Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading over half a per cent higher on Friday, on the back of positive global cues. Nifty hit an intra-day record high of 15,455, crossing the earlier level of 15,431.75 touched on February 16 this year. BSE Sensex was hovering around 51,450. ONGC, Housing Development Finance Corporation (HDFC). Reliance Industries Ltd (RIL), Titan Company, State Bank of India (SBI) were among top Sensex gainers. Stocks of Sun Pharma, Dr Reddy’s Lab, M&M, Nestle India, Bajaj-Auto among others were top index laggards, capping the gains in Sensex. Barring Nifty Pharma index, all the sectoral indices were trading with gains. Nifty Bank index gained nearly one per cent, while Nifty Metal index was top gainer, up 2.53 per cent.
After nearly eight months, Union Finance Minister Nirmala Sitharaman will chair the 43rd Goods and Services Tax (GST) Council meeting via video conferencing at 11 am in New Delhi on May 28, 2021. The meeting will be attended by MOS Anurag Thakur besides Finance Ministers of States and UTs and Senior officers from Union Government and States. The GST Council is required to meet once in every quarter. The last meet was held on October 5, which then got extended and ended on October 12, 2020, to finalise contours of borrowings by states to meet shortfall in tax revenues.
Even domestically, with fresh cases subsiding continuously, investors are upbeat about the unlocking of economy in June which will help revive commercial activities. Healthy earnings season with strong growth momentum lent support to the market. Hopes of further stimulus by government is also bolstering investor confidence. Thus, as the 2nd Covid-19 wave continues to recede in India and pace of vaccination expected to pick up from next month, we expect the long term fundamentals to remain intact and the journey to become little smoother. Hemang Jani, Head Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services
Nifty today finally managed to breach its previous all-time high of 15431 made in Jan’20 – touched new all-time high of 15,455. After 2-3 months of consolidation, the month of May finally took the lead with MTD gains at 5.6% so far vis-a-vis near lull phase spread over previous two months [March +1% & April -0.4%]. Comfortable Liquidity (due to lack of avenues to deploy) globally and the strong commodity cycle (metals, sugar, agro chemicals) took the market to new highs. The global cues have been positive as reopening of economies in western countries and encouraging economic data points towards quick global economic recovery. Further pledge by U.S. Federal Reserve along with host of other Central Bank policymakers to keep monetary policy loose despite recent signs of an uptick in inflation has abated the concerns so far. Hemang Jani, Head Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services
The government is considering a tweak in the current foreign direct investment (FDI) policy to allow overseas investors pick up majority stake in the India’s second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL), sources said. The government is privatising BPCL and is selling its entire 52.98 per cent stake in the company.
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Bajaj Healthcare launched a drug for the treatment of black fungus. The company launched Posaconazole API used in treating Mucormycosis (Black Fungus) infection in Covid-19 patients and will commence production from June. Bajaj Healthcare stock price surged to Rs 670 apiece, a new 52-week high.
An important trend in the market is the outperformance of midcaps (up around 24% YTD) vis-a-vis the Nifty (up around 10% YTD). Another trend is the increasing preference for value over growth as reflected in the sharp rise in PSUs like SBI, IOC & Coal India while the likes of HDFC Bank and Kotak Bank remain subdued. Such rotations happen during a bull run. Weakness in frontline private banking stocks may be used to accumulate them since these well-capitalised banks will continue to grab market share from the weaker players, particularly from weak PSU banks. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
For Nifty, 15300-15100 will act as immediate support now. While on the higher side, 15600-15700 are the levels to watch out for. Sameet Chavan, Chief Technical Analyst, Angel Broking
Important here to note is that the INDIA VIX is presently hovering around its lowest levels of recent times. Persistent low levels of VIX denote complacency of market participants. This may see volatility spiking at some time going ahead. This may also mean some modest corrective moves in the immediate short-term. So, it is best and prudent to wait for confirmation of a breakout at the present moment. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services
Nifty hits record highs today. However, from a technical perspective, it is testing of a double top resistance and not a breakout as yet. A breakout will occur only when the 15450-15500 levels are taken out convincingly. Resistance going on from here are 15800 and 16100 — supports 15250 and 15000 for an immediate couple of weeks. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services
Technically, Nifty’s trend has remained firm ever since the index broke above the neckline of a bullish Head and Shoulder pattern, earlier this month. The key pivot to now keep an eye on is the former record high, 15431. If the index sustains above that level, it is likely to continue its march higher towards 15800-16000 levels in the days ahead. On the downside, the immediate support now lies at 15180. Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS
Nifty has continued its ascent and has risen to a record high in the early morning trade today, underpinned by strong cues from the Asian markets. Broader markets too have started the day on a positive note, with the Midcap 100 index rising to its life-time high and the Smallcap 100 index rising to its highest level since January 2018. Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS
Gold prices were trading lower in India on Friday, following weak international trends. On Multi Commodity Exchange, gold June futures were trading Rs 151 or 0.31 per cent down at Rs 48,430 per 10 gram, as against the previous close of Rs 48,581. Silver July futures were also trading weak, down Rs 325 or 0.45 per cent at Rs 71 394 per kg. Silver futures ended at Rs 71,719 per kg in the previous session. In August last year, gold had hit a record high of Rs 56,191 per 10 gram in India.
