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Economic Times | 02 Jun, 2023 | 11:47AM IST
Stock Market Live Updates: Sensex rises 100 points, Nifty above 18,500; FMCG, bank stocks top gainers
Sensex and Nifty inched higher on Friday as strong monthly sales boosted Hero MotoCorp Ltd and as investor appetite for risky assets improved on bets that the U.S. Federal Reserve could pause its interest rate hikes.
For the week, however, both benchmarks are set to close flat.
"We are seeing the domestic market gradually inching towards record highs, with rotational buying seen across sectors including auto, banking and FMCG after strong earnings and expectations of a good monsoon," said Ajit Mishra, senior vice-president of research at Religare Broking.
The Nifty is off just about 2% from all-time highs hit in December and has outperformed MSCI's broadest index of Asia-Pacific shares outside Japan so far this year.
Easing inflation at home, stronger-than-expected economic growth data, and fast-paced expansion of India's factory output have improved investor confidence, analysts have said.
"The tone looks positive, the only challenge was turbulence in global markets but that has eased with progress on the U.S. debt ceiling talks and hopes that the Fed will pause."
Asian peers also climbed, as markets priced in a 20% chance of the Fed hiking rates by 25 basis points in June compared to a 50% chance a week earlier. Progress on the bill to raise the U.S. debt ceiling also aided sentiment.
Two-wheeler maker Hero was the top gainer on the Nifty 50, rising 3.7% after it reported strong domestic sales in May.
Metal producer Hindalco Industries Ltd climbed as much as 2.6% after its U.S. unit entered a deal with Coca-Cola while food delivery firm Zomato Ltd surged 7.7% to its highest since mid-November on block deals.
Losses in IT giant Infosys Ltd and HDFC Life Insurance Ltd capped gains on the Nifty.
For the week, however, both benchmarks are set to close flat.
"We are seeing the domestic market gradually inching towards record highs, with rotational buying seen across sectors including auto, banking and FMCG after strong earnings and expectations of a good monsoon," said Ajit Mishra, senior vice-president of research at Religare Broking.
The Nifty is off just about 2% from all-time highs hit in December and has outperformed MSCI's broadest index of Asia-Pacific shares outside Japan so far this year.
Easing inflation at home, stronger-than-expected economic growth data, and fast-paced expansion of India's factory output have improved investor confidence, analysts have said.
"The tone looks positive, the only challenge was turbulence in global markets but that has eased with progress on the U.S. debt ceiling talks and hopes that the Fed will pause."
Asian peers also climbed, as markets priced in a 20% chance of the Fed hiking rates by 25 basis points in June compared to a 50% chance a week earlier. Progress on the bill to raise the U.S. debt ceiling also aided sentiment.
Two-wheeler maker Hero was the top gainer on the Nifty 50, rising 3.7% after it reported strong domestic sales in May.
Metal producer Hindalco Industries Ltd climbed as much as 2.6% after its U.S. unit entered a deal with Coca-Cola while food delivery firm Zomato Ltd surged 7.7% to its highest since mid-November on block deals.
Losses in IT giant Infosys Ltd and HDFC Life Insurance Ltd capped gains on the Nifty.
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Tokyo shares close higher ahead of US jobs data
Tokyo shares closed higher on Friday, extending Wall Street rallies on hopes that the Federal Reserve could slow rate hikes, with investors also eyeing US jobs data. The benchmark Nikkei 225 index gained 1.21 percent, or 376.21 points, to end at 31,524.22, while the broader Topix index climbed 1.55 percent, or 33.41 points, to 2,182.70.
In Fast Lane | Top 5 gainers from the auto pack
Price as on 02 Jun, 2023 11:35 AM, Click on company names for their live prices.
Spandana Sphoorty Financial approves issuance of non-convertible debentures up to Rs 1 billion
Price as on 02 Jun, 2023 10:53 AM, Click on company names for their live prices.
NIFTY METAL pack best sectoral performer; check out top movers
Westlife Foodworld to install solar rooftop panels in one-third of their new stores by FY24 to combat climate change
Price as on 02 Jun, 2023 10:35 AM, Click on company names for their live prices.
The outlook for Coal India in FY24 appears bullish, primarily driven by robust power demand in India, supported by the growth of the manufacturing sector and rural electrification initiatives. Given our positive sentiment towards the entire Public Sector Undertaking (PSU) space, we view any potential technical dips resulting from news about Offer for Sale (OFS) as attractive buying opportunities. We recommend investors to consider participating in this OFS, as we believe the downside risk is limited around the 225 level. On the upside, we see a potential target level of 275. By taking advantage of this offering and carefully assessing the risk-reward dynamics, investors can potentially benefit from the expected positive momentum in Coal India's performance.
- Santosh Meena, Head of Research, Swastika Investmart on Coal India OFS
Four Nifty50 stocks trade at 52-week highs!
