Rohit Singre, Senior Technical Analyst at LKP Securities:
Index opened day with gap down but managed to grab the bullish stream in second half and closed a day at 15576 with minimal gains & formed a small bullish candle on daily chart. Again index showed good move above 15500 which suggest 15500 zone can be immediate support on the downside followed by 14400 zone & dips will be suggested again around near mentioned supports. On technical front index has given bullish flag breakout on hourly chart which suggest exiting trend can extend further towards immediate resistance zone of 15650-15700 zone.
Jateen Trivedi, Senior Research Analyst at LKP Securities:
Rupee traded weak towards 73.20 from 72.85, in the first half of day, the manufacturing index in the US provided crude positive trend which kept rupee on a weak note. Going ahead the rupee can be in range of 72.75-73.25.
Vishal Wagh, Research Head, Bonanza Portfolio:
On Wednesday Indian equity benchmarks made a pessimistic start tracking mixed cues from global peers. In the afternoon session, Indian equity benchmarks continued their weak trade on the back of sustained selling activities by market participants.
Most of the Asian equity benchmarks traded mixed in early deals on Wednesday, as the participants went wary amid the continued accelerating covid infections and the slowing economic activities with the lockdown restrictions to avoid fresh outbreaks.
Centre for Monitoring Indian Economy (CMIE) chief executive Mahesh Vyas has said that over 10 million Indians have lost their jobs because of the second wave of COVID-19, and around 97 percent of households' incomes have declined since the beginning of the pandemic last year.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
The markets have been a tad weak today. This can be attributed to profit booking or offloading of positions. This does not disrupt the overall trend of the market which continues to look bullish. We should be looking at 15900 as the next potential target.
A good support lies at 15300 and as long as that level holds on a closing basis, the market trend is in the hands of the bulls. Traders can look at dips or intraday corrections as an opportunity to add long positions for higher targets.
Vinod Nair, Head of Research at Geojit Financial Services:
Ahead of the MPC policy, domestic market continued its volatility with a mixed bias. Selling was witnessed in financials, IT and FMCG stocks but it reduced towards the close of trading. Weakness across US and Asian markets also added to the negative trend. PSU banks attracted buyers in hopes that the government will soon finalize the list for privatisation.
In the policy, RBI is expected to focus on economic growth by maintaining the status quo on policy rates and ensuring liquidity while keeping an eye on the inflationary pressure due to rising commodity prices.
S Ranganathan, Head of Research at LKP securities:
Indices staged a smart recovery in late afternoon trade after being in the red for the most part of the day. Broader markets too displayed resilience as we saw interesting buying emerge in state-owned banks, auto ancillaries and in unlocking themes across sectors.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 Index level of 15500. Our research suggests, trading above 15250 is positive from a short-term perspective. Sustaining above 15250 levels, the market should gain momentum, leading to an upside projection till 15650-15700 level. The Momentum Indicators like RSI, MACD to lost their momentum after staying positive in recent time, indicating the chance of sideways correction.
Rupee Close:
Indian rupeeendedlower at 73.08per dollar, amidvolatile tradesawin the domestic equity market.It opened 18 paise lower at 73.08 per dollar against Tuesday's close of 72.90 and traded in the range of 73.04-73.31.
Market Close
: Benchmark indices recovered from the day's low point and ended flat supported by the metal, auto and PSU banking names.
At close, the Sensex was down 85.40 points or 0.16% at 51849.48, and the Nifty was up 1.30 points or 0.01% at 15576.20. About 2101 shares have advanced, 951 shares declined, and 160 shares are unchanged.
UPL, Tata Steel, SBI Life Insurance, IndusInd Bank and Adani Ports were among major gainers on the Nifty, while losers included ITC, Tech Mahindra, Axis Bank, Asian Paints and Kotak Mahindra Bank.
Nifty auto, metal, energy and PSU Bank indices rose 1-3 percent. BSE Midcap and Smallcap indices added over 1 percent each.
Sun Pharma and Ferring Pharmaceuticals enter into licensing agreement:
Sun Pharmaceutical Industries today announced that one of its wholly owned subsidiaries has entered into a license agreement with Ferring Pharmaceuticals Pvt. Ltd., a subsidiary of Switzerland-based biopharmaceuticals MNC Ferring Pharmaceuticals, to commercialize a Room Temperature Stable (RTS) formulation of obstetric drug, CARITEC (Carbetocin RTS) in India.
Sun Pharmaceutical Industries was quoting at Rs 677.90, up Rs 6.65, or 0.99 percent on the BSE.