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The index is maintaining its bullish trajectory. Since we have been able to close above the 15300 level yesterday, the trend has become stronger and we should now be headed to 15600 as the next target. 15000 continues to remain the support for the markets. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Barring Nifty Pharma index, all the sectoral indices were trading with gains. Nifty Bank index gained nearly one per cent, while Nifty Metal index was top gainer, up 2.53 per cent
Stocks of Sun Pharma, Dr Reddy’s Lab, M&M, Nestle India, Bajaj-Auto among others were top index laggards, capping the gains in Sensex
ONGC, Housing Development Finance Corporation (HDFC). Reliance Industries Ltd (RIL), Titan Company, State Bank of India (SBI) were among top Sensex gainers
NSE India in a atweet today informed that NSE will conduct live trading from Disaster Recovery (DR) Site.
Nifty 50 index previous high of 15,432 was hit on February 16, 2021
Nifty hit an intra-day record high on Friday, crossing the earlier level of 15,431.75
Benchmark Indices are expected to open on a positive note as trends on SGX nifty indicate a gap up opening with 49 points gain. Global stocks are trading higher as data showing improvement in the labor market which translate to sharp economic recovery. Moreover, Indian Covid numbers continue to fall & companies are announcing production schedules. Market breadth continues to be positive with FII data continuing to be very bullish. Immediate support for Nifty 50 is 15,200. We are eyeing to hit a fresh all time high in the markets. Mohit Nigam, Head, PMS – Hem Securities
BSE Sensex gained 250 points to trade at 51,400, while the broader Nifty 50 index topped 15,400 in the pre-opening session on Friday
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Domestic equities look to be good as of now. A sharp drop in daily caseload in second wave (remaining below 2 lakhs despite higher testing) and improvement in recovery rates have emboldened investors in last couple of days. Further, robust 4QFY21 earnings and favourable commentaries from managements also aided to lift sentiments. Going forward, likely announcement of phased withdrawal of state level lockdowns in coming weeks and recovery in economic activities can potentially aid market to sustain rally in the near to medium term. However, with market cap of domestic equities crossing US$3 trillion and market-cap to GDP over 115%, there is apprehension among investors about the sustainability of market rally. RBI in its annual report also indicated about the possibility of bubble in equities Binod Modi, Head Strategy at Reliance Securities
Prices of Petrol and Diesel were kept unchanged on Friday across major cities. Petrol in Delhi today costs Rs 93.68 per litre, while diesel in the capital city costs Rs 84.61 litre today. So far this month, rates have been hiked 14 times. Petrol price in Delhi has been increased by Rs 3.28 in May, while diesel price has surged Rs 3.88 per lire. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.
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A total of 96 companies including Mahindra & Mahindra, IPCA Laboratories, Max Healthcare Institute, Aditya Birla Fashion and Retail, Glenmark Pharmaceuticals, Central Bank of India, Indian Bank, Sumitomo Chemical, GMM Pfaudler, Hinduja Global Solutions, and Ujjivan Financial Services, will announce their January-March quarter earnings on May 28.
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The overall structure of the market remains positive as investors are upbeat about unlocking of economy in June which will help revive commercial activities. Technically Nifty is poised towards an up move to life time high of 15431 and 15500 zones while on the downside support exists at 15200- 15150 zones Hopes of further stimulus by government is bolstering investor confidence. As the 2nd Covid-19 wave continues to recede in India and pace of vaccination expected to pick up from next month, we expect the long term fundamentals to remain intact. Rising global inflation is a worry but is unlikely to hurt India unless energy prices start picking up. Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
The GST Council is its upcoming meeting, scheduled to be held on May 28, is likely to take a call on levy of 12 per cent tax on import of oxygen concentrators for personal use. The Delhi High Court last week said that imposition of 12 per cent Integrated GST (IGST) on oxygen concentrators for personal use or those received as gifts is “unconstitutional”.
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Domestic equity markets continued to march higher on Thursday, with benchmark indices now just shy of their all-time highs. S&P BSE Sensex ended yesterday at 51,115 while the Nifty 50 index closed at 15,337 — Nifty’s highest-ever closing levels. On Friday morning, SGX Nifty was sitting in the positive territory, hinting at another day of positive momentum. Cues from global peers were largely positive on Thursday morning. Wall Street equity indices closed with gains while most Asian peers were seen inching higher during the early hours of trade.
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The GST Council is likely to discuss on Friday a reduction in the tax rate on Covid medicines, vaccines and medical equipment as well as means to make up for the shortfall in revenues promised to states. Ahead of the first meeting of the top decision-making body, finance ministers of eight states ruled by non-BJP and like-minded parties — Rajasthan, Punjab, Chhattisgarh, Tamil Nadu, Maharashtra, Jharkhand, Kerala and West Bengal — have devised a joint strategy to press for a zero tax rate on Covid essentials, sources said.
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