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Market HIGHLIGHTS: Sensex tops 51,100, Nifty holds above 15,300 on monthly F&O expiry day; SBI jumps 3% – The Financial Express

Nifty Realty index was the top sectoral loser, down 1.19 per cent, followed by Nifty Pharma index and Nifty FMCG index. Image: Reuters

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended flat with a positive bias on Thursday, led by gains in banking stocks. BSE Sensex gained 98 points or 0.19 per cent to end at 51,115, while the broader Nifty 50 index jumped36 points or 0.24 per cent to settle at 15,338. State Bank of India (SBI), Kotak Mahindra Bank, Axis Bank, Bajaj-Auto, Tech Mahindra, TCS were among the top Sensex gainers. On the contrary, Housing Development Finance Corporation (HDFC), Bajaj Finance, ONGC, Bharti Airtel and HUL were among top index laggards. Nifty Realty index was the top sectoral loser, down 1.19 per cent, followed by Nifty Pharma index and Nifty FMCG index. Nifty PSU Bank index surged nearly 3 per cent while Nifty Bank index was up 1.18 per cent.

The Index has maintained above the 15300 level today. This should allow the index to move higher to levels closer to 15600. Any intra day correction or dip can be utilized to accumulate long positions on the Nifty. We have a good support at the 15000 level and as long as we do not break this on a closing basis we are in bull territory. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

BSE Sensex gained 98 points or 0.19 per cent to end at 51,115, while the broader Nifty 50 index jumped36 points or 0.24 per cent to settle at 15,338

PC Jeweller Ltd on Thursday posted a consolidated net profit of Rs 59.59 crore in the fourth quarter of 2020-21 fiscal. The company had reported a net loss of Rs 38.15 crore in the same quarter of the previous financial year, according to a regulatory filing. Net income declined to Rs 868.31 crore in the fourth quarter of 2020-21 fiscal from Rs 914.67 crore in the year-ago period.

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Nomura has maintained its ‘Buy’ rating on online travel booking company MakeMyTrip after the recent fourth-quarter results. In a note, analysts at Nomura said that MakeMyTrip’s fourth-quarter results were ahead of their estimates, backed by better than expected net revenue margins and faster than expected recovery. The brokerage firm has a price target of $35 per share on MakeMyTrip, a 30% upside from the current market price of $27 apiece. The stock is down 3.2% so far this year.

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Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Thursday said it has no intention to sell a part of its stake in Petronet LNG Ltd and Indraprastha Gas Ltd (IGL) to help its new owner avoid making an open offer for the two gas companies. BPCL holds 12.5 per cent of the shareholding in India’s largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions.

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Collaboration between Google and Reliance Jio to develop affordable smartphones is going at a brisk pace, Google CEO Sundar Pichai was reported as saying today. Pichai said that Google continues with its Indian partner Reliance Jio on the initiative and work on that front is undergoing, news agency PTI reported.

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Emkay Global Financial Services has a ‘sell’ rating on the Mindtree stock with a TP of Rs1,650 at 20x FY23E EPS, considering the rich valuation, dependency on top client and limited success in broadening revenue growth, and anticipated pressure on margins over the medium term.

Bharat Petroleum Corporation (BPCL) share price surged to a fresh 52-week high of Rs 488 apiece on BSE, rising 3.5 per cent intraday. The company’s board recommended a final dividend of Rs 58 per equity share, including a one-time special dividend of Rs 35 per equity share of Rs 10 each, for the financial year ended March 31, 2021, subject to the approval of the shareholders.

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Paytm, India’s leading digital payments provider is aiming to raise about 218 billion rupees ($3 billion) in an initial public offering late this year, according to a person familiar with the deal, in what could be the country’s largest debut ever. The startup, backed by investors including Berkshire Hathaway Inc., SoftBank Group Corp. and Ant Group Co., plans to list in India around November and its offering could coincide with the Diwali festival season, said the person, asking not to be named because the details are private. (Bloomberg)

The Nifty Metal index was moving higher on Thursday. After slipping for days consecutively, the index soared 1.06% on Thursday.

