Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian equity markets snapped 2-day losing streak to end higher on F&O expiry. After a weak start, the S&P BSE Sensex staged a one-way upmove and closed at 55,818, up 437 points or 0.79%, while the NSE Nifty 50 index settled tad below the 16,650-mark at 16,628, up 105 points or 0.64%. In the broader markets, The BSE MidCap index ended 0.04% lower, while the BSE SmallCap index added 0.6% Reliance Industries (RIL) was the biggest contributor, accounting for nearly 60% of today’s gains, as its shares surged 3.6%. Bajaj Finserv, Sun Pharma, HCL Tech, Asian Paints, Infosys, TCS, IndusInd Bank, and Tata Steel were the other top Sensex gainers. On the downside, HDFC, PowerGrid, HUL, HDFC Bank, L&T, and Kotak Bank were the laggards.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 2 June 2022 Thursday
Sensex gains over 400 points
Nifty 50 closes above 16,600 levels
Benchmark indices off day's high, Sensex trading higher by around 350 points, Nifty above 16,600. The Sensex was up 339.88 points or 0.61% at 55,721 and the Nifty was up 89.70 points or 0.54% at 16,612.45.
Benchmark indices were trading at day's highs and Nifty IT led the pack of gainers with a gain of 1.91%.
Religare Enterprises soared over 10%, after the company said it has resolved many legacy issues left over by its erstwhile promoters, including settlement with SEBI and becoming debt free.
Buying in IT, PSBs, Metal stocks lift benchmarks to day's high. Sensex is up 380.74 points or 0.69% at 55761.91, and the Nifty gained 86.50 points or 0.52% at 16609.30.
Vedant Fashions, which owns ethnic wear brand Manyavar, has seen its share price rally more than 15 per cent to Rs 1,078.95 apiece from the IPO price of Rs 866 since listing. Research firm ICICI Securities has initiated coverage on the stock with a buy rating, pegging the target price of Rs 1,200 apiece, implying an upside of 12 per cent from current levels. The research firm noted that Vedant Fashions’ flagship brand Manyavar commands dominant position in the branded IWCW (Indian wedding and celebration wear) market and has emerged as a category leader and a brand of first recall. Read full story
Steel stocks are in focus today as steel prices tanked the most since December 2021 levels.
Shares of Delhivery moved 9% higher to Rs 586 on the BSE in Thursday’s trade, gaining 12 per cent in the last three days on expectations that investments in capacity will drive the company's operational performance going forward. The stock of the logistics services provider was trading at its highest level since listing on May 24, 2022. At current levels, Delhivery is 20% higher over its issue price of Rs 487 per share. The stock had hit a low of Rs 474 on its debut day.
Reliance Industries was the top stock gainer on Sensex on Thursday, up 3.55%. It was followed by Bajaj Finserv and Sun Pharma.
Eicher Motors shares were trading at day's low, over 2% lower from day's high of Rs 2,785.
Benchmark indices pared early morning losses in noon deals and were trading in green. Sensex is up 285.36 points or 0.52% at 55,666.53, and the Nifty added 62.70 points or 0.38% at 16,585.50.
NSE Nifty 50 and BSE Sensex could climb to fresh all-time highs in the next one year, backed by healthy earnings growth, analysts at ICICI Direct have projected. The brokerage firm has moved its 12-month rolling target for Nifty 50 to 18,700 which would not just be a fresh all-time but would translate to a 13% upside for the benchmark index from Wednesday’s closing price. The corresponding target for Sensex is 62,300. However, the target is a downward revision by ICICI Direct. The report authored by Pankaj Pandey – Head of Research, ICICI Direct, noted that corporate earnings, a true barometer of economic health, have been quite resilient. Nifty hit an all-time high of 18,604 in October and Sensex touched 62,245 in the same month.
