Fag-end buying in RIL, PSBs, metals help Nifty end flat; Sensex dips 85 pts
The BSE MidCap index, that hit a record peak of 22,164 earlier today, closed 1.7 per cent higher at 22,141 levels
 "MARKET LIVE: Sensex, Nifty off day's low; broader indices outperform")
Stock market updates: Fag-end buying in Reliance Industries, auto, and metal counters helped domestic benchmark indices erase most of the day's losses and helped them end nearly flat for second straight day. Moreover, a surge in Brent Crude price, which was hovering around $71 per barrel, exerted pressure on the bourses.
The frontline S&P BSE Sensex ended at 51,849 levels, down 85 points or 0.16 per cent, with ITC (down 3 per cent), Asian Paints, HDFC, Axis Bank, Tech M, HCL Tech, and TCS leading the list of losers. This was countered by gains in IndusInd Bank, Reliance Industries, SBI, Power Grid, Bajaj Auto, and Maruti Suzuki, that rallied up to 2 per cent.
On the NSE, the Nifty50 index settled at 15,576 levels, up 1 point. Both the indices hit their respective lows of 51,450 and 15,460 earlier in the day.
The overall market breadth, however, remained firmly in the favour of advances amid buying in the broader market stocks. The BSE MidCap index, that hit a record peak of 22,164 earlier today, closed 1.7 per cent higher at 22,141 levels on the back of gains in PNB Housing Finance, Adani Enterprises, Muthoot Finance, Central Bank, and IDFC First Bank.
The BSE SmallCap index, on the other hand, gained 1.35 per cent to close at 23,841 levels after hitting a new peak of 23,842 levels in intra-day trade.
On the sectoral front, the Nifty PSU Bank index zoomed nearly 3 per cent on the NSE on report NITI Aayog has submitted list of privatisation-bound state-owned banks to the Core Group of Secretaries on Disinvestment. Individually, Bank of Maharashtra, PNB, Central Bank of India, Indian Bank, Indian Overseas Bank, and Canara Bank jumped between 3 per cent and 8 per cent.
That apart, the Nifty Metal and Pharma indices gained 2 per cent each.
On the downside, the Nifty IT and FMCG indices slipped 0.77 per cent and 0.5 per cent, respectively.
Global cues
Stock markets hovered near record highs on Wednesday as investors cheered the latest evidence of a sustained rebound in global economies and stronger oil prices lifted energy stocks.
The broad Euro STOXX gained 0.22 per cent, mildly below Tuesday's record high levels. British shares extended their rally with the FTSE 100 up 0.36 per cent, while Germany's DAX and the French CAC 40 gained marginally.
The MSCI world equity index, which tracks shares in 49 countries, was 0.1 per cent lower.
(With inputs from Reuters)
5:30 PM
TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities
The short term trend of Nifty continues to be positive. The lack of selling interest near the all time highs with positive market breadth signal more upside in the short term. The upside target of Nifty remains intact at 15800-15900. Immediate support is now at 15460
5:18 PM
MARKET OUTLOOK :: Trade set-up for Thursday
Nifty gave monthly closing at ATH levels and continues to trade around the same. We believe the undertone of the markets remain positive and expect positive bias to continue. Short term indicators suggest some consolidation and we await impulsive parameters to trigger. Trend support is seen at 14800 while 16000/16500 are targets on the higher side. Pharma, Metals and FMCG stocks are in the momentum value zone while Banking stocks remain elevated from the short term perspective.
Views by: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities
Views by: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities
4:58 PM
MARKET VIEW :: Here's why foreign flows may remain muted in June
Retail long positioning in the market has continued to increase over the last fortnight to a lifetime high, while rich futures basis also points to elevated degree of leverage. On the other hand, the recent rally has been broad-based with Mid-cap & Small-cap indices making fresh highs ahead of Nifty. Given India’s outperformance over EMs & Asia over the last month, foreign flows can be expected to stay somewhat muted for the month ahead. At a sectoral level, Financials & IT have been displaying relative strength while momentum in Autos & Metals sectors has been waning.