Nifty auto index rose 1 percent led by Motherson Sumi, Bharat Forge, Balkrishna Industries
USFDA accepts Lupin's Pegfilgrastim Biosimilar application
Lupin today announced that the USFDA has accepted the Biologics License Application (BLA) for its proposed biosimilar to Neulasta (pegfilgrastim) through a filing using the 351(k) pathway.
Lupin has touched a 52-week high of Rs 1,267.50 and was quoting at Rs 1,249, up Rs 40.35, or 3.34 percent on the BSE.
Abhishek Bansal, Founder Chairman, Abans Group.
The dollar index bounced from yesterday’s low of 89.65 and currently trading near 90.14, sharp recovery in the dollar index against other currencies has pushed precious metals prices down. Silver is currently trading near $27.815 which is sharply lower than yesterday's high of $28.698.
However, an increase in global manufacturing activity is bullish for industrial metals and supportive of silver prices.
Inflation expectation is likely to keep precious metals under pressure as global central banks may pause some covid-19 relief funds to control the inflation.
Silver prices are likely to find immediate support levels near 20 days EMA at 27.709 and 50 days EMA at 27.188 while immediate resistance levels are seen near $28.454 and $28.966
Market At 3 PM:
Benchmark indices erased some of the intraday losses but still are trading lower with Nifty around 15550.
The Sensex was down 109.75 points or 0.21% at 51,825.13, and the Nifty was down 6.90 points or 0.04% at 15,568. About 1927 shares have advanced, 940 shares declined, and 125 shares are unchanged.
UPL, Adani Ports, IndusInd Bank, SBI Life Insurance and HDFC Life were among major gainers on the Nifty, while losers included ITC, Tech Mahindra, HDFC, Axis Bank and Kotak Mahindra Bank.
Nifty Auto, Energy, Metal and PSU Bank index rose 1-3 percent.
BSE metal index rose 1 percent led by the Vedanta, Tata Steel, JSW Steel
PVR Q4 earnings:
PVR has posted consolidated Q4 net loss at Rs 289.1 crore versus loss of Rs 74.5 crore and revenue was down 60.2% at Rs 263.3 crore versus Rs 662 crore (YoY), reported CNBC-TV18.
PVR was quoting at Rs 1,308.65, up Rs 0.95, or 0.07 percent on the BSE.
Rupee Updates:
Indian rupee has erased some of the intraday losses but still trading lower at 73.09per dollar, amid selling seen in the domestic equity market.It opened 18 paise lower at 73.08 per dollar against Tuesday's close of 72.90.
FPIs ‘unwilling’ to share personal details over confidentiality concerns: Report
Foreign funds and individuals who are foreign portfolio investors in India are “unwilling to disclose” personal information with Indian depositories and the Securities and Exchange Board of India (SEBI) due to concerns around “data confidentiality”, sources told The Economic Times.
Tapan Patel- Senior Analyst (Commodities), HDFC Securities
Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices gained by 0.66% at $68.17 per barrel for the day. MCX Crude oil June futures rose by 0.93% at Rs. 4989 by noon.
Crude oil prices are expected to trade up for the day with resistance at $70 and support at $67 per barrel. MCX Crude oil June has support at Rs 4890 and resistance at Rs 5040.
Market update
: Sensex is down 355.28 points or 0.68% at 51579.60, and the Nifty shed 76.80 points or 0.49% at 15498.10. IndusInd Bank, Sun Pharma and Adani Ports are the top gainers while Infosys, Adani Enterprises and Motherson Sumi Systems are the most active stocks.
PSU Banks along with the auto index traded higher while the midcap and smallcap indices are up 1 percent each.
Muthoot Finance Q4:
Net profit grew 22.1 percent at Rs 995.6 crore against Rs 815.1 crore (YoY). Revenue came in at Rs 2,824 crore against Rs 2,400 crore(YoY). The board approved fund raising up to Rs 5,000 crore via NCDs. The companyappointed George Jacob Muthoot as Chairman.
European markets are trading in the green with FTSE up half a percent
Shishir Baijal, Chairman & Managing Director, Knight Frank India
: With the second wave of COVID – 19 that has brought about a new phase of economic uncertainties, we expect RBI to remain growth supportive and leave the policy interest rates unchanged in the upcoming policy. While rise in commodity prices have been exerting an upward pressure on input material cost and on margins, the Central Bank at the current juncture should not risk increasing the borrowing cost. With the second wave of the pandemic, economy is in a vulnerable condition and would require further policy support from the Central Bank and the Government.
