Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
The Nifty has closed closer to 15700 and should now be headed to 15900-16000 as the next potential target. There are multiple levels which are supporting the index during intra-day falls. Today when the index slipped a little, it took good support around 15600 and bounced from there. 15500, 15400 and 15300 are the other levels of support, the most crucial being 15300.
As long as the markets can hold on to that level, the overall trend remains bullish and traders can accumulate long positions around these support zones.
Rohit Singre, Senior Technical Analyst at LKP Securities.
One more positive breakout witnessed in the index as it managed to close a day on fresh highs at 15690 zone with gains of nearly one percent. Again Nifty has shifted its support to 15650-15600 zone & managing above said levels we may see northward move to continue towards next hurdle zone of 15800, also one can use every dip as buying opportunity around said levels.
On the immediate basis 15450 will be trend changing level on the downside and below that only we may see more profit booking in index.
Rupee ends at day's high at 72.91 per dollar:
Indian rupee erased the intraday losses and ended at day's high at 72.91 per dollar, amid buying seen in the domestic equity market.
It opened 8 paise lower at 73.16 per dollar against previous close of 73.08 and traded in the range of 72.90-73.18.
Vinod Nair, Head of Research at Geojit Financial Services:
Domestic markets witnessed a range bound rally with strong buying interest seen in realty and consumer durables with small and midcap stocks outperforming. The global market was cautious with the US and European markets trading in red ahead of the release of key economic US data. In the wake of increasing inflationary pressure, the domestic market is awaiting tomorrow’s RBI MPC announcement which is expected to maintain its accommodative stance.
S Ranganathan, Head of Research at LKP securities:
Markets remained firmly in the grip of bulls ahead of the RBI Policy as expectations of vaccinations being ramped up coupled with capex programs is likely to improve credit growth. Even as the street is expecting the RBI to continue with its accommodative stance while keeping a watchful eye on inflation led by rising commodity prices, we saw heightened activity in big names involved in building infrastructure and in select high quality midcaps.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market witnessed some lackluster movement and an attempt to hold the support level of 15,650. 15,700-15,720 will act as a resistance zone and a small correction is seen in the market till the level of 15,500. The momentum indicators like RSI, MACD to lose their momentum after staying positive in recent time, indicating the chance of a small correction in the market.
Market Close:
Benchmark indices ended at record closing high on June 3 amid buying seen in the infra, oil & gas, metal and realty names.
At close, the Sensex was up 382.95 points or 0.74% at 52232.43, and the Nifty was up 114.20 points or 0.73% at 15690.40.About 2136 shares have advanced, 973 shares declined, and 134 shares are unchanged.
Titan Company, ONGC, Eicher Motors, Larsen and Toubro and Axis Bank were among major gainers on the Nifty, while losers included IndusInd Bank, Wipro, Dr Reddy's Lab, Cipla and Bajaj Auto.
Buying was seen in the infra, metal, FMCG, energy and banking names, while pharma stocks remained under pressure. BSE Midcap also touched a record high with a percent gain and Smallcap index also added 1 percent.
CRISIL rating to CSB Bank:
CRISIL has assigned ‘CRISIL A /Stable’ rating to the proposed Rs 500 crore Tier II, Basel III compliant bonds issue Programme of CSB Bank.
CSB Bank was quoting at Rs 327.00, up Rs 6.65, or 2.08 percent on the BSE.
BSE Capital Goods index rose 1 percent led by the Thermax, L&T, Siemens
Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research:
Acuite believes that the current focus of the MPC is to support the fragile economy and the financial system from the damage inflicted by the second wave of Covid and to bring it back again on a healthy recovery path over the next few quarters. The latest GDP data released by NSO reinforces the economic revival that was set in motion in Q3 and Q4 of FY21 with the flattening of the first Covid wave; the pickup in industrial activity had led to a 6.9% YoY growth in manufacturing GVA of Q4FY21.
Clearly, there is a need to pursue a similar monetary and fiscal policy framework over the next 2-3 quarters as we witness the tapering of the second Covid wave. Therefore, we expect the policy stance to remain unequivocally accommodative throughout the current financial year.
While there is virtually no scope for a further cut in interest rates given the increased commodity prices and the rising WPI, the status quo on rates is likely to continue for a longer time possibly till the end of FY22. Despite the risks of a build up of inflationary pressures in the near term, RBI is likely to give higher priority to the concerns around growth recovery.