Views by: S Hariharan, Head - Sales Trading, Emkay Global Financial Services
Views by: S Hariharan, Head - Sales Trading, Emkay Global Financial Services
4:42 PM
TECH VIEW :: Nifty forms bullish flag breakout on the hourly chart
The Nifty index opened day with a gap-down but managed to grab the bullish stream in the second half and closed at 15,576. Now, as it has formed a small bullish candle on daily chart, 15,500 zone can be the immediate support on the downside followed by 14,400.
Moreover, the index has given bullish flag breakout on hourly chart which suggests exiting trend can extend further towards immediate resistance zone of 15,650-15700 zone
Views by: Rohit Singre, Senior Technical Analyst at LKP Securities
Moreover, the index has given bullish flag breakout on hourly chart which suggests exiting trend can extend further towards immediate resistance zone of 15,650-15700 zone
Views by: Rohit Singre, Senior Technical Analyst at LKP Securities
4:30 PM
Views by: Ajit Mishra, VP - Research, Religare Broking
MARKET STRATEGY :: Traders should avoid contrarian trades in anticipation of a reversal
Markets traded volatile in a range and ended unchanged, extending yesterday’s pause. Initially, the bias was slightly on the negative side amid weak global cues and profit-taking in banking, IT and FMCG majors further pushed the index lower in the first half. However, in the second half, it pared all its losses and closed flat as healthy buying was seen across auto, power and healthcare stocks. Consequently, the Nifty ended at 15,576 levels. The broader markets, on the other hand, outperformed and ended with strong gains in the range of 1.3-1.8%
We reiterate our view to focus on stock-specific trading opportunities across sectors as the benchmark may continue to trade volatile in a range on Thursday due to scheduled weekly expiry. Needless to say, the bias is clearly on the positive side so traders should avoid contrarian trades in anticipation of a reversal.
Views by: Ajit Mishra, VP - Research, Religare Broking
4:15 PM
MARKET CLOSING COMMENT :: Markets volatile ahead of RBI policy meet
Ahead of the MPC policy, domestic market continued its volatility with a mixed bias. Selling was witnessed in Financials, IT and FMCG stocks but it reduced towards the close of trading.
Weakness across US and Asian markets also added to the negative trend. PSU banks attracted buyers in hopes that the government will soon finalize the list for privatisation.
In the policy, RBI is expected to focus on economic growth by maintaining the status quo on policy rates and ensuring liquidity while keeping an eye on the inflationary pressure due to rising commodity prices
Views by: Vinod Nair, Head of Research at Geojit Financial Services
Weakness across US and Asian markets also added to the negative trend. PSU banks attracted buyers in hopes that the government will soon finalize the list for privatisation.
In the policy, RBI is expected to focus on economic growth by maintaining the status quo on policy rates and ensuring liquidity while keeping an eye on the inflationary pressure due to rising commodity prices
Views by: Vinod Nair, Head of Research at Geojit Financial Services
4:04 PM
MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities
Indices staged a smart recovery in late Afternoon Trade after being in the red for the most part of the day. Broader Markets too displayed resilience as we saw interesting buying emerge in State-Owned Banks, Auto Ancillaries and in unlocking themes across sectors
3:57 PM
BSE Snapshot
3:54 PM
SECTOR WATCH :: Metal index gains 2%
3:51 PM
SECTOR WATCH :: PSU Banks rally in a subdued market
3:50 PM
Stock of the day :: Adani Enterprises soars 10%, hits record high
3:48 PM
Stock of the day :: RIL ends near 3-month closing peak
3:45 PM
Broader market :: BSE SmallCap index rises over 1%
The index hit record peak of 23841.67 earlier today
3:44 PM
Broader market :: BSE MidCap index settles at record closing peak
3:42 PM
Sectoral trends on the NSE
Topics : MARKET WRAP Markets Sensex Nifty50
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First Published: Jun 02 2021 | 7:57 AM IST
