Share Market Highlights: Sensex zooms 427 pts, to close at 55320, Nifty ends at 16478; Airtel, RIL among top gainers

Share Market News Today | Sensex, Nifty, Share Prices Highlights: BSE Sensex and Nifty 50 closed with gains on the weekly F&O expiry session.

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India VIX ended in the red. Image: Reuters

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 snapped their losing streak to close with gains on the weekly Futures & Options expiry session. India VIX, the volatility gauge, closed 3.53% lower, just above 19 levels. Bank Nifty was up with gains and broader markets followed. On Sensex, Reliance Industries was the top gainer, up 2.6%, followed by Dr Reddy’s, Bajaj Auto, and Bharti Airtel. Tata Steel fell 3.84% to end as the worst-performing Sensex stock, accompanied by Ultratech Cement, and NTPC.

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16:14 (IST) 9 Jun 2022
Bulls back on D-Street? Sensex ends 4-day losing streak, Nifty needs to cross 16661 to continue up-move

Sensex and Nifty snapped their 4-day losing streak on Thursday as bulls pushed benchmark indices higher. S&P BSE Sensex rose 427 points or 0.78% at 55,320 while the NSE Nifty 50 index gained 121 points or 0.74% to settle at 16,478. On Sensex, Reliance Industries was the top gainer, up 2.6%, followed by Dr Reddy's, Bajaj Auto, and Bharti Airtel. Tata Steel fell 3.84% to end as the worst-performing Sensex stock, accompanied by Ultratech Cement, and NTPC. Bank Nifty was up 0.40% while India VIX ended 3.53% lower at 19.14 levels. Broader markets gained. 

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15:32 (IST) 9 Jun 2022

BSE Sensex jumped 427 points on Thursday to close at 55,320, while NSE Nifty 50 ends at 16,478; Airtel, RIL were among the top gainers.

15:18 (IST) 9 Jun 2022
Volatility index down

India VIX, the volatility gauge of domestic markets, was down more than 3% on Thursday. The index was just above 19 levels. India VIX, analysts believe, needs to come closer to 18 levels for bulls to gain confidence.

14:56 (IST) 9 Jun 2022
Bulls in control

Sensex and Nifty were seen moving higher with the closing bell fast approaching. Sensex was up more than 300 points while the NSE Nifty 50 was above 16,400.

14:42 (IST) 9 Jun 2022
Crude oil prices may hit $135 per barrel in next 12 months, Goldman Sachs says oil shortage unresolved

Crude oil prices have risen sharply in the last few months, on the back of fall in Russian exports and demand cuts in China. Brent Crude and WTI crude futures were trading above $120 per barrel on Thursday morning and could rise further, said analysts at Goldman Sachs. On the demand side, analysts believe the weak global growth outlook would not be sufficient to rebalance inventories at current crude oil prices. “As a result, we believe oil prices need to rally further to normalize the unsustainably low levels of global oil inventories, as well as OPEC and refining spare capacities,” Goldman Sachs said in a report this week, adding that brent may average $135 per barrel in the next 12 months.

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14:36 (IST) 9 Jun 2022
Nifty crosses 16400

Nifty 50 index has breached the 16,400 mark with less than an hour left before the closing bell. The index has traded volatile on the weekly F&O expiry.

14:01 (IST) 9 Jun 2022
Continued interest among retail investors

“I believe the consistent SIP flows are supporting the net positive sales numbers in equities. Through the ongoing volatility, we see continued interest amongst retail investors to allocate to equity MF’s. The spread of new flows is well diversified across categories (i.e. Large cap / Mid Cap / Flexi Cap etc…). Dynamic / BAF category also continues be positive and this is very good for retail investors in managing risks and volatility,” said Akhil Chaturvedi, Chief Business Officer, Motilal Oswal AMC.

13:54 (IST) 9 Jun 2022
Buy Trent shares

Trent’s aggressive footprint expansion and strong Like-To-Like (LTL) growth of 16% YoY translated into a robust 53% YoY revenue growth in 4QFY22. Westside/Zudio added 26/100 stores in FY22 respectively. Overall, Westside/Zudio added 30%/51% more stores over the last one year/two years, respectively.

Trent’s performance remains much ahead of its peers and offers a huge runway for growth over the next 2-3 years. We estimates revenue/EBITDA CAGR of 45%/58% over FY22-24E led by strong revenue recovery and aggressive store additions for Zudio and Westside.

Target price- Rs 1,430

~ Motilal Oswal

12:49 (IST) 9 Jun 2022
Top gainers

Dr Reddy's Laboratories was the top gaining stock on Thursday, zooming 2.5% to sit as the top Sensex gainer. Reliance Industries was up 1.4%.

12:03 (IST) 9 Jun 2022
China’s trade rebounds in May as anti-virus curbs ease

China’s trade growth rebounded in May after anti-virus restrictions that shut down Shanghai and other industrial centers began to ease. Exports surged 16.9 per cent over a year ago to USD 308.3 billion, up from April’s 3.7 per cent growth, a customs agency statement said Thursday. Imports rose 4.1 per cent to USD 229.5 billion, accelerating from the previous month’s 0.7 per cent.