“The Q4 FY22 at 4.1% and FY22 GDP growth at 8.7% came marginally lower than our expectations. Moreover, the growth comes against the negative base of the pandemic year. Yet, there are several positive indicators as well. The rebound in capex in FY22 is the biggest positive. Even private consumption shows signs of improvement. But for large trade deficit and subdued increase in government consumption, GDP growth could be in double digits in FY22 and close to 8% in Q4 FY22. Despite the ongoing geopolitical uncertainties, supply disruptions, high commodity prices, inflation and monetary tightening, we expect India to continue to be the fastest growing major economy of the world in FY23 as well with 7.5% growth. The broadly in-line growth number, better than expected fiscal number for FY22 and infra growth number for Apr'22 (all released today) would be positive for financial markets.”
~Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares & Stock Brokers
“Today, we are witnessing long built up formation in stocks like Crompton, Voltas, Federal Bank, Cipla, Coalindia, Polycab, HAL etc. while short build-up is visible in counters like Apollo Hosp, Hero Moto, UBL, Apollo Tyre etc. Nifty is expected to remain in a range while Bank nifty may outperform. Traders are advised to apply buy on decline strategy at the support zones. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in stocks like Reliance, Bajaj Finance, Voltas and HAL.”
~Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services
Apcotex Industries, Blue Dart Express, CreditAccess Grameen, Delhivery, Fine Organic Industries, Galaxy Bearings, HBL Power Systems, J.Kumar Infraprojects, KEI Industries, Mahindra & Mahindra (M&M), Mirza International, Parshva Enterprises, Raymond, Sharpline Broadcast, Shankar Lal Rampal Dye-Chem, TD Power Systems, Voltamp Transformers, Wendt (India) were among the stocks that hit 52-week high on BSE. On the flip side, eMudhra, Future Retail, GMM Pfaudler, IPCA Laboratories, Lux Industries, Mercury Laboratories, SM Gold, Tasty Bite Eatables, Tierra Agrotech were among the scrips at fresh lows on BSE intraday.
While we would have preferred 16400 not to be breached, it is still one of the expected scenarios within the upside construct, given VIX above 20. We will continue to wait to till 16100, before switching sides, but favoured view expects accumulation to surface in the 17400-200 region, suggesting that a collapse is not expected, yet.
~ Anand James – Chief Market Strategist at Geojit Financial Services
Shares of Raymond, Apcotex Industries, CreditAccess Grameen, Fine Organic Industries, HBL Power Systems, TD Power Systems, KEI Industries and Mirza International from the S&P BSE Allcap index have hit their respective record highs on the BSE in Thursday’s trade in an otherwise range-bound market.
BSE Sensex and NSE Nifty 50 were highly volatile in May on the back of higher inflation print in the US market and aggressive rate hike expectation by the US Federal Reserve which resulted in weaker economic cues across the globe. Furthermore, the RBI surprised the market with a 40bps repo rate hike in an unscheduled MPC meeting, accentuating the negative sentiment. Axis Securities rolled over its Nifty target to Mar’23 to 18,400 by valuing it at 20x on FY24 earnings vs. 22x earlier. Read full story
Life Insurance Corporation of India (LIC) shares have tanked 14 per cent from the IPO price of Rs 949, leading to losses even for its policyholders who were given a discount of up to Rs 60 per share during the initial public offering. Analysts at domestic brokerage firm Emkay Global Financial Services have a neutral outlook on the stock and see up to 8 per cent upside going forward. “LIC is an elephant that can’t dance,” they said, adding that the attractive valuation of the state-run insurer is more optical than fundamental. LIC stock was trading at Rs 809 apiece, down 0.15 per cent intraday on National Stock Exchange (NSE).
Shares of Fine Organic Industries hit a new high at Rs 5,523, up 8% on the BSE in intra-day trade, in an otherwise subdued market. In the past four trading days, the stock of the specialty chemicals has soared 33 per cent after the company reported strong March quarter (Q4FY22) earnings, with consolidated profit after tax (PAT) growing nearly four-fold to Rs 121.7 crore when comapred with a PAT of Rs 31.8 crore in Q4FY21.
