Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices erased all intraday gains and ended in red after a highly volatile trading session as almost all the sectors gave up their gains. The BSE Sensex index fell 664 points from the day’s high to close at 55,769, down 49 points or 0.09 per cent. The Nifty50 shut shop at 16,584, down 44 points or 0.26 per cent. It hit an intra-day high of 16,794. The Nifty Auto index was the worst hit as it shed around 1.8 per cent, while the Nifty Bank, Metal, PSU/Private Banks, and Realty indices fell up to 1 per cent each. The Nifty IT index was the sole gainer, up 0.45%. In the broader markets, the BSE MidCap and SmallCap indices fell 1.45 per cent and 1.16 per cent, respectively.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 3 June 2022 Friday
Going bullish on all tier-1 IT stocks listed in India, analysts at Macquarie said that demand remains resilient for companies such as TCS, Infosys, Wipro, HCL Technologies, and Tech Mahindra. “Unlike 2000s, India Tier-1 IT Services firms are strategic partners – not glorified staffing providers who will be the first to bear the brunt of cuts,” a report by Macquarie said. The brokerage firm has an ‘Outperform’ rating on all the above-mentioned stocks after it upgraded Wipro from the ‘Neutral’ rating. The Nifty IT index has not been favoured so far this year, falling 23% in 2022.
Indian benchmark indices erased all intraday gains and ended in red after a highlighy volatile trading session as almost all the sectors gave up their gains. The BSE Sensex index fell 664 points from the day's high to close at 55,769, down 49 points or 0.09 per cent. The Nifty50 shut shop at 16,584, down 44 points or 0.26 per cent. It hit an intra-day high of 16,794.
Newly listed Aether Industries stock zoomed ahead after opening earlier in the day with 10% gains. The stock was up more than 20% just ahead of the closing bell.
Sensex and Nifty gave up all intraday gains to trade with losses with minutes left to the closing bell.
Broader markets were in the red with less than an hour left before the closing bell. Sensex and Nifty were still trading with some gains.
Markets were trading trade in a range, off days low with trading higher by more than 300 points, Nifty around 16,700 The Sensex was up 3335.9 points or 0.6% at 56,154 and the Nifty was up 68.2 points or 0.41% at 16696. Barring IT and FMCG, all sectoral indices in red.
Indian equity benchmarks jumped on Friday tracking strength across global markets, as investors awaited jobs data from the US due later in the day. Gains across sectors pushed the headline indices higher, with financial, IT and oil & gas shares leading gains. The BSE Sensex rose 614 points to touch intraday high of 56,255, while the NSE Nifty 50 climbed 165 points to 16,793. According to experts, recovery in global markets, cool off in the dollar index and US bond yields, the resilience of the Indian economy, and continuous support from DIIs fueled the rally. However, market performance is likely to remain range-bound in the near term, they said.
Rakesh Jhunjhunwala stock Star Health and Allied Insurance Company share price has fallen 22 per cent since listing in December last year. The stock was listed on BSE and NSE at Rs 848 per share, against the issue price of Rs 900. Currently stock trades at Rs 706 apiece. Despite the massive fall in the stock price, the research and brokerage firm Motilal Oswal Financial Services has pinned a ‘buy’ rating to the stock with a revised target price of Rs 840 apiece, implying a 17 per cent potential upside. However, even if it gains 17% it will still remain below the listing price and far from the IPO price as well. Read full story
Benchmark indices extended gains in noon deals and were trading around 1 per cent higher. The Sensex was up 546 points or 1.98 per cent higher at 56,360, while Nifty 50 was up 126 points or 0.76 per cent at 16,756
Indiabulls Housing Finance shares rose 7 per cent in today's trade after it made the announcement yesterday that it made timely payment of interest in respect of the Unsecured Redeemable Non-Convertible Subordinated Debt in the nature of Debentures (NCDs) issued by it, on private placement basis.
Delhivery share price has gained more than 15% over the IPO price so far since listing last week. Although the performance of Delhivery shares has been decent amid a volatile stock market, analysts are divided on what the future holds for the stock. Initiating the coverage of Delhivery, Credit Suisse has pinned an ‘Outperform’ rating while IIFL Securities has taken a different approach and initiated at ‘Sell’. The logistics service provider raised Rs 5,200 crore from the IPO market earlier last month, receiving a tepid response from investors.
Reliance Industries shares jumped 3% after it was reported that RIL and US-based Apollo Global Management are teaming to bid for Boots — the international chemist and drugstore unit of Walsgreen Boots Alliance. The combined bid from Reliance and Apollo for Boots could come in as early as today.