Low interest rate in the economy, has been a very strong supportive factor for the bounce back in the housing sector, witnessed before the second wave of COVID 19. When the real estate sector was just about getting back on its feet, it got hit by the uncertainties of the second wave and ensuing lockdowns. The household’s sentiments have been marred deeply by the second wave of the pandemic. Any meaningful revival of the real estate sector would require sustained demand stimulant measures and easy credit conditions to promote consumption and investment in the sector.
Motherson Sumi Systems Q4:
Net profit at Rs 713.6 crore against Rs 183.4 crore (YoY). Revenue was up 17.6 percent at Rs 16,972 crore against Rs 14,434.5 crore (YoY). EBITDA jumped 38.7 percent at Rs 1,722 crore against Rs 1,242 crore (YoY). EBITDA margin at 10.1 percent against 8.6 percent (YoY).
Gold Updates:
Gold prices dipped on Wednesday, as elevated Treasury yields and an uptick in risk appetite weighed on the safe-haven metal, while investors cautiously awaited US jobs data for cues on economic recovery and near-term Federal Reserve policy action.
Likhita Chepa, Senior Research Analyst, CapitalVia Global Research:
Following fresh waves of selling in IT, TECK, and amid a mostly negative trend in global markets, Indian equities benchmarks continued to fall in the early session. Moody's Investors Service forecasted 9.3 percent growth in India's GDP in the current fiscal year, which ends in March 2022, and 7.9 percent in FY23 which kept the market sentiments subdued.
US stocks closed in a negative zone after the rising inflation in the market. Asian markets were also trading in the red zone following the global peers.
Indian market has not been able to sustain the level of 15600 and has shown a slightly bearish movement. Indian market is looking to sustain the level of 15500, if the market is able to sustain the level of 15500 we would be able to see the movement till the level of 15700.
JPMorgan says bitcoin price could decline further before stabilizing: Report
JPMorgan said institutional investors have so far avoided buying Bitcoin during the current dip in the cryptocurrency's price.
JPMorgan strategist Nikolaos Panigirtzoglou wrote in a research note that bitcoin's price might fall further before stabilizing after a correction, CNBC and Yahoo Finance reported.
Market At 1 PM:
Benchmark indices are trading near the day's low point amid selling seen in the IT stocks.
The Sensex was down 397.59 points or 0.77% at 51537.29, and the Nifty was down 87.90 points or 0.56% at 15487.00. About 1859 shares have advanced, 947 shares declined, and 118 shares are unchanged.
Adani Ports, UPL, SBI Life Insurance, HDFC Life, and Cipla were among major gainers on the Nifty, while losers included ITC, Tech Mahindra, HDFC, Axis Bank and Asian Paints.
Nifty PSU Bank index rose 2 percent, while IT index shed a percent. BSE Midcap and Smallcap indices rose 1 percent each.
Here are the most active stocks traded during the day sorted on value as well as volumes. Click for More
Here are the most active stocks traded during the day sorted on value as well as volumes. Click for More
MRPL to consider merger of ONGC Mangalore Petchem with itself:
The meeting of the board of directors of the company has been scheduled for June 10, 2021 to consider and approve the amalgamation of ONGC Mangalore Petrochemicals Limited (OMPL) with Mangalore Refinery and Petrochemicals (MRPL).
Mangalore Refinery and Petrochemicals was quoting at Rs 51.50, up Rs 1.35, or 2.69 percent on the BSE.
Market Updates:
Benchmark indices are trading lower in the afternoon session with Nifty below 15500 level.
The Sensex was down 409.85 points or 0.79% at 51525.03, and the Nifty was down 90.90 points or 0.58% at 15484.00. About 1791 shares have advanced, 968 shares declined, and 127 shares are unchanged.
Adani Ports, SBI Life Insurance, HDFC Life, Tata Steel and UPL were among major gainers on the Nifty, while losers included ITC, Tech Mahindra, HDFC, Axis Bank and Titan Company.
Power, realty, metal indices rose 1 percent each, while IT index shed a percent. Also, BSE Midcap and Smallcap indices added 1 percent each.
Phoenix Mills, GIC executes definitive documents:
The Phoenix Mills Limited (PML) and GIC, Singapore’s sovereign wealth fund, today announced the execution of definitive documents to form a strategic investment platform, to develop, own and operate retail‐led, mixed‐use developments in India.
Earlier in December 2020, PML had announced signing of a non‐binding term sheet with GIC for formation of this retail‐led, mixed‐use platform, company said in the press release
Phoenix Mills was quoting at Rs 809.15, up Rs 19, or 2.40 percent on the BSE.
All stocks in BSE Realty index trading in the green
Buzzing
Adani Ports and Special Economic Zone share price added 3 percent on June 2 after the company reported improved operational performance in the month of May 2021.
