Market HIGHLIGHTS: Sensex rises 400 pts from day’s low, still end in red, Nifty at 15,576; RIL gains 1.5%

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Updated: June 2, 2021 4:16:11 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: BSE Sensex fell 85 points while Nifty 50 ended flat with a positive bias on Wednesday

Share Market Today, Share Market LiveThe sectoral trend was largely positive, with Nifty PSU Bank index rising over 3 per cent. Image: Reuters

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: BSE Sensex fell 85 points while Nifty 50 ended flat with a positive bias on Wednesday. The 30-share index ended at 51,849, while the broader Nifty 50 index ended at 15,576. IndusInd Bank, Power Grid Corporation of India, Reliance Industries Ltd (RIL), Bajaj-Auto, Maruti Suzuki, SBI were among top index gainers. On the flip side, ITC was the worst performer, falling nearly 3 per cent. It was followed by Tech Mahindra, Axis Bank, Asian Paints, TCS, HCL Tech, Housing Development Finance Corporation (HDFC). The sectoral trend was largely positive, with Nifty PSU Bank index rising over 3 per cent. While Nifty IT and Nifty FMCG indices fell 0.75 per cent and 0.52 per cent, respectively.

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    15:40 (IST)02 Jun 2021
    Sensex ends in negative for 2nd straight day

    BSE Sensex fell 85 points or 0.16 per cent to end at 51,849, while the broader Nifty 50 index ended at 15,576

    15:19 (IST)02 Jun 2021
    Like RERA, Model Tenancy Act will reform rental housing business in India

    We expect states to act swiftly and adopt the law, have the necessary regulatory structure in the form of state tribunals to adjudicate on the required matters and provide a common framework across the country. The rental yield in India is amongst the lowest in the world. The Act once adopted and enforced by states promises to create a sustainable and inclusive rental housing market in the country. Like the RERA law, the Model Tenancy Act will reform the rental housing business in India with utmost transparency. Pankaj Bhansali, COO, Eqaro Guarantees Pvt Ltd

    15:18 (IST)02 Jun 2021
    Cabinet approves Model Tenancy Act

    The Cabinet approval for the Model Tenancy Act will provide the much-required boost to Rental Housing in India. It is a landmark reform that will usher in a new era for the real estate sector in the country. The move will help address the high number of vacant residential units in India, which is over 11 million houses, making it economically productive, reducing litigation, and encouraging trust between the landlord and the tenants. The new model Tenancy act will also encourage and attract institutional investments into the residential assets. Rental bonds coupled with the new act will provide the much-needed ease of renting the houses for landlords. Rental Bonds and the provisions of the model tenancy act will help address the friction points in the tenancy process, thus promoting trust between the landlord and the tenant. The new act would bring in over 11 million urban houses into the rental market and help address the country's massive housing shortage. Pankaj Bhansali, COO, Eqaro Guarantees Pvt Ltd

    15:10 (IST)02 Jun 2021
    Nifty remains bullish, 15,900 next potential target

    The markets have been a tad weak today. This can be attributed to profit-booking or offloading of positions. This does not disrupt the overall trend of the market which continues to look bullish. We should be looking at 15900 as the next potential target. A good support lies at 15300 and as long as that level holds on a closing basis, the market trend is in the hands of the bulls. Traders can look at dips or intra day corrections as an opportunity to add long positions for higher targets. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:08 (IST)02 Jun 2021
    Market trend bullish; monsoon progress, inflationary concerns among key drivers

    Overall markets continue to be in the control of bulls, with indices trading at record levels, Nifty at 15,570. However, we are witnessing consolidation and profit-booking over the past couple of trading sessions. Banking stocks, IT stocks and Reliance Industries Ltd (RIL) have led the recent rally and continue to hold firm. India VIX, continues to trade below the 20 mark, clearly indicating receding of investor fears, which is positive for the markets. However, whenever markets trade at record levels, we generally witness heighted volatility. Global cues, monsoon progress, inflationary concerns and tackling the COVID-19 pandemic, will continue to be the key drivers for the markets in coming weeks. Technically, the overall trend remains bullish, so buying on corrections is advisable, but at the same time, a cautious approach should be adopted. Aamar Deo Singh, Head Advisory, Angel Broking

    15:04 (IST)02 Jun 2021
    RBI’s MPC begins deliberations amidst expectations of status-quo in policy rate

    The Reserve Bank’s rate-setting panel, Monetary Policy Committee (MPC), began its three-day deliberations on Wednesday amid expectations of a status quo on benchmark rate mainly on account of uncertainty over the impact of the second wave of COVID-19 pandemic. Moreover, the fears of firming inflation may also refrain the MPC from tinkering with the interest rate in its bi-monthly monetary policy outcome to be announced on Friday.

