Sensex climbs 240pts, Nifty ends near 18,600 on firm global cues; M&M up 4%

CLOSING BELL, June 5, 2023: Sectorally, the Nifty Auto index advanced over 1 per cent, while the Nifty Media, Private Bank, and Consumer indices gained up to 0.8 per cent

4:15 PM

COMMENT:: Domestic eco indicators supporting Indian market

"The equity market is maintaining stability due to a continuous stream of favourable domestic economic indicators. Stronger-than-expected domestic PMI figures, sequential growth in auto sales, and robust expansion in bank credit are instilling investor confidence in India's growth prospects. On the other hand, the US jobs data presented a mixed picture, with non-farm payroll showing acceleration while the unemployment rate surged from 3.4 per cent to 3.7 per cent in May."

 

- Vinod Nair, Head of Research at Geojit Financial Services
 

4:14 PM

VIEW:: Nifty remains in 'Buy on Dip' mode

"The Nifty index is currently experiencing a sideways trend, indicating a lack of clear direction in its price movement. This sideways movement is accompanied by low trading volumes, suggesting a relatively lower level of market participation and activity. The index has a support level at 18,550, indicating a price level where buyers have shown interest and may provide a foundation for potential price rebounds. On the other hand, there is a resistance level at 18,660, acting as a barrier for upward movements and where sellers may become more active. Despite the sideways trend, the overall undertone of the market remains bullish. This suggests that the prevailing sentiment favors buying opportunities on dips or temporary price declines. Investors are advised to adopt a "buy on dip" approach, indicating a strategy of purchasing the Nifty index when it experiences short-term pullbacks.

- Kunal Shah, Senior Technical Analyst at LKP Securities

 

4:12 PM

VIEW:: Bank Nifty may move in a narrow band of 43,700 - 44,300

"The BANK NIFTY index lackluster movement ahead of the RBI (Reserve Bank of India) policy announcement, suggests that market participants were cautious and waiting for guidance from the central bank. The HDFC twins, likely referring to HDFC Bank and HDFC Limited, had a negative impact on the Bank Nifty index during the session. The performance of these stocks influenced the overall movement of the index. Based on the current scenario, the Bank Nifty index is expected to continue to trade within the range of 43,700 - 44,300. This suggests that the index is likely to move sideways, lacking a clear trend. However, it's important to note that a break on either side of this range can lead to a directional move, potentially indicating a shift in the market sentiment and momentum."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

4:09 PM

Over half of NSE 500 stocks deliver 10x return in 20 years: Goldman Sachs

Some of the prominent Indian stocks that delivered over 10x total returns over a 5-year rolling period since 2000 include Westlife Foodworld, Bharti Airtel, Adani Total Gas, said the report. READ MORE

4:08 PM

Tata Motors hits over 6-year high; up 40% thus far in 2023 on solid outlook

Shares of Tata Motors hit an over six-year high on Monday after the Tata group signed an outline deal with the Gujarat government last Friday (June 2) to build a lithium-ion cell factory with an investment of about Rs 13,000 crore. The move comes as India is looking to create its own electric vehicle (EV) supply chain. READ MORE

4:06 PM

Indo Count hits 16-month high; surges 36% in four days on strong Q4 results

The stock price witnessed a healthy recovery in anticipation of gradual restocking by global retailers (home textile was the worst impacted) and India's market share gain in US bedsheet. READ MORE

4:04 PM

Defence shares in focus; HAL, Bharat Dynamics, BEL hit new highs

The defence sector looks well placed in terms of increasing domestic procurements by the government for our armed forces. READ MORE

4:02 PM

This Ashish Kacholia-owned stock tops listing day high; soars 19% in 3 days

SJS Enterprises hit a record high of Rs 572 on rallying 6 per cent on the BSE in intra-day trade, on strong business outlook.

