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Market LIVE: Sensex slips below 52,000, Nifty nears 15,600; Bank stocks, Reliance among index drags – The Financial Express

India VIX was down in the red.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices were trading with gains on Wednesday. S&P BSE Sensex was near 52,400. Nifty 50 index was at a fresh all-time high of 15,792. On Sensex, Power Grid, NTPC, HCL Technologies, and ONGC were the top gainers. Maruti, Larsen & Toubro, Reliance Industries were among the laggards along with ICICI Bank and Axis Bank. Bank Nifty was trading with gains. The volatility gauge, India VIX, was down 2.3%. Broader markets were outperforming benchmarks. 

The World Bank has projected India’s economic growth for 2021 to stand at 8.3%, once the lowest forecasts so far. The global lender has further said that in 2022, India’s economic growth will stand at 7.5%. Earlier this year, World Bank had predicted that India’s economy will grow at 10.1% in 2021 as the country bounced back from the pandemic swiftly. However, the gruesome second wave of Covid-19 pandemic has forced many economists to trim projections. “India’s recovery is being hampered by the largest outbreak of any country since the beginning of the pandemic,” the World Bank said. In the financial year 2020, India’s economy contracted 7.3%.

“12,000 crs net inflow in equity and equity oriented hybrid funds is a significant jump and a sign of investor confidence – amongst the highest net inflows in a long time especially if one further adds flows into index funds, ETFs and international equity funds. Basis recency bias one is seeing a rising trend of money flowing into international funds and investors need to be wary of trend following piling more and more money into developed market technology stocks in the late stages of a multi-year boom,” said Aashish P Somaiyaa, CEO at White Oak Capital.

Sensex dived 420 points, with over half an hour left before the day’s closing bell. Nifty 50 index was holding above 15,600.

India VIX, the fear gauge of domestic stock markets was trading with gains ahead of the closing bell on Wednesday. The volatility index started the day, down 4%. As market breadth turned negative, India VIX trimmed losses.

The market trend is is bullish as long as we keep above 15600 on a closing basis, said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Sensex slipped below 52,000 as it fell over 300 points on Wednesday. Nifty was below 15,650.

Bank Nifty is down 0.45% with over an hour left till the closing bell. Index heavyweights such as Axis Bank and ICICI Bank deep in red.

Power Grid, the top Sensex gainer on Wednesday, has extended its gains and is now up 4.19%, trading at Rs 283 apiece.

Equity mutual funds witnessed a net inflow of over Rs 10,000 crore in May, making it the third consecutive monthly infusion. This was way higher than Rs 3,437 crore net inflow seen in April and Rs 9,115 crore in March, data from the Association of Mutual Funds in India showed on Wednesday. Prior to this, equity schemes had consistently witnessed outflow for eight straight months from July 2020 to February 2021.

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“This is the third month of net positive flows, with improvement in net sales at 10k cr and positive across all categories. DII’s and retail investors have kept the markets buoyant in last three months when FII’s have been net sellers, therefore the Indian markets are more broad based now with more participants thereby reducing volatility and vulnerability to sentiments of FII’s alone. Broadly, we understand from the first wave of Covid that these waves will be short-lived and eventually economic activities will revive giving boost to market sentiments. Therefore buying on dips always makes sense and which is what reflecting in the mutual funds sales numbers quite positively,” said Akhil Chaturvedi, Head of Sales & Distribution, Motilal Oswal AMC.

Axis Bank fell 1.35%, followed by ICICI Bank’s 1.22%, and AU Small Finance Bank slipped 0.78%. These are the worst performers on Bank Nifty at this hour.

Sensex has trimmed some losses and moved past 52,100 once again. Nifty 50 was above 15,650.

Power Grid and NTPC are top Sensex gainers on Wednesday. Both the stocks have managed to hold ground while the market turned negative. While Power Grid has jumped nearly 3%, NTPC is up 2%.

The Nifty Midcap 50 index was up 0.12%, along with Nifty Midcap 150 index on Wednesday. The benchmark Nifty 50 was down 0.44%.

Equity mutual funds saw net inflows in the month of May, marking the third straight month of positive flows. Data released by the Association of Mutual Funds in India (AMFI) showed that investors were net buyers of equity mutual, pumping in Rs 10,082 crore in open-ended equity-oriented funds. Meanwhile, debt mutual funds saw heavy outflows as investors redeemed their positions in liquid and overnight funds. Equity mutual funds had seen net outflows for eight consecutive months till February this year, as investors booked profits after a strong rally on Dalal Street.

Bank Nifty was down 0.65% on Wednesday. Axis Bank, ICICI Bank, SBI, IndusInd Bank, and Kotak Mahindra Bank were all in the red.

