The Nifty Bank index closed at 31,653.65, up 278.25 points on June 3. The important Pivot level, which will act as crucial support for the index, is placed at 31,400.73, followed by 31,147.77.
The BSE Sensex rallied 553.42 points or 1.39 percent to 40,267.62 while the Nifty 50 jumped 165.70 points or 1.39 percent to 12,088.50, forming a strong bullish candle on daily charts.
The hope of an interest rate cut and a rally in auto stocks led the market to start off the month of June on a spectacular note with benchmark indices hitting fresh record highs on June 3. This was despite global growth worries due to ongoing trade war and weak Q4 GDP data.
According to the Pivot charts, the key support level is placed at 11,971.4, followed by 11,854.3. If the index starts moving upward, key resistance levels to watch out are 12,154.3 and 12,220.1.
The Nifty Bank index closed at 31,653.65, up 278.25 points on June 3. The important Pivot level, which will act as crucial support for the index, is placed at 31,400.73, followed by 31,147.77. On the upside, key resistance levels are placed at 31,790.63, followed by 31,927.57.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.
Wall Street ends lower
The three major U.S. stock indexes declined on Monday on weaker-than-expected economic data, while shares of Alphabet, Facebook and Amazon.com fell sharply on fears the companies are the targets of U.S. government antitrust regulators, putting pressure on the tech-laden Nasdaq.
Asian markets trade higher
Shares in Asia inched higher and safe-haven assets gave up some overnight gains on Tuesday, as investors paused for breath after a volatile Wall Street session, but deeper concerns about growth have capped broader improvements in risk sentiment.
SGX Nifty
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 48.50 points or 0.40 percent. Nifty futures were trading around 12069.50-level on the Singaporean Exchange.
Rupee gains by 44 paise to 69.26 against US dollar
The Indian rupee June 3 appreciated by another 44 paise to close at 69.26 to the US dollar in line with an intense rally in domestic equities amid hopes of a rate cut by the Reserve Bank.
The domestic currency opened strong at 69.48 and later rose to the day's high of 69.10 at the interbank forex exchange market. The Indian unit finally settled at 69.26, higher by 44 paise from the previous close. The rupee Friday had settled at 69.70 to the US dollar.
RBI modifies large exposures framework for bank
The Reserve Bank of India June 3 modified the guidelines on large exposures for banks with a view to reduce concentration of risk and align them with the global norms. The modified 'Large Exposures Framework' (LEF) provides exclusion of entities connected with the sovereign from definition of group of connected counter-parties.
It also introduces economic interdependence criteria in definition of connected counter-parties. The amendment, the RBI said, is being done in order to "capture exposures and concentration risk more accurately" and to align the above instructions with international norms.
US manufacturing activity grows at slowest in 2-1/2 years: ISM
US manufacturing growth slowed further in May to its weakest pace of activity in more than two-and-a-half years, defying expectations for a modest rebound, a national purchasing managers' survey showed on Monday.
The Institute for Supply Management said its US Manufacturing Purchasing Managers Index declined to 52.1 from 52.8 in April, marking the lowest level since October 2016. Wall Street economists polled by Reuters had a consensus forecast of 53.
Oil prices fall amid economic slowdown
Oil prices fell on Tuesday amid a global economic slowdown that is starting to hit oil demand, triggering calls in producer club OPEC for supply cuts to be extended.
Pre-monsoon rainfall lowest in 65 years: Skymet
The pre-monsoon rainfall in the country was the second lowest in 65 years, private weather forecaster Skymet Weather said Monday. The three-month pre-monsoon season March, April and May ended with a rainfall deficiency of 25 percent.
Gold jumps to over three-month peak
Gold climbed more than 1.5% on Monday to its highest level in more than three months on concerns that U.S.-Chinese trade tensions and Washington's threat of tariffs on Mexico would hurt the global economy
Bond yields ease again as flight to safety continues
A flight to safe-haven assets pushed U.S. Treasury yields to their lowest since September 2017 on Monday.
A gloomy economic outlook is prompting traders to increase bets that the U.S. Federal Reserve will cut interest rates sooner rather than later. Markets appeared to price in higher chances of recession and rate cuts by the Fed and other central banks.
With inputs from Reuters & other agencies
