Closing Bell: Sensex, Nifty end flat amid volatility; metal, financials drag

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Taking Stock | Sensex, Nifty End Flat Amid Volatility; Smallcaps Drag

Among sectors, buying saw in the infra, IT and energy sectors, while bank, auto and metal sectors ended in the red. BSE Smallcap index shed 0.3 percent, while Midcap index ended flat.... Read More

Vinod Nair, Head of Research at Geojit Financial Services:

Despite positive global cues and optimism from declining fresh covid cases, domestic bourses erased its early gains and traded flat owing to weak economic data. While upcoming RBI policy and likely delay in the start of monsoon season bought cautiousness to the momentum.

Rupee Close:

Indian rupee ended 28 paise lower at 72.90 per dollar, amid volatile trade seen in the domestic equity market.

It opened higher at 72.53 per dollar against previous close of 72.62 and traded in the range of 72.53-72.94.

S Ranganathan, Head of Research at LKP securities:

Indices traded in a range and closed flat even as Corporate India has been announcing capital expenditure plans since the start of the fiscal. Weak PMI data released today did not help sentiments as we saw profit-taking across the metal space today. In the broader market, we saw keen interest in select pockets of textiles & pharma names.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

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.

Market Close: After a positive start, benchmark indices erased the intraday gains and ended flat amid volatility on June 1.

At close, the Sensex was down 2.56 points at 51934.88, and the Nifty was down 7.90 points or 0.05% at 15574.90. About 1303 shares have advanced, 1782 shares declined, and 119 shares are unchanged.

Adani Ports, ONGC, Bajaj Finance, SBI and Bajaj Auto were among major gainers on the Nifty, while losers included JSW Steel, Tata Steel, UltraTech Cement, ICICI Bank and Grasim Industries.

Buying saw in the Infra, IT and Energy sectors, while bank, auto and metal sectors ended in the red. BSE Smallcap index shed 0.3 percent.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services:

FII's strategy of selling in India and moving to other emerging markets like Taiwan & South Korea from early April to mid-May have been proved to be sub-optimal since India has been outperforming most other emerging markets. That's why FIIs have staged a comeback since mid-May and are buying aggressively in recent days. 

Progressive unlocking of the economy is likely to improve the prospects of growth & corporate earnings in FY22. Huge delivery based buying in frontline stocks like RIL, ICICI Bank, ITC etc indicate high appetite for these stocks and FIIs might be buying into them and other high-quality stocks with earnings visibility. This trend may continue.

TVS Motor May auto sales:

TVS Motor Company registers sales of 166,889 units in May 2021 as against sales of 58,906 units in the month of May 2020. 

TVS Motor Company was quoting at Rs 611.90, down Rs 3.30, or 0.54 percent on the BSE.

TTK Prestige concludes long-term settlement with Gujarat unit workmen

TTK Prestige has successfully concluded a long-term settlement covering all its workmen at the manufacturing unit at Karjan, Gujarat. This settlement provides for better productivity, comapny said its release.

TTK Prestige was quoting at Rs 8,792.00, up Rs 123.55, or 1.43 percent on the BSE.

Abhishek Bansal, Founder Chairman, Abans Group
 
WTI Oil price is trading above $68, which is the highest level of Nov’18. Increasing demand optimism in the US, UK, and Eurozone are likely to keep oil prices higher. The summer driving season officially got underway following the Memorial Day weekend, which has increased fuel consumption in the US i.e. largest energy consumer in the world.

WTI Crude oil prices are likely to trade firms while above the key support level of 20 days EMA of $65.47 and 50 days EMA $63.70 while it may face stiff resistance near $69.71 and $71.90.

Balrampur Chini Mills Q4:

Balrampur Chini Mills has posted consolidated net profit at Rs 235.5 crore against Rs 241.4 crore and revenue was down 41.4% at  Rs 1,019.4 crore versus Rs 1,740 crore (YoY).

Balrampur Chini Mills was quoting at Rs 304.70, up Rs 0.55, or 0.18 percent on the BSE.