“Despite of the weak global trends, Indian equity indexes were trading with a bullish bias in early trade ahead of the expiry of monthly futures.  Asian markets were trading in the red zone. ​ The Indian market is able to sustain the positive momentum in the first half of the market. 15400 will act as a resistance in the market. Market is aligned to sustain in the range of 15000-15400 in the coming days.  On the sectoral front most of the sectors have shown positivity but Realty and Telecom have shown weakness in the first half. Wipro and Tata motors are the top gainers while Bajajfinsv and Bajfinance are the top losers on Nifty,” said Gaurav Garg, Head of Research at CapitalVia Global Research.

Credit Suisse has sharply downgraded ratings and target prices on shares of Tata Steel, Jindal Steel & Power, and JSW Steel, saying that the domestic steel sector’s risk-reward is now becoming unfavourable. India’s steel sector shares have posted a strong 58% outperformance so far this year. But now, the odds could be turning against the domestic steel sector: the demand from China is softening; supply chain shocks are easing; and the Chinese government is looking to control prices. Credit Suisse’s revised target prices on some of these steel stocks still show upside.

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BCPL announced the dividend of ₹58 which is 12.1% yield on its current market price of ₹478, company has announced this dividend on the back solid results for Q4FY21 in which the company reported profit after tax of ₹11,940 crores as compared to the loss of Rs 1,847 cr in Q4FY20. This profit after tax includes one-off component also as the company has sold 61.5% stake in Numaligarh Refinery for Rs 9,876 crore which is one-time event. So this type of dividend yield can be maintained by the company and we expect this dividend yield of 12.1% to fall significantly in coming quarters. We suggest retail investors not to buy BPCL on expectation of getting this dividend of Rs 58 as after the ex-date of dividend the current market price of the share will fall by the almost same amount. Yash Gupta Equity Research Associate, Angel Broking Ltd 

NSE Nifty 50 is expected to challenge its lifetime high of 15,431 points and soar to as high as 16,400 by September, brokerage ICICI Direct said in a note, reiterating the positive stance on the domestic share market benchmark. The brokerage firm believes that the formation of higher peak and trough coupled with multi-sector participation may lead Nifty towards revised target of 16,400 over the next quarter, led by BFSI, consumption, automobiles and infrastructure stocks.

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Recently we have been witnessing some range bound actions in our market. We had our inherent strength and hence when global markets had a bout of sharp correction, we remained in a range. But once we witnessed global peers cooling off, our markets took off and surpassed the sturdy wall of 15000. Now slowly and steadily we are heading towards record highs and soon we would see it retested and even may go beyond as well. So brace yourself for new high which looks on the cards very soon. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)

Ahead of the month-end expiry, it will be interesting to watch how corporate & oil importer’s demand plays a key role. Further, RBI who is carrying heavy forward positions will also put their hand and manage their forex book. Probably, May is another month where RBI could churn some of their forex portfolio and we could see momentum across forward rates. Apart from RBI and corporate’s month-end scene, the domestic equity market sentiment and flows will drive the pair. Today’s US jobless claim will be surely interested ahead of next month’s final US job report before the US fed’s meeting on 16th June. Overall, the Indian Rupee could take cues from optimistic global market sentiment but month-end dollar churning from corporate and RBI will surely grab trader’s attention. We expect that the USDINR pair to trade in the range of 72.50-73.50 zone over the medium term. Amit Pabari, managing director, CR Forex Advisors

The markets are struggling around the 15300 level. It is imperative that we get past this on a closing basis. That will ensure we head to 15500-15600 as the next possible target for the Nifty. 15000 is a good support level for the index and as long as we can keep above that, we are in bullish terrain. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Gold prices were seen struggling in the domestic market on Thursday, a day after it crossed Rs 49,000 per 10 gram mark in intraday deals. On Multi Commodity Exchange, gold June futures were trading volatile at Rs 48,795 per 10 gram, as against the previous close of Rs 48,784. Silver July futures were trading weak at Rs 71,374 per kg, down Rs 37, as compared to the last close of Rs 71,411. COMEX gold was trading 0.4 per cent lower at near $1893/oz after a 0.2 per cent gain in the previous session. 

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Nifty IT index was top sectoral gainer, up 0.75 per cent while Nifty Bank index fell 0.21 per cent

Asian Paints, IndusInd Bank, Bajaj Finance, Hindustan Unilever Ltd, Maruti Suzuki, HDFC were top index laggards.