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10:51 (IST) 9 Jun 2022
52-week high, 52-week low: Oil India, Hindustan Motors among 47 BSE stocks to hit fresh highs; LIC at new low

BSE Sensex and NSE Nifty 50 were ruling weak on the day of weekly F&O expiry. So far in the session, BSE Sensex hit a day’s low of 54,507.41, while NSE Nifty 50 touched 16,243.85. On the S&P BSE Sensex, no stock hit a fresh 52-week high or 52-week low. While on BSE Sensex, a total of 47 stocks rose to their respective 52-week highs.

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09:56 (IST) 9 Jun 2022
Near-term stock market is ‘sell on rallies’

In India, the near-term texture of the market is 'sell on rallies'. FPI's sustained selling has become almost predictable. Only a declining inflation rate in the US and the possibility of the Fed turning less hawkish than now can change the trend of FPI selling. FPI selling in banking stocks has led to depressed valuations in this segment, particularly in high quality banking majors. This is an opportunity for medium- long- term investors. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

09:53 (IST) 9 Jun 2022
Gold Price Today, 9 June 2022: MCX gold weak on rise in US bonds, may hit Rs 51,150; check support, resistance

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold and silver prices were ruling flat with a positive bias in India on Thursday, mirroring global cues. On Multi Commodity Exchange, gold August futures were trading at Rs 51,104 per 10 gram, up Rs 53. Silver July futures were ruling Rs 184 or 0.3 per cent up at Rs 62,210 per kg. Globally, yellow metal prices inched lower with prices restrained by rising Treasury yields ahead of key U.S. jobs and inflation data this week, according to Reuters. Read full story

09:41 (IST) 9 Jun 2022
Paytm shares get another ‘Buy’ call; Citi resumes coverage, finds valuations reasonable

Paytm (One 97 Communications) shares have got another bullish call from a global brokerage firm. After JP Morgan resumed coverage of Paytm shares earlier this month, now Citi has restarted its coverage of the fintech major, finding valuations reasonable and advising investors to buy the stock.

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09:26 (IST) 9 Jun 2022
Nifty Bank falls 0.6%

Nifty Bank index fell 0.6 per cent to trade at 34,735 on weekly futures and options contracts expiry day

09:25 (IST) 9 Jun 2022
Reliance Industries, Dr Reddy’s among BSE gainers

Dr Reddy's Laboratories, Reliance Industries Ltd (RIL), NTPC were the only index gainers, that capped the losses

09:22 (IST) 9 Jun 2022
Asian Paints, HCL Tech, Nestle top Sensex draggers

Asian Paints, HCL Tech, Nestle India, Tata Consultancy Services (TCS), Hindustan Unilever Ltd (HUL), Titan Company, Wipro were among top BSE Sensex draggers

09:20 (IST) 9 Jun 2022
Sensex, Nifty trade lower on inflation concerns

BSE Sensex fell 400 points or over half a per cent to 54,0507, while NSE Nifty 50 index gave up 16250 on weekly F&O expiry day

09:17 (IST) 9 Jun 2022
Petrol and diesel price June 9: No change in fuel cost today; Check prices in Delhi, Mumbai, other cities here

The prices of petrol and diesel continue to remain unchanged as OMCs kept prices steady for the eighteenth day straight on Thursday. Prices have remained undisturbed since Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel earlier on May 21. Petrol price in Delhi today stands at Rs 96.72 a litre as against Rs 105.41 a litre prior to the cut in excise duty, 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.

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09:12 (IST) 9 Jun 2022
Sensex, Nifty fall in pre-open on F&O expiry day

S&P BSE Sensex fell 200 points while NSE Nifty 50 was ruling at 16,150 levels in pre-opening session on weekly F&O expiry day

09:03 (IST) 9 Jun 2022
Rupee likely to depreciate further on strong US Dollar, elevated crude price, persistent FII outflows

The Indian rupee is likely to depreciate on Thursday amid strong dollar. Further, weak domestic markets, rising crude oil prices and persistent foreign capital outflows may also weigh in on the local unit. Going forward, rupee spot may weaken towards new all-time lows amid weak fundamentals. On Wednesday, rupee settled at 77.74, marginally weaker than its previous close of 77.71, to hit a fresh all-time closing low against the US dollar. The domestic currency traded in a narrow range amid sustained foreign capital outflows and elevated global crude oil prices.

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08:58 (IST) 9 Jun 2022
Nifty 50 needs to hold 16250-16300 support for upside bounce; Watch SBI, Maruti Suzuki, TCS stocks for action

Nifty 50 index opened positive on Wednesday but witnessed pressure at higher zones and slipped down to 16300 zones which was followed by a recovery of more than 200 points. However, it gave up all its intraday gains and drifted lower in the second half of the session to close with losses of around 60 points. It formed a Bearish candle on the daily scale and has been making lower lows from the last three sessions.