4:01 PM

Indian markets have limited upside in the near-term; buy the dips: Nomura

Indian equity markets have a limited upside potential in the near-term as they negotiate the ensuing cyclical slowdown, wrote analysts at Nomura in a recent coauthored report led by Saion Mukherjee, their managing director and head of equity research for India. READ MORE

3:59 PM

Talbros Auto hits new high on healthy order book position

Over the last year, Talbros has received new multi-year orders over Rs 1,000 crore from both, domestic and overseas customers across its business divisions, product segments and JVs. READ MORE

3:57 PM

SME Update:: Hemant Surgical zooms almost 100% on debut

SME company Hemant Surgical Industries (HSIL) made a robust stock market debut, with its share price nearly doubling (zoomed 99.5 per cent) to Rs 179.55, against its issue price of Rs 90 per shares on the BSE on Monday. READ MORE

3:55 PM

Market Breadth was fairly positive; 2,169 stocks advanced v/s 1,491 declining shares on the BSE

3:53 PM

Nifty Auto index jumps over 1%; M&M leads the rally with over 4% gain

3:49 PM

BSE Smallcap Heatmap:: Hitech Gear, Mazagon Dock, Indo Rama zoom up to 20%

3:47 PM

BSE Midcap Heatmap:: Rajesh Exports, Torrent Power, Ajanta Pharma, Zee rally over 4%

3:45 PM

Broader indices also gain in tandem with Nifty 50

3:41 PM

Nifty 50 Losers:: Divi's Lab, Asian Paints, Tech Mahindra slip over 1%

3:39 PM

Nifty 50 Gainers:: M&M soars 4%; Axis Bank, Tata Motors, L&T also shine

3:36 PM

Sensex 30 Heatmap:: 16 Gainers v/s 14 Losers

3:35 PM

CLOSING BELL:: NSE Nifty 50 settles with a gain of 60 pts at 18,594

3:33 PM

CLOSING BELL:: S&P BSE Sensex ends 240 pts higher at 62,787

3:23 PM

ALERT :: HG Infa wins order from North Central Railways; stock off lows

>> Company wins project for Redevelopment of Kanpur Central Railway Station at Kanpur on Engineering, Procurement and Construction (EPC) mode in the state of Uttar Pradesh worth Rs 677 crore

 

3:15 PM

Global Check:: US, UK stock futures paint a mixed picture

Source: Investing.com

3:07 PM

Salary of Infosys CEO Salil Parekh drops 21% to Rs 56.45 crore in FY23

The annual report of Infosys, for the financial year 2022-23, reveals that the compensation of CEO Salil Parekh amounted to Rs 56.45 crore, compared to Rs 71 crore in the previous year. READ MORE

2:55 PM

Airline industry to report $9.8 bn profit this year on rising traffic: IATA

The airline industry is expected to record a net profit of USD 9.8 billion this year as passenger traffic is rising and local economies are reviving, IATA said on Monday. READ MORE

2:46 PM

Civil aviation ministry, airlines to discuss airfare spike on some routes

The civil aviation ministry will hold discussions with airlines later in the day on issues related to airfares, which have surged on certain routes in recent weeks, according to an official. READ MORE

2:35 PM

L&T Finance to sell bad loans worth Rs 3,022 crore to AMCs: Report

L&T Finance is making this step as part of its efforts to reduce its wholesale finance book, which comprises both infrastructure and real estate loans. READ MORE

Illustration: Binay Sinha

2:22 PM

A 'nifty' little move: HDFC Life, SBI Life lead earnings upgrades

HDFC Life, SBI Life, and Tata Motors have seen the highest upward revisions in 2023–24 (FY24) earnings estimates among the National Stock Exchange Nifty components. READ MORE

2:09 PM

ALERT:: Tata Power commissions 110 MW solar power plant; stock up 1%

Tata Power Renewable Energy (TPRE), a subsidiary of The Tata Power Company, has commissioned a 110 MW solar power project in Bikaner, Rajasthan. The project will supply 110 MW of green power to the Kerala State Electricity Board.

1:56 PM

TCS bags 10-yr contract for managing Teacher's Pension Scheme in Eng, Wales

Tata Consultancy Services (TCS) today announced that it had bagged a 10-year contract from the Department for Education (DfE) to administer and further enhance customer experiences for the Teachers' Pension Scheme in England and Wales. The financial details of the deal were not disclosed. READ MORE