Benchmarks end flat; Sensex down 53 pts; Tata Motors up 3%, Tech M 2%
Adani Power hit a record high of Rs 151, soaring 19 per cent in intra-day trade, on the back of heavy volumes while Torrent Power and Tata Power gained over 4 per cent each on the BSE
 "MARKET LIVE: Sensex, Nifty volatile; broader indices outperform benchmarks")
Stock market updates: Benchmark indices traded range-bound around flat line on Tuesday, even as broader markets scaled fresh record peaks as stock-specific action dominated the equity markets today. The BSE-barometer of 30 shares ended at 52,275 levels, down 53 points or 0.10 per cent while the Nifty50 shut shop at 15,740-mark, down 11.5 points or 0.07 per cent.
Tata Motors, Tech M, Bharti Airtel, Indian Oil Corporation, HCL Tech, and Infosys were the top gainers on the indices. Hindalco, Tata Steel, JSW Steel, Kotak Bank, HDFC, and SBI, meanwhile, were the top laggards.
In the broader market space, the BSE MidCap index hit a record peak for the fifth consecutive day, at 22,822.6 levels, and ended the day at 22,769.5 levels, up 0.36 per cent. The SmallCap counterpart, on the other hand, closed 0.9 per cent higher at 24,827 levels after hitting new peak of 24,868 earlier today.
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, however, cautions investors against the "excessive rally" in the broader market as any correction in the market is felt more in the mid-, small-cap stocks due to lack of depth in the segment.
Individually, Adani Power hit a record high of Rs 151, soaring 19 per cent in intra-day trade, on the back of heavy volumes while Torrent Power and Tata Power gained over 4 per cent each on the BSE. Propelled by these, the S&P BSE Power index hit a 10-year high of 3,008, a level last seen in January 2011. READ MORE
Besides, shares of Piramal Enterprises zoomed 11 per cent to Rs 2,183 on the BSE in intra-day trade, thus surging 17 per cent in two days, after the Mumbai Bench of the National Company Law Tribunal (NCLT) approved Piramal Group’s resolution plan for the beleaguered Dewan Housing Finance Ltd (DHFL). DHFL's stock was also locked in upper circuit for the second straight day, up 10 per cent at Rs 22.85 on the BSE with only buyers seen on the counter. READ MORE
On the sectoral front, metal and financial stocks remained under pressure with the Nifty Bank, PSU Bank, and Metal indices closing up to 1.4 per cent lower. On the upside, the Nifty IT, FMCG, and Pharma indices gained around 1 per cent each.
Global markets
European stocks hit new highs on Tuesday, lifted by travel and real estate shares, but weak German industrial output data and doubts over the United Kingdom lifting restrictions later this month capped gains. The pan-European STOXX 600 index was flat after notching a record high earlier, while the UK's FTSE 100 gained 0.4 per cent.
In Asia, Japan's Nikkei ended 0.3 per cent lower, South Korea's Kospi dipped 0.13 per cent, and China's Shanghai Composite ended 0.5 per cent lower.
Meanwhile, futures of Wall Street's three main indices were mixed. Dow Jones Futures were down 0.04 per cent while Nasdaq Futures were up 0.25 per cent.
(With inputs from Reuters)
5:29 PM
Trade set-up for Wednesday
On Wednesday, below the level of 15670, Nifty would drop to 15620 or 15580 levels. On the higher side, Nifty would rally if it manages to surpass 15800 levels. The index faces resistance at 15800, 15880 and 15950 levels. The focus should be on Pharmaceuticals and Technology companies.
Views by: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
Views by: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
5:22 PM
TECH VIEW :: Sumeet Bagadia, Executive Director at Choice Broking
Technically, the Index has been trading in Higher Highs & Higher Lower formation, which suggests a continued upside move in the index. Moreover, the index has taken support from 21-EHMA and closed above the same, which suggests a positive move for upcoming days. A momentum indicator MACD is also trading with a positive crossover as well as above the zero lines. At present, the nifty seems to have resistance at around 15850 levels while immediate support shifted up to 15650 levels.
5:09 PM
MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities
Indian Benchmark equity indices closed marginally lower after a crisscross trading session on June 08. The Nifty opened higher but quickly gave up the gains in the first hour of trade. Later a gradual grind upwards followed. At close, the Nifty settled with a nominal loss of 12 points, or 0.07 percent, 15,740.10.
Volumes on the NSE were a little higher than the recent averages. Among sectors, Realty, Telecom, IT, Healthcare and FMCG were the main gainers while Metals and Banks were the main losers. Midcaps and smallcaps outperformed as the BSE Midcap index closed with a gain of 0.38 percent and the smallcap index ended 0.93 percent higher.
