India VIX was down in red on Monday.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices ended at their highest ever closing levels on Monday. S&P BSE Sensex jumped 228 points higher and closed at 52,328 while the Nifty 50 index gained 81.40 points to end at 15,751. Power Grid was the top Sensex gainer, jumping 4.4%, followed by NTPC, Ultratech Cement and Reliance Industries. Broader markets were mirroring the trend. Midcap and smallcap indices soared to outperform benchmark indices. India VIX was down 2.3%. Among sectoral indices, Nifty Financial Services, Nifty Metal, and Nifty Pharma ended in the red while the rest ended in the green.
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Highlights
Sensex and Nifty ended at their highest ever closing levels on Monday as domestic markets surged ahead of Prime Minister Narendra Modi’s address to the nation. S&P BSE Sensex jumped 228 points higher and closed at 52,328 while the Nifty 50 index advanced 81.40 points to end at 15,751. Among the top gainers on Sensex were Power Grid up 4.4%, followed by NTPC, Ultratech Cement and Reliance Industries. Broader markets were mirroring the trend. Midcap and smallcap indices soared to outperform benchmark indices. India VIX was down 2.3%. Nifty Media Index was the top sectoral performer jumping 1.16%, followed by Nifty IT, up 1.11%. Bank Nifty advanced 0.43%.
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Sensex and Nifty closed at their highest ever closing levels on Monday. Sensex ended the day's trade above 52,300 while Nifty breached 15,750.
Nifty Metal, Nifty Financial Services, and Nifty Pharma were down in the red while all other NSE sectoral indices were up with gains.
Sugar stocks such as Dalmia Bharat Sugar and Industries, Dwarikesh Sugar, Avadh Sugar & Energy rallied up to 20 per cent in Monday’s intraday deals on BSE. On World Environment Day, Prime Minister Narendra Modi said the government has resolved to meet the target of 20 per cent ethanol blending in petrol by 2025. Currently, the ethanol blending level in petrol is around 8.5 per cent.
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Power Grid and NTPC have maintained their position as top Sensex gainers for most of the day's trade now. Power Grid's share price is up 4.49% while NTPC has surged 4%.
Midcap and Smallcap indices on BSE and NSE were outperforming benchmark indices just ahead of the closing bell. Almost all Midcap and smallcap indices were up over 1% on NSE.
India VIX, the volatility index, has trimmed most intra-day losses with less than an hour left before the closing bell. India VIX is down 1.19% at 15.75. Earlier in the day, the gauge had hit a low of 14.74.
Since its inception, cryptocurrencies have seen a surge in its prices just re-asserting their highly volatile nature. The cryptocurrency paradigm continues to boom despite the global pandemic impacting economies across the globe. During the past year alone, many other cryptocurrencies have come into foray fueling the interest in cryptocurrencies. The price of one Bitcoin (one of the legacy cryptocurrencies) has increased by six times over the past 12 months. Due to the positive volatility in the cryptocurrencies, it is being viewed as an investment asset which promises to provide quick returns providing a lucrative trading market. Today, WazirX, one of India’s most trusted cryptocurrency exchanges, estimates the investment of around 7 million Indians in crypto-assets worth USD 1 billion. Considering the volatility of the cryptocurrencies, it may be susceptible to risks and misuse. Of late, such concerns have resulted in the need for regulating the cryptocurrency market in India.
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Yes Bank plans to raise funds in Indian or foreign currency by issuing debt securities, it said on Monday. A meeting of the board of directors of Yes Bank will be held on Thursday, June 10, 2021, to consider, approve and seek shareholders’ approval for borrowing/raising funds, the bank said in a regulatory filing without quantifying the amount.
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Yes Bank plans to raise funds in Indian or foreign currency by issuing debt securities, it said on Monday. A meeting of the board of directors of Yes Bank will be held on Thursday, June 10, 2021, to consider, approve and seek shareholders’ approval for borrowing/raising funds, the bank said in a regulatory filing without quantifying the amount.
