Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities:
The market slumped mainly due to sudden weakness in global markets and a surge in Dollar Index. Worldwide investors are turning cautious on equity as the past rise was significant and uninterrupted. We are also witnessing a similar trend in our markets, however, if the market defends the level of 9940 then it would be positive for the market. Buying is advisable if market drops below the level of 9940 and recovers back. On the higher side, the level of 10170 would be a major hurdle.
Sumeet Bagadia, Executive Director at Choice Broking:
With the passing of the session, we saw good correction in mostly large cap counters with on average 2-3% correction in the counters. At present level, downside support comes at 9890 while upside resistance comes at 10245 levels.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
:
One may expect further weakness in the market in the next session. On the lower side, the Nifty is expected to find support around 10000-9950 levels in the short term and Nifty is expected to slip below this area in the next 3-4 sessions.
The short term trend of Nifty seems to have reversed down. The next lower supports to be watched at 9950 and any upside bounce attempt could find resistance at 10135 levels.
Ajit Mishra, VP - Research, Religare Broking:
Since our markets are currently dancing to the global tunes, the outcome of the US Fed meet and performance of the global markets would be closely watched. We may see further profit-taking in the index and 9950-9850 zone would act as a cushion. Traders should prefer hedged positions and maintain their focus on stock selection.
Deepak Jasani, Head Retail Research, HDFC Securities:
Technically the Nifty has failed to sustain at the intra day highs for the second consecutive day. 9889-9944 band is the next support while 10177 is the resistance. However one needs to watch the Midcap space which is still seeing some rotational buying.
Vinod Nair, Head of Research at Geojit Financial Services:
Nifty again witnessed profit booking and resistance at its 100-DMA levels, which is around 10300 and has been a crucial level for the index. The indices finally ended down by 1.3%.
Banking index was the top sectoral loser andbluechipprivate banks contributed most to the losses in the benchmark indices. Our markets also seem to be driven by global cues and European markets opening in the red had an impact on our markets. USFOMCannouncements tomorrow can have a bearing on the global markets.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
After trading in the green, we broke the important level of 10100 on the Nifty which does make the market seem a tad weak in the short term. We could go down further to levels closer to 9850-9900.
Market Close
: Benchmark indices ended near day's low level on the back of extended selling seen in the afternoon session on June 9.
At close, the Sensex was down 413.89 points or 1.20% at 33956.69, and the Nifty was down 120.80 points or 1.19% at 10046.70. About 1104 shares have advanced, 1432 shares declined, and 162 shares are unchanged.
ICICI Bank, Wipro, BPCL, Tata Motors and GAIL were among major losers on the Nifty, while gainers were Dr Reddys Labs, IndusInd Bank, Sun Pharma, Bharti Infratel and M&M.
Among sectors, except pharma other indices ended in the red. BSE Midcap and Smallcap indices fell 0.3-1 percent.
Century Enka Q4
The company's net profit at Rs 21.8 crore versus Rs 10.5 crore and revenue was down 21% at Rs 344 crore versus Rs 435 crore, reported CNBC-TV18.
Adani Green bags project
Shares of Adani Green Energy (AGEL) were locked in 5 percent upper circuit at Rs 312.60 after company won the first of its kind manufacturing linked solar agreement from the Solar Energy Corporation of India (SECI).
Graphite India Q4
The company posted consolidated net loss at Rs 7 crore versus profit of Rs 562 crore and revenue was down 64.4% at Rs 602 crore versus Rs 1,693 crore, reported CNBC-TV18.
NIIT, Rio Tinto extend partnership
NIIT has extended its partnership with Rio Tinto, the leading global mining group for another five years.
At 14:44 IST, the Sensex was down 403.34 points or 1.17% at 33967.24, and the Nifty was down 121.40 points or 1.19% at 10046.10.
Gayatri Projects gains 5%
Gayatri Projects locked at 5 percent upper circuit after company has received the letter of award from State Water and Sanitation Mission (SWSM), Namami Gange & Rural Water Supply Department, Lucknow, Uttar Pradesh. The total work order is worth of Rs 145.53 crore.
Rupee Close
Indian rupee endedlowerat 75.61per dollar, amidvolatile tradeseen in the domestic equity market. Itopened flat at 75.52 per dollar against previous close of 75.54.
PSP Projects Q4
The company reported 14 percent YoY jump in its Q4 net profit at Rs 34.1 crore versus Rs 29.9 crore and revenue was up 35 percent at Rs 456.4 crore versus Rs 338.6 crore, reported CNBC-TV18.
Nifty Media Index shed over 2 percent dragged by the Inox Leisure, PVR, TV18 Broadcast, Jagran Prakashan:
BHEL commissions plant in Telanqana
Bharat Heavy Electricals Limited (BHEL) has successfully commissioned one 270 MW thermal unit at the 4x270 MW Bhadradri Thermal Power Project in Telangana.