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    14:58 (IST)02 Jun 2021
    Nifty may move in 15,100-15,650 range in near-term

    Todays fall in BSE Sensex and Nifty 50 does not point at upcoming weakness. However, it does point towards an impending consolidation. If we look at the immediate short-term, the level of 15600 has been witnessing heavy call writing; this level continues to hold maximum Call OI. This level will continue to pose resistance for the immediate near-term. The major area of concern is the VIX which stands at one of its lowest levels of the recent months; the present levels were seen only in the early 2020. So, there are possibilities of a spike in the volatility as well in the near term. We expect the Index to oscillate between 15100-15650 in the near term. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services

    14:55 (IST)02 Jun 2021
    Oil stocks to benefit from re-opening trade on Wall Street, says Chris Wood; Shell, Exxon, BP in focus

    Jefferies’ global market strategist Chris Wood has picked oil stocks as his most favoured trade for the near term as cyclical stocks continue rallying on Wall Street. “In the short term, if GREED & fear had to favour one area of the cyclical trade the most it would be oil stocks,” the Global Head (equity strategy) said in his weekly newsletter. So far this year, the S&P Energy index has zoomed 41%, outperforming the S&P 500 which has managed to jump 14%. Oil prices have been inching higher as the demand outlook for crude oil improves with vaccines being rolled out across the globe. 

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    14:48 (IST)02 Jun 2021
    Today's fall in Sensex, Nifty just a minor profit booking

    Today’s move can’t be termed as a fall. This is just a minor profit booking after seeing a good move recently and importantly after reaching record highs. As of now there is no major reversal seen as we don’t see any major resistance before 16,000. In between minor profit booking should be treated as a normal phenomenon. As far as supports are concerned, 15,400-15,300 should be seen as key levels Sameet Chavan, Chief Technical Analyst, Angel Broking

    14:30 (IST)02 Jun 2021
    RBI MPC may strive for orderly evolution of yield curve via GSAP, OMOs

    In the aftermath of Covid 19 second wave and the ensuing lock-downs, Indian economy once again finds itself in muddy waters. Key Developed Economies on the other hand are witnessing a stimulus driven, vaccination led rebound. While financial markets continue to remain upbeat about the local growth prospects, the strength and durability of the expected recovery remain key source of uncertainty going forward. In spite of sharp rise in global commodities, near-term outlook for local headline inflation remains benign. Given this backdrop, MPC is widely expected to reinforce its growth supportive bent in the upcoming policy meeting. We expect MPC to persist with its accommodative policy stance, keep abundant system liquidity and strive for an orderly evolution of yield curve via GSAP, OMOs and OTs Churchil Bhatt, EVP & Debt Fund Manager, Kotak Mahindra Life Insurance Co. Ltd.

    14:23 (IST)02 Jun 2021
    Rakesh Jhunjhunwala-owned drug stock hits new 52-week high; charts show it may rally up to 20% more

    Lupin share price surged as high as 4.7 per cent to Rs 1,266.35 apiece in intraday deals on BSE, in an otherwise weak market. This Rakesh Jhunjhunwala-owned drug stock has surpassed its previous high of Rs 1,246.30 apiece hit on May 11, 2021. Lupin stock price hit a 52-week low of Rs 828.65 apiece last year in July, since then stock has soared 53 per cent. Technical charts signal that this pharma company may rise up to 20 per cent more in the near term.