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08:54 (IST) 9 Jun 2022
RBI policy making in age of turbulence: Bond markets pricing another no-brainer rate hike in August MPC meet

In contrast to the surprise inter-meeting rate action last month, today’s Monetary Policy Committee (MPC) outcome was broadly in line with market expectations. The MPC hiked the policy rates by 50 basis points (bps) and remains committed to withdrawal of policy accommodation. While the RBI refrained from hiking the CRR this time, it will continue to normalize excess system liquidity in a calibrated manner. Given the build-up in price pressures, the RBI revised FY23 average inflation higher by 100 bps to 6.7% while keeping the FY23 GDP growth projection unchanged at 7.2%. Read full story

08:51 (IST) 9 Jun 2022
Rupee may aim for 77.40-77.50, if USD-INR remains below 77.80

Sword is still hanging on rupee amid persistent FII’s selling from EM’s leading to Asian currencies weakening, elevated oil prices, and revised upward inflationary pressure for coming quarters. However, the only ray of hope for rupee presently will remain RBI who has actively and aggressively participated to protect rupee from the heat so far. As long as the pair is trading below 77.80 levels, there remains a hope for 77.40-77.50 levels. Amit Pabari, managing director, CR Forex Advisors

08:47 (IST) 9 Jun 2022
F&O expiry: Nifty support at 16000, use Call Ladder for new expiry week, Bank Nifty to remain flat-to-negative

Nifty Put options OI distribution shows that 16,000 has highest OI concentration followed by 16,100 & 16,200 which may act as support for current expiry and on the Call front 16,600 followed by 16,500 & 16,400 witnessed significant OI concentration and may act as resistance for current expiry. Read full story

08:25 (IST) 9 Jun 2022
Asian stocks, Wall Street futures sapped by inflation worries amid higher oil price

Stocks slipped in Asia on Thursday and bonds were again on the back foot, weighed down by the impact of high inflation. MSCI Inc.’s Asia-Pacific equity index declined as bourses in Japan, China and Hong Kong struggled for traction. A rally in Chinese tech shares fizzled.

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08:23 (IST) 9 Jun 2022
Wall Street falls with US Treasury yields above 3%

US stocks fell on Wednesday as Treasury yields rose above the psychologically important 3% level and oil prices jumped. Crude oil prices were at a 13-year high.

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08:23 (IST) 9 Jun 2022
Markets in consolidation mode, bias remains weak; wait for strength to emerge before going long

On the Daily chart, the Nifty had recently broken out of the 16415 resistance and headed higher. It however found resistance around the 16800 levels which also roughly coincides with the 200 day EMA. The Nifty subsequently corrected and is now trading just above the 20 day SMA at 16260. Many stocks are also correcting and failing to hold on to their recent gains. Combined with the negative market breadth, this is a sign of weakness and caution is therefore warranted. 

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08:17 (IST) 9 Jun 2022
Wipro, Tata Elxsi, Yes Bank, PNB, Lupin, Tata Power, Rail Vikas Nigam stocks in focus on F&O expiry

Wipro: The IT services company and ServiceNow will help Petrobras, the largest publicly traded company in Brazil, to advance its digital journey.

Yes Bank: The bank’s Board has recommended formation of an alternate Board. Read full story

08:07 (IST) 9 Jun 2022
Stock market shrugs off steep rate hike by RBI on Wednesday

The equity markets gave up initial gains on Wednesday as selling in the heavyweights dragged the benchmarks down in afternoon trade, even as the repo rate hike came in line with the Street’s expectations. In a bid to contain rising inflation, the Reserve Bank of India (RBI) on Wednesday hiked the policy rates by 50 basis points (bps) to 4.9% and echoed further tightening would be calibrated by ensuring adequate liquidity in the system. Read full story

08:07 (IST) 9 Jun 2022
Bears continue to dominate D-Street, Will Sensex, Nifty bounce back on F&O expiry session?

Domestic stock markets extended their downward move on Wednesday as bears remained in control. S&P BSE Sensex dropped 214 points or 0.39% to settle at 54,892 while the NSE Nifty 50 index shed 60 points or 0.37% and closed the day at 16,356. India VIX, the volatility index, was also seen inching lower, falling 2.87% to give up 20 levels. Ahead of the weekly futures & options expiry, SGX Nifty was in the red, suggesting a continuation of the fall on Dalal Street Global cues were also weak after Wall Street stock indices closed in the red. 

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08:06 (IST) 9 Jun 2022
SGX Nifty down, Sensex, Nifty may start in red on F&O expiry day

Nifty futures were ruling at 16,260, down 89 points or 0.54 per cent on Singaporean Exchange.

08:05 (IST) 9 Jun 2022
Analysts see RBI taking policy rates well above pre-pandemic levels by March

Citing the aggressive wording to tame inflation, analysts expect the Reserve Bank to deliver more rate hikes during the current fiscal and take key policy rates to well above the pre-pandemic levels. Earlier in the day, the RBI-led MPC delivered a 50 bps hike in the key policy rates to 4.90 per cent but left the cash reserve ratio unchanged and sounded more concerned about inflation management, as it has withdrawn the accommodative stance. Read full story

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