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Natural rubber was under pressure in the week gone by. Japan Osaka Rubber futures hit its lowest level in over five weeks before trimming losses, while SHFE rubber futures posted losses for the second straight week. Sentiments were mixed. Surge in Covid-19 cases in some of the key natural rubber producing countries, movement in crude oil prices, concerns over fall in output and lacklustre economic data from China influenced the market sentiments. In the Indian market, meantime, MCX rubber futures pared initial losses and posted gains last week, while lockdown in the key natural rubber producing state of Kerala affected the activities in the spot market. Looking ahead, the market mood may continue staying muddled with underlying fundamentals staying mixed. On MCX, June rubber futures are initially expected to vary inside Rs.16800-17800 and a break out from either the sides could lend fresh direction Anu V Pai, Senior Commodity Research Analyst, Geojit Financial Services
In morning transactions, Indian equity indexes gained some ground, tracking gains in index heavyweights. Sentiments remained upbeat With NITI Aayog Vice-Chairman Rajiv Kumar stating that he is optimistic that every organization will raise their growth predictions to 10-10.5 percent once they see the growth rate by October. US markets rose, led by technology stocks before closing. On the international front, Asian markets were generally in the red, as relief over the positive US jobs report was tempered by caution ahead of critical inflation data due later this week. The Market has been able to sustain the level of 15700 in the first half, after the positive opening in the market. Technical factors are aligned to support the positive movement in the market and reach the levels of 15870-15900. Gaurav Garg, Head of Research, CapitalVia Global Research
hyam Metallics is the least leveraged group among peers and as of March 20 their gearing was 0.5 which was one of the lowest amongst the competitors. Also, in terms of profitability SMEL has consistently outperformed its peers largely on account of backward and forward integration. EBITDA margins has been in the range of 19.5%-22.5% in the last 3 years, while the small to mid-sized steel players had margins in the range of 10.0%-16.3%. This was attributed mainly due to a well-diversified presence which de-risk the company from a downfall in any particular segment within the value chain. Manthan Mehta, Head Unlisted & Private Equity Rurash Financial Services
Meme stocks such as AMC Entertainment, BlackBerry, among others retreated from highs during the latter half of the previous week, as investors booked profits fearing another washout of gains like earlier this year. The rally in meme stocks took the centre stage on Wall Street for the second time in 2021 when AMC Entertainment’s share price soared 103% in one day. Internet-fueled rallies were seen in not just AMC’s stock but even in BlackBerry, Nokia, GameStop, Bed Bath & Beyond, and Microvision, among others. Most of the meme stocks ended in red on Friday, giving up part of the gains made earlier in the week.
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Nifty reached a fresh all-time high of 15,744 on Monday. Sensex was above 52,200. The volatility index, India VIX was down 7%.
The RBI MPC kept the key rates unchanged unanimously on expected lines. The committee also reiterated its accommodative stance both on rates and liquidity. While growth forecast was marked down to 9.5% from 10.5% with risks broadly balanced, the inflation (read CPI) forecast was marginally raised to 5.1% for FY 2022.
Shyam Metalics and Energy Ltd (SMEL) Rs 909-crore initial public offering (IPO) will open for subscription on June 14, 2021. The public issue will close on June 16 and the bidding for anchor investors will open on June 11. The steel maker firm has cut the size of its IPO from Rs 1,107 crore to Rs 909 crore, after promoters offloaded Rs 252 crore shares from their own stake against Rs 450 crore as planned earlier. The fresh issue size remained the same at Rs 657 crore.
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"We have been extremely bullish on UP based sugar companies for the last one year based on the premise that the Ethanol story will pan out well and capacity additions at distilleries in anticipation were being built up. Today with the blending targets pre-poned all the fully integrated sugar companies based in UP - namely Balrampur, Triveni, Dhampur, Dalmia, DCM and Dwarikesh have seen their stock prices rise manifold," said S Ranganathan, Head of Research at LKP Securities.
Bajaj Finance was down 4.48% on Sensex, making it the top laggard among the index constituents while Bajaj Finserv followed closely behind, down 3.22%.
With growth coming back in the economy, the fear of rising inflation also seems real. The US stock market last month in May was witness to the inflation worries as investors remained confused to a large extent. US Fed may believe inflation to be transitory but better evidence has to emerge to maintain that inflation won’t remain a permanent feature in the long run.
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"The kind of price action we have been witnessing for few days, the commentary would sound a bit repetitive because there is nothing different to talk about. As we have been mentioning, every 100 points upside level should be treated as immediate resistance and now this level comes at 15800. Ideally considering the Fibonacci ratios, we do not see any major hurdle before 16000 and hence, even if this has to be met in the near term, the move would continue to be slow and steady in nature. One of the favourable factors is the significant drop in INDIA VIX which is back to the pre-COVID levels; bodes well for the bulls. On the flipside, 15600 – 15525 – 15450 are to be seen as key support levels," said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.
Rakesh Jhunjhunwala-owned Jubilant Pharmova could benefit from contract manufacturing deals signed for covid-treatment and vaccines, according to brokerage and research firm ICICI Direct. During the previous quarter, the company saw its revenue from the CDMO segment grow 48% on-year basis to Rs 574 crore even though overall revenue growth was flat. Foreseeing further growth in the CDMO segment, aided by covid treatment and vaccines, domestic brokerage and research firm ICICI Direct has upped the target price for Jubilant Pharmova. On Monday, the stock was down 5%, trading at Rs 792 per share.
