Market HIGHLIGHTS: Sensex erases morning gains, ends below 52,000, Nifty below 15,500; ONGC shares gain 3.5%

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Updated: June 1, 2021 4:27:24 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended flat after a volatile session on Tuesday

Share Market Today, Share Market LiveNifty Bank index fell over half a per cent, and Nifty Metal index 0.78 per cent. Image: Reuters

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended flat after a volatile session on Tuesday. BSE Sensex ended flat at 51,934.88, while the broader Nifty 50 index fell to settle at 15,574.85. Gains in ONGC, Bajaj Finance, State Bank of India (SBI), Housing Development Finance Corporation (HDFC), HUL, Tech Mahindra stocks capped the losses in Sensex. On the flip side, ICICI Bank, UltraTech Cement, Asian Paints, ITC were among top index laggards. Barring Nifty IT, Nifty Media and Nifty Pharma, all the sectoral indices ended in the red. Nifty Bank index fell over half a per cent, and Nifty Metal index 0.78 per cent

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Highlights

    15:42 (IST)01 Jun 2021
    Nifty seems set to achieve 15900-16000

    The markets took a bit of a breather today but the overall trend remains bullish. Traders can consider accumulating long positions on dips and mild corrections for higher targets. The Nifty seems poised to achieve 15900-16000 with a good support at 15300. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:40 (IST)01 Jun 2021
    Sensex, Nifty end flat

    Sensex ended flat at 51,934.88, while the broader Nifty 50 index fell to settle at 15,574.85

    15:30 (IST)01 Jun 2021
    BSE SME, BSE Startups seek listing of small enterprises in ICT exports; partner with industry body ESC

    BSE on Tuesday signed a memorandum of understanding (MoU) with the trade promotion organization Electronics and Computer Software Export Promotion Council (ESC) to encourage listing of small and medium enterprises (SMEs) and startups in the information and communications technology (ICT) space. ESC will evaluate eligible SMEs and startups among its over 2,300 members comprising of ICT exporters in areas including consumer electronics, components, computer hardware, IT-enabled Services etc. for listing on BSE SME and BSE Startups exchange as per the MoU.

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    15:16 (IST)01 Jun 2021
    Julius Baer announces new Head Global India and Developed Markets

    Bank Julius Baer has appointed Rahul Malhotra as new Head Global India and Developed Markets based in Singapore starting 1 September 2021. He will succeed Torsten Linke to lead the onshore and offshore teams to serve our clients from the Indian diaspora in addition to covering Japan (HK, SG and CH) and the Asia team based in Switzerland. Rahul will be reporting to Jimmy Lee, Head Asia Pacific and member of the Executive Board at Bank Julius Baer.

    15:14 (IST)01 Jun 2021
    Rolex Rings gets Sebi nod to launch IPO

    Auto components maker Rolex Rings has received capital markets regulator Sebi’s approval to float an initial public offer (IPO). Rolex Rings’ IPO comprises fresh issue of shares worth Rs 70 crore and an offer for sale of up to 65 lakh equity stocks by Rivendell PE LLC (formerly known as NSR-PE Mauritius LLC), according to draft red herring prospectus (DRHP). Currently, Rivendell holds 45.51 per cent stake in Rolex Rings.

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    15:12 (IST)01 Jun 2021
    RBI MPC may keep accommodative stance, maintain system liquidity; COVID fuels concerns of K-shaped recovery

    The Covid 19 pandemic has fueled the concerns of a ‘K-shaped recovery’. Shape K contrasts the fate of businesses suitable to adapting in a post-Covid world versus those finding it difficult to make the transition. The IMF has already warned about a ‘Great Divergence’ whereby growth in DMs and select EMs may recover soon, while the rest may lag behind by years. Even within economies –sectors such as travel and hospitality lag far behind IT and pharmaceuticals.

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    14:58 (IST)01 Jun 2021
    Petrol, diesel prices hiked again, rates at new high

    Petrol and diesel prices on Tuesday scaled new highs across the country after they were hiked for the 17th time in a month. Petrol price was increased by 26 paise per litre and diesel by 23 paise a litre, according to a price notification of state-owned fuel retailers. In Delhi, petrol hit an all-time high of Rs 94.49 a litre, while diesel is priced at Rs 85.38 per litre. Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Read full story

    13:58 (IST)01 Jun 2021
    Stocks to buy: RIL, Oberoi Realty, Godrej Prop stocks may rally up to 21% in next 3 months, charts suggest

    Reliance Industries Ltd (RIL), Oberoi Realty and Godrej Properties stocks may rally over 20 per cent in the coming three months, analysts at ICICI direct Research said. The new consumer businesses, Jio and retail are likely to be growth drivers for the oil-to-telecom conglomerate in the coming years. While the Realty sector has been gaining upward momentum after underperforming over the past decade.

