Sensex, Nifty march northward for sixth consecutive day, here’s what pushed share markets today

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Updated: Jun 03, 2020 5:31 PM

Domestic equity benchmarks continued their upward march for a sixth consecutive day as S&P BSE Sensex ended the day 284 points or 0.84% higher, while the 50-stock Nifty ended the day at 10,061 levels.

While both the benchmark indices ended the day in the green, interestingly both the indices gave up gains during the second half of the day.

Domestic equity benchmarks continued their upward march for a sixth consecutive day as S&P BSE Sensex ended the day 284 points or 0.84% higher, while the 50-stock Nifty ended the day at 10,061 levels. This for the first time in March 11, that the Nifty 50 was seen moving around those levels. “Indian equity markets continued to rise for the sixth straight session on June 3 – the longest winning streak in ~7 months. Profit-taking in the last one hour of trade cut the gains to some extent. At the close the Nifty was up 82.40 points or 0.83% at 10061.50. Markets rose on high volumes and were led by gains in Financials, Gas distribution, and Aviation stocks. Auto, Power IT and Cement stocks fell,” said Deepak Jasani, Head Retail Research, HDFC Securities.

Although higher markets end lower than day’s high: While both the benchmark indices ended the day in the green, interestingly both the indices gave up gains during the second half of the day. Nifty 50 ended the day 141 points lower from the day’s high while BSE Sensex finished 340 points lower from the day’s high.

Sectoral indices end in green, except IT and Metal: All sectoral indices on NSE ended the day in the green with Nifty PSU Bank leading the rally, up by 4.35%. Nifty IT ended in the red, down 0.48% while Nifty Metal was down 0.37%.“The banking index again led the gains for the market. Favorable global cues, expectation of a good monsoon and the hope that things will slowly get back to normal, all played a part in this relief rally,” said Vinod Nair, Research Head, Geojit Financial Services.

India VIX now close to where it was in March: The fear gauge of Indian equity markets has climbed down significantly from where it was at the end of March and now has cooled down to 30 levels. This is where it stood in the first week of March, before the share markets came tumbling down. 

What do the charts suggest?

“As anticipated, the level of 10140-50 did act as a resistance for the Nifty. We had a sharp turn from the day’s high of 10176 to fall 130 points in a matter of one hour to touch a low of 10035. The trend continues to remain bullish as long as we can hold the level of 9950. If we do resume the uptrend from here we could climb to levels closer to 10300.”

– Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments 

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