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Shares of Adani Power hit the 20% upper circuit on Monday morning. The stock jumped to trade at Rs 126.95 per share -- a new 52-week high for the stock.
NTPC and Power Grid were up 2% each and leading the pack on Sensex at this hour. Ultratech Cement followed closely behind, accompanied by ITC, Titan, and Larsen & Toubro.
The Narendra Modi-led government has completed seven years in power. It is facing headwinds on the politico-economic front, thanks to the second wave of Covid-19 and the below-expectation performance in state assembly elections. Yet, it is time to look back and reflect on its performance on socio-economic parameters over the last seven years. We also compare and see how it faired vis-à-vis the first seven years of the UPA (2004-05 to 2010-11) under Manmohan Singh.
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Ami Organics, specialty chemicals maker, has filed a draft red herring prospectus (DRHP) with the capital markets regulator SEBI to launch an IPO. The proposed public issue comprises a fresh issue of Rs 300 crore and an offer for sale (OFS) of up to 60.6 lakh shares by its existing promoters and shareholders. Ami Organics said that it is in consultation with its book-running managers for pre-IPO placement of up to Rs 100 crore.
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"Any dip or intraday correction should be looked at as an opportunity to accumulate long positions on the index. The support has been upgraded from 15300 to 15500. The next target for the Nifty is 16000 so the risk is to reward ratio is favorable," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
"News is positive for markets. Since the US jobs numbers have come lower than expected the Fed is likely to continue its accommodative stance with no indications about tapering. So the US 10-year yield is likely to remain stable with a negative bias till Thursday when the US inflation numbers will be released. FIIs have come back strongly this month with net equity purchases worth Rs 7967 crores till June 4th. Frenzied retail participation is imparting resilience to markets," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
COMEX gold trades marginally lower near $1889/oz after a 1% gain on Friday. Gold is volatile as market players assess Fed’s monetary policy stance in light of mixed US non-farm payrolls data. ETF inflows showed pick up in investor interest late last week however this is countered by weaker demand in India amid virus related restrictions. Gold may remain choppy along with the US dollar as market players assess the implication of jobs report on Fed's monetary policy. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities
A move toward 16100 would be nonlinear in nature as round of temporary breather after the 1,150 points rally (seen over past 3 weeks) cannot be ruled out. Therefore, any dip from hereon should be capitalised as incremental buying opportunity as we do not expect index to breach the strong support of 15200 levels.
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Sensex and Nifty gave up some gains to trade flat with a positive bias on Monday morning, minutes into the day's trade.
"Stock specific actions due to Q4 results can be witnessed in stocks like Central Bank of India, MRF, Union Bank of India, NIACL, Jubilant Ingrevia etc. Key resistances to upside are 15,800 and 16,000 while key support levels are 15,500 and 15,300 for Nifty 50," said Mohit Nigam, Head, PMS - Hem Securities.
ONGC and ITC were the top gainers on Sensex on the opening bell. These followed by State Bank of India, Mahindra & Mahindra, and IndusInd Bank.
Sensex opened above 52,200 while the Nifty 50 index was above 15,700. Broader markets were outperforming benchmark indices.
Sensex gained 131 points to breach 52,200 while Nifty 50 crossed 15,700 during the pre-open session on Monday morning.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were increased for the second day straight on Monday across major cities. Petrol in Delhi today costs Rs 95.31 per litre, while diesel in the capital city costs Rs 86.22 litre today. Since May 4, rates have been hiked 21 times. Petrol price in Delhi has been increased by Rs 4.76 since May 4, while diesel price has surged Rs 5.31 per lire. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.
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Sensex and Nifty trade with gains. Nifty breaches 15,700 mark while Sensex gains to inch closer to 52,200.
The chart pattern suggests that if Nifty crosses and sustains above 15800 level it would witness buying which would lead the index towards 15950-16100 levels. However if the index breaks below 15600 level it would witness selling which would take the index towards 15450-15350. Nifty is trading above 20 and 50 day SMAs which are important short term moving averages, indicating positive bias in the short term.
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Asian stock markets were trading mixed on Monday with Japan’s Nikkei gaining 0.33 per cent. The Topix index and South Korea’s Kospi were marginally up. US stocks climbed on Friday, lifted by technology stocks. The Dow Jones Industrial Average rose 0.43 per cent, the S&P 500 gained 0.83 per cent, and the Nasdaq Composite added 1.5 per cent.
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"Sector rotation is helping Nifty stay higher. Options concentration seen at 15,500 Puts and 15,700 Calls. Bank Nifty Futures witnessed addition of shorts on Friday along with huge writing at 35,500 Calls indicating caution," said Rahul Sharma of JM Financial Services. He added that more upside is expected for Nifty if 15,700+ is sustained. Supports at 15,595 and 15,470. "Next target at 15,900-16,000".