Sensex and Nifty turned red on Wednesday, cutting all gains. Nifty was near 15,600 while Sensex was inching closer to 52,000.

Upcoming reclassification of shares by the Association of Mutual Funds in India (AMFI), may see cyclicals and digital stocks take centre stage. Domestic brokerage and research firm ICICI Securities said that cyclicals such as industrials and lenders along with scrips inclined to the digital domain could be upgraded by AMFI. The reclassification of all listed companies is done semi-annually. AMFI is expected to announce the changes in the first week of July. Based on the revised list released by AMFI, fund houses rejig their portfolios to match the fresh classifications.

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Structurally, the formation of higher high-low backed by rejuvenation of market breadth signifies inherent strength that makes us confident to retain support base at 15200 as it is confluence of:

a) 61.8% retracement of past three week’s rally (14885-15779), at 15225

b) past two week’s low is placed at 15145.

~ ICICI Securities

“Although the markets are headed to 15900-16000, it is facing resistance at higher levels. The trend is bullish as long as we keep above 15600 on a closing basis. Hence, any drop in the index can be positively utilized by entering long positions on the Nifty,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Investors buying shares of Dewan Housing Finance Ltd (DHFL) could be latching onto a pipe dream which may never fructify. The soon-to-be delisted company was in high demand on the stock exchanges on Tuesday, with 44 lakh shares exchanging hand on the BSE and a whopping 1.46 crore on the NSE. Today the stock hit the lower circuit to trade at Rs 20.60 apiece. However, The sharp drop in the shares of the soon-to-be delisted company comes after the stock soared 31% in the first 8 days of this month. 

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Gold prices edged marginally higher in India on Wednesday, following global rates as a fall in US bond yields supported yellow metal prices. Moreover, investors were seen holding back from making large bets ahead of US inflation data and the European Central Bank policy meeting this week. On Multi Commodity Exchange, gold August futures were trading Rs 28 up at Rs 49,155 per 10 gram, as against the previous close of Rs 49,127

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“There are conflicting signals for the market. Softening US 10-year bond yield ( now at 1.53%, significantly down from the recent peak of 1.74%), rising FII inflows( Rs 1422 cr yesterday) and more importantly steadily falling fresh Covid-19 cases and daily deaths are clear positives. But robust US jobs data and rising crude are negatives from the market perspective. IT is outperforming Banking this month. Huge delivery volumes in IT majors indicate high institutional investor confidence in this segment. A disturbing trend in the market is the sharp rise in the prices of many mid and small-caps of unproven track record. Many retail investors are over-doing the unlock trade,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Sona BLW Precision Forgings’ (Sona Comstar) Rs 5,550-crore initial public offering (IPO) will open for subscription on June 14, 2021, at a price band of Rs 285-291 per share. Blackstone-backed Sona BLW issue will close on June 16, 2021. Auto component maker public issue comprises fresh issue of equity shares of up to Rs 300 crore and offer-for-sale (OFS) of up to 5,250 crore by selling shareholder Singapore VII Topco III Pte Ltd, an affiliate of the Blackstone Group Inc.

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Sensex and Nifty moved into the negative territory after having opened flat with positive bias. Nifty was holding above 15,700.

Sensex and Nifty started trading on Wednesday on flat note with some positive bias. Bank Nifty was in the red. Broader markets were outperforming benchmarks. 

Sensex was above 52,400 at the end of the pre-open session on Wednesday. Nifty 50 index was holding above 15,750.

Nifty 50 index was trading at 15,773, just shy of its all-time high of 15,778, during the pre-open session on Wednesday.

‘Benchmark Indices are expected to open on a flat note as indicated by trends on SGX Nifty. Dow Jones fell -0.09% while NASDAQ added 0.31% yesterday. 10-year treasury yield fell to lowest in a month to 1.53%. European markets closed slightly higher yesterday as Eurozone growth data revised higher. Asian markets were mixed early Wednesday with Japanese, Korean and Taiwan markets trading lower while Chinese and Hong Kong markets trading higher. Stock specific actions due to Q4 results can be witnessed in stocks like Bata India, IGL, GAIL, Star Cement, Munjal Auto etc. Immediate resistance levels for Nifty 50 are 15850 and 16000 while key support levels for Nifty 50 are 15500 and 15300. We are seeing the positive momentum to continue in the market with every dip presenting an opportunity to buy good quality stocks for a longer-term,’ said Mohit Nigam, Head,PMS – Hem Securities.

Sensex soared nearly 200 points to cross 52,400 mark during Wednesday’s pre-open session. Nifty was above 15,750.

