New closing peak for indices; Nifty tops 15,750; Sensex gains 228 pts

Nifty50 hit record peak after a tweet by the Prime Minister's Office said PM Narendra Modi will address the nation at 5 PM later in the day

5:41 PM

MARKET OUTLOOK :: There's volatility in Bank Nifty

For the third consecutive day, the market has managed to register a new high.  Today, the Nifty went to 15773/52378, before again correcting back to 15750/52330 levels. However, the trading range is not expanding, which is an indication of cautiousness at higher levels.  Today, the power and energy-related stocks did extremely well, we saw some interesting buying in technology companies.  The market breadth remained strong. 

The Bank-Nifty closed around the opening levels for the day, bringing huge volatility in tomorrow’s date.  Technology stocks closed at the highest point of the day. Technically, 15750/15800/(52300/52400) would be major obstacles for the market and sustenance above 15800/52400 levels, would invite short covering in the market. Below the levels of 15700/52300, Nifty would fall to 15600/52000 or 15550/51850 levels.

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

 

 

5:27 PM

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities

The short term trend of Nifty continues to be positive with range bound movement. There is a possibility of further upside in the coming sessions. The next upside levels to be watched around 15950-16000 levels and this could be achieved in the one week. Immediate support is placed at 15650.

5:19 PM

TECH VIEW :: Nifty may face resistance at 15,850 levels

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 been trading continuously above the Ichimoku Cloud formation, which confirms that the bullish trend may continue for the long term. 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.

Views by: Sumeet Bagadia, Executive Director, Choice Broking.

4:58 PM

Global markets round-up

Oil in New York hit $70 a barrel for the first time since October 2018 as upbeat comments on the market from major trader Vitol Group added to optimism over the global demand recovery.

 

Asian shares turned sluggish on Monday as relief over a benign U.S. jobs report was offset by caution ahead of key inflation data, while a coronavirus outbreak in Taiwan took an increasing toll on hard-pressed chip makers. European stocks edged back from record levels on Monday, easing from all-time highs with commodity shares leading declines as sentiment soured after weaker-than-expected China trade data and worries about inflation.

 

Data out of Beijing showed China's imports grew at their fastest pace in 10 years as it sucked up resources, a boon for everything from copper to iron ore prices. China's exports in dollar terms in May grew 27.9% from a year earlier, slower than the 32.3% growth reported in April and missing analysts' forecast of 32.1%. Imports increased 51.1% on year last month in dollar terms, the fastest growth since January 2011 but slower than the 51.5% rise tipped by the Reuters poll.

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

4:44 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 15700. Trading above 15700 is positive from a short-term perspective. Sustaining above 15700 levels, the market expects to gain momentum, leading to an upside projection till 15870-15900 level. The momentum indicators like RSI and MACD supporting the trend and indicating potential upside from the current market level.

 

4:33 PM

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

Markets started the week on an optimistic note amid supportive global cues. The benchmark traded with positive bias throughout the day and healthy buying was seen across sectors. Further, the news of a steady fall in new COVID cases and announcements of easing in restrictions by several states boosted sentiment. Consequently, the Nifty inched further higher and ended at 15,752 levels, up by 0.5%. On the broader front, midcap and smallcap, outperformed and gained in the range of 0.8-1.4%.

 

All eyes are on PM Modi’s speech scheduled in the evening, for details on the vaccination drive and the roadmap for further ease in restrictions. And, we may see the reaction of the same in early trade tomorrow i.e. June 8.

 

On the benchmark front, we feel the recent underperformance from the banking space is certainly weighing on the sentiment and might trigger some profit taking too. However, buoyancy in other sectors viz. energy, IT and auto would cap the fall. Amid all, we advise continuing with bullish bias and use dips to add quality names.

4:16 PM

MARKET RECAP :: Winners and losers of today's session

Domestic equities extended its gains in today’s volatile session ahead of PM Modi’s address to the nation. Hopes of easing restrictions and Centre’s covid-19 vaccination policy pumped optimism into the market. Global markets were mixed with US futures trading in red ahead of the inflation data due this week and the tax deal between the G7 advanced economies. Barring metal and pharma, all major sectoral indices belled the day in positive terrain with energy, utilities and power stocks leading the rally

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

4:05 PM

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

Bulls wrested complete control over the proceedings today as Indices ended in the Green. The broader market displayed buoyancy across multiple diverse themes ranging from  Unlock Themes, Cement, Sugar, Defence, Power & Pathology among others.

