Stock Market Highlights, June 7:RBI policy, Modi-mania lifts Sensex to record high, ends 1619 pts up

Stock Market highlights on Friday, June 7, 2024: The BSE Sensex hit a fresh all-time high of 76,795 on the BSE, surging 1,714 points intraday. On the NSE, the Nifty50 surpassed the 23,300

3:51 PM

Tech View :: '50,500 remain key hurdle for Bank Nifty'

Bank Nifty has shown bullish momentum, taking support near its 10-day moving average and forming a bullish engulfing candle on the daily chart. It closed near its resistance level, indicating strong buying interest. The key resistance level for Bank Nifty is 50,500, while 49,200 will act as crucial support. This setup suggests potential for further upward movement if the resistance is breached.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

3:50 PM

Tech View :: 'Nifty to remain in uptrend till 23,000 is held'

The Nifty moved up significantly after a flat closing in the previous trading session. The short-term trend looks very positive as the index closed near an all-time high.

Going forward, the market remains a buy on dips as long as 23,000 is not broken. On the higher end, the index might move towards 23,500-23,600. On the lower end, profit booking might occur only below 23,000.

Views by: Rupak De, Senior Technical Analyst, LKP Securities.

3:49 PM

Comment :: Why did markets rally today?

The anticipation of stability within the coalition government at the Centre, coupled with the RBI's upward revision of its growth forecast for FY25 to 7.2%, fuelled a broad-based rally in the domestic market.

The Indian market surpassed its previous record high set on exit-poll day and reached a fresh peak. Though the last mile towards the inflation target remains sticky, investors are expecting the MPC to be one step closer to the easing cycle.

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

3:47 PM

Currency check :: Rupee ends 10 paise higher vs US dollar

3:46 PM

BSE Stats :: M-cap nears Rs 423.3 trillion ($5.07 trillion)

3:43 PM

Broader markets :: SmallCap rise in tandem, MidCap trails benchmarks

3:41 PM

Sectoral trends :: IT, Realty stocks lead broad-based gains on Street

3:40 PM

Sensex Heatmap :: All 30 stocks settle higher

3:38 PM

Closing Bell :: Sensex hits new record, zooms over 1,600 pts

3:38 PM

Closing Bell :: Nifty ends tad below 23,300

3:26 PM

Market Check :: Nearly 3,000 advancing stocks on BSE vs less than 1,000 declining stocks

3:16 PM

TDP chief Naidu calls Narendra Modi 'right leader at right time; backs NDA

"NDA govt under the leadership of PM Modi has taken initiatives in the last 10 years. Narendra Modi has a vision and a zeal, his execution is very perfect. He is executing all his policies with a true spirit. Today, India is having the right leader at the right time, and that is Narendra Modi. This is a very good opportunity for India, if you miss it now, we will miss forever. That is where we are having a wonderful opportunity," Naidu said while addressing the NDA MPs meeting at the Samvidhan Sadan of the Parliament building on Friday. READ MORE

3:02 PM

Market check:: BSE Sensex hits new all-time high at 76,794, up over 1,650 points

2:54 PM

Ixigo's parent firm says investors sell shares worth Rs 176 cr in pre-IPO

Le Travenues Technology Ltd, which operates travel booking platform ixigo, on Friday said its existing sharehoders have completed the sale of equities worth a little over Rs 176 crore in a pre-IPO round. READ MORE

2:50 PM

This auto ancillary stock has surged 45% in 3 days; up 97% from March low

Amara Raja Energy & Mobility rallied 14% to hit a new high of Rs 1,449.55 on the BSE in Friday's intra-day trade backed by heavy volumes on healthy business outlook. READ MORE

2:38 PM

Indian Pesticides share price climbs 10% on commissioning new plant

India Pesticides is a chemical manufacturer engaged in agri chemicals business, primarily including manufacture, sale and distribution of insecticides, fungicides. READ MORE

2:28 PM

IT index records sharpest intraday rally in over 4 months; up 9% in 3 days

IT stocks on Friday, June 7: Information technology (IT) shares continued at their upward movement for a third straight day, with the Nifty IT index, gaining 3.5 per cent in Friday's intraday trade, and recording its sharpest rally in the past four months. Earlier, on January 15, 2024, the index had surged 3.9 per cent in the intraday deal. READ MORE

2:18 PM

TCS shares gain after launching first Generative AI aggregator platform

The platform, which is a first in its category for the country, will remove barriers for customers to develop and launch business solutions, allowing for real-time experimentation across vendor. READ MORE

2:09 PM

Global check:: Asian market displayed a mixed trend

2:00 PM

COMMENT:: RBI policy hints on likely change in future liquidity management

The monetary policy did not throw any surprises, evidenced from the muted market reaction. However, there were three things that came out. Unlike previous times, the rate pause was not a unanimous decision with two members calling for a rate cut. While it doesn't mean that we expect a rate cut in next policy, it shows that RBI is gradually moving towards a rate cut regime.