In May, the company's handled cargo volume stood at 25.65 MMT, registering a growth of 79% on year-on-year basis. In the container segment, the company handled volume of 0.72 MN TEU’s in May, registering a growth of 67% on year-on-year basis.
Mundra port handled container volume of 0.56 MN TEU’s thus registering a growth of 61% on a year-on-year basis.
Ratnamani Metals bags domestic order of Rs 81.8 crore
The company has received a domestic order of Rs 81.79 crore for carbon steel pipes from oil and gas sector, to be executed between
September, 2021 to March, 2022
Ratnamani Metals and Tubes was quoting at Rs 1,945.70, up Rs 29.30, or 1.53 percent on the BSE.
Retain Positive view on automobile in the medium term: Sharekhan
The passenger vehicle segment, both for two-wheelers and four-wheelers, is expected to remain strong amid COVID-19, as a preference for personal transport. Rural demand is expected to recover strongly in southern and western India, given timely arrival of monsoon season, higher reservoir levels, and higher kharif sowing last year.
Tractor sales are likely to pick up, ahead of the summer crop. We expect a sequential improvement in M&CV sales to continue, driven by rise in e-commerce, agriculture, infrastructure, and mining activities.
We expect the strongest recovery in the CV segment in FY2022 and FY2023, driven by an improvement in economic activities, low interest rate regime, and an improvement in financing availability.
We retain our positive view on the sector.
AnandRathi
on Cipla:We continue to remain positive on the company due to company’s strong product portfolio in branded and unbranded generic franchise, emerging opportunities in consumer wellness franchise, future key launches in US complex generics. We maintain buy rating on the stock with a revised target price of Rs 1100 per share.
Nifty PSU Bank index added 1 percent led by the Indian Bank, Bank of Maharashtra, Bank of Baroda
Rupee Updates:
Indian rupee has extended the early losses and trading lower at 73.22 per dollar, amid selling seen in the domestic equity market.It opened 18 paise lower at 73.08 per dollar against Tuesday's close of 72.90.
Sandeep Bagla, CEO, TRUST AMC
: In the upcoming Credit policy, RBI has a tough task at hand, navigating between galloping commodity prices, which raise inflationary expectations - and the unpredictable impact of the lockdowns on employment, production and general welfare in the real economy. Easy liquidity conditions and low policy rates have not led to widespread growth in credit offtake which is languishing at multi year lows. In case of uncertain economic outlook, a central banker is likely to err on the side of caution by continued easy liquidity and policy rates lower than normal to simulate the economy.
It is expected to be a no change policy, with continued economy friendly soft interest rate bias. The market should continue to have faith in RBI’s ability to contain inflation credibly for the policy to succeed. We recommend fixed income investments in structured high quality bond portfolios up to 3 year maturity in the current interest rate scenario.
Market update at 11 AM
Sensex is down 346.79 points or 0.67% at 51588.09, and the Nifty shed 76.90 points or 0.49% at 15498. Adani Ports, Tata Steel and SBI Life Insurance are the top gainers while Adani Ports, Adani Enterprises and ITC are the most active stocks.
Among the sectors, IT and FMCG index are under pressure while the midcap and smallcap indices added close to a percent each.
Buzzing stock
Gujarat Gas share price jumped over 5 percent after net profits of the company in the March 2021 quarter was up 40.09 percent at Rs 350.86 crore on the back of an expansion in sales. YES Securities has add a rating on the stock with a target of Rs 565 per share.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
The Index has started on a soft note this morning. It has had a good rally up and perhaps there could be marginal profit booking and offloading of positions. However, the trend continues to remain positive and we should be heading to 15900-16000 as the next potential target. Since there is good support at 15300, every dip or intraday correction can be utilized to accumulate long positions.
ICICI Direct:
USDINR pair managed to witness bounce from its support and moved above 73 levels. Due to aggressive Open Interest addition in ATM Straddle of 73 we feel the rupee should trade in a range with support now pegged at 72.90 levels.
The dollar-rupee June contract on the NSE was at Rs 73.17 in the last session. The open interest remained almost flat for the June series.
Market At 10 AM
Benchmark indices extended the early losses with Nifty around 15500 mark.
At 10:08 IST, the Sensex was down 311.70 points or 0.60% at 51623.18, and the Nifty was down 69.80 points or 0.45% at 15505.10. About 1607 shares have advanced, 909 shares declined, and 114 shares are unchanged.
Adani Ports, Tata Steel, JSW Steel, Shree Cements and Coal India were among major gainers, while losers were Tech Mahindra, ITC, Axis Bank, Wipro and HDFC.
Selling seen in the IT and banking names, while metals stocks were witnessing buying.
