Nifty scales 10150 mark on strong buying support

The equity barometers surged higher to day's high amid heavy buying in mid afternoon trade. The Nifty traded around 10150 level. Auto stocks continued their winning run to eleventh consecutive trading session.

At 14:22 IST, the barometer index, the S&P BSE Sensex soared 564.18 points or 1.67% at 34,389.61. The Nifty 50 index rallied 173.85 points or 1.74% at 10,152.10.

Global cues were positive as hopes of more stimulus and further easing in social restrictions around the world eclipsed worries over coronavirus. The sentiment was also boosted by Prime Minister Narendra Modi's comment that India's economy would get back on track supported by systematic reforms.

Broader markets were trading firm. The S&P BSE Mid-Cap index rose 1.47% while the S&P BSE Small-Cap index gained 2.18%.

The market breadth was strong. On the BSE, shares 1,792 rose and 612 shares fell. A total of 140 shares were unchanged. In Nifty 50 index, 39 stocks advanced while 11 stocks declined.

Buzzing index:

The Nifty Auto index gained 0.95% to 6,532.80. The index has advanced 20.3% in eleven days from its previous closing low of 5430.05 on 18 May 2020.

Bosch (up 5.84%), Apollo Tyres (up 4.91%), Tata Motors (up 4.35%), Mahindra & Mahindra (up 3.34%), Bharat Forge (up 2.59%), Ashok Leyland (up 2.1%), Motherson Sumi (up 1.18%), Eicher Motors (up 0.97%) and Bajaj Auto (up 0.67%) were top gainers in auto segment.

Stocks in Spotlight:

Syngene International has entered into collaboration with HiMedia Laboratories, a bioscience company with expertise in media manufacturing and diagnostics for over 45 years, to manufacture and distribute its ELISA kits. HiMedia will manufacture the kits at its facility in Mumbai and distribute it across India. Shares of Sygene International were up 0.78% at Rs 373.80.

Lupin gained 0.82% after it announced that it has received approval for its Meloxicam Capsules from U.S. FDA to market a generic equivalent of Vivlodex Capsules of Zyla Life Sciences US, Inc. The product would be manufactured at Lupin's Aurangabad facility, India, and is expected to be launched shortly. The announcement was made after market hours yesterday, 2 June 2020.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 5.819% compared with previous closing of 6.029% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged lower to 75.4775 compared with its previous closing of 75.36.

In the commodities market, Brent crude for August 2020 settlement was up 47 cents to $40.04 a barrel. The contract surged 3.26% to settle at $39.57 a barrel in the previous trading session.

MCX Gold futures for 5 June 2020 settlement fell 0.42% to Rs 46,600.

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