 

RBI has also clearly disassociated their rate actions from the US FED. While RBI does look at domestic compulsions before taking rate decisions, it has to also look at the collateral damage of the currency - just like any other EM central bank. This is prudent, and we believe RBI has been following it - and will probably follow it when it cuts the rates.

 

RBI mentioned that they prefer to keep overnight rate close to repo rate. This seems at odds with the data from past year. Many times, the overnight rate has diverged from Repo, and it probably was through RBI's intent via VRR and VRRR. Thus, by today's statement we believe that the future course of liquidity management will change, and RBI may keep overnight rate at Repo rate.

 

 - Sandeep Yadav, Head - Fixed Income at DSP Mutual Fund.

1:51 PM

Sensex up 1,462 pts, Nifty tops 23,200: Why markets surged after RBI policy

Stock markets shot up in trade on Friday, aided by bank stocks, after the Reserve Bank of India (RBI) left interest rates unchanged during their June monetary policy. READ MORE

1:44 PM

COMMENT:: RBI seems in no hurry to take interest rates

The combination of higher GDP forecast and inflation forecast still being higher than targeted 4% indicate lack of any rush towards rate cuts. However, we feel fixed income markets would be functioning with a buy on dip mind-set reacting to favourable demand-supply dynamics, fiscal trajectory, liquidity as well as flows while remaining watchful on global developments. However, the gap between credit-deposit growth rate highlighted by RBI would keep the floor for the overall curve.

 

 - Gurvinder Singh Wasan, CFA, Senior Fund Manager and Credit Analyst – Debt, JM Financial Asset Management

1:39 PM

Patym hits 10% upper circuit on heavy volumes post RBI policy; here's why

Shares of One97 Communications, which owns the fintech company Paytm, were locked at the 10 per cent upper circuit at Rs 381.20 on the BSE in Friday's intra-day trades, on the Reserve Bank of India’s (RBI’s) push for digital payments to include integration of UPI Lite into the e-mandate framework to facilitate small-value transactions and allow automatic wallet replenishment when balances fall below set thresholds. READ MORE

1:29 PM

Dixon Tech stock rallies 3%, tops Rs 10K mark for first time; details here

This uptick in stock price followed the company's announcement of its intention to establish a joint venture (JV) with HKC Corporation. READ MORE

1:20 PM

Tata Chemicals shares slip after UK subsidiary gets fined up to 1.1 mn euro

The incident involved a contractor who sustained injuries at one of the company's sites in the UK, tragically resulting in his passing a few weeks after being discharged. READ MORE

1:15 PM

Forex reserves hit record high of $651.5 bn as of May 31: RBI Governor

India's foreign exchange reserves have jumped to an all-time high of $ 651.5 billion as of May 31, Reserve Bank Governor Shaktikanta Das said on Friday.. READ MORE

1:04 PM

Adani Ports share price soars 2% on securing Kolkata port terminal contract

The uptick in share price came after the company announced that it has secured a Letter of Intent (LoI) for operation and maintenance of container terminal at Kolkata Port. READ MORE

12:49 PM

Bajaj Finance stock gains 4% on IPO plans of subsidiary Bajaj Housing Fin

Shares of Bajaj Finance gained 4.1 per cent at Rs 7,201 per share on the BSE in Friday’s intraday trade. This came after the company on Wednesday announced its subsidiary Bajaj Housing Finance’s board has approved an initial public offering (IPO) with a fresh issue of shares to raise up to Rs 4,000 crore.  READ MORE

12:41 PM

RBI Presser:: Das on Gold price movement

We release, half-yearly data on Gold held at home and in foreign countries

 

- The data was static for a very long time

 

- In recent times, we are buying Gold, and part of it shall be stored in India

12:36 PM

RBI Presser:: Patra on risks to the 7.2% growth target

- Global risk; geopolitical crisis getting wider

 

- Domestically, no extreme weather risks