The Indian stock market is trading at day's high as investors eye PM Narendra Modi's address at 5 PM today. Sensex is up 274.29 points or 0.53 percent at 52374.34, and the Nifty jumped 100.70 points or 0.64 percent at 15771.
Among the sectors, the auto index added a percent led by Tata Motors and TVS Motors which jumped 3-4 percent each followed by Eicher Motors, Maruti Suzuki, Motherson Sumi Systems and Ashok Leyland.
Gaurav Garg, Head of Research of CapitalVia Global Research is of the view that 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.
Nifty Energy also edged higher led by Tata Power which jumped over 5 percent followed by GAIL India, Reliance Industries, BPCL and HPCL.
Tapan Patel- Senior Analyst (Commodities) at HDFC Securities feels that crude oil prices are expected to trade sideways to down for the day with resistance at $70 and support at $68 per barrel. MCX Crude oil June has support at Rs. 4980 and resistance at Rs.5120.
BSE smallcap added over a percent intraday on June 7 led by GM Breweries and Jay Bharat Maruti which surged 20 percent each followed by STC India, Avadh Sugar, Dalmia Bharat Sugar and Uttam SUgar among others.
Sugar stocks are buzzing as the government brought forward the target date for achieving 20 percent ethanol-blending with petrol by two years to 2023 to help reduce India's dependence on costly oil imports.
ICICI Securities believes this would encourage sugar companies to further add sugarcane juice and grain-based ethanol capacities. Moreover, it is also setting up stiff timelines for auto OEMs to comply with blending requirement. This would be positive for sugar companies, the brokerage firm said in its report.
554 stocks have hit new 52-week high on BSE including names like Adani Power, Mazgaon Dock, Indian Overseas Bank, Castrol India, Adani Ports, Tata Power. BHEL, PNB Housing, Ambuja Cements, Birlasoft and Tata Consumer among others.
653 stocks have hit upper circuit on BSE including, Adani Power, Vakrangee, PNB Housing and IIFL Finance among others.
According to Rahul Sharma - Head, Technical and Derivatives Research, JM Financial Services, "Nifty continues to remain bullish above 15,470 while the options data is suggesting 15,700 as the pain point for Call writers. We expect more upside if this level is crossed and we may see the Nifty testing the next resistance area of 15,900-16,000."
"Dips, if any, can be utilised as buying opportunities with intermediate support placed at 15,595," he added.
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