Arvind Fashion Q4:
Arvind Fashion's consolidated net loss at Rs 65.7 crore versus loss of Rs 195 crore and revenue was up 14.2% at Rs 768.6 crore versus Rs 673.3 crore (YoY), reported CNBC-TV18.
Arvind Fashions Limited was quoting at Rs 147.70, down Rs 0.35, or 0.24 percent on the BSE.
Market At 3 PM
Benchmark indices are trading near the day's high level with Nifty above 15650.
The Sensex was up 331.03 points or 0.64% at 52180.51, and the Nifty was up 100.20 points or 0.64% at 15676.40. About 2007 shares have advanced, 899 shares declined, and 112 shares are unchanged.
Titan Company, ONGC, Eicher Motors, L&T and Adani Ports were among major gainers.
Buying was seen in the infra, metal, FMCG, energy and banking names, while pharma stocks remained under pressure.
Gold Updates
Gold prices retreated nearly 1% on Thursday, as the dollar strengthened while investors cautiously awaited crucial US economic readings this week for more clarity on monetary policy.
BSE Oil & Gas index rose 1 percent supported by the ONGC, GSPL, Petronet LNG:
Rupee Updates:
Indian rupee erased the intraday losses and tradinghigherat 72.96 per dollar, amid buying seen in the domestic equity market.It opened 8 paise lower at 73.16 per dollar against previous close of 73.08.
Tata Motors raises $425 million in offshore bonds to pare debt, meet expenses
Indian automaker Tata Motors has raised $425 million through unsecured offshore bonds at a rate of 4.35 percent to refinance existing debt and meet expenses, according to a term sheet of the deal seen by Reuters.
Of the proceeds raised, Tata will use 225 million pounds ($318 million) to refinance existing loans and the rest to meet corporate expenses, according to the paper.
The bond, which has been issued for a period of two and a half years, was over-subscribed by about five times, according to a source with direct knowledge of the deal.
European markets are trading in the red with FTSE down half a percent
Tapan Patel- Senior Analyst (Commodities), HDFC Securities
: Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.16% at $68.94 per barrel for the day. MCX Crude oil June futures rose by 0.40% at Rs. 5046 by noon.
Crude oil prices are expected to trade sideways to up for the day with resistance at $70 and support at $67 per barrel. MCX Crude oil June has support at Rs 4980 and resistance at Rs 5120.
Market update at 2 PM:
Sensex is up 244.76 points or 0.47% at 52094.24, and the Nifty added 74.80 points or 0.48% at 15651. Titan COmpany, ONGC and Adani Ports are the top gainers while Adani Enterprises, Muthoot Finance and Reliance Industries are the most active stocks.
Among the sectors, the realty index jumped 4 percent while the midcap and smallcap indices gained a percent each.
Motilal Oswal on Muthoot Finance
Muthoot Finance delivered a strong 4QFY21, especially on the growth front. Despite the 10-12% decline in gold prices, it managed to grow the loan book by 4% QoQ, which is encouraging. Even in the second COVID wave, loan demand is likely to remain high as customers’ cash flows will be stressed.
We expect the company to deliver ~15% loan growth in the medium term. With an AA+ rating, the cost of funds is likely to decline. This should mitigate yield pressure, if any. RoA/RoE is likely to remain robust at 6.5%/25% over the medium term. We increase our FY22E/23E EPS estimate by 3-4%. We maintain our buy rating with a target price of Rs 1,725/share (3x FY23E BVPS).
Gaurav Garg, Head of Research, CapitalVia Global Research:
In morning trades, Indian equities benchmarks remained in the green, following the lead of the global counterparts. Sentiments also remained positive after Credit ratings firm Crisil indicated in its recent report that the extended Emergency Credit Line Guarantee Scheme (ECLGS) will assist industries such as hotels, civil aviation, and tour operators, which have been struck the hardest by the second wave of COVID 19.
Investors weighed inflation fears as Wall Street's main indexes saw small gains on Wednesday, ahead of major US economic data due later in the week. Asian markets were also trading higher following wall street and other global peers.
After the gap up in the market, Nifty 50 index is trying to hold the higher level but 15700 will act as a resistance in the market. If the market does not breach the level of 15700, we will see a small correction in the market till the level of 15500. On the sectoral front, all sectors have shown positivity in the first half. Titan and ONGC are the top gainers while Indusind Bank and Bajaj Auto are the top losers on Nifty.
Crude Updates:
Oil prices rose for a third day on Thursday on expectations of a surge in fuel demand later this year, particularly in the United States and Europe and China, at the same time major producers are maintaining supply discipline.