4:00 PM

Stock of the day :: Adani Power zooms 20%

3:58 PM

Stock of the day :: InterGlobe Aviation pares gains, ends flat

3:56 PM

Stock of the day :: Bajaj Finance slides over 4% on asset quality woes

3:52 PM

Broader market :: BSE SmallCap index outperforms benchmarks, ends 1.4% up

3:48 PM

Broader market :: BSE MidCap hits record peak for 4th day, ends 0.8% up

3:46 PM

NSE Snapshot :: Top Nifty50 gainers of the day

3:45 PM

Sensex contributors ::RIL, TCS, ICICI Bank offset losses in Bajaj twins

3:43 PM

Sectoral trends on the NSE :: IT, Private Bank indices gain 1% each; metals slide

3:42 PM

Sensex Heatmap at Close

Top gainers: PowerGrid, NTPC, UltraTech Cement

Top losers: Bajaj Finance, Bajaj Finserv, HDFC

3:34 PM

CLOSING BELL

The S&P BSE Sensex index ends at 52,328.5 levels, up 228 points while the Nifty50 was closed at 15,751.6 levels, up 81 points.

 

3:25 PM

Asia's ESG bond issuances hit record $69 billion this year, no let-up seen

Asia-Pacific borrowers more than doubled issuance of bonds tied to environmental, social and governance (ESG) themes to a record $69 billion this year, data showed, as they sought to burnish their sustainability credentials and tap red-hot investor demand.

 

Bankers say the trend will continue, boosting their fee incomes. Some of the biggest global investment banks are bulking up their teams to cope with the increased ESG-related bond deals READ MORE

3:14 PM

Nifty sectoral indices at this hour

3:05 PM

World Bank approves $500 mn program to help boost India's MSME sector

According to a statement released last Friday, the program targets improvements in the performance of 555,000 MSMEs and is expected to mobilise financing of USD 15.5 billion, as part of the government's USD 3.4 billion MSME Competitiveness - A Post-COVID Resilience and Recovery Programme (MCRRP). READ MORE

2:52 PM

MARKET UPDATE:: RIL, TCS, and ICICI Bank among top contributors to Sensex's gain today

2:50 PM

Sensex Heatmap at this hour

2:41 PM

L&T extends gain after winning significant contracts for various biz

Shares of Larsen & Toubro (L&T) rose 2 per cent to Rs 1,569.75 on the BSE in intra-day trade on Monday after L&T Construction, the construction arm of L&T, secured significant contracts for its various businesses. The stock of the construction and engineering major was trading higher for the third straight day. It was quoting close to its record high level of Rs 1,593 touched on February 2, 2021. READ MORE

2:34 PM

Recovery from intra-day lows in today's trade

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
Adani Power	111.50	126.95	126.95	13.86
SIS	385.80	433.85	431.10	11.74
Vakrangee	44.55	48.75	48.75	9.43
IFCI	12.90	14.13	14.03	8.76

2:22 PM

ED transfers Rs 5,600-cr UBL shares to recovery officer's demat account

Liquor firm United Breweries on Monday said the Enforcement Directorate has transferred 4.13 crore equity shares of the Vijay Mallya-promoted firm worth over Rs 5,600 crore to the Demat account of recovery officer of the Debt Recovery Tribunal (DRT). In March 2019, United Breweries informed the stock exchanges that the Debt Recovery Tribunal in Bengaluru had transferred a 2.80 per cent stake worth over Rs 1,025 crore held by Mallya-promoted United Breweries (Holdings) Ltd in the company in its name. READ MORE

2:14 PM

Broader market :: BSE SmallCap index outperforms, hits record high of 24,608.94

2:05 PM

Piramal Enterprises rallies 12% in two days; stock hits 52-week high

Shares of Piramal Enterprises were trading higher for the second straight day, up 7 per cent at Rs 2,053.70 on the BSE in intra-day trade on Monday. According to a Business Standard report, the Mumbai bench of the National Company Law Tribunal (NCLT) has approved the Piramal Group’s resolution plan for Dewan Housing Finance Limited (DHFL). The order is subject to the outcome of the appeal in the appellate tribunal and the Supreme Court. The stock hit a 52-week high and surpassed its previous high of Rs 2,008.20, touched on March 3, 2021. In the past two days, the stock has rallied 12 per cent on the BSE. READ MORE

1:56 PM

Indian Energy Exchange trades 6,540 MU of electricity volume in May

Indian Energy Exchange (IEX) traded 6,540 million units of electricity volume in May, achieving 9 per cent year-on-year growth amid continuation of Covid-19 lockdowns as well the cyclonic disturbances which affected overall power demand in the country. The national peak demand at 169 GW recorded a 2 per cent growth while the energy consumption at 111 BU saw 8 per cent growth on the weak base, the exchange said on Monday. READ MORE

1:46 PM

Rising commodity prices risk raising costs for India's infra plans

Inflation will likely hurt as commodity prices rise. The wholesale price index for basic metals and manufacturing has been mimicking metal prices.

 

Rising commodity prices will hurt India's national infrastructure pipeline project, where the government plans to invest Rs 114 trillion (Rs 114 lakh crore) by 2024-25. READ MORE