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    13:29 (IST)01 Jun 2021
    Timeline exceeded for completion of CIRPs in March 2021 vs previous year

    At the initial stage, RBI had directed the initiation of resolution proceedings for 12 large accounts by banks. These 12 companies had outstanding claims of Rs.3.45 lakh crore compared with a liquidation value of Rs.73,220 crore. Resolution plans for nine companies have been approved, while liquidation orders were passed against two companies. CARE Ratings

    12:45 (IST)01 Jun 2021
    Concerns remain as GDP data only an economy snapshot before COVID-19 second wave struck

    The much awaited data from the National Statistical Office on India’s Gross Domestic Product (GDP) numbers for the January to March quarter and for the year as a whole, has been better than the expectations. But then, there are concerns. The economy grew by 1.6 per cent in the quarter and though the year saw an overall contraction of 7.3 per cent many experts were fearing worse and were therefore somewhat relieved. “The earlier expectation was that the economy will shrink a lot more,” says Mahesh Vyas, managing director and CEO of the Centre for Monitoring Indian Economy (CMIE), a leading research firm and an independent think tank.

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    11:48 (IST)01 Jun 2021
    Escorts medium-term perspective positive on improving rural incomes, growth in exports

    Escorts monthly wholesale numbers for May’21 declined by 8% MoM to 6,423 units, impacted by the second wave of Covid-19, especially in rural India. The management had shared earlier during the result call that ~65% of the dealerships were partially or fully shut and there was decline in walk-ins. Domestic sales for May’21 stood at 6,158 units while exports stood at 265 units. As per the release, the situation has eased in the last few days of May’21 and expect normalcy to return soon. The company had witnessed a strong pent up demand last year post gradual easing of restrictions and is maintaining inventory in the channel in anticipation of the same. Although the near-term performance is expected to be muted, we remain positive on Escorts from the medium-term perspective considering improving rural incomes and growth in exports. Milan Desai, Lead Equity Analyst, Angel Broking

    11:33 (IST)01 Jun 2021
    SBI share price hits new 52-week high

    State Bank of India (SBI) share price surged to a new 52-week high of Rs 433.80 apiece intraday on BSE. SBI stock has surpassed its previous high of Rs 433.60 hit on May 28, 2021

    11:31 (IST)01 Jun 2021
    May manufacturing PMI at 50.8 vs 55.5 in April

    At 50.8 in May, down from 55.5 in April, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) moved closer to the no-change mark of 50.0

    11:25 (IST)01 Jun 2021
    Defence stocks rally: HAL, Bharat Electronics, others surge up to 6% as MOD puts 108 items on import ban list

    Bharat Electronics Ltd (BEL) share price jumped as high as 5.6 per cent to Rs 153.50 apiece in intraday on BSE. Other defence stocks such as Hindustan Aeronautics Ltd, Garden Reach Shipbuilders, Bharat Dynamics, Astra Microwave Products, BEML, Bharat Forge, Mishra Dhatu Nigam, and Mazagon Dock Shipbuilders were also trading higher. 

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    10:38 (IST)01 Jun 2021
    Nifty support lies at 15,300

    The markets are in fine form - we should be headed to 15900-16000 as the next plausible target. If it is not a one way move and the market corrects in between, it should be well utilized to accumulate long positions for higher targets. A strong support base is now formed at 15300 and as long as we keep closing above this level, the overall trend of the market is bullish. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    10:37 (IST)01 Jun 2021
    Bajaj-Auto reports 114% on-year growth in sales numbers

    In the Month of May 21, Bajaj Auto Ltd reported auto sales number ~114% yoy growth to 2,71,862 units which came in-line with our estimates. The company has reported domestic growth ~52% (60,830 units). On the export front, the company reported strong growth of ~142% (2,11,032). Considering strong growth in domestic and export business, we are positive on stock with a buy rating. Amarjeet Maurya - AVP - Mid Caps, Angel Broking

    10:22 (IST)01 Jun 2021
    India VIX at a 52 week low; bulls are in total control

    The ongoing bull run in the market has taken even the incorrigible optimists by surprise. FIIs, regarded as smart investors, have been caught on the wrong foot. Their sustained selling from early April to mid May has proved to be a wrong strategy and, therefore, now they are making amends through heavy purchases. Massive FII buying of Rs 2412 crores in the cash market yesterday is an indication of the likely direction of this market. The fact that India VIX is at a 52- week low also indicates the resilience of the market. Q4 FY21GDP growth rate at 1.6% and annual GDP contraction at 7.3 % are better than expectations. Q4 numbers show robust growth in construction & manufacturing. This trend is likely to sustain in the last 3 quarters of FY 22 suggesting good prospects for related industries. Nifty has clearly broken out of the upper range and the bulls are in total control. Valuation concerns are now on the back burner. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