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    13:59 (IST)02 Jun 2021
    May trade: Resilient to second wave

    India’s trade deficit narrowed sharply to USD6.32bn in May 2021, compared with deficits of USD15.1bn and USD13.9bn during the prior two months. On a m/m basis, imports declined by ~16% nsa, contributing to most of the improvement in the deficit, with exports rising by 5.2% m/m. While overall trade activity took a leg down in May, the disruption to trade flows has been significantly less during the current lockdown compared with the 2020 lockdown. On a y/y basis, exports increased 67.4% y/y in May (April: 196% y/y), while imports, despite their m/m drop, rose 68.5% y/y (April: 167%). Services trade remains strong, with such exports totalling USD7.6bn in April. Annual figures will continue to be coloured by pandemic-induced low base effects for a few more months. Rahul Bajoria, Chief India Economist, Barclays

    13:12 (IST)02 Jun 2021
    Nestle working on company-wide project to update its nutrition, health strategy

    Swiss FMCG major Nestle SA said it is looking across its entire portfolio to increase the nutrient profile of its products, following international media reports that 60 per cent of the company’s mainstream food and drinks portfolio failed to meet a “recognised definition of health” and nutrition.

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    13:11 (IST)02 Jun 2021
    RBI keep one eye on inflation levels on rising global commodity prices

    In the current environment, the choices before the Monetary Policy Committee (MPC) may be limited. With the second phase of the pandemic impacting consumption and growth, the MPC will likely maintain status quo on policy rates, continue with an accommodative policy stance and ensure adequate liquidity in the system – all in an effort to stimulate growth. While it will keep one eye on inflation levels on the back of rising global commodity prices, it currently will focus on supporting economic growth. Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank

    12:49 (IST)02 Jun 2021
    Real estate sector requires sustained demand stimulant measures

    Low-interest rate in the economy has been a very strong supportive factor for the bounce back in the housing sector, witnessed before the second wave of COVID 19. When the real estate sector was just about getting back on its feet, it got hit by the uncertainties of the second wave and ensuing lockdowns. The household’s sentiments have been marred deeply by the second wave of the pandemic. Any meaningful revival of the real estate sector would require sustained demand stimulant measures and easy credit conditions to promote consumption and investment in the sector. Shishir Baijal, Chairman & Managing Director, Knight Frank India

    12:47 (IST)02 Jun 2021
    Economy requires policy support from RBI amid 2nd COVID wave

    With the second wave of COVID – 19 that has brought about a new phase of economic uncertainties, we expect RBI to remain growth supportive and leave the policy interest rates unchanged in the upcoming policy. While rise in commodity prices have been exerting an upward pressure on input material cost and on margins, the Central Bank at the current juncture should not risk increasing the borrowing cost. With the second wave of the pandemic, economy is in a vulnerable condition and would require further policy support from the Central Bank and the Government Shishir Baijal, Chairman & Managing Director, Knight Frank India

    12:13 (IST)02 Jun 2021
    SEBI bans 2 Infosys employees from stock market for insider trading; unwinds Rs 3 cr unlawful profit

    Capital markets regulator Securities and Exchange Board of India (SEBI) has banned two Infosys employees from capital markets after having found them complicit in an insider trading charge. Venkata Subramaniam, senior principal, corporate accounting, Infosys; and Pranshu Bhutra, senior corporate counsel, Infosys; along with six other entities have been banned from buying or selling stocks until further orders. Although Infosys has not been fined by the market regulator, the stock was under pressure on Wednesday morning, trading 1% lower, among the worst performers of the day on Sensex.

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    11:36 (IST)02 Jun 2021
    Paytm share price doubles to Rs 24,000 in grey market on IPO buzz; should you buy it ahead of IPO?

    Paytm share price has surged in the unlisted market following the announcement of the company’s initial public offering (IPO). Paytm stock has almost doubled in the unlisted market to up to Rs 24,000, according to the people who deal in shares of unlisted companies. Paytm shares in the unlisted market were trading at Rs 11,000-12,000 per share before the IPO news. In just five days after the IPO news the share price rose to Rs 21,000, according to the dealers.

