Taking Stock: Sensex reclaims 34K, Nifty back above 10,100; all eyes on US Fed meeting
Top Nifty losers include names like Coal India, Bajaj Auto, GAIL India and Hero MotoCorp.... Read More
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 85,267.66 | 449.53 | +0.53% |
| Nifty 50 | 26,046.95 | 148.40 | +0.57% |
| Nifty Bank | 59,389.95 | 180.10 | +0.30% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Hindalco | 852.10 | 27.75 | +3.37% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| HUL | 2,260.60 | -45.00 | -1.95% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10536.45 | 269.55 | +2.63% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty FMCG | 54490.80 | -128.85 | -0.24% |
Benchmark indices traded positive today while the global cues were mixed. European markets again opened in the negative awaiting the US FOMC announcements. Although the FED is expected to maintain status quo, markets will be looking out for any hints, which could impact the markets, the direction depending on whether it is hawkish or dovish in tone. Stock specific action continued in the markets and we would suggest increasing allocation in quality names.
The market took a dramatic turn in the second half of the trading session on buying in private banks and NBFCs, as Nifty continued to hold above the 10000 mark. The market mostly traded in a narrow range due to uncertain global cues and nervousness ahead of the outcome of the US Fed meet. Tomorrow could be the most crucial day for the market as the market has formed a tight range-bound activity and on the dismissal of the trading range, Nifty would enter in trending (impulsive) activity. Above the level of 10150, Nifty would move to 10350 and below the level of 10000, Nifty may fall to 9950.
The swing low of 10021 now becomes a crucial support & holds the key for further extension on the upside. On the higher side, bulls need to take out the resistance zone of 10300-10328 inorder to stretch towards 10550, which is 61.8% retracement of the Jan - March fall.
Markets have been consolidating in the range of 10000-10300 since the past few trading sessions. Midcap space witnessed build up in momentum and we expect the same to continue. Currently all data parameters suggest buying on dips. On the sectoral front expect banking and metal stocks to lead while positivity is also seen in Auto and Commodity space.
Markets will react to the US Fed meet outcome in early trade on Thursday i.e. June 11. We reiterate our view focusing more on banking and financials as they hold the key for further up move in the Nifty else consolidation may continue.
Technically the Nifty remains in the 10035-10175 band. A move either way will decide the near term direction of the market.
On technical front Nifty traded in range of 10040-10140 range and managed to sustain above 10000 level which signifies strength in counter. On an hourly chart index manages to trade above 50 HMA which points out positive biasness in the counter. At present level index is having good support at 10000 level while resistance comes at 10290 levels.
Bulls firmly in control today and heartening to see some of the stressed private sector banks as well as public sector banks rally ferociously which apparently means things are infact not as bad as it is made out to be. Improved market breadth in itself presents several opportunities for savvy investors.
The markets traded sideways the entire day. What needs to be seen is if we can go past 10200 in the next 2 trading sessions. If we do that, we would resume the uptrend. Else 10,000 needs to hold, failing which we should be headed southwards.
: Indian indices ended in positive territory amid volatile trade witnessed on June 10 with Nifty above 10100 level.
At close, the Sensex was up 290.36 points or 0.86% at 34247.05, and the Nifty was up 69.50 points or 0.69% at 10116.20. About 1503 shares have advanced, 1005 shares declined, and 155 shares are unchanged.
IndusInd Bank, Hindalco Industries, Kotak Mahindra Bank, Shree Cements and Reliance Industries were among major gainers on the Nifty, while losers were Hero MotoCorp, GAIL, Coal India, Bajaj Auto and Tata Steel.
Among sectors, auto and metal indices ended lower, while Nifty PSU Bank index rose 3.5 percent followed by IT, infra, pharma and energy.
The company in the Q4FY20 reported 37 percent YoY jump in net profit at Rs 44.26 crore against Rs 32.34 crore and revenue from operation was up 118 percent at Rs 461.7 crore versus Rs 211.22 crore.
: Godrej Consumer share price was down over 4 percent on June 10 after Vivek Gambhir resigned as MD and CEO of the company.
Nisaba Godrej, currently the executive chairperson of the company, will take over the role of Managing Director and Chief Executive Officer of the company with effect from July 1, 2020.
