Sensex up 350 pts, ends atop 63K; Nifty tops 18,700 amid broad-based buying

CLOSING BELL, JUNE 7, 2023: The frontline indices ended at 6-month highs

4:14 PM

COMMENT:: Hopes of RBI pause, FII buying lift market

"Investors are becoming more optimistic due to the anticipation of a positive revision in the RBI's inflation forecast during the ongoing MPC meeting. It is expected that the RBI will maintain its pause on rate hikes, considering the significant improvement in inflation, which has now come within the RBI's comfort zone. Furthermore, the participation of FIIs as net buyers, after a brief halt, contributed to today's market rally, particularly driven by mid- and small-cap stocks."

 

- Vinod Nair, Head of Research at Geojit Financial Services

4:13 PM

VIEW:: Support for Nifty now seen at 18,650

"The Nifty has recently experienced a positive breakout from a sideways pattern, which is seen as a favorable development. This breakout comes just before the Reserve Bank of India (RBI) announces its rate decision tomorrow. Market participants are anticipating a dovish stance from the RBI governor, contributing to a positive sentiment in the market. Technically, support for the Nifty is positioned at 18,650, while resistance is expected around the range of 18,880-18,900."

 

- Rupak De, Senior Technical Analyst at LKP Securities

 

4:12 PM

VIEW:: Bank Nifty may see strong upside on breakout above 44,500

"The Bank Nifty remained sideways following a positive start. The undertone of the index is still bullish, maintaining the support of 44,000 in a spot where a decent amount of Put writing is seen and resistance is still intact at 44,500. After the central bank policy the Bank Nifty is expected to give a move on either side. Upon a decisive move 44,500 we might see strong directional upside moves."

- Rupak De, Senior Technical Analyst at LKP Securities

4:08 PM

BSE Smallcap index hits record high; Aurionpro zooms 141% since May

Aurionpro, BDL, Centum Electronics, Cigniti Techno, Data Patterns, Dreamfolks, Fusion Micro, IOX Exchange, KDDL, Mahindra CIE, Safari Ind and Syngene hit their respective all-time high on Wednesday. READ MORE

Illustration: Binay Sinha

4:06 PM

Axis Bank joins Rs 3-trillion market cap club; stock surges 7% in one week

With a market cap of Rs 3.02 trillion, Axis Bank stood at 17th position in the overall market cap ranking of the BSE listed companies, data shows. READ MORE

4:04 PM

Torrent Power soars 14% on inking MoU with Maha government for three projects

The company has signed a MoU with the Maharashtra government for setting up three Pumped Storage Hydro Projects of 5,700 MW capacity in Maharashtra, would entail an investment of about Rs 27,000 crore. READ MORE

4:02 PM

Suzlon Energy soars 18%; hits over 5-year high on heavy volumes

A combined 1,121 million shares, which represented 11.1 per cent total equity of Suzlon Energy changed hands on the NSE and BSE. READ MORE

4:00 PM

Tata Motors market cap hits record high; tops Rs 2 trn mark

Thus far in the calendar year 2023, shares of Tata Motors and Tata Motors DVR have rallied 48 per cent, as compared to 2.8 per cent rise in the S&P BSE Sensex. READ MORE

 

3:58 PM

Market Breadth was extremely positive; Almost 2,300 stocks advanced v/s 1,269 declining shares on the BSE

3:56 PM

Nifty Oil & Gas index up over 1%; HPCL, BPCL lead

3:53 PM

Nifty FMCG index advances over 1%; United Breweries, Britannia, Tata Consumer gain around 4%

3:51 PM

Nifty Realty index also gains 1.5%; Phoenix soars nearly 6%

3:49 PM

Nifty Metal index jumps 1.5%; Welcorp, Jindal Stainless, JSW Steel, Tata Steel surge over 2%

3:47 PM

BSE Smallcap Heatmap:: RattanIndia Power, Suzlon zoom up to 20%; Onward Tech sheds 4%

3:44 PM

BSE Midcap Heatmap:: Voda Idea, Max Health soar 8%; Rajesh Exports, Varun Beverages slip over 2%

3:41 PM

Midcaps, Smallcaps outrun benchmark Nifty 50

3:38 PM

Nifty 50 Gainers:: Biratnnia, Tata Consumer rally around 4%; BPCL, Nestle gain 3%

3:37 PM

Sensex 30 Heatmap:: 25 Gainers v/s 5 Losers

3:35 PM

CLOSING BELL:: NSE Nifty 50 rallies 127 points to 18,726

3:33 PM

CLOSING BELL:: S&P BSE Sensex ends at calendar year high of 63,143, up 350 points

3:29 PM

Global Check:: US, UK stock futures languish in red

Source: Investing.com

3:17 PM

ALERT:: Responsive Inds to launch 'Artisan Edge' in the US market; stock soars 8%

Responsive Industries announced the upcoming launch of its revolutionary product, "Artisan Edge," in the US market. 

 

"The launch of Artisan Edge exemplifies our unwavering commitment to delivering industry-leading aesthetics and pushing the boundaries of innovation," stated Rishabh Agarwal, Chairman at Responsive Industries in a release.

3:06 PM

Bond issuances by banks to fall below Rs 90,000 cr in FY24: Report

Bond issuances by banks may fall below Rs 90,000 crore in FY24 due to easing liquidity conditions, rating agency ICRA has said in a report. READ MORE

2:55 PM

It's now or never for India to take lead in semiconductor sector: SEMI CEO

India has almost everything needed to have a successful semiconductor industry but it still needs to work to reestablish credibility, the head of the world's top advocacy group representing the semiconductor industry has said. READ MORE

2:48 PM

KPI Green Energy gets letter of intent for 40 MW hybrid project in Gujarat; stock up 2%

KPI Green Energy on Wednesday said it has got a letter of intent (LoI) from a private player to develop a 40 megawatt hybrid green energy project in Gujarat. READ MORE

2:35 PM

Cabinet approves Rs 89,047 crore revival plan for state-run BSNL: Report

Cabinet on Wednesday approved a revival plan for the state-run Bharat Sanchar Nigam Ltd (BSNL) worth Rs 89,047 crore, a report by CNBC-TV18 said. Earlier, the Centre had approved a capital infusion of Rs 52,937 crore in the telco in the financial year 2023-24 (FY24). READ MORE

2:26 PM

Market Check:: Sensex at day's high, up 275 points

2:16 PM

ALERT:: Govt approves MSP Kharif Crops price increase

The Cabinet Committee has approved hike in MSP Kharif Crops price, reports CNBC TV18

>> MSP for paddy increasedd by 7%

>> MSP for Moong Dal up by 10.5%

>> MSP for Groundnut hiked by 9%

2:13 PM

HCLTech opens new facility in Chennai for 5G infrastructure testing

IT services company HCLTech on Wednesday launched a new facility in Chennai for testing and validating 5G solutions provided by global telecom infrastructure original equipment manufacturers (OEMs). READ MORE

2:00 PM

ALERT:: Tamilnad Mercantile Bank announces revised MCLR rates; stock marginally down