In India, high-frequency economic indicators are showing early signs of a rebound as the second wave of Covid-19 cases ebbs. The turn, if it strengthens, will mean that the months of April-May were worst hit, with the economy set to rebound from June. The Nomura India Business Resumption Index, a weekly tracker of the pace of economic activity normalisation, rose for the week ended June 6 to 69.7 from 62.9 in the previous week, and 60.2 at its nadir.
Nifty made an almost double top compared to the previous trading session but closed nominally lower. The advance decline ratio though in the positive, is falling and hence showing signs of profit taking across the markets. Sector rotation continues as does some specific stock rotation based on news and developments. 15630-15840 remains the band for the Nifty for the near term.
4:52 PM
TECH VIEW :: Nifty to face resistance at 15,800
The Nifty index opened with gap up but showed some profit booking from opening level and closed a day at 15,741, down 11.5 points. It has formed a hanging man-candle pattern on the daily chart which is bearish reversal candle by nature.
The stiff hurdle is still placed at 15,800 zone and any decisive close above 15,800 zone can open the quick door 16,000-mark. Support remains at 15,680-15,600 zone and any dip near the said levels will again be a buying opportunity. Overall stop out level is below 15470 zone
Views by: Rohit Singre, Senior Technical Analyst at LKP Securities
The stiff hurdle is still placed at 15,800 zone and any decisive close above 15,800 zone can open the quick door 16,000-mark. Support remains at 15,680-15,600 zone and any dip near the said levels will again be a buying opportunity. Overall stop out level is below 15470 zone
Views by: Rohit Singre, Senior Technical Analyst at LKP Securities
4:41 PM
MARKET OUTLOOK :: Volatile days could be in the offing
Tracking cues from weak Asian peers, benchmark indices failed to sustain its momentum to stay at all-time highs, however, buoyancy in the broad market is maintained. Global markets are awaiting U.S inflation data, due on Thursday, to get cues over Fed policy outlook and global recovery, which will bring some volatility during the week
Views by: Vinod Nair, Head of Research at Geojit Financial Services
Views by: Vinod Nair, Head of Research at Geojit Financial Services
4:28 PM
MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking
Markets ended almost unchanged in a volatile trading session, in absence of any major trigger. The benchmark started on a flat note but selling pressure in the banking majors pushed the index lower in the first hour of the trade. As the day progressed, Nifty gradually inched higher, thanks to buying interest in IT, FMCG and healthcare majors and finally settled at 15,740 levels. The broader markets continued their outperformance and ended on a positive note in the range of 0.4-0.9%
In absence of any trigger, we may see further consolidation in the index thus it’s prudent to continue with a stock-specific trading approach. Needless to say, stability in the banking index is critical for further directional move in Nifty else the lackluster move would continue.
4:17 PM
Gold outlook
Gold prices have gained 11 percent in the international markets and around 10 percent on the MCX futures in the time period 31st March to 7th June 2021. The factors surrounding the rise in the yellow metal is a combination of host of factors ranging from increased inflationary pressures, weakness in the dollar index, and the White house proposal of $6 trillion to ramp up spending on infrastructure programmed to boost the economy.
We expect MCX gold futures (CMP: As on 8th June2021:Rs.49056/10gms) prices to move higher towards Rs.50400/10 gms mark in a month time frame while Gold prices on the comex ($1890/oz) to move higher towards $1960/oz in the same time frame.
View by: Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking
We expect MCX gold futures (CMP: As on 8th June2021:Rs.49056/10gms) prices to move higher towards Rs.50400/10 gms mark in a month time frame while Gold prices on the comex ($1890/oz) to move higher towards $1960/oz in the same time frame.
View by: Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking
4:08 PM
MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities
Today's trade belonged to the broader market bulls as we saw high-quality midcaps across sectors, together with smallcaps, rallying on sustained buying interest. Advance-Declines too was encouraging today with buying seen across a wide array of stocks. The Power stocks saw high activity with all three large entities recording gains with high volumes
3:56 PM
Telecom stocks end largely higher
3:54 PM
Sugar stocks sweeten market mood; Balrampur, Triveni, EID Parry hit record highs
3:53 PM
Sector watch :: Power stocks extend rally
3:50 PM
BSE SmallCap index rally 1%
3:48 PM
Swift recovery in broader markets; BSE MidCap ends 0.4% up
3:47 PM
NSE Snapshot :: Tops that ended higher in a weak market
3:45 PM
HDFC duo, RIL weigh on Sensex
Topics : MARKET WRAP Markets
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Jun 08 2021 | 8:09 AM IST