Lupin enters digital healthcare space
Lupin's board of directors has approved the company’s entry into the digital healthcare space with a focus to provide a digital therapeutics platform for doctors and patients in India.
The company recently incorporated a new entity in the name of Lupin Digital Health Limited, as a wholly owned subsidiary, which will undertake this.
Lupin was quoting at Rs 1,230.65, down Rs 16.25, or 1.30 percent on the BSE.
Market at 1 PM
Benchmark indices are trading higher with Nifty around 15650 level supported by the realty and oil & gas stocks.
At 13:01 IST, the Sensex was up 190.27 points or 0.37% at 52039.75, and the Nifty was up 65.20 points or 0.42% at 15641.40. About 2006 shares have advanced, 827 shares declined, and 121 shares are unchanged.
Titan Company, Adani Ports, ONGC, Axis Bank and Eicher Motors were among major gainers on the Nifty, while losers were IndusInd Bank, Bajaj Auto, HCL Technologies, Cipla and Tech Mahindra.
Oil & gas and realty indices rose 1-4 percent. BSE Midcap and Smallcap indices added a percent each.
Over 300 stocks touched their 52 week highs during the day. Click for More
Lakshmi Iyer, CIO (Debt) & Head Products, Kotak Mutual Fund:
While policy rates are likely to be unchanged, it will be key to see of RBI MPC suggests any changes to growth forecast. Q1FY22 so far has been muted given the pandemic and resultant localised lockdowns.
Bond markets would also be eager to see GSAP 2.0 announcement for Jul- Sep quarter, as government bond supply may not be met with commensurate demand. Bottomline, despite inaction on rates front, walk the talk will be key to market movement post policy.
Asian equities clock biggest foreign outflows since March 2020
Asian equities in May clocked their biggest foreign outflows in 14 months due to a spike in COVID-19 cases in the region and as growing inflationary pressure tempered risk appetite.
Data from stock exchanges in South Korea, Taiwan, Philippines, Thailand, Vietnam, Indonesia and India showed foreigners net sold a combined total of $12.05 billion in regional equities, the highest since March 2020.
Asian Markets Update:
Asian shares stepped back from three-month highs on Thursday as investors weighed inflation concerns ahead of key U.S. economic data while oil prices rose for a third straight session.
Rupee Updates:
Indian rupee is trading lower at 73.12 per dollar, amid buying seen in the domestic equity market.It opened 8 paise lower at 73.16 per dollar against previous close of 73.08.
Market at 12 PM
Benchmark indices are holding in the early gains with Nifty around 15650 level.
At 12:00 IST, the Sensex was up 231.38 points or 0.45% at 52080.86, and the Nifty was up 78.30 points or 0.50% at 15654.50. About 2025 shares have advanced, 760 shares declined, and 129 shares are unchanged.
Titan Company, Adani Ports, ONGC, Kotak Mahindra Bank and Eicher Motors were among major gainers on the Nifty, while losers were IndusInd Bank, Bajaj Auto, SBI, HCL Technologies and Tech Mahindra.
Metal, oil & gas and realty indices rose 1-4 percent. BSE Midcap and Smallcap indices also added a percent each.
Nifty Metal index rose 1 percent led by the Adani Enterprises, APL Apollo, NMDC, SAIL
Muthoot Finance shares hits new 52-week high:
Muthoot Finance share price jumped over 6 percent on June 3, a day after company reported a 22 percent jump in standalone profit after tax at Rs 996 crore for the three months to March 2021.
The company had posted a standalone profit after tax of Rs 815 crore in the year-ago period. For the full year, the standalone net profit rose by 23 percent to Rs 3,722 crore as against Rs 3,018 crore in FY20.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
India is the best performing large market since the crash of late March 2020. This outperformance, when many developed economies are doing well and we are in a serious economic crisis, is paradoxical. Even though it can be rightly argued that the organised sector, which the market represents, is doing well, the fact remains that valuations are very high. Of course, the economy is set to rebound in the last 3 quarters of FY 22 and corporate profits are likely to rise smartly.
Even discounting these positives, valuations are stretched. Trading by the exploding number of retail investors (record 14.7million Demat accounts added in FY21) is playing an important role in this rally. Bull markets can surprise on the upside and therefore it makes sense to remain invested in this market. Bank Nifty has further room to go up. Investors should remember that at high valuations corrections will happen any time.