    10:08 (IST)01 Jun 2021
    India’s growth trajectory in next few quarters will be linked to pace of vaccination

    The second wave of Covid 19 has had less adverse impact on the economy as the lockdown has been less stringent, localized and many businesses have adapted to the pandemic/lockdown. Having said that the secod wave of the pandemic has been more fatal and scarring for the households, and this will be reflected in their spending pattern. Moreover, the unorganized sector and MSME’s that are large contributors to the Indian economy, will find it extremely difficult to sustain two waves of the pandemic and the demand destruction in the last one and half years. India’s growth trajectory in the next few quarters will be strongly linked to the pace of vaccination and the time taken to control the pandemic. this would have direct bearing on business and consumer sentiments, which in turn will influence the consumption and investment scenario. Rajani Sinha, Chief Economist & National Director – Research, Knight Frank India

    10:07 (IST)01 Jun 2021
    Prediction of normal monsoon by IMD will keep inflation in check

    The better than expected data will provide relief to the central bank as it announces its credit policy later this week. Moving forward the situation is expected to improve with few states relaxing curbs. A prediction of a normal monsoon year by IMD will keep inflation in check. The upcoming festive season will provide a pickup in demand. The consistent high number of vaccination and number of cases coming down is a sentiment booster. Broadly the economic growth rate will see an uptick from Q2FY22 onwards. Pankaj Bhansali, COO, Eqaro Surety

    10:06 (IST)01 Jun 2021
    Gold Price Today, 1 June 2021: Gold nears Rs 50,000 on positive global cues; check support, resistance levels

    Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold and silver prices were trading higher in India on Tuesday, on the back of positive international trends, where gold surged to a near five-month high of $1,914.26 on a weaker US dollar and inflation concerns. On Multi Commodity Exchange, gold August futures were trading Rs 134 or 0.23 per cent up at Rs 49,484 per 10 gram, as against the previous close of Rs 49,349. Silver July futures were ruling at Rs 72,668 per kg, up Rs 800 or one per cent on MCX. 

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    09:32 (IST)01 Jun 2021
    Nifty Auto index up nearly 1%

    The Nifty sectoral indices were largely positive, barring Nifty Metal and Nifty Pharma indices. Nifty Auto index was up neaely one per cent and Nifty Bank index 0.4 per cent

    09:29 (IST)01 Jun 2021
    Indian Rupee to trade in 72.30-73.20 range against US dollar

    The Rupee closed at a 15-month high on monthly basis and against its traditional depreciating May month seasonality, despite major states were under lockdown and business activities were shut. The inflows in the form of QIP, corporate borrowing and flows from MSCI & FTSE helped to pullback dollars into India. But over the last two sessions, Rupee failed to cross its move beyond 72.30 as RBI finally intervened along with the month-end oil importer’s bid. Further, peer currency- Chinese Yuan fell from a three-year high of 6.3570 to 6.3710 after PBoC went on tightening policy by raising their Cash Reserve Ratio from 5% to 7%, which led Rupee to depreciate further upto 72.65 against USD. However, RBI’s recent buying action could absorb all the flows and Rupee could restrict its gains. Overall, RBI’s action will not allow Rupee to move beyond 72.30 mark. Over the short term, we expect Indian Rupee to trade in the range of 72.30-73.20 with an upside bias. Amit Pabari, managing director, CR Forex Advisors

    09:28 (IST)01 Jun 2021
    TCS, Infosys, Nestle cap Sensex gains

    UltraTech Cement, Asian Paints, Dr Redyy's, TCS, Nestle India, Infosys were among top Sensex laggards

    09:24 (IST)01 Jun 2021
    Nifty 50 needs to hold above 15,500 to continue upside journey

    Bulls are expected to sustain their momentum in Indian equity markets looking at better than expected GDP numbers, drop in daily fresh cases of covid and increasing buying interest of FIIs. 15,430 shall act as nearest support levels while 15,300 shall act as next support. Nifty 50 needs to remain above 15,500 to continue with its upside journey. Metals could show some strength in today's trading session after showing positive trend reversal yesterday when Iron ore prices in Singapore went up by around 5% post China announced positive data on its steel industry. Indian markets will also keep a track on PMI Manufacturing data due to be posted today. Mohit Nigam, Head, PMS - Hem Securities

    09:21 (IST)01 Jun 2021
    ONGC, HDFC lift Sensex above 52,000

    Bajaj-Auto, ONGC, Housing Development Finance Corporation (HDFC), IndusInd Bank, Maruti Suzuki, State Bank of India were among top Sensex gainers

    09:19 (IST)01 Jun 2021
    Sensex tops 52,000; Nifty at fresh record high

    Sensex was trading 73 points or 0.14 per cent up at 52,010, while the broader Nifty 50 index was trading at record high level