The Indian equity market has witnessed a strong expiry session, wherein the timid opening led by weak Asian cues got bought into by the bulls of D-street. The splendid move was backed by broad-based buying that has boosted the overall market sentiments and has showcased the assertiveness among the participants. The benchmark index NSE Nifty 50 concluded the expiry session near the day’s high with gains of 0.64 percent and has reclaimed the 16600 level. Read full story
Posting 58.9 in May, up from 57.9 in April, the seasonally adjusted S&P Global India Services PMI Business Activity Index indicated the fastest rate of expansion in over 11 years. Anecdotal evidence suggested that the upturn in output reflected better underlying demand and strong inflows of new work.
“Is the ongoing pull back in markets, globally, a bear market rally or the beginning of another bull phase? We will know the answer to this question only later. Meanwhile investors can look at stocks leading the rally now and try to anticipate segments that will join the rally if this uptrend sustains. The sharp upmove in Nasdaq is likely to have a rub on effect on Indian IT stocks too. This beaten-down segment, depressed by shorts and sustained FPI selling, is staging a comeback supported by strong fundamentals. Export segments like textiles are staging a comeback. Financials have strong fundamentals and, therefore, can be expected to join the rally soon.”
~ V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Ultratech Cement shares over 2 per cent as investors booked profit after layout of Rs 12,886 crore capex plan.
Aether Industries shares listed on the BSE and NSE (National Stock Exchange) today at a premium, amid the bullish sentiment on Dalal Street. Shares of the specialty chemicals manufacturer began trading on BSE at Rs 706.15 per share up 9.99% from the upper end of IPO price band of Rs 610-642 per share. On NSE the shares were trading at Rs 704 apiece Aether Industries IPO was fully subscribed by investors earlier last month with qualified institutional buyers (QIB) leading the bidding. On listing, Aether Industries had a market capitalization of Rs 8,790 crore.
Deepak Nitrite fell 3 per cent after the company's manufacturing unit in Vadodara caught massive fire on Thursday.
Wipro, Tech Mahindra, HCL Technology, Infosys, Reliance Industries (RIL) were the top gainers, while Shree Cements, Ultratech Cement, Britannia, Grasim and Apollo Hospitals were the laggards
Majority of the stocks in the Sensex pack opened in green. Only 4 Sensex stocks sulked in the negative zone.
Indian benchmark indices opened sharply higher tracking relief rally in the US markets overnight and uptick in Asian stocks. The BSE Sensex rose 500 points to 56,320, while the NSE Nifty climbed 150 points to 16,780. In the broader markets, the BSE MidCap and SmallCap indices also opened in green, rising up to 0.8 per cent.
Benchmark indices were trading higher in pre-open session. Sensex was 300 points, while Nifty 50 advanced above 16,700 levels.
“Markets are expected to start on a firm note tracking solid gains in SGX Nifty and overnight recovery in the US markets. Nifty is building a ‘bullish double bottom pattern’ aided by Indi'a GDP numbers on expected lines, dovish US Fed, early arrival of monsoon, fresh stimulus in China, and easing curbs in the dragon nation. Nifty bulls’ probably will rip to its 200 – DMA 17269 mark, with immediate target seen at 16897. Stocks that are likely to gain ground Bajaj Finance, Tata Steel, Grasim and Reliance Industries.”
~Prashanth Tapse, Vice President (Research), Mehta Equities Ltd
“Markets are looking to give a strong positive opening with gains of over a percent in Nifty50 as indicated by the SGX. Among the Asian markets all are positive on the back of the US market being positive after two days of losses. The positive indicators are also coming on the crude front with OPEC+ countries planning to increase production of 648,000 barrels per day from July and August – much required worldwide to tame inflation and help the world to take on faster growth. Aether industries will make its debut in the markets today after the 6.25x subscription of the 808 crore IPO. Also Nifty50 index options faced a fat finger trade yesterday with strike price 14,500 call selling for very low prices while index was trading at 16,500-16,600 levels. For the benchmark indices, 16,650 and 17,000 will act as support and resistance for Nifty50 today. While Bank Nifty would have support and resistance at 35,200 and 36,000.”
~Mohit Nigam, Head – PMS, Hem Securities
The prices of petrol and diesel were kept unchanged by the OMCs for the Twelfth day running on Friday. Finance Minister Nirmala Sitharaman had announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel earlier in May. Petrol price in Delhi today stands at Rs 96.72 a litre as against Rs 105.41 a litre last week, while diesel will cost Rs 89.62 a litre as opposed to Rs 96.67. In Mumbai, one litre of petrol costs Rs 111.35 while diesel is retailing at Rs 97.28 per litre.
Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a huge gap-up start on Friday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 184 points or 1.11 per cent higher at 16,794 on Singaporean Exchange. In the previous session, BSE Sensex closed 437 points or 0.79% higher at 55,818, while the NSE Nifty 50 index settled at 16,628, up 105 points or 0.64%. “Markets are likely to remain in a broader range as we continue to monitor global cues including geo-political developments, crude oil price movement as well as institutional flows,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said. Read full story
Oil prices were roughly unchanged on Friday, clinging to gains made in the previous session on doubts that producers belonging to OPEC+ can hike their crude output enough to make up for lost supply from Russia. US West Texas Intermediate (WTI) crude futures were up 1 cent at $116.88 a barrel, while Brent crude futures were up 7 cents at $117.68 a barrel.
“Dalal Street rose sharply in yesterday’s trade shrugging off weak overnight Wall Street cues amid value buying backed by short covering in Reliance Industries and other IT stocks. Nifty bulls’ probably will rip to its 200 – DMA 17253 mark. The index's immediate target is seen at 17837. Nifty has immediate support at 16421-16171, while resistance is seen at 16837-17264.”
~Prashanth Tapse, Vice President (Research), Mehta Equities
Nifty 50 on Thursday closed above the 16,600 level, forming a bullish candle on the daily chart. Analysts said it may face some resistance around its 200-day EMA, which is placed near the 16,750 zone while 16,400 level will continue to act as an immediate support.
“The technical structure construes to be encouraging, as the market has been hovering in a slender range for the last couple of trading sessions and is attracting buying interest at the lower levels. Also, from the technical perspective, the index has formed a strong 'bullish engulfing' pattern on the expiry day, which is an intriguing factor for the bulls. As far as levels are concerned, the unfilled gap on the downside of the 16370-16430 odd zone, which even coincides with the 21-DEMA, has already proved its mettle in providing a strong demand and is expected to yield immediate support. While on the contrary, the 200-DEMA placed near 16740 is likely to act as immediate resistance, and any decisive breach above the same could trigger fresh momentum in the coming period.”
~Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One
“The technical structure construes to be encouraging, as the market has been hovering in a slender range for the last couple of trading sessions and is attracting buying interest at the lower levels. Also, from the technical perspective, the index has formed a strong 'bullish engulfing' pattern on the expiry day, which is an intriguing factor for the bulls. As far as levels are concerned, the unfilled gap on the downside of the 16370-16430 odd zone, which even coincides with the 21-DEMA, has already proved its mettle in providing a strong demand and is expected to yield immediate support. While on the contrary, the 200-DEMA placed near 16740 is likely to act as immediate resistance, and any decisive breach above the same could trigger fresh momentum in the coming period.”
~Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One
“Markets managed to gain over half a percent on the weekly expiry session amid mixed cues. After the tepid start, healthy buying in select index majors pushed the benchmark higher and helped it to settle around the day’s high. Amongst the sectors, Auto and Capital Goods ended with losses whereas Oil & Gas, IT and Metal ended with healthy gains. The broader indices traded in sync with the benchmark and gained over half a percent each. While the global markets are still pointing towards mixed signals, selective buying in index majors across sectors is helping the index to inch higher. A decisive break above 16,700 in Nifty would fuel fresh momentum towards 16,900. We maintain our positive bias and recommend focusing on sectors/themes which are gaining traction. At the same time, participants shouldn’t go overboard and maintain strict risk management in place.”
~Ajit Mishra, VP – Research, Religare Broking
Aether Industries shares will debut on stock exchanges today. Analysts expect Aether Industries to list at a single-digit premium over the issue price following a good response to the IPO. The initial public offering of the niche specialty chemical manufacturer was subscribed 6.26 times during May 24-26 as QIBs bought 17.57 times their allotted quota. The portion set aside for non-institutional investors, or high net worth individuals, was subscribed 2.52 times, while the shares set aside for retail investors and employees were fully booked. The company raised Rs 808 crore through the IPO that comprised a fresh issue of Rs 627 crore and an offer for sale of Rs 181 crore worth of shares by shareholders.
Wall Street ended sharply higher on Thursday, led by Tesla, Nvidia and other megacap growth stocks in a choppy session ahead of a key jobs report due on Friday. Tesla, Nvidia and Meta Platforms each rose more than 4%, fueling gains in the S&P 500 and Nasdaq. Amazon rallied 3.1% and Apple added 1.7%. The S&P 500 climbed 1.84% to end the session at 4,176.82 points. The Nasdaq gained 2.69% to 12,316.90 points, while Dow Jones Industrial Average rose 1.33% to 33,248.28 points.
SGX Nifty hinted at gap-up start for Indian benchmark indices. Nifty futures were trading 204 points, or 1.23%, higher at 16,814 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start.
