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Share Market LIVE: Sensex crosses 52,600 for first time ever, Nifty above 15,800; Power Grid, RIL top gainers – The Financial Express

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

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Equity benchmark indices were trading at fresh all-time highs. Sensex reached fresh all-time highs above 52,600 while Nifty breached 15,800 to set new record highs. Power Grid was the top index gainers on opening, followed by HDFC Bank, IndusInd Bank, Reliance Industries, and HDFC. Tech Mahindra, Bajaj Finserv, and Titan were the only laggards on Sensex. Broader markets were mirroring the up-trend. India VIX, fell 3.6% on Friday. Bank Nifty was up 0.48%.

India’s largest lender, State Bank of India could transfer bad loans worth Rs 20,000 crore to the National Asset Reconstruction Company. The said amount will be part of the Rs 89,000 crore from 22 accounts identified by banks to be transferred to the proposed NARC. The non-performing assets (NPAs) identified by SBI include Essar Power Gujarat, Coastal Energy and Reliance Naval. Over time, lenders are expected to move loans worth nearly Rs 2 lakh crore to the bad bank. Earlier this year, in her Budget speech, finance minister Nirmala Sitharaman had announced setting up of an asset reconstruction company and an asset management company for the resolution of stressed assets.

The partly paid shares of Reliance Industries Ltd once again hit fresh record high of Rs 1,598 per share on Friday. The stock was relisted on the bourses yesterday.

Coal India share price surged as high as 5.4 per cent to Rs 164.90 apiece in intraday on BSE, taking the total market capitalisation above Rs 1 lakh crore. Coal India stock surpassed its previous high of Rs 162.95 apiece, touched on February 26 this year. So far this month, the stock of the state-owned company has gained nearly 12 per cent as compared to a 1.3 per cent rise in S&P BSE Sensex. Analysts suggest 13 per cent more rally in the stock. In volume traded terms, 23.47 shares have exchanged on BSE, while a total of 3.18 crore stocks of Coal India have traded on NSE so far in the day.

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“The stock market is solely focused on the future. Hopes of a quick economic  revival post unlock and expectation of large number of adult population vaccinated in 2021, are keeping markets excited. Q4 FY21 earnings have been encouraging, even after adjusting for the low base of March 2020. The broader market is very healthy. It is very likely that the top 10 heavyweights of the Sensex, which have been dormant for some time, will begin to participate. Already RIL has resumed its up move after a six month lull. This will add to the strength of Indian equities. Our target for Sensex is 60,000 by December 2021,” said Amar Ambani, Senior President & Institutional Research Head, YES Securities.

“Markets have moved from resilience to exuberance as Bulls continue to march towards mount 16,000 in Nifty with sector rotation & earnings keeping the momentum alive. Falling US Bond Yields along with supportive global cues ensure Nifty didn’t break key support levels. Good monsoon, improving Covid situation & falling VIX should keep driving markets higher,” said Rahul Sharma – Head, Technical and Derivatives Research, JM Financial Services.

“The debate over the nature of inflation in US – whether transitory or structural – continues. Only time will tell who is right. But for now, the market is strongly on the side of equity bulls who believe that the high inflation is transitory & will soon stabilise. Even though the 5% consumer inflation print in May came worse than the consensus estimate of 4.4 % the market shrugged it off & the S&P 500 touched record highs. The fact that the US 10-year yield crashed to 1.44% and the dollar index is howering around 90 indicate that there is more leg for this bull market. The exuberance in the mid and small-cap space is an area of concern. But markets can over-react proving the sceptics wrong in the short run. In 2017 the small index rose around 60%. The froth was removed in 2018 with big pain to the late entrants. Leading financial, IT, pharma and metals are on a strong wicket. Stay invested in these segments while exercising caution when investing in small-caps,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

Positive global markets & reducing Covid cases along with the easing of lockdown in several states has ensured that broader indices like BSE Sensex & Nifty have hit another all-time high today. Technically, Sensex has reached its overbought levels, and investors are advised to keep booking profits at current levels. 52170 will act as strong support for the coming week. AR Ramachandran, Co-founder & Trainer, Tips2Trades

The Nifty Bank index surged 0.22% on Friday morning. AU Small Finance Bank and Bandhan Bank were among the top gainers.

“The Nifty is in fine form this morning – it is heading towards 15900-16000. A buy on dips is a better strategy to adopt as opposed to buying at the current market level. This is because the risk is to reward ratio is more favorable when traders accumulate positions on dips. The risk is lower and the targets are higher. The index has good support at the 15600 levels and until we do not disrespect this level on a closing basis, the overall trend remains bullish,” Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

Dodla Dairy will enter Dalal Street next week to raise Rs 520 crore through an initial public offering (IPO), comprising of a fresh issue of equity shares and an offer for sale by existing shareholders. The IPO is set to open on June 16 and will close on June 18. Investors can bid for shares of Dodla Dairy Limited at the fixed price band of Rs 421-428 per share, in a bid lot of 35 shares and multiples thereafter. The company had filed draft papers with SEBI earlier this year and had received approval from the capital markets regulator to float its public offering in the last week of April.