    09:15 (IST)01 Jun 2021
    Gold continues to hold above $1900/oz

    COMEX gold trades marginally higher by 0.35% near $1912/oz after a 0.4% gain on Friday. Gold continues to hold above $1900/oz as Fed and other central banks emphasize on continuing with loose monetary policy. However, ETF outflows and weaker demand in India amid continuing virus related restrictions might cap the gains. Gold has continued to hold above $1900/oz however any sustained rise may be challenged by pause in US dollar index fall. Ravindra Rao,CMT, EPAT, VP- Head Commodity Research at Kotak Securities

    09:07 (IST)01 Jun 2021
    MPC meet: Accommodative stance to continue, RBI will ensure adequate system liquidity

    Since the last monetary policy meeting in early April, it seems like the world has changed, at least for India. COVID-19 2.0 has caught the country unawares. As we were preparing to get back to the way things were, on the back of a good fourth fiscal quarter of economic activity, the virus has hit the country, its people and the economy with a virality that has caught us off guard. When the Monetary Policy Committee (MPC) meets for the second monetary policy of FY2022, COVID 2.0 and its impact will be the most defining factor in its deliberations.

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    09:06 (IST)01 Jun 2021
    Sensex tops 52,000 in pre-open

    Sensex was trading 163 points or 0.32 per cent higher at 52,101 in the pre-opening session on Tuesday

    08:46 (IST)01 Jun 2021
    ITC, Infosys, Radico Khaitan, Magma Fincorp, PNB Housing, Aurobindo Pharma stocks in focus

    BSE-listed companies such as ITC, Balrampur Chini Mills, Gujarat Gas, Radico Khaitan, Aris International, Divyashakti Granites, Salasar Techno Engineering, Sungold Media and Entertainment, Solitaire Machine Tools, TV Vision, and VR Woodart, among others, are scheduled to release Jan-Mar quarter earnings on June 1.

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    08:07 (IST)01 Jun 2021
    US stock market end marginally higher

    In overnight trade on Wall Street, US stocks edged higher. The S&P500 index rose 0.1 per cent, the Dow Jones Industrial Average gained 0.2 per cent, and the Nasdaq Composite was up 0.1 per cent.

    08:06 (IST)01 Jun 2021
    Asian stock markets trade mixed

    Asian stock markets were trading mixed on Tuesday, Japan’s Nikkei 225 gained 0.11 per cent while the Topix index was up 0.17 per cent. South Korea’s Kospi edged jumped over half a per cent higher.

    08:06 (IST)01 Jun 2021
    Fiscal deficit at 9.3% of GDP in 2020-21, says govt data

    The fiscal deficit stood at 9.3 per cent of the Gross Domestic Product (GDP) in the last fiscal, better than 9.5 per cent projected in the revised estimates in the Union Budget in February. Economic activities were severely hit in the last financial year due to the coronavirus pandemic as well as subsequent lockdowns and restrictions to curb the spread of infections.

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    08:05 (IST)01 Jun 2021
    Eight core sectors register a double-digit output growth of 56.1%

    In April 2021, the eight core sectors registered a double-digit output growth of 56.1% compared with 11.4% growth in March 2021. The high growth in output can be attributed to a low base effect (-37.9% in April 2020) as the nation-wide lockdown imposed last year brought production activities to a standstill resulting in huge output losses. The expansion in April has been led by an exponential growth in output of steel and cement. All sectors except crude oil have witnessed positive growth during the month. However, the core sector output has been lower by 15.1% in April’21 over the March’21 level with a broad-based contraction across all segments on a month-on-month basis. CARE Ratings

    08:03 (IST)01 Jun 2021
    Growth Curve: Recovery in Q4 narrows FY21 GDP decline to 7.3%

    India’s gross domestic product (GDP) shrank 7.3% in 2020-21, the sharpest drop in recorded history, with the pandemic dealing a body blow to most sectors of the economy that was already debilitated, according to data released by National Statistical Office (NSO) on Monday. The contraction was, however, narrower than the 8% forecast in the second advance estimate put out in late February, primarily because the March quarter turned in significantly better numbers, on the back of rather board-based upswing across sectors including manufacturing, construction and electricity.

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    08:02 (IST)01 Jun 2021
    India’s Q4 economic report card better than expected, GDP grows 1.6%; Experts decode GDP data

    India’s economic report card came in with better-than-expected numbers as the GDP recorded a 1.6% growth in the January-March period. The growth figures were better than the 1% median forecast by 29 economists polled by Reuters. For the full financial year 2020-21, the economic contraction came in at -7.3%, better than the government’s own -8% estimates. The agriculture sector continued to grow steadily in the quarter, while construction, electricity and other utilities posted strong growth. 

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