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    11:04 (IST)02 Jun 2021
    Amid uncertain economic outlook, RBI likely to err on the side of caution

    In the upcoming Credit policy, RBI has a tough task at hand, navigating between galloping commodity prices, which raise inflationary expectations - and the unpredictable impact of the lockdowns on employment, production and general welfare in the real economy. Easy liquidity conditions and low policy rates have not led to widespread growth in credit offtake which is languishing at multi year lows. In case of uncertain economic outlook, a central banker is likely to err on the side of caution by continued easy liquidity and policy rates lower than normal to simulate the economy. Sandeep Bagla, CEO, TRUST AMC

    10:16 (IST)02 Jun 2021
    ITC stock’s dividend play: Over 5% dividend yield, modest valuation; analysts say ‘buy’

    ITC share price fell 2% on Wednesday morning to trade at Rs 210 per share, after the company reported a fall in fiscal quarter net profit, largely in line with expectations. ITC’s net profit in January-March quarter fell 1.28% on-year to Rs 3,748 crore. Profit fell despite a sharp 24% jump in gross revenue during the quarter. FMCG-to-hotels conglomerate ITC also announced a final dividend of Rs 5.75 per share, taking the total dividend for the full fiscal year to Rs 10.75 per share. Results were largely in line with estimates of analysts, who maintain a bullish outlook for the stock on the back of a healthy dividend yield and inexpensive valuation.

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    09:59 (IST)02 Jun 2021
    Rupee may fall in coming days on MSCI Rebalancing outflow, rising crude prices, RBI’s buying

    Rupee which had appreciated more than 3% in the month of May, is signaling that it can again start depreciating in upcoming days due to MSCI Rebalancing outflow, rising crude price above $70 per barrel and RBI’s buying aggressively buying between 72.30 to 72.50 levels. The rising US 10-year Yield from 1.57 % to 1.62% have also kept rupee pair in pressure. Market now awaits India’s May month trade balance, which is expected to remain in deficit of $15.20 billion. The fall in import might offset a fall in valuation of export on stronger Rupee. But if trade deficit widens beyond $15.20 bn, then it could further pressurize on rupee. Given key points suggest that bottom for USDINR would be protected around 72.30-72.50 levels. There is strong resistance between 73.20 to 73.30 levels, which if the pair breaks, we may see the pair moving towards 74.00 to 74.20 levels in coming days. Amit Pabari, managing director, CR Forex Advisors

    09:54 (IST)02 Jun 2021
    Market trend remains positive, Nifty may head towards 15,900-16,000

    The Index has started on a soft note this morning. It has had a good rally up and perhaps there could be marginal profit booking and offloading of positions. However, the trend continues to remain positive and we should be heading to 15900-16000 as the next potential target. Since there is a good support at 15300, every dip or intra day correction can be utilized to accumulate long positions. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:53 (IST)02 Jun 2021
    Gold Price Today, 2 June 2021: Gold falls on strong rupee, weak international trends; check intraday strategy

    Gold prices fell in India on Wednesday on the back of muted international trends, where yellow metal retreated from a 5-month high on rise in bond yields. On MCX, gold August futures were trading Rs 67 or 0.14 per cent down at Rs 49,358 per 10 gram. While silver July futures were ruling at Rs 71,820 per kg, down Rs 428 or 0.59 per cent. In the previous session gold futures ended at Rs 49,425 and silver at Rs 72,248 per kg. 

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    09:27 (IST)02 Jun 2021
    Nifty IT index top sectoral loser

    The sectoral trend was mixed, with Nifty IT index falling over 1 per cent while Nifty Metal index was up

    09:25 (IST)02 Jun 2021
    ITC, HDFC, Kotak Bank stocks fall

    Stocks of Tech Mahindra, ITC, Housing Development Finance Corporation (HDFC), Kotak Mahindra Bank, ICICI Bank, HCL Tech, Infosys were among top index laggards

    09:24 (IST)02 Jun 2021
    RIL, HUL, Maruti Suzuki top Sensex gainers

    Power Grid Corporation of India, UltraTech Cement, NTPC, ONGC, Sun Pharma, Dr Reddy's, Maruti Suzuki, HUL, RIL were among top Sensex gainers

    09:21 (IST)02 Jun 2021
    Sensex, Nifty fall on weak global cues

    BSE Sensex was trading 110 points or 0.21 per cent down at 51,825, while the broader Nifty 50 index gave up 15,550 and was ruling at 15,519

    Check live Sensex, Nifty levels

    09:05 (IST)02 Jun 2021
    Sensex, Nifty trade weak in pre-open on Wednesday

    BSE Sensex fell over 100 points to 51,790, while the broader Nifty 50 index was holding just above 15,500 in pre-opening session on Wednesday.