European markets open in the red with FTSE down over half a percent
ITC,
HUL, Dabur boost Nifty FMCG index; Nestle fails to perform
Most FMCG stocks, including ITC, Hindustan Unilever (HUL) and Dabur, traded with healthy gains on June 9, keeping their sectoral indices in the green. The Nifty FMCG index was 1.05 percent up at 29,811.35 at 1245 hours, with 13 stocks in the green and only two in the red. Shares of Dabur India, United Spirits and Colgate Palmolive (India) were up 3 percent while those of Tata Consumer and ITC were about 2 percent up in the afternoon trade.
NSE Realty Index rose 1.5 percent led by the Indiabulls Real Estate, Mahindra Lifespace and Godrej Properties:
Market Update
Benchmark indices are trading higher with Nifty around 10,250 level.
At 12:40 IST, the Sensex was up 252.36 points or 0.73% at 34622.94, and the Nifty was up 74.90 points or 0.74% at 10242.40. About 1332 shares have advanced, 892 shares declined, and 117 shares are unchanged.
Buzzing
IndusInd Bank share price jumped over 5 percent on June 9 after promoters plans to buy more of its shares in secondary market.The stock price surged over 14 percent in the last 3 days. It has touched an intraday high of Rs 478.10 and was the top index gainer.
Elgi Equipments invests in US company
Elgi Equipments share price rose 3 percent on June 9 after company's US unitElgi Compressors USA Inc, has subscribed and made its first tranche of investment in an extent of USD 20,000 out of the proposed total investment of USD 1,00,000 in Class A and USD 5000 out of the proposed total investment of USD 25000 in Class B, shares, which represents 50% of the total capital of Compressed Air Solutions of Texas, LLC.
At 11:32 IST, the Sensex was up 294.67 points or 0.86% at 34665.25, and the Nifty was up 85.50 points or 0.84% at 10253.
Rupee trades higher
Indian rupee is trading higher at 75.47 per dollar, amid buying seen in the domestic equity market.
Buzzing Stock
PVR share price was down more than 2 percent a day after the multiplex chain reported a consolidated net loss of Rs 74.61 crore for the March quarter. Its revenue from operations during the March quarter stood at Rs 645.13 crore against Rs 837.63 crore in the corresponding period a year ago. The company posted a net profit of Rs 46.75 crore in the January-March quarter a year ago, PVR said in a BSE filing.
Most active stocks on NSE in terms of volumes
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
: Nifty needs to keep above 10,100 for the day as that would be the support level to watch out for. If we break that, we could see a drop to levels between 9,900-9,950. On the upside, we need to go past 10,350 to resume the uptrend. This could take the markets to 10,500. We could have days where there is less movement and volatility.
Inox Leisure falls 5%
Inox Leisure share price shed over 5 percent on June 9 after the company reported a consolidated net loss of 82.15 crore for the fourth quarter ended March 2020.
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking:
In last couple of sessions, many stocks from the broader markets have witnessed price upmove with good volumes and hence, we are likely to see a continuation of some stock specific upmoves in the near term. The intraday support for the index is placed around 10080 and traders are advised use intraday declines as buying opportunities. For a near term perspective, 9900 remains a key support and till this is intact, it would be prudent to keep a buy on dip approach and trade with a positive bias.
On the higher side, 10350 is the immediate hurdle for Nifty which is the ‘200 SMA’ on the weekly charts. However, we expect that the index would surpass this hurdle soon and approach 10500-10600 zone.
Hareesh V, Head Commodity Research at Geojit Financial Services:
Weakness in the US dollar, fears of deep economic fallout and central bank’s policy easing moves continue to support gold’s haven appeal. Meanwhile easing lockdown restrictions in many countries and a gaining equity market are likely to limit major rallies in the counter.
As long as USD 1665 holds the downside, we can expect recovery moves in the counter. Else, may see corrective selling pressure for the day.
At 10:19 IST, the Sensex was up 292.85 points or 0.85% at 34663.43, and the Nifty was up 83.10 points or 0.82% at 10250.60.
Buzzing
Gujarat State Petronet (GSPL) share price rose 7 percent on June 9 after company posted robust numbers for the quarter ended March 2020.
Rupee Opens
Indian rupee opened flat at 75.52 per dollar on Tuesday against previous close of 75.54.
Nifty Pharma is the outperforming sector jumping over 2 percent led by Sun Pharma, Aurobindo Pharma and Dr Reddy's Labs.
At 09:43 IST, the Sensex was down 41.48 points or 0.12% at 34329.10, and the Nifty was down 10.50 points or 0.10% at 10157.00.
Affle India rises 5%
The company share price added 5 percent on June 9 after its subsidiary Affle International Pte. Ltd., has entered into a definitive share purchase agreement to acquire 66.67 percent ownership in Appnext Pte. Ltd. incorporated in Singapore.
Buzzing
Titan Company share price rose nearly 3 percent in the early trade on June 9 after company reported a 21 percent year-on-year growth in standalone profit due to strong operating performance and low base in the year-ago period. But higher tax expenses (up 58 percent YoY) limited bottomline growth.
Market Opens
: Indian indices opened higher on June 9 with Nifty around 10,200.
At 09:16 IST, the Sensex was up 109.17 points or 0.32% at 34479.75, and the Nifty was up 32.00 points or 0.31% at 10199.50. About 829 shares have advanced, 144 shares declined, and 33 shares are unchanged.
