Sensex, Nifty Updates: Sensex and Nifty opened higher on Tuesday, inline with strong global equities amid heavy buying in auto and banking stocks. Extending rise for the fifth straight session, Sensex was trading 300 points higher at 33,600 and Nifty rose 90 points to 9,916. On Monday, Sensex closed 879 points higher at 33,303 and Nifty ended 245 points higher at 9,826. Experts said market sentiments turned positive after government announced its phase-wise plan to unlock the country, starting June 1. Investors worldwide were optimistic over slowing of new virus cases, with prospects of more government stimulus amid easing of lockdowns across the world. As per technical indicators, with the index's strong push in the recent trades, Nifty is expected to aim for 10,000 mark.
Here's a look at the updates of the market action on BSE and NSE today
12.13 PM: Nifty's outlook
Expressing views on the technical indicators, Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking said, "Technically speaking, any significant gap which is filled by another gap is considered to be a notable development. Throughout last month, the lower end of the gap 9600-9550 acted as a sturdy wall and this time the same zone, is now likely to be seen as a sheet anchor (till the time it remains unfilled). We have now reached 9900-9950, which coincides with the 89 EMA on daily chart and is considered to be a decent resistance. But the way charts are shaped up, the possibility of surpassing it and heading towards 10000-10200 cannot be ruled out. For the day, 9750 followed by 9680 can be seen as immediate support."
12.05 PM: Rupee declines today
The rupee at the currency market depreciated 6 paise to 75.60 against the US dollar on Tuesday amid strong American currency and continued rise in crude oil prices that weighed on investor sentiment. This was despite the positive opening in domestic equities and FII inflows. The rupee opened weak at 75.57 at the interbank forex market and then fell further to 75.60, down 6 paise over its last close.
Rupee vs Dollar: Rupee slips 6 paise to 75.60 amid strong dollar, rise in oil prices
11. 44 AM: Market Update
Sensex and Nifty opened higher on Tuesday, inline with strong global equities amid heavy buying in auto and banking stocks. Extending rise for the fifth straight session, Sensex was trading 300 points higher at 33,600 and Nifty rose 90 points to 9,916.
11. 29 AM: Banking stocks lead
Banking stocks led the rally in early trade today with Sensex trading over 300 points higher at 33,610. Nifty too gained 92 points to 9,917 compared to the previous close of 9,826.
Bank Nifty was trading 251 points or 1.26% higher at 20,208. Similarly, BSE bankex gained 391 points or 1.71% to end at 23,248. All nine components except RBL Bank on BSE bankex were in the green.
Banking stocks lead rally in early trade; Kotak Bank, IndusInd Bank top gainers
11.11 AM: Rupee opens almost unchanged
Indian Rupee on the currency market opened unchanged at 75.56 per odllar as against the last closing of 75.54 per US dollar on Tuesday.
10. 40AM: Coronavirus toll
Total cases of Covid 19 in India reached 1.99 lakh with confirmed cases increasing by 8,171. This includes the death toll of 5,598 cases after reporting of 204 new fatalities in last 24 hours, while the recoveries have risen by 3,708 to 0.97 lakh people.
10. 28 AM: Kotak Mahindra Bank shares rise almost 8%
Kotak Mahindra Bank share price was trading as the top gainer on Nifty rising almost 8%, after company's managing director Uday Kotak sold 2.83 per cent stake worth over Rs 6,800 crore in the lender through the block deal.
The stake sale of 56 million equity shares or 2.83% of equity of bank was on back of reducing Kotak's stake in the bank as per the RBI-mandated 26% from the current 28.93%.
Following the announcement, Kotak Bank stock price opened with a gain of 5.66% today and later touched an intraday high of Rs 1347.75, rising 7.88% on BSE. The Kotak bank had closed at Rs 1,249.25 on BSE yesterday.
Kotak Mahindra Bank stock rises 8% as Uday Kotak to sell 2.8% stake
10.15 AM: Sectors today
Sectorally, all the indices were gaining today, with media, financials, banking and auto stocks registering most buying momentum.
10.02 AM: Stocks to watch today on June 2
Yes Bank, Eicher Motors, Tata Power, TVS Motor, Hero MotoCorp, RIL, Ashok Leyland among others are the top stocks to watch out for in Tuesday's trading session
9.53 AM: Top gainers and losers
Kotak Bank, M&M, Tata Motors, Hindalco, Bajaj Finance were among the top gainers on Nifty. On the contrary, Coal India, L&T, ITC, ICICI Bank and BPCL were among the major losers
9.30 AM: Nifty outlook
As per technical indicators, with the index's strong push in the recent trades, Nifty is expected to aim for 10,000 mark. Deepak Jasani, Head Retail Research, HDFC Securities said," 9889-9932 could be the resistance for the Nifty while 9584-9598 could be the support in the near term".
9.20 AM: Opening bell
Extending rise for the fifth straight session, Sensex was trading 300 points higher at 33,600 and Nifty rose 90 points to 9,916.
9.10 AM: Earnings Today
Companies set to announce their earnings are Motherson Sumi, Zydus Wellness, InterGlobe Aviation, Eris, Britannia, Granules, Dhampur Sugar Mills, Tata Teleservices, Transport Corporation of India, Sun Pharma Advanced Research.
9.05 AM: Pre-open session
Sensex was trading 170 points higher at 33,450 and Nifty rose 56 points to 9,883.
9.00 AM: FII/ DII action
On a net basis, FIIs bought Rs 1,575 crore, while DIIs sold Rs 459 crore worth in equities on Monday.
8. 50 AM: Rupee Closing
On the currency front, Indian rupee, ended mildly stronger at 75.54 per dollar as compared to its last closing of 75.61 per dollar.
8.45AM: Closing bell
Sensex and Nifty continued earlier week's bullish trend and closed majorly on Monday, inline with strong global equities. Sensex closed 879 points higher at 33,303 and Nifty ended 245 points higher at 9,826.
Sensex gains 879 points after govt eases lockdown restrictions; financials, auto stocks rally