPEC+ needs to open the taps to keep the world oil markets adequately supplied," the Paris-based energy watchdog said, adding that rising demand and countries' short-term policies were at odds with the IEA's call to end new oil, gas and coal funding in a stark report issued last month.

 

"In 2022 there is scope for the 24-member OPEC+ group, led by Saudi Arabia and Russia, to ramp up crude supply by 1.4 million barrels per day (bpd) above its July 2021-March 2022 target," it said in its monthly oil report. READ MORE

2:17 PM

Gayatri Projects slips 18% after NHAI declares company as non-performer

Shares of Gayatri Projects slipped 18 per cent to Rs 31 on the BSE in intra-day trade on Friday, amid heavy volumes, after the National Highways Authority of India (NHAI) declared the company a non-performer and prohibited from participating in the ongoing and future bids for the road projects till defects and deficiencies in one of the company’s projects were rectified. READ MORE

2:11 PM

BSE IT index hits record high; Wipro, Tech M too scale new peaks

Shares of information technology (IT) companies were in demand on the bourses on Friday with Wipro and Tech Mahindra hitting all-time highs, while Tata Consultancy Services (TCS) and Infosys were quoting close to their respective record highs on the BSE. Besides Wipro and Tech Mahindra, a total 10 stocks including Mastek, Mindtree, Happiest Minds Technologies, Mphasis and Coforge too hit their new highs in Friday's intra-day deals. READ MORE

2:06 PM

Chinese ride-hailing firm Didi reveals $1.6-bn loss in IPO filing

The company in its first public filing for the IPO listed the offering as $100 million, a placeholder that will change when the company discloses terms for the share sale. Didi filed Thursday under the business name Xiaoju Kuaizhi Inc., with Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. leading the offering. READ MORE

1:58 PM

NEWS ALERT :: Ashoka Buildcon wins project worth Rs 726 crore