Sensex up 350 pts, ends atop 63K; Nifty tops 18,700 amid broad-based buying

CLOSING BELL, JUNE 7, 2023: The frontline indices ended at 6-month highs

Stock market highlights: Benchmark indices rose in the last hour of trade as buying emerged in heavyweights such as Reliance Industries, HDFC Bank, L&T, Infosys, Bharti Airtel, TCS, HDFC, and Axis Bank.

The S&P BSE Sensex reclaimed the 63,000-mark in the intra-day trade, hitting a high of 63,196, before settling at 63,143, up 350 points or 0.56 per cent. The Nifty50, too, inched towards the 18,750-mark during the day before shutting shop at 18,726, up 127 points or 0.68 per cent.

In the broader markets, the BSE MidCap and SmallCap indices advanced over 1 per cent each.

The gains were broad-based today with all the sectoral indices closing in the green zone, led by the Nifty Metal, FMCG, and Realty indices. They gained in the range of 1 per cent to 1.6 per cent.

4:14 PM

COMMENT:: Hopes of RBI pause, FII buying lift market

"Investors are becoming more optimistic due to the anticipation of a positive revision in the RBI's inflation forecast during the ongoing MPC meeting. It is expected that the RBI will maintain its pause on rate hikes, considering the significant improvement in inflation, which has now come within the RBI's comfort zone. Furthermore, the participation of FIIs as net buyers, after a brief halt, contributed to today's market rally, particularly driven by mid- and small-cap stocks."

- Vinod Nair, Head of Research at Geojit Financial Services

4:13 PM

VIEW:: Support for Nifty now seen at 18,650

"The Nifty has recently experienced a positive breakout from a sideways pattern, which is seen as a favorable development. This breakout comes just before the Reserve Bank of India (RBI) announces its rate decision tomorrow. Market participants are anticipating a dovish stance from the RBI governor, contributing to a positive sentiment in the market. Technically, support for the Nifty is positioned at 18,650, while resistance is expected around the range of 18,880-18,900."

- Rupak De, Senior Technical Analyst at LKP Securities

4:12 PM

VIEW:: Bank Nifty may see strong upside on breakout above 44,500

"The Bank Nifty remained sideways following a positive start. The undertone of the index is still bullish, maintaining the support of 44,000 in a spot where a decent amount of Put writing is seen and resistance is still intact at 44,500. After the central bank policy the Bank Nifty is expected to give a move on either side. Upon a decisive move 44,500 we might see strong directional upside moves."

- Rupak De, Senior Technical Analyst at LKP Securities

4:08 PM

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Illustration: Binay Sinha

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