Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices BSE Sensex and NSE Nifty 50 closed in the green on Monday on favourable global cues. Nifty made an intraday high of 18,641 and fell over 40 points, settling shy of the 18,600 level, at 18,599, while Sensex ended at 62,834 after breaching the 63,000 level intraday. The broader markets closed in the green, with the Nifty Midcap 100 index adding 0.36% and Nifty Smallcap 100 gaining 0.23%. Sectorally, Bank Nifty hit a fresh record high at 44,483 intraday before tanking 200 points to a record closing high of 44,276.8. Nifty Metal, Nify Consumer Durables, Nifty Media added up to 1.32% while Nifty IT declined 0.41%. The top gainers of the day are M&M, Coal India, Titan, Tata Steel, SBI Life with M&M up 3.5%. The top losers of the day are ONGC, HCL Tech, Power Grid, Divi’s Lab and Maruti.
"Bank Nifty had been struggling to cross and sustain above 44,160 levels for a while. However, it opened with a strong gap in line with Nifty and was seen trading comfortably above 44,200 levels. Though it gave up some gains towards the end, it managed to close firmly above the breakout area suggesting a move towards 45,000 is possible to be seen in the coming days. Since Bank Nifty has witnessed fresh breakouts, unlike Nifty, which has been trading considerably above the previous breakouts, one can expect strong outperformance by Bank Nifty going forward.”
- Gaurav Bissa, VP, InCred Equities
“Nifty witnessed a strong opening on the back of strong US indices. The index gave up some gains as the day progressed but managed to close near 18,600 levels. While the overall texture of Nifty remains strong, it can witness small profit booking on account of bearish harmonic deep crab pattern that is formed on the hourly charts. This is expected to result in a small profit booking with options data suggesting 18,500 being a formidable support on the immediate basis."
- Gaurav Bissa, VP, InCred Equities
The top gainers of the day are M&M, Coal India, Titan, Tata Steel, SBI Life with M&M up 3.5%. The top losers of the day are ONGC, HCL Tech, Power Grid, Divi's Lab and Maruti.
Indian equity indices Nifty 50 settled at 18,599, just shy of the 18,600 level while Sensex closed at 62,834.
IndusInd Bank hits 52-week high, shares rise 1.38% to Rs 1,295. This rise in shares propelled the company's market-cap to cross Rs 1 lakh crore for the first time.
"Indian Rupee traded on a flat note due to lacklustre trades as most European and US markets remain closed today. However, Asian markets and US futures rose on improved risk sentiments as US President Joe Biden and House Republicans reached a deal over the weekend to raise the debt ceiling thereby, averting a default. Economic data from the US on Friday was mixed to positive."
- Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas.
"The world market was watching the US debt ceiling negotiation with eagle eyes, as not reaching consensus could have unprecedented consequences for the world economy. Fortunately, common sense prevailed, as it did in 2011, and a compromise formula has been negotiated in which the debt ceiling limit has been suspended for 2 years. This is a huge relief for global equity and debt markets. The compromise formula will lift sentiments temporarily for investors across the world, but the market will eventually return to the fundamentals of inflation, interest rates, and other macro factors."
- Sunil Damania, Chief Investment Officer, MarketsMojo
After touching highs of 18,641, Nifty 50 fell almost 50 points, giving up the 18,600 figure, to trade at 18,593.
Shares of Adani Transmission are trading lower by 3.3% at Rs 735.40 ahead of the firm's quarterly earnings report. Along with ONGC's dip, the two firms dragged the Nifty Oil & Gas index down by 0.56%.
"Indian Bond yields have rallied over the last few weeks on the back of robust real money investor demand ignoring the upwards moment of yields in US and Europe and some weakness in INR over the last couple of weeks. We expect consolidation at the current levels and expect the 10yr bond yield to trade in a range of 6.90% to 7.20% over the next one month. We expect the yield curve to steepen mildly going ahead."
- PGIM India MF
"The Nifty moved to highest levels of the calendar year as across the board buying seen on Friday, which helped it to test psychological levels of 18,500. Earlier during the May settlement, the Nifty has been in a narrow range and consolidated in the vicinity of May VWAP of 18,250. Going ahead, we believe the Nifty should trade with positive bias and head towards 18,800-18,850 levels till it is trading above 18,350 levels."
- ICICIdirect
"Going ahead, we expect the index to resolve out of intermediate hurdle of 18,500 and challenge lifetime high of 18,900 in the coming month. Meanwhile, we do not foresee the Nifty breaching key support threshold of 17,800. In the process, we expect broader markets to accelerate upward momentum fuelled by 18 month’s consolidation breakout in Midcap index. Hence, dips should be capitalised on to build portfolio from medium term perspective."
- ICICIdirect
ONGC's stock price slid 3.5% in trade to Rs 157.95 on the back of dismal quarterly earnings. Oil and Natural Gas Corporation reported a standalone net loss of Rs 248 crore in Q4 FY23, against a net profit of Rs 8,860 crore in the year-ago quarter.