Sensex, Nifty have entered the month of June in red after having ended with losses in the previous month. Volatility has been the buzzword on Dalal Street as benchmark indices danced between gains and losses. Foreign investors continue to remain net sellers of domestic stocks, pulling out more than Rs 40,000 crore during May. To battle the volatility and range bound movement on Dalal Street, analysts have been recommending stock-specific action. Yes Securities has picked four stocks for the month of June that they believe could rally. These include Maruti Suzuki India, State Bank of India, Tech Mahindra, and Automotive Axles.
Shares of Greaves Cotton surged 14% to Rs 183.90 on the BSE intra-day trade after the company announced strategic investment by Abdul Latif Jameel in its electric vehicle (EV) arm, Greaves Electric Mobility (GEM). At 09:30 am, Greaves Cotton was trading 8% at Rs 174 on the BSE, as compared to 0.01% decline in the S&P BSE Sensex. The counter saw huge trading volumes with a combined 4.3 million equity shares having changed hands on the NSE and BSE in the first 15 minutes of trade. The stock had hit a 52-week high of Rs 258.85 on January 21, 2022.
Indian equity markets extended losses on Thursday, F&O expiry day, amid subdued global sentiment. Both BSE Sensex and NSE Nifty 50 were trading marginally lower. “We believe the present market volatility offers an attractive opportunity to build a long term portfolio of quality companies, which have lean balance sheets, are capital efficient and have growth longevity.” said ICICI Direct in its latest report. Investors could look for dividend stocks amid the current volatile market. Marquee names such as Bajaj Auto, Tata Steel, and HUL will go ex-dividend later this month while others such as Page Industries, Tata Coffee, Castrol India have announced dividends and will start trading ex-dividend this week.
Reliance Industries share price soared 2%, a day after the company's retail brand licensing arm, Reliance Brands, announced that it will acquire a 40% stake in Italy-based Plastic Legno's toy manufacturing business in India to strengthen its toy production in the country.
Among the Sensex-30 shares, HUL, ITC, HDFC twins, Nestle and NTPC were the top laggards, down up to 1.3 per cent. Reliance, TCS, Tata Steel, meanwhile were the top gainers.
Indian equity markets opened lower on F&O expiry day amid weak global cues. Sensex fell around 200 points to 55,135, while NSE Nifty 50 was trading below 16,500. Bank Nifty was down 0.5%.
Sensex moves flat above 55,350 levels
Nifty 50 slips below 16,500 levels
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The prices of petrol and diesel were kept unchanged by the OMCs for the tenth day running on Wednesday. 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.
“Benchmark indices are expected to open on a negative note as suggested by early trends on SGX Nifty. The domestic equity market continued to reel under selling pressure for the second consecutive session on June 1. The market also remained volatile for the second straight session with India VIX rising 1.8% to 20.85 levels, indicating the discomfort for bulls going ahead. Indian markets have seen some recovery in the past few days as investors grabbed stocks at low valuations, but choppiness continues. Stocks in Asia fell as central bankers amplify hawkish messages in their quest to rein in inflation. On the technical front, the key resistance level for Nifty 50 is 16,700, and on the downside, 16,400 can act as strong support. The key support and resistance levels for Bank Nifty are 35,000 and 36,200 respectively.”
~Mohit Nigam, Head – PMS, Hem Securities
Stocks in Asia fell Thursday as central bankers amplified hawkish messages in their quest to rein in inflation, weighing on risk assets. Oil sank. An MSCI gauge of Asia-Pacific shares retreated for a second day, with equities in Hong Kong leading declines amid tough virus curbs. US contracts fluctuated after stocks dropped on Wall Street. US manufacturing activity and job openings data fueled concern the Federal Reserve will need to get more restrictive to slow runaway price gains.
The Nifty index opened flattish on Wednesday and remained under pressure for the first half of the session followed by a steep fall in the latter part. It touched an intra-day low near 16442 marks and witnessed a decent bounce-back of around 100 points in the last hour. It closed negative with losses of around 60 points and formed a Bearish candle on a daily scale with longer lower shadows indicating buying supported the index at lower zones. It negated its higher lows of the last three sessions and facing hurdle near its 50 DEMA.
