Sensex, Nifty stage smart recovery in fag-end; IT stocks weak, auto rally

CLOSING BELL, JUNE 6, 2023: IKIO Lighting IPO sailed through on the first day itself with 1.2 times subscription till 3:30 PM

2:00 PM

ALERT:: Shyam Metalics steel sales jump up to 45%; stock soars 7%

Shyam Metalics & Energy reported a 45 per cent growth Long Steel monthly sales to 1.05 lakh tonnes versus 0.72 lakh tonnes in May 2022.

1:48 PM

Maan Aluminium zooms 19% on bonus issue, stock split plan

Shares of Maan Aluminium zoomed 19 per cent to Rs 296.60, hitting 52-week high on the BSE in Tuesday's intra-day trade, in an otherwise weak market after the company announced its board will meet on Friday, June 9, to consider bonus issue and stock split plan. READ MORE

1:36 PM

India's internet economy to grow 6-fold to $1 trn by 2030: Report

According to the report, the growth will be led by the B2C e-commerce segment, followed by B2B e-commerce, software-as-a-service providers and online media led by over-the-top players. READ MORE

1:23 PM

Asian Markets Update:: Japan's Nikkei up 0.9%; Benchmark China indices slip

Source: Yahoo Finance

1:06 PM

India's palm oil imports hit 27-month low, buyers pick cheaper soft oils

India buys palm oil mainly from Indonesia, Malaysia - the top two producers - and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. READ MORE

1:02 PM

Bankers await signs on RBI's liquidity approach amid persisting disconnect

Last week the RBI offered to withdraw Rs 2 trillion via 14-day variable rate reverse repo auctions - the preferred tool to absorb liquidity for longer periods - after the banking liquidity surplus swelled to Rs 2.4 trillion ($29.06 billion). Banks, however, parked just a fourth of that amount. READ MORE

12:54 PM

RBI policy preview :: Unlikely to see change in stance

The CPI, the core CPI and WPI have fallen in recent months. This is in line with the inflation prints that we are seeing globally. It gives confidence in our assessment that drivers of inflation have softened and high interest rates and tighter financial conditions are working their way through economies.  Going ahead we expect this trend to continue, falling close to the target 4% in time. There are visible signs that economic activity globally is moderating. Our economy has shown resilience amidst multiple challenges. In such a scenario it is expected that MPC will pause for an extended period of time and there will be no change in policy rate or stance. Monsoon will remain a key monitorable.

Views by: Parijat Agrawal, head-fixed income, Union Asset Management Company

12:44 PM

Force Motors gains 4% to hit a new high on healthy May sales numbers

The company’s exports sales nearly-doubled on a MoM basis at 491 units in May month, against 166 units sold in export market during last month. On YoY basis, export sales grew 54.8 per cent from 317 units sold in May 2022. The company’s domestic sales were up 14.8 per cent MoM and 26 per cent YoY at 2,154 units. READ MORE

12:35 PM

Expert's take on Bank Nifty's expiry on Fridays

Though Bank Nifty is a thematic index while Nifty is a broad based index, and though both differ in terms of volatility and price ranges, they are often traded in tandem, with each taking cues from the other, especially during expiry day fluctuations.

However, once expiry days become different, it is possible that such a link might diminish. This move is more significant than any of the other similar changes wrt expiry days brought in for Finnifty or that of BSE indices etc, as Nifty and Bank Nifty constitute the lion's share of derivative volumes.

One could argue that too much may not be good, as now one would have to spare the heightened allocation of resources in terms of attention, research, time etc. to yet another day.

It can also be said that this move might make way for more dedicated attention for each of the indices and its constituent stocks. The correlation between the two indices or the ratio between the two indices which traders often eye, could also see changes initially. 

Views by: Anand James, Chief Market Strategist at Geojit Financial Services.

12:26 PM

Sector Watch :: IT stocks lead market fall

12:14 PM

ALERT :: Aditya Birla Group forays into branded Jewellery retail with an investment worth Rs 5,000 crore

>> The business will be housed in a new venture, 'Novel Jewels', that will build large-format exclusive Jewellery retail stores across India

12:02 PM

ALERT :: Bajaj Finserv launches Bajaj Finserv Mutual Fund

>> Bajaj Finserv Mutual Fund will launch a comprehensive set of products across fixed income, hybrid and equity categories.

>> Ganesh Mohan will be Chief Executive Officer, Bajaj Finserv Asset Management Company

>> Bajaj Finserv Mutual Fund had filed its first seven schemes with SEBI i.e. the liquid fund, money market fund, overnight fund, arbitrage fund, large and mid-cap fund, balanced advantage fund and flexi cap fund.

>> Bajaj Finserv Mutual Fund will start rolling out these products within the next 30 days, starting with Fixed Income products. 

11:53 AM

Expert's take on Bank Nifty's expiry on Friday

The NSE's decision to shift the expiry of Bank Nifty to Friday can be viewed from two perspectives. Firstly, BSE F&O contracts, which already expire on Friday, have gained popularity among traders due to lower charges compared to NSE. To counter this competition, NSE introduced the idea of shifting the expiry day.

Secondly, NSE's previous successful experiment with the Finnifty's new expiry day may have influenced this decision.

However, it's important to note that expiry alone may not be the sole factor determining attractiveness; transaction charges will also play a significant role, especially considering the appeal of BSE Sensex F&O contracts.

Views by: Santosh Meena, Head of Research, Swastika Investmart 

11:43 AM

Canara Bank initiates process to launch IPOs of two non-core arms: Report

In a bid to monetise its non-core business, public sector lender Canara Bank has started the process of launching an initial public offer (IPO) of two of its subsidiaries, Canara Robeco Asset Management and Canara HSBC Life Insurance Company, The Economic Times (ET) reported citing people aware of the development. READ MORE

11:33 AM

Capacite Infra surges 51% in 1 month on improved operational performance

CIL is a fast-growing construction company providing end-to-end services for residential, commercial, and Institutional building with a presence in Mumbai Metropolitan Region (MMR), Gandhinagar, Pune, Goa, Chennai, National Capital Region (NCR), Kochi, Hyderabad, and Bengaluru. READ MORE