Nifty futures were trading 9 points lower at 15,754.50 on Singaporean Exchange in early trade. BSE Sensex and Nifty 50 were set to open in the negative territory on Wednesday. Investors will track Covid-related newsflow, oil price movement and rupee trajectory for market direction. Besides, corporate results, stock-specific developments and other global cues will also be watched by market participants. In absence of any trigger, analysts expect further consolidation in the index. “It’s prudent to continue with a stock-specific trading approach. Needless to say, stability in the banking index is critical for further directional move in Nifty else the lackluster move would continue,” Ajit Mishra, VP – Research, Religare Broking Ltd said.

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Domestic equity market indices BSE Sensex and Nifty 50 were likely to open flat on Wednesday, as suggested by trends on SGX Nifty in the early trade. In the previous session, Sensex closed flat at 52,275, while the Nifty 40 index ended 11.55 points lower at 15,740. Analysts say that the advance-decline ratio though in positive is falling and hence showing signs of profit-taking across the markets. “Sector rotation continues as does some specific stock rotation based on news and developments. 15630-15840 remains the band for the Nifty for the near term,” Deepak Jasani, Head of Retail Research, HDFC Securities, said.

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Minor Short build up in Nifty futures, Short build up in the Bank Nifty Futures & Call writing at 15800-16000 levels Indicates that one should remain cautious on the markets. Therefore, our advice is to be bearish with the trailing stop loss of 15800 levels. On the lower side, 15600-15700 levels could act as immediate support where maximum OI in the Put is seen. In the Bank Nifty, our advice is to sell on rise with SL of 35500 level. On the lower side, support is seen in the vicinity of 34500-34000 levels.

~ HDFC Securities

“Nifty and Bank Nifty Futures OI remained flattish while call writers were active at 15,800. Bank Nifty witnessed an addition in calls across strokes from 35,000 to 35,500. FIIs bought in cash, index options and sold stock futures. Nifty HH and H&L structure is still intact. Supports at 15,680 and 15,595. More upside if 15,800 is taken out however, stay close the door in case the bulls stop partying,” said Rahul Sharma, Head, Technical and Derivatives Research, JM Financial Services.

“Nifty finds support around 15,600 while 15,850 will act as resistance on the upside. Bank Nifty finds support at 34,800 while 35,750 will act as strong resistance on the upside,” said IIFL.

Apple has scaled up its ecosystem in India in terms of manufacturing on the back of the government’s Rs 40,000-crore production-linked incentive scheme for smartphones. Two of the company’s contract manufacturers Foxconn and Wistron, which earlier had negligible presence in the country apart from relocating units from China and Taiwan, have crossed their year one (FY21) investment target of Rs 250 crore each and have hired aggressively despite Covid-led disruptions.

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel have been hiked once again today, taking fuel rates to record highs in metro cities. Petrol in Delhi today costs Rs 95.56 per litre, up 25 paise since yesterday. Diesel in the capital city costs Rs 86.47 litre today, an increase of 25 paise. Since May 4, rates have been hiked 22 times. During this period, the price of petrol in Delhi has increased by Rs 5.01, while diesel price has surged Rs 5.56 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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“In India, high-frequency economic indicators are showing early signs of a rebound as the second wave of Covid-19 cases ebbs. The turn, if it strengthens, will mean that the months of April-May were the worst hit, with the economy set to rebound from June. Nifty made an almost double top compared to the previous trading session but closed nominally lower. The advance-decline ratio though in the positive, is falling and hence showing signs of profit-taking across the markets. Sector rotation continues as does some specific stock rotation based on news and developments. 15630-15840 remains the band for the Nifty for the near term,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“After the recent run-up, Nifty now trades at rich valuations. Thus any negative surprise or misses in the June quarter earnings could act as a dampener. However, the overall structure of the market remains positive as the second COVID wave has now started to recede, with the number of active COVID cases down >50% since its peak in early May to sub-18 lakhs now. There is greater visibility on vaccine supply now v/s April’21 and May’21. The expeditious containment of active COVID-19 cases and accelerated pace of vaccinations would boost and provide confidence in economic growth recovery in FY22E. As states ease restrictions gradually in Jun’21, we expect the demand environment to get better. Technically too, Nifty remain in positive set up and can see move towards highs of 16000 zones,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

SGX Nifty was sitting 1 point higher on Wednesday morning, hinting at a flat start for domestic equity markets. 

The World Bank on Tuesday projected India’s economy to grow at 8.3 per cent in 2021 and 7.5 per cent in 2022, even as its recovery is being hampered by an unprecedented second wave of the COVID-19, the largest outbreak in the world since the beginning of the deadly pandemic. The Washington-based global lender, in its latest issue of Global Economic Prospects released here, noted that in India, an enormous second COVID-19 wave is undermining the sharper-than-expected rebound in activity seen during the second half of Fiscal Year 2020/21, especially in services.

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