F&O expiry: Indices extend rally, Sensex surges 595 pts; Nifty Bank up 2.5%

All that happened in the markets today

4:25 PM

MARKET COMMENT:: Nandish Shah, Technical Research Analyst, HDFC Securities on May F&O Series Expiry

May series ended with a loss of 3.75%

 

Nifty gained more than 5% during the last two days of the May series on the back of strong global cues to end the series with a loss of 3.75%. At one point in time, Nifty was down by more than 10%. This fall was on the back of the massive rise of 14% in the April series, which was the highest gain in a decade.

 

In the Nifty and Bank Nifty, we have witnessed a rollover of 66%(Prov) and 71%(Prov) as against last three series average rollover of 69% and 64% respectively.

 

Outlook for the Next series: Considering the aggressive Put writing at 9,000 level for the June Options, long build-up by the FIIs’ in the Index Futures segment during the last few days and lower stock futures' Open Interest as compared to an average of the last one year-which in-turn Indicates lower leveraged positions, and fall in the VIX-Fear Index, we believe that one should remain optimistic for the June series with the stop loss of 9,000 levels.

 

On the higher side 10,000-10,200 level to act a resistance where calls have been written

3:56 PM

MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services

In a continuation to positive expectations visible yesterday, benchmark indices gained by around 1.9%, led by the Auto and Banking index. A huge EU stimulus plan provided a boost to European shares while Asian shares were affected by the US-China diplomatic issues. Indian markets are banking on continued resumption of economic activities, inspite of still high number of new infections. Further stimulus measures are also expected to boost demand in the economy and help the most impacted sectors to recover. Market is rising on the back of expectations while there has been little change in ground realities.

 

 

3:46 PM

SECTOR WATCH:: Here's how sectoral indices on the NSE performed today

3:40 PM

MARKET AT CLOSE:: Top gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex rallied 595 points or 1.88 per cent to 32,200.59 while NSE's Nifty ended at 9,490, up 175 points or 1.88 per cent.

3:26 PM

MARKET CHECK

3:15 PM

MARKET UPDATE | Lupin slips around 2% ahead of March quarter nos

3:01 PM

Q4FY20 GDP growth expectation: How bad will Covid-19 impact the economy?

While estimates vary across brokerages and economists, the common thread that runs through these estimates is the fact that the economy is headed towards a recessionary phase with some even expecting growth to contract over 5 per cent in financial year 2020-21 (FY21). READ MORE 

Photo: Shutterstock

2:54 PM

Patanjali's Rs 250 crore NCD subscribed within three minutes of opening

The debenture has been rated as AA by Brickwork. The fund-raising will be used to meet the Haridwar-based company's working capital requirements and strengthen the supply chain network.

 

The non-convertible debentures (NCDs) carry a coupon rate of 10.1 per cent with a tenure of three years. The NCDs listed on the stock exchanges are redeemable. This is the first-ever issuance of debentures by Patanjali Ayurved. READ MORE

2:44 PM

Tube Investments hits 10% upper circuit on strong Q4 nos, fund raising plan

Total revenue from operations, however, declined 19 per cent YoY at Rs 935 crore during the quarter, compared with Rs 1,224 crore in Q4 of last year mainly due to de-growth in auto industry. During the year, the company implemented voluntary retirement schemes in certain locations at a cost of Rs 21.97 crore to improve the productivity and competitiveness of its business. READ MORE

2:37 PM

INDEX GAINERS:: Hindalco surges around 4%

2:30 PM

MARKET CHECK | Top 5 losers on the BSE at this hour

2:19 PM

Attractive valuations, short covering: Why Nifty Bank gained 12% in 2 days

Between April 30 and May 26, Nifty Bank and Nifty Private Bank indices skid 19 per cent each. In comparison, the benchmark Nifty50 index declined 8.4 per cent during the period. However, Nifty Bank index surged a massive 1,270 points or over 7 per cent to settle at 18,710.55 on Wednesday, and extended its rally in trade on Thursday. Nifty Private Bank index, too, has surged 12 per cent in the last two trading sessions, ACE Equity data show. READ MORE

2:09 PM

NEWS ALERT | Conditions favourable for Monsoon onset in Kerala on June 1: IMD

2:08 PM

BROKERAGE VIEW:: Edelweiss Securities on Praj Industries

Given the lockdown, management highlighted slowdown in international ordering and execution delays in a few projects. The board has decided to cancel the buyback proposal in order to conserve cash given uncertainties. Praj continues to benefit from its R&D and technology prowess coupled with favourable government policies. However, translation of enquiries into orders is slower than expected given multiple challenges (feedstock, liquidity, logistics, etc), hindering scale up. Hence, maintain ‘HOLD’ with TP of Rs 60 (12x March 2022E EPS).