Tech Mahindra, Tata Consultancy Services (TCS), Mahindra & Mahindra, Infosys, HCL Tech, Bajaj-Auto were among Sensex gainers

BSE Sensex was above 51,000, while the broader Nifty 50 index topped 15,300 on Thursday.

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Amazon founder Jeff Bezos has picked a date to step down as CEO. Bezos, who grew Amazon from an internet bookstore to an online shopping behemoth, said Wednesday that Amazon executive Andy Jassy will take over the CEO role on July 5.

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BSE Sensex jumped 300 points, while the broader Nifty 50 index topped 15,300 in the pre-opening session on Thursday.

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The biggest hurdle for the Nifty above 15300 is 15430 and we may see that on Thursday. The breadth of the market today was strong and on the positive part of the day was technology were in a bullish mood. Select Financials was also supporting the Nifty. If the Nifty opens towards 15400/15430, we feel it is mandatory to take a profit on long positions. The big support for the market is near 15250 and 15150. Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

With Indices just shy of the February all-time highs, Thursday’s expiry will be a crucial factor to determine the trajectory of the markets. Also, majority of the companies have declared their results. 15200 will act as a support for the markets & they might inch towards new all time highs in the next few trading sessions. Mohit Nigam, Head, PMS – Hem Securities

Domestic equities look to be flat as of now. With market cap of domestic equities crossing US$3 trillion and market-cap to GDP over 110%, there is apprehension among investors about the sustainability of market rally. With no doubt, domestic equities have been mostly resilient throughout second wave of pandemic as absence of national lockdown, availability of vaccine and continued industrial/manufacturing/infrastructure activities albeit at slow pace with favourable supply chain offered comfort to investors. A sharp drop in daily caseload in second wave and improvement in recovery rates have emboldened investors in last one week. Binod Modi, Head Strategy at Reliance Securities

Nifty futures were trading flat at 15,305 in early trade on Singaporean Exchange, suggesting a cautious opening for BSE Sensex and Nifty 50 on Thursday. Market participants may witness volatility on a day of futures and options expiry of the May series. Besides, investors will take cues from COVID-19 cases, ongoing vaccination drive, oil prices, rupee movement and other global cues.

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The upside momentum continued in the market with range bound action on Wednesday and Nifty closed the day higher by 93 points. A reasonable positive candle was formed with a minor lower shadow, which indicates a comeback of bulls after a higher levels weakness of Tuesday. 

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Domestic equity markets continued to rise on Wednesday as headline indices moved closer to their all-time highs. On the closing bell, S&P BSE Sensex was sitting at 51,017 while the Nifty 50 ended the day at 15,301. All sectoral indices, except Nifty Metal and the PSU Bank index closed with gains. On Thursday morning, ahead of the monthly F&O expiry session, SGX Nifty was sitting in the positive territory. Cues from global peers were mixed on Thursday. Wall Street benchmarks closed with gains while most Asian peers were down in the negative during the early hours of trade.

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Nifty index has sustained above the prior week candle of Bullish Marubozu, which confirms the strong bullish trend in the counter. Moreover, on the daily time frame, the index has been hovering above the Downward Sloping Trendline and 21-Days Moving Averages that suggests a bullish strength for the near term. In addition, an indicator MACD & Stochastic witnessed positive crossover, which suggests a bull-run for upcoming sessions. At present, the nifty seems to have resistance at 15450 levels while immediate support is placed at around 15140 levels. Sumeet Bagadia, Executive Director, Choice Broking

The short term trend of Nifty continues to be positive amidst a range movement. Now the market is placed at the crucial juncture of overhead resistance around 15350-15450 levels. If Nifty sustains around this highs for the next couple of sessions, then that could open doors for an upper target of 15800 levels. Any profit booking from the hurdles could be a buy on dips opportunity for short term. Immediate support is placed at 15200-15150 levels. Nagaraj Shetti, Technical Research  Analyst, HDFC Securities

With the world’s worst pandemic outbreak scarring nascent economic recovery, the government may at the beginning of the unlock phase announce another stimulus package for the most hit sectors such as small business and self-employed, Bernstein said. The brokerage in a note said its macro index suggests a deterioration in economic activity during April/May.

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