    Check live Sensex, Nifty levels

    08:59 (IST)02 Jun 2021
    If Nifty continues to trade below 15,600, it may touch 15,510; HCL Tech, Sun Pharma look strong on charts

    After a strong uptrend rally from 14885 to 15660, the benchmark indices witnessed a narrow range activity near an all-time high level. However, the larger texture of the market is still on the bullish side and likely to continue in the near term. Among sectors, the move of the Nifty IT Index is encouraging and we suggest accumulating technology stocks for this month. The Nifty 50/ Sensex 30 Index has closed below 15600/52000 which indicates day traders may take a cautious stance near all-time high level.

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    08:43 (IST)02 Jun 2021
    Infosys, ITC, RIL, PVR, Route Mobile, Motherson Sumi, Manappuram Finance stocks in focus

    Motherson Sumi Systems, Muthoot Finance, Ranami Metals & Tubes, PVR, MTAR Technologies, Panacea Biotec, NRB Bearings, Dhunseri Ventures, among BSE-listed companies that are scheduled to announce their quarterly earnings on June 2.

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    08:43 (IST)02 Jun 2021
    Petrol and diesel price today 2 June 2021: Rates unchanged today; check price in Delhi, Mumbai here

    Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were kept unchanged on Wednesday across major cities. Petrol in Delhi today costs Rs 94.49 per litre, while diesel in the capital city costs Rs 85.38 litre today. So far, since May 4, rates have been hiked 17 times. Petrol price in Delhi has been increased by Rs 3.94 in May, while diesel price has surged Rs 4.47 per lire. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.

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    08:06 (IST)02 Jun 2021
    Will Sensex, Nifty resume upward trend today? 5 things to know before opening bell on Dalal Street

    Domestic equity markets snapped their gaining streak to end flat with a negative bias on Tuesday. S&P BSE Sensex settled at 51,934 while the 50-stock NSE Nifty ended the day at 15,574, after hitting a record high of 15,660 during the day. Broader markets fared worse on Tuesday while the volatility index surged higher. On Wednesday morning, SGX Nifty was in the red, hinting at a weak start for equity markets. Cues from global peers were mixed during the early hours of trade. However, on the charts, Nifty’s positive momentum has not been altered. “Tuesday's consolidation movement has not changed the positive sentiment created in the market,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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    08:06 (IST)02 Jun 2021
    Petrol, diesel sales drop 17% in May on COVID-19 lockdowns

    India’s petrol and diesel sales fell by about 17 per cent in May from a month ago as restrictions clamped to curb the world’s worst outbreak of coronavirus infections stifled demand. Sales of petrol — used in cars and motorcycles — fell to 1.79 million tonne in May, the lowest in a year, according to the preliminary data of state-owned fuel retailers.

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    08:04 (IST)02 Jun 2021
    US stock markets

    In overnight trade on Wall Street, the S&P 500 fell on Tuesday with declines in healthcare and tech shares. The Dow Jones Industrial Average rose 0.13 per cent, the S&P 500 lost 0.05 per cent, and the Nasdaq Composite dropped 0.09 per cent.

    08:04 (IST)02 Jun 2021
    Asian stock markets trade mixed in early trade

    Asian peers were trading mixed in early trade with Japan’s Nikkei 225 gaining 0.22 per cent. The Topix index jumped over half a per cent. South Korea’s Kospi rose 0.25 per cent while Hong Kong’s Hang Seng index shed 0.36 per cent.

    08:04 (IST)02 Jun 2021
    SGX Nifty hints at cautious start for Sensex, NIfty

    Nifty futures were trading flat with a negative bias at 15,624.50 on Singaporean Exchange.

    08:03 (IST)02 Jun 2021
    Unemployment rate soars to 11.9% in May, 10 m jobs seen lost in the month

    The second Covid wave has led to a sudden spike in India’s unemployment rate – it rose to 11.9% in May from 7.97% in the previous month. The rate had last reached double digits in June last year, when it was 10.18%. According to the Centre for Monitoring Indian Economy (CMIE) data, barring April, May and June last year, the monthly unemployment had never breached the double-digit mark at least since January, 2016.

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