Nifty hits record high; breadth strong

Key benchmark indices are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 82.75 points or 0.16% at 52,315.18. The Nifty 50 index was up 21.35 points or 0.14% at 15,711.70. The Nifty hit record high of 15,716.65 in early trade. Sentiment was positive as fresh covid cases continue to decline and vaccination pace picks up.

The S&P BSE Mid-Cap index was up 0.54%. The S&P BSE Small-Cap index was up 0.7%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1701 shares rose and 686 shares fell. A total of 90 shares were unchanged.

RBI policy:

RBI's Monetary Policy Committee (MPC) began its bi-monthly deliberations on Wednesday, 2 June. The monetary policy outcome will be announced today, 4 June. MPC is widely expected to keep the policy interest rates unchanged, maintain the accommodative stance and ensure adequate liquidity in the system to stimulate growth. The RBI had kept key interest rates unchanged at the last MPC meeting held in April this year. The repo rate was kept at 4% and the reverse repo rate at 3.35%.

Stocks in news:

Bharti Airtel rose 2.45%. Bharti Airtel informed that ICRA has reaffirmed [ICRA]AA- (Stable) issuer rating of the company. However, since the company, presently has no instrument rated under this rating, ICRA has withdrawn this rating at company's request.

M&M gained 1.12%. M&M said that Ministry of Defence signed a contract with M/s Mahindra Telephonics Integrated Systems Ltd., Mumbai for procurement of 11 Airport Surveillance Radars with Monopulse Secondary Surveillance Radar for Indian Navy and Indian Coast Guard on June 03, 2021. The procurement, at a cost of Rs 323.47 crore, will be made under the 'Buy & Make' category.

Lupin fell 0.35%. Lupin announced the launch of the authorized generic version of Brovana (arformoterol tartrate) Inhalation Solution 15 mcgꝉ/2 mL, unit-dose vials, of Sunovion Pharmaceuticals Inc.

DCB Bank rose 0.43%. DCB Bank announced revision in Marginal Cost of Funds based Lending Rate (MCLR) with effect from June 5, 2021.

ABB Power Products and Systems India rose 1.26%. The operations at the manufacturing facility of the company situated in Peenya, Bengaluru, Karnataka has resumed from May 28, 2021.

BEML advanced 2.04%. BEML has started manufacturing 960 LPM Medical Oxygen Plants at its KGF complex in record time under a ToT agreement with M/s. Defence Bio-Engineering & Electro Medical Laboratory (DEBEL), Bengaluru under DRDO.

Global Markets:

Overseas, Asian stocks are trading lower on Friday after U.S. equities sagged amid robust economic data that stoked concerns about a pullback in central bank stimulus.

US stocks ended lower on Thursday, though they came off lows on signs President Joe Biden may be willing to compromise on corporate taxes. Strong U.S. jobs data and record service-sector growth underscored the recovery from the pandemic.

Domestic markets:

Back home, Key equity benchmarks ended with strong gains on Thursday, with small and midcap stocks outperforming. The barometer index, the S&P BSE Sensex, advanced 382.95 points or 0.74% to 52,232.43. The Nifty 50 index gained 114.15 points or 0.73% to 15,690.35.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,079.20 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 278.97 crore in the Indian equity market on 3 June, provisional data showed.

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