Market update at 11 AM
: Sensex is up 216.64 points or 0.42% at 52066.12, and the Nifty added 67.30 points or 0.43% at 15643.50. Titan Company, Kotak Mahindra Bank and ONGC are the top gainers while Adani Enterprises, Reliance Industries and Muthoot Finance are the most active stocks.
Among the sectors, the realty index jumped over 3 percent while the smallcap index added a percent.
Zydus Cadila gets tentative US FDA nod
Zydus Cadila has received tentative approval from the USFDA to market Osimertinib Tablets in the strengths of 40 mg and 80 mg used to treat lung cancer. The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad. The group now has 318 approvals and has so far filed over 400 ANDAs since the commencement of the filing process in FY 2003-04. The stock was trading at Rs 637.55, up Rs 9.85, or 1.57 percent.
Adani, Tata, L&T vying to build Lithium ion business under govt's PLI scheme: Report
In a bid to take advantage of the Central government's production linked incentive (PLI) scheme, top conglomerates including Adani Group, Tata Chemicals, Larsen and Toubro Ltd (L&T), and a joint venture led by Japan’s Suzuki Motor Corp. have shown interest in making lithium-ion cell manufacturing plants in India, Mint reported citing three people aware of the matter.
“Some of these companies also plan to engineer a shift towards renewable energy and reduce dependence on traditional energy businesses. Hence, manufacturing lithium cells gives them an opportunity to take a step forward in that direction and with 50% of new vehicle sales expected to turn electric in the next 10-15 years, globally, there will be demand, and huge capacities will be required," one of the sources said. Read more
Buzzing
Balrampur Chini Mills share price gained over 5 percent on June 3, a day after the company reported a 2.46 percent year-on-year decline in consolidated profit during the quarter ending March 31 at Rs 235.50 crore versus Rs 241.44 crore during the same quarter of FY20.
Revenue from operations declined by 41.41 percent to Rs 1,019.35 crore from Rs 1,740.04 crore in the corresponding quarter of the previous fiscal.
JUST IN |
India IHS Markit Services PMI was at 46.4 versus 54.0 (MoM).
Buzzing
Motherson Sumi Systems share price touched a 52-week high of Rs 269 at open on June 3, but soon declined 4 percent a day after the company announced it earnings.
The company reported a net profit of Rs 713.62 crore in the quarter ended March 2021 against Rs 183.38 crore in the year-ago period. Its revenue rose 17.57 percent to Rs 16,971.91 crore against Rs 14,434.48 crore YoY.
PVR share price rises 3%
PVR share price rose 3 percent on June 3 despite widening losses. The multiplex player on June 2 reported a loss of Rs 289.1 crore for the January-March quarter of the financial year 2021 against a loss of Rs 74.5 crore in the corresponding quarter of the previous financial year.
Revenue for the said quarter stood at Rs 263.3 crore against Rs 662 crore, down 60.2 percent year-on-year (YoY). EBITDA for the quarter came at Rs 25.1 crore, down 86.8 percent YoY from Rs 189.3 crore in Q4FY20.
Rupee Opens:
Indian rupee opened 8 paise lower at 73.16 per dollar on Thursday against previous close of 73.08, amid buying seen in the domestic equity market.On June 2, rupee ended lower at 73.08 per dollar against Tuesday's close of 72.90.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
The Index has opened in fine form this morning! We should be targeting the level range of 15900-16000. The overall trend is positive and hence any intra-day correction should be positively utilized to enter into long positions. A good support lies at 15300 and as long as we can hold that, there is no concern on the downside of the Nifty.
Market At 10 AM
Benchmark indices are trading higher with Nifty holding above 15650 supported by the oil & gas and realty stocks.
At 10:00 hrs IST, the Sensex is up 278.79 points or 0.54% at 52128.27, and the Nifty up 74.90 points or 0.48% at 15651.10. About 1912 shares have advanced, 642 shares declined, and 93 shares are unchanged.
Top gainers on the Nifty included Titan Company, Kotak Mahindra Bank, HDFC, ONGC and Reliance Industries, while losers were UPL, SBI, Bajaj Auto, Tata Steel and Bajaj Finance.
BSE Realty index added over 2 percent, while buying also seen in the power, oil & gas, FMCG, and healthcare stocks.
Snowman Logistics partners with Dr. Reddy's
Snowman Logistics in a strategic partnership with Hyderabad based Dr. Reddy's to provide temperature-controlled end-to-end logistics solutions for the delivery of the two-dose Sputnik COVID-19 vaccine across India.
Snowman Logistics was quoting at Rs 56.20, up Rs 4.85, or 9.44 percent on the BSE.