The Indian market snapped a two-day losing streak to close with moderate gains in a highly volatile session on June 2. At close, the Sensex was up 118.57 points or 0.19 percent at 62,547.11, and the Nifty was up 46.30 points or 0.25 percent at 18,534.10.
For the week, the benchmarks ended flat with Sensex adding 45.42 points and Nifty rising 34.75 points.
Stocks and sectors
The day’s top gainers on the Nifty included Hindalco Industries, Apollo Hospitals, Hero MotoCorp, Tata Steel and JSW Steel, while losers were Adani Enterprises, Infosys, BPCL, HDFC Life and TCS.
Among sectors, realty, auto, metal added a percent each, while selling was seen in the IT and oil & gas names.
The BSE midcap and smallcap indices rose 0.5 percent each.
A long build-up was seen in Power Finance Corporation, Hindalco Industries and Hero MotoCorp, while a short build-up was seen in Mahanagar Gas, Gujarat Gas and Indraprastha Gas.
Among individual stocks, a volume spike of more than 200 percent was seen in Biocon, HeroMotoCorp and Rain Industries.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 62,547.11 | 118.57 | +0.19% |
| Nifty 50 | 18,534.10 | 46.35 | +0.25% |
| Nifty Bank | 43,937.85 | 147.65 | +0.34% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Hindalco | 420.75 | 14.40 | +3.54% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Adani Enterpris | 2,445.05 | -47.10 | -1.89% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 5956.00 | 71.80 | +1.22% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 29328.20 | -118.10 | -0.40% |
More than 200 stocks touched their 52-week high on the BSE, including Delta Corp, Cyient, Persistent Systems, Lupin, Walchandnagar Industries, ITD Cementation India, Saksoft, Cigniti Technologies, Aditya Birla Capital, Gravita India, Trent and Wonderla Holidays.
Outlook for June 5
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
The Nifty opened on a positive note today and witnessed rangebound price action. It closed with gains of ~45 points. On the hourly charts we can observe that the Nifty is trading around the lower end of the reverse channel (18500 – 18450) and the key hourly moving averages and the hourly momentum indicator has triggered a fresh positive crossover which is a buy signal.
After a gap up opening on Monday this week Nifty has spent most of the time digesting those gains. It has filled the gap (18500 – 18580) area created on the 29th May and in the process retested the range breakout of 18000 – 18400.
We believe that the Nifty this week has witnessed consolidation and next week onwards we are likely to witness resumption of uptrend. Overall, we continue to maintain our positive outlook on the index for a target of 18800 from short term perspective.
In terms of levels, 18460 – 18420 shall act as the crucial support zone while the hurdle zone is placed at 18600 – 18660.
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty ended marginally in the positive after a highly volatile trade on June 02. At close, Nifty was up 0.25% or 46.4 points at 18534.1. Volumes on the NSE were a little above recent average. Broad market indices gained more than the Nifty once again even as the advance decline ratio remained firm at 1.82:1.
Global stocks rose on Friday as sentiment was lifted by signs the US Fed will skip a rate hike at its next meeting and the approval of U.S. debt ceiling legislation.
Nifty nudged back into green again and again on Friday despite selling pressure in select large caps. On a weekly basis, Nifty rose 0.19% forming a high wave type of candle. As long as the Nifty stays above 18315, bulls may have an upper hand. On upmoves, 18662-18729 could offer resistance. A lot of near term concerns for the markets globally are out of the way.
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