A selloff in the US Treasury market resumed on Wednesday, pushing the 10-year bond yield to a two-week high back above the key 3 percent level. Analysts said expectations for higher interest rates continued to drive US bond yields higher, overshadowing any fallout from the US exit from the Iran nuclear deal for now. The US 10-year Treasury yield rose to as high as 3.01 percent in early European trade and was last up 4 basis points on the day. Two-year Treasury yields climbed to 2.53 percent, their highest in almost a decade.
Consolidation movement with weak bias continued in the market for the second consecutive session on Wednesday and the Nifty closed the day lower by 61 points. A small negative candle was formed on the daily chart with upper and lower shadow. Technically, this pattern indicates the formation of a high wave-type candle pattern, which displays high volatility in the market. Normally, such high wave formations after a reasonable up-move or down moves act as an impending trend reversal. But, having formed this pattern within a range movement, the predictive value of this pattern could be less. The near term uptrend status remains intact for Nifty on the daily chart and the smaller degree of higher tops and bottoms is also active. After the upside breakout of a hurdle at 16400 levels on Monday, the Nifty showing minor weakness down to the previous upside breakout area (16400 levels) could be considered as an important support for the market. Other supports like daily 10 and 20 period EMA are also placed around 16400 levels.
Oil prices fell by around $3 a barrel in early Asian trade on Thursday as investors cashed in on a recent rally with a key producers meeting later in the day set to pave the way for expected output increases. Brent crude was down $2.76, or 2.4%, at $113.53 a barrel at 0024 GMT, having risen 0.6% the previous day. US West Texas Intermediate (WTI) crude dropped $2.89, or 2.9%, to $112.37 a barrel, after a 0.5% rise on Wednesday.
Domestic stock markets ended in the red for the second day running on Wednesday as indices remained volatile. S&P BSE Sensex closed 185 points or 0.33 points lower at 55,381 while the NSE Nifty 50 index fell 61 points or 0.37% at 16,522. However, Bank Nifty closed with gains. On the weekly futures and options expiry, SGX Nifty was down in red, suggesting a continuation of the weak momentum seen in the last two trading sessions. Global cues were weak after Wall Street indices ended in red yesterday.
“Markets traded volatile and ended marginally lower for the second consecutive session. After the initial uptick, the benchmark drifted gradually lower however recovery in the last half an hour of the trade trimmed losses. Finally, the Nifty index ended lower by 0.3% to close at 16,522.75 levels. A mixed trend was witnessed on the sectoral front wherein banking, capital goods and metals ended higher whereas realty, IT and healthcare traded subdued. Meanwhile, positivity on the broader front kept the participants occupied. With macro data behind us, the performance of the global markets amid the lingering inflation fear would dictate the trend. Besides, monsoon updates ahead of the monetary policy meet would also be in focus. Amid all, we reiterate our bullish view and suggest continuing with the “buy on dips” approach.”
~Ajit Mishra, VP – Research, Religare Broking
“Equity markets witnessed yet another volatile session amid increasing geo-political developments in Europe and the resultant spike in crude oil prices. Rising bond yields further dampened the sentiments. Nifty is finding resistance at higher levels with selling pressure emerging above 16600 zones for the second day. There was lot of action in the broader market with Nifty Mid & small cap indices sharply outperforming Nifty. Persistent worries on rising interest rates, elevated crude oil prices and liquidity tightening may keep the market volatile for a while.”
~Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
A swift jump in Treasury yields rattled Wall Street on Wednesday, pulling stocks broadly lower at the start of another month in what's been a turbulent year for the market. The S&P 500 ended 0.7% lower. The Dow Jones Industrial Average slid 0.5% and the Nasdaq fell 0.7%. Stocks began their slide immediately after the release of several reports on the U.S. economy, including one showing manufacturing growth was stronger last month than expected.
SGX Nifty in red: Nifty futures on the Singapore Exchange traded 68.50 points, or 0.41%, lower at 16,439.50, signaling that Dalal Street was headed for a negative start on Thursday.