"We expect gold price should consolidate in lower range with negative bias. Comex spot gold having supports at $1933/$1923 per ounce and resistance at $1980/$1995 per ounce for the day. MCX Gold June future having supports at Rs 59,240/59,080 per 10 gram and resistances at Rs 59,750/60,065 per 10 grams," said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.
Sun Pharma's share price fell 2.4% in trade on Monday to Rs 946.4 per equity share, as the pharma giant reported a consolidated net profit of Rs 1,984.47 crore. However, the net profit declined sequentially.
"We reduce our FY24/FY25 earnings estimates by 4%/2%. We maintain ‘BUY’ rating at TP of Rs 1140 (Rs 1175 earlier) based on 25x FY25E earnings. Sun Pharma remains our top pick in large cap space," said a Prabhudas Lilladher report.
All Bank Nifty constituents traded in the green as the banking index soared 0.9% to hit record highs in the morning session.
Share price of M&M gains 5.3% to Rs 1,350 as the firm reported positive Q4FY23 numbers.
"M&M should benefit, given (1) growing customer preference for SUV, (2) capacity ramp-up to fulfill strong order book, (3) market share gains in the tractor industry, (4) strong response to EV portfolio. Retain ‘BUY’ with TP of Rs 1,585 (18x on Mar-25E core EPS and Rs 331 for subsidiaries)," said a Prabhudas Lilladher report.
Insurance player ICICI Lombard General Insurance share price is up 12% to Rs 1,242 on the back of news that ICICI Bank is set to increase its shareholding in the firm by 4% to turn the insurance major into its subsidiary.
The top gainers on the NSE Nifty 50 index were M&M, SBI Life, HDFC, IndusInd Bank, and HDFC Life, with M&M up 4.4%.
Bank Nifty surged more than 350 points or 0.8% in the morning session to hit a fresh-record high at 44,415 after 113 sessions. Constituents IndusInd Bank, HDFC Bank and Kotak Mahindra Bank lead the gains.
Domestic indices BSE Sensex and NSE Nifty 50 opened in the green on Monday as global cues turned favourable. Nifty opened at 18,619.15, up over 100 points or 0.6% while Sensex gained more than 400 to surpass the 63,000 level. Bank Nifty hits a fresh record high at 44,278.
The banking index Bank Nifty is set to open at a record high. The index settled at 44,276.80 during pre-open, higher by 258.8 or 0.59%.
Domestic indices NSE Nifty 50 and BSE Sensex gained in the pre-open session among positive global cues. Nifty jumped to cross the 18,600 level while Sensex added 300 points to settle at 62,801.
Goldman Sachs raised the Indian economic growth forecast by 30 bps for 2023, citing a boost in net exports. India's GDP growth forecast was increased to 6.3% year-on-year for the calendar year 2023 from the 6% it predicted earlier. The brokerage expects GDP growth of 4.9% for the first quarter of 2023, compared to a Bloomberg estimate of 5.1%.
"The India VIX, also known as the fear index, fell by 3.27% during the week, from 12.30 to 11.90, giving major relief to the bulls. Nifty is now just 2.10% away from its all-time high of 18,887.60 made on 1st December, 2022. A follow up buying from here can take Nifty to 18,700-18,800 zones while the lower end support now shifts to 18,300 from 18,200 zones."
- Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities
ICICIPRULI (PREVIOUS CLOSE: Rs 446) - BUY
For today’s trade, long position can be initiated in the range of Rs 445- 443 for the target of Rs 463 with a strict stop loss of Rs 437.
HAVELLS (PREVIOUS CLOSE: Rs 1,289) - BUY
For today’s trade, long position can be initiated in the range of Rs 1,288- 1,282 for the target of Rs1,322 with a strict stop loss of Rs1,274.
MARICO (PREVIOUS CLOSE: Rs 544) - BUY
For today’s trade, long position can be initiated in the range of Rs 544- 540 for the target of Rs 560 with a strict stop loss of Rs 531.
- Mitul Shah, Head of Research, Reliance Securities
"Intraday traders can look for long opportunities above 18,520 if the closing comes above 18,520 in 15 min chart. Traders can look for fresh shorts only if Nifty breaks the 18,400 level & remains below the level for 15 minutes to ensure short."
- Stoxbox
"Embrace the bullish opportunities presented by Indian Hotels, TCS, and Reliance Industries, capitalizing on any corrective declines for inter-week gains. Thus, we declare our resounding call to action: BUY INDIAN HOTELS (CMP: Rs 384) and ride the momentum wave towards our targets of 389, 393, and aggressive goals at 405. Stay bullish, seize the opportunities, and let the market flourish."
– Prashanth Tapse, Research Analyst, Senior VP Research, Mehta Equities
"The SGX Nifty (+171, 18,719) shines with a vibrant green. As Nifty sets its sights on new heights at 18888, Bank Nifty follows suit, aiming to surpass its all-time high at 44153. With technical indicators aligning and bullish momentum prevailing, the path to success seems clear."
- Prashanth Tapse, Research analyst, Senior VP Research, Mehta Equities
Foreign institutional investors (FII) net bought shares worth net Rs 350.15 crore, while domestic institutional investors (DII) net purchased shares worth Rs 1,840.98 crore on May 26, according to the provisional data available on the NSE.