Sensex climbs 240pts, Nifty ends near 18,600 on firm global cues; M&M up 4%

CLOSING BELL, June 5, 2023: Sectorally, the Nifty Auto index advanced over 1 per cent, while the Nifty Media, Private Bank, and Consumer indices gained up to 0.8 per cent

Stock market highlights: Benchmark indices, which held steady gains throughout the session, witnessed some profit booking in the fag end of the session. The S&P BSE Sensex climbed to a high of 62,943 in the intra-day trade, but settled at 62,787, up 240 points or 0.38 per cent. The Nifty50, meanwhile, hit a high of 18,640 during the day before closing at 18,594, up 60 points or 0.32 per cent.

Domestic equities remained upbeat on Monday as investors cheered the signing of the US debt ceiling bill into a law.

In the broader market, the BSE MidCap and SmallCap indices performed in-line with frontline indices, rising up to 0.5 per cent. 

Sectorally, the Nifty Auto index advanced over 1 per cent, while the Nifty Media, Private Bank, and Consumer indices gained up to 0.8 per cent. On the downside, the Nifty FMCG and PSU bank indices slipped 0.4 per cent each. 

4:15 PM

COMMENT:: Domestic eco indicators supporting Indian market

"The equity market is maintaining stability due to a continuous stream of favourable domestic economic indicators. Stronger-than-expected domestic PMI figures, sequential growth in auto sales, and robust expansion in bank credit are instilling investor confidence in India's growth prospects. On the other hand, the US jobs data presented a mixed picture, with non-farm payroll showing acceleration while the unemployment rate surged from 3.4 per cent to 3.7 per cent in May."

 

- Vinod Nair, Head of Research at Geojit Financial Services
 

4:14 PM

VIEW:: Nifty remains in 'Buy on Dip' mode

"The Nifty index is currently experiencing a sideways trend, indicating a lack of clear direction in its price movement. This sideways movement is accompanied by low trading volumes, suggesting a relatively lower level of market participation and activity. The index has a support level at 18,550, indicating a price level where buyers have shown interest and may provide a foundation for potential price rebounds. On the other hand, there is a resistance level at 18,660, acting as a barrier for upward movements and where sellers may become more active. Despite the sideways trend, the overall undertone of the market remains bullish. This suggests that the prevailing sentiment favors buying opportunities on dips or temporary price declines. Investors are advised to adopt a "buy on dip" approach, indicating a strategy of purchasing the Nifty index when it experiences short-term pullbacks.

- Kunal Shah, Senior Technical Analyst at LKP Securities

 

4:12 PM

VIEW:: Bank Nifty may move in a narrow band of 43,700 - 44,300

"The BANK NIFTY index lackluster movement ahead of the RBI (Reserve Bank of India) policy announcement, suggests that market participants were cautious and waiting for guidance from the central bank. The HDFC twins, likely referring to HDFC Bank and HDFC Limited, had a negative impact on the Bank Nifty index during the session. The performance of these stocks influenced the overall movement of the index. Based on the current scenario, the Bank Nifty index is expected to continue to trade within the range of 43,700 - 44,300. This suggests that the index is likely to move sideways, lacking a clear trend. However, it's important to note that a break on either side of this range can lead to a directional move, potentially indicating a shift in the market sentiment and momentum."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

4:09 PM

Over half of NSE 500 stocks deliver 10x return in 20 years: Goldman Sachs

Some of the prominent Indian stocks that delivered over 10x total returns over a 5-year rolling period since 2000 include Westlife Foodworld, Bharti Airtel, Adani Total Gas, said the report. READ MORE

4:08 PM

Tata Motors hits over 6-year high; up 40% thus far in 2023 on solid outlook

Shares of Tata Motors hit an over six-year high on Monday after the Tata group signed an outline deal with the Gujarat government last Friday (June 2) to build a lithium-ion cell factory with an investment of about Rs 13,000 crore. The move comes as India is looking to create its own electric vehicle (EV) supply chain. READ MORE

4:06 PM

Indo Count hits 16-month high; surges 36% in four days on strong Q4 results

The stock price witnessed a healthy recovery in anticipation of gradual restocking by global retailers (home textile was the worst impacted) and India's market share gain in US bedsheet. READ MORE

4:04 PM

Defence shares in focus; HAL, Bharat Dynamics, BEL hit new highs

The defence sector looks well placed in terms of increasing domestic procurements by the government for our armed forces. READ MORE

4:02 PM

This Ashish Kacholia-owned stock tops listing day high; soars 19% in 3 days

SJS Enterprises hit a record high of Rs 572 on rallying 6 per cent on the BSE in intra-day trade, on strong business outlook.

4:01 PM

Indian markets have limited upside in the near-term; buy the dips: Nomura

Indian equity markets have a limited upside potential in the near-term as they negotiate the ensuing cyclical slowdown, wrote analysts at Nomura in a recent coauthored report led by Saion Mukherjee, their managing director and head of equity research for India. READ MORE

3:59 PM

Talbros Auto hits new high on healthy order book position

Over the last year, Talbros has received new multi-year orders over Rs 1,000 crore from both, domestic and overseas customers across its business divisions, product segments and JVs. READ MORE

3:57 PM

SME Update:: Hemant Surgical zooms almost 100% on debut

SME company Hemant Surgical Industries (HSIL) made a robust stock market debut, with its share price nearly doubling (zoomed 99.5 per cent) to Rs 179.55, against its issue price of Rs 90 per shares on the BSE on Monday. READ MORE

3:55 PM

Market Breadth was fairly positive; 2,169 stocks advanced v/s 1,491 declining shares on the BSE

3:53 PM

Nifty Auto index jumps over 1%; M&M leads the rally with over 4% gain

3:49 PM

BSE Smallcap Heatmap:: Hitech Gear, Mazagon Dock, Indo Rama zoom up to 20%

3:47 PM

BSE Midcap Heatmap:: Rajesh Exports, Torrent Power, Ajanta Pharma, Zee rally over 4%