Sellers dominated the proceedings yesterday on anticipated lines, with the early upside attempts being turned lower precisely from the 18585 region. However, the catchment area of 18530-430 continued to absorb the bear attack, allowing bulls to regroup, yet again. We will begin the day hoping to stay above 18480, in which case, the upside objective of 18750 will come into play. Alternatively, while we have high opinion above 18430, slippage past 18480 again could immensely raise the prospects of an extended drop towards 18100-17800. This is not the favoured view though, for now.
- Anand James, Chief Market Strategist at Geojit Financial Services
Aurum PropTech approves the acquisition of upto 100% stake in NestAway Technologies Private Limited, a Rental Management Platform; stock surges 12%
Price as on 02 Jun, 2023 09:42 AM, Click on company names for their live prices.
A dominant economic trend which has implications for investment is India’s improving economic fundamentals in a challenging global environment. Apart from the better-than-expected FY23 GDP growth rate, high frequency indicators like GST collections, manufacturing PMI, auto sales in May and impressive credit growth indicate a robust and steadily improving economy. FY24 GDP growth is likely to be revised up to around 6.5 % and consequently corporate earnings for FY24 also will be revised up. This scenario, in the context of inflation (4.7% in April) coming within RBI’s tolerance limit and peaking of interest rates, augurs well for equity markets in H2 of CY2023. An important trend in the market is the outperformance of the broader market. Expect lots of stock specific action even within range-bound movement of the Nifty.
- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Coal India OFS open for retail investors
The government's offer for sale (OFS) to sell up to a 3% stake in Coal India (CIL)was fully subscribed on the first day of bidding. The offer opens for retail investors on Friday.
The government on Thursday received bids for 287.6 million shares from institutions - against 184.8 million shares on offer including a green shoe option - at an indicative price of Rs 226.12 per share against the floor price of Rs 225.
Retail investors can subscribe bove the indicative price.
The government on Thursday received bids for 287.6 million shares from institutions - against 184.8 million shares on offer including a green shoe option - at an indicative price of Rs 226.12 per share against the floor price of Rs 225.
Retail investors can subscribe bove the indicative price.
FOREX WATCH | Rupee opens up 0.10% at 82.3200 per U.S. Dollar; previous close 82.4050
Top movers in morning trade
Price as on 02 Jun, 2023 09:20 AM, Click on company names for their live prices.
Mphasis unit inks deal to acquire 100% stake in eBECS Limited
Price as on 02 Jun, 2023 09:20 AM, Click on company names for their live prices.
Opening Bell: Sensex jumps over 200 pts, Nifty above 18,550; Adani Transmission, Zensar Tech gain 2% each
Pre-open session: Sensex rises 80 points; Nifty above 18,540
US Congress approves debt-limit suspension, averting default
The U.S. Senate on Thursday passed bipartisan legislation backed by President Joe Biden that lifts the government's $31.4 trillion debt ceiling, averting what would have been a historic, first-ever default. The Senate voted 63-36 to approve the bill that was passed on Wednesday by the House of Representatives, as lawmakers raced against the clock following months of partisan bickering between Democrats and Republicans.
Asian shares rise on debt bill progress, Fed pause hopes
Asian stocks surged on Friday as the progress on the bill to raise U.S. debt ceiling and increasing hopes that the Federal Reserve might stand still on interest rates in its next meeting helped perk up investor appetite for risky assets.
Markets Live Updates: SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 63.5 points, or 0.34 per cent, higher at 18,627, signaling that Dalal Street was headed for positive start on Friday.
Tech View: Holding above support level pivot for Nifty amid global uncertainty
Indices ended lower for the second session on Thursday, indicating the continuation of the consolidation phase.
Markets Live Updates: Tokyo stocks open higher
Tokyo stocks opened higher Friday, extending US rallies on hopes that the Federal Reserve could slow rate hikes, while traders eye progress on a deal to avert a US default.
Wall Street rises on hopes of Fed pausing hikes, debt ceiling deal cheer
U.S. stock indexes closed up on Thursday as signs of slowing wage pressure on inflation raised hopes the Federal Reserve will pause raising interest rates in two weeks, and investors welcomed a vote in Congress to suspend the U.S. debt ceiling.
Rupee jumps 35 paise to 82.40 against US dollar
The rupee appreciated by 35 paise to close at 82.40 against the US dollar on Thursday, as positive macroeconomic data strengthened investor sentiments.
Markets Live Updates: Oil prices rise as market awaits possible OPEC+ cuts
Oil prices rose on Friday in early Asian trade as markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend amid positive sentiment over U.S. monetary policy and Washington's debt ceiling bill.
Sensex, Nifty on Thursday
Amid mixed cues from US and Asian markets, the 30-share BSE benchmark Sensex ended 194 points lower to settle at 62,428, dragged by banking and financial stocks. The broader NSE Nifty dropped 46 points to end at 18,488.
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