Auto, metal, FMCG shares lift Sensex 119 pts up; Broader markets outshine

CLOSING BELL ON JUNE 02, 2023: The NSE Nifty 50 finished 46 points higher at 18,534; Hero MotoCorp, Apollo Hospitals and Hindalco rallied over 3 per cent each.

Stock Market Highlights: The key benchmark indices gyrated in a narrow trading band on Friday, even as Asian peers logged strong gains after the US Senate voted in favour of the proposed debt ceiling and budget cuts package. Hang Seng, in particular, soared over 4 per cent. 

Back home, the S&P BSE Sensex swung in a range of 340-odd points before settling with a gain of 119 points at 62,547.  In the process, the Sensex ended the week with a marginal gain of 44 points. The NSE Nifty 50 gained 46 points at 18,534.

Meanwhile, the broader indices continue to outperform. The BSE Midcap and Smallcap indices were up over 0.5 per cent each. The overall breadth too was fairly positive, with nearly 2,200 stocks advancing versus 1,370 declining shares on the BSE.

Among the Nifty 50 shares, Hero MotoCorp, Apollo Hospitals and Hindalco were the top gainers, up over 3 per cent each. Tata Steel, Maruti, Mahindra & Mahindra and JSW Steel gained around 2 per cent each. On the other hand, Adani Enterprises slipped 2 per cent. BPCL and HDFC Life were down over a per cent each.

Sectorally, the BSE Metal index surged 1.7 per cent. The auto, telecom and realty indices were also up around a per cent each. The Capital Goods and FMCG indices advanced over 0.6 per cent each. The IT index, however, was down 0.3 per cent.
 

4:03 PM

Comment :: 'Maintain stock-specific approach and wait for clarity'

Mixed global cues combined with a lack of decisiveness in the banking pack are causing uncertainty. However, rotational buying in other sectors and outperformance of the broader indices are helping the traders to put on a brave face. Amid all, we recommend maintaining a stock-specific approach and waiting for clarity. 

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

3:57 PM

Comment :: Markets' weekly wrap

This week, the Indian market was volatile; however, it was able to regain the momentum led by positive domestic outlook accompanied by global cues. Auto stocks garnered attention as sales numbers for May came in strong, with a sequential recovery boosting sentiment across the sector. The hope that the Fed will refrain from a rate hike has provided comfort to the global equity market.

Views by: Vinod Nair, Head of Research at Geojit Financial Services.

3:50 PM

Tech View :: 'Nifty likely to witness resumption of uptrend next week'

On the hourly charts, we can observe that the Nifty is trading around the lower end of the reverse channel (18,500 – 18,450) 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 (18,500 – 18,580) area created on the 29th May and in the process retested the range breakout of 18,000 – 18,400.

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 18,800 from short term perspective. In terms of levels, 18,460 – 18,420 shall act as the crucial support zone while the hurdle zone is placed at 18,600 – 18,660.

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas 

 

 

3:47 PM

Currency check :: Rupee ends higher at 82.31/$ against Thursday’s close of 82.41/$

3:44 PM

Buzzing stock :: Minda Corp hits record peak on fund raising plan

3:42 PM

Buzzing stock :: Mankind Pharma ends off record highs

3:40 PM

SmallCap Heatmap :: 10 stocks end in the red, VRL Logistics worst hit

3:38 PM

MidCap Heatmap :: Nuvoco Vistas rallies 5%, IGL, Gujarat Gas drop up to 2.7%

3:37 PM

Broader market :: Mid, SmallCap indices extend outperformance into third day

3:36 PM

Sector check :: All but Nifty IT index settle in the positive zone

3:34 PM

Sensex Heatmap :: IT stocks, IndusInd Bank, RIL keep gains in check

3:33 PM

CLOSING BELL :: Nifty holds 18,500

3:32 PM

CLOSING BELL :: Sensex ends higher after 2 straight sessions of losses

3:26 PM

Global Check:: US stock futures up 0.5%; UK rallies around 1%

Source: Investing.com

3:18 PM

Apollo Hospitals hits 52-week high on talks to raise $200 mn; up 8% in two days

Apollo Hospitals is looking to sell around 5-6 per cent stake in Apollo HealthCo at an expected enterprise value of $2.5-$3 billion, said a report by The Economic Times. READ MORE