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Gold prices edged higher on MCX on Friday, as globally yellow metal rates hovered near the key $1,900 per ounce level. On Multi Commodity Exchange, gold August futures were trading Rs 52 up at Rs 49,250 per 10 gram, as against the previous close of Rs 49,198. Silver July futures were ruling Rs 264 or 0.37 per cent higher at Rs 72,263 per kg. Silver futures settled just below the crucial Rs 72,000-mark in the previous session.

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Krishna Institute of Medical Sciences’ Rs 2,143.74-crore initial public offering (IPO) will open for subscription next week on June 16, 2021 in the price band of Rs 815-825 per share. The anchor investor bidding will take place on June 15, 2021. The issue will close for subscription on June 18. The public issue comprises fresh issue of equity shares worth up to Rs 200 crore and offer-for-sale (OFS) of 2.35 crore shares by its existing promoters and shareholders. 

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“Stock specific actions due to Q4 results can be witnessed in stocks like BHEL, SUN TV, BEML, Cochin Shipyard, Goa Carbon etc. Immediate resistance levels for Nifty 50 are 15850 and 16000 while key support levels for Nifty 50 are 15500 and 15300. Overall we are quite bullish on markets and believe that any significant dip is a good opportunity to accumulate quality stocks,” said Mohit Nigam, Head, PMS – Hem Securities.

Broader markets mirrored the up-trend in benchmark indices. Midcap and Smallcap indices were outperforming headline indices on NSE. 

Sensex and Nifty began the day’s trade at fresh all-time highs. Nifty reached an all-time high of 15,816 while Sensex soared to sit at 52,566.

Sensex was below 52,500 while Nifty was still shy of 15,800 as the benchmark indices trimmed some gains in the pre-open session. 

Long build up in Nifty futures, Unwinding seen in the Bank Nifty Futures & Put writing at 15700 Indicates that one should be optimistic for the markets. Therefore, our advice is to be bullish with the trailing stop loss of 15700 level. On the higher side 15800-16000 level will act as an immediate resistance. In the Bank Nifty, our advice is to buy on decline with SL of 34650 levels. On the higher side, resistance is seen in the vicinity of 35400-36000 levels.

~ HDFC Securities

Sensex and Nifty moved higher during the pre-open session on Friday. Sensex breached the 52,500 mark while Nifty was above 15,800.

SGX Nifty regained momentum and surged 22 points higher. Earlier the index had trimmed gains to sit just 12 points higher.

“Nifty futures witnessed fresh longs (OI +8.7%) while Bank Nifty futures witnessed short-covering (OI -2.9%). Options data is suggesting a range of 15,700 – 16,000. Bank Nifty 35,000 straddle witnessed max build-up. Broad-based recovery along with improving internals suggest more upside for Nifty. Supports at 15,680 and 15,570. Resistance at 15,800 and 16,000. Banks look good,” said Rahul Sharma, Head Technical Research, JM Financial.

The maximum PUT open interest (OI) was seen at 15,700 strike, implying a support for Nifty 50 at 15,700 level. This was followed by 15,400 strike. While the highest call OI was seen concentrated at 15,800, followed by 15,750 strike, according to NSE.

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“Markets are keenly eyeing the domestic developments viz. unlocking by states and progress of vaccination programs for cues. Going ahead, we feel the update on the monsoon will also be closely watched by the participants.  Amid all this, we reiterate our bullish view and suggest using dips or further consolidation to accumulate quality stocks,” said Ajit Mishra, VP – Research, Religare Broking.

“The short term uptrend status of Nifty remains intact and the recent weakness is expected to be overtaken in the short term. A sustainable move above 15800 is expected to open another 200-300 points upside for the market ahead. Crucial support is placed at 15600,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were hiked once again today, after a short one-day pause. Petrol price in Delhi today costs Rs 95.85 per litre, an increase of 29 paise. Meanwhile, the price of diesel in the capital city is retailing at Rs 86.75 pe litre today, up 28 paise since yesterday. Rates have been hikes 23 times now since May 4. The price of petrol in Delhi has increased by Rs 5.30, while diesel price has surged Rs 5.84 per litre since the rate revision began. 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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BSE-listed companies such as BEML, BHEL, CG Power, Cochin Shipyard, DLF, Edelweiss Financial Services, Goa Carbon and Sun TV, among others scheduled to announce their March quarter results on June 11.

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Nifty futures were trading in the green, up 28.25 points at 15,785.80 on Singaporean Exchange, suggesting a gap-up start for BSE Sensex and Nifty 50 on Friday. In the previous session, S&P BSE Sensex gained 358 points to end at 52,300 while the Nifty 50 index closed at 15,737. India VIX gained 1.7 per cent to settle at 15 level. A host of factors such as monsoon, opening up of the economy in a graded manner and the pace of on-going vaccination. Nifty remains in a positive set up and can see a move towards highs of 16000 zones, technical charts suggest.

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SGX Nifty was up 12 points now, down from the initial gains of 29 points. Nifty Futures trading flat could result in muted opening for indices.

State Bank of India (SBI) has identified bad loans worth Rs 20,000 crore that it plans to transfer to the National Asset Reconstruction Company (NARCL), sources close to the development told FE. These non-performing assets (NPAs) include Essar Power Gujarat, Coastal Energy and Reliance Naval. In all, banks have identified 22 stressed accounts worth around Rs 89,000 crore that they want to transfer to NARCL in the first phase. Over time, lenders are expected to move loans worth nearly Rs 2 lakh crore to the bad bank.

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