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Share Market LIVE: Sensex opens above 50,000, Nifty regains 15,000; bank stocks continue rallying – The Financial Express

Volatility index moved lower once again.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Equity benchmark indices continued their positive momentum and surged higher on Tuesday morning. S&P BSE Sensex breached the 50,000 mark on the opening bell while the Nifty 50 index was inching closer to 15,100. Banking and Finance sector stocks were once again aiding the rally with IndusInd Bank, SBI, Axis Bank, and ICICI Bank among the top Sensex gainers. Bank Nifty was up 2%, Nifty Metal was up 2.3%, while India VIX was again slipping. Broader markets were mirroring the up-move. 

The Reserve Bank of India (RBI) said in its monthly bulletin that the biggest blow emerging from the second wave of the coronavirus pandemic is demand shock while the supply side remains better positioned. Loss of mobility, discretionary spending and employment are among the key concerns emerging. However, the RBI bulletin acknowledged that the loss of growth momentum is not as severe as at this time a year ago when the country had witnessed a Covid-induced lockdown. According to the RBI bulletin, corporate performance, meanwhile, is positioning itself for a turn in the business cycle. The initial set of earnings results declared by 288 Indian listed companies for the March quarter marks a distinct shift from the previous quarters, with top-line growth gaining prominence in a broad-based manner, the RBI said.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading lower on Tuesday, even as international spot prices hit a three-and-a-half-month highs on a weak US dollar and growing inflationary pressure which lifted bullion’s appeal as an inflation hedge. On Multi Commodity Exchange, gold June futures were trading Rs 67 down at Rs 48,407 per 10 grams, as against the previous close of Rs 48,474. Silver July futures, on the other hand, surged Rs 728 or nearly one per cent to top Rs 74,052 per kg.

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“The positive trigger for the market now is the steadily declining fresh Covid cases and the steadily rising recovery rates. The latest numbers indicate a continuation of this positive trend. The market is discounting progressive lifting of the widespread lockdowns starting in early June. Even though growth & earnings will be impacted in Q1, smart recovery can be expected in the subsequent quarters. Sectoral rotation & value buying is pushing up financials particularly banking stocks. The latest trends indicate that the stress in the banking system is not as bad as feared earlier. With progressive unlocking of the economy, credit growth is likely to pick up starting June improving the prospects for frontline financials. Market action is likely to be stock specific in the coming days with the market responding to Q4 numbers & likely trends,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

Bharti Airtel was the only Sensex constituent to trade with losses on Tuesday morning. The stock fell 0.2% on the opening bell as investors reacted the quarterly results posted by the company. 

Nifty Bank index continued to rally, jumping 2% on the opening bell on Tuesday. IndusInd Bank, SBI, and Axis Bank were among the top gainers. ICICI Bank and HDFC Bank followed close. 

The short-term support levels for Nifty and Bank Nifty will be 14150 and 30400, respectively, while 15050 and 36500 will be resistance levels. While for the complete CY21, the support for Nifty is placed at 13600 and for Bank Nifty it is placed at 29000.

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Sensex crossed 50,000 on the opening bell as bulls continued to dominate Dalal Street on Tuesday morning. Nifty 50 index was above 15,000. Banking and finance sector stocks were among the best performers. 

Sensex was up more than 300 points, inching closer to 49,900 on Tuesday morning. Nifty 50 was above 15,000.

The Nifty 50 index zoomed to breach 15,000 mark during the pre-open session on Tuesday morning. Sensex was above 49,800 mark.

“Now, Nifty is again above 14900 and we hope it doesn’t deceive us the way it did in the previous week. But looking at the overall development, it looks like we are going to head higher from heron; because the authenticity of any move is measured by the quality of participation in it and today the banking space led from the front by giving a humongous intraday rally. When this pocket contributes heavily, the up move can be considered a genuine one. Thus, we will not be surprised to see Nifty crossing 14967 at the opening tomorrow to march towards 15044 and beyond levels. On the flipside, 14850 – 14790 are to be seen as intraday supports,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.

Trends on SGX Nifty suggest a gap-up start for BSE Sensex and Nifty 50 with gain of 170 points. The Nifty futures were trading at 15,116 on the Singaporean Exchange. Market participants will continue to watch the COVID-19 cases, January-March quarter earnings, developments related to ongoing vaccination, along with oil prices and rupee movement for further direction. 

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“Markets are rejoicing the early signs of virus peak and stability in the global markets. But, we feel participants shouldn’t read much into a single-day rise and wait for a decisive break above 15,000 in Nifty. Needless to say, the performance of the banking and financial pack holds importance. Meanwhile, participants should continue with a positive yet cautious approach and maintain their focus on risk management,” said Ajit Mishra, VP – Research, Religare Broking.

“Nifty rose sharply and ended almost at the intraday high. The next stop on the upside is the 14,966 – 15,044 band. A breach of this band could lead to a challenge to the all-time highs of the Nifty (15432). On falls 14824-14850 band could provide support. A healthy advance-decline ratio suggests the return of confidence of traders in the broader markets,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were once again hiked, making it the 10th time rates have been increased so far this month. Petrol in Delhi today costs Rs 92.85 per litre, up 27 paise from yesterday. Meanwhile, diesel in the capital city costs Rs 83.51 litre today, an increase of 29 paise. Petrol price in Delhi has increased by Rs 2.45 so far in May, while diesel price has surged Rs 2.78 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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BSE-listed companies such as Aarti Industries, Abbott India, Torrent Pharmaceuticals, Ujjivan Small Finance Bank, Tata Motors, Canara Bank, Brigade Enterprises, Chalet Hotels, Coromandel Engineering Company, Dolat Investments, GSK Pharma, Jindal Stainless (Hisar), JSL Industries, Jyothy Labs, Minda Corporation, PI Industries and Route Mobile will release quarterly earnings on May 18.

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SGX Nifty is up 150 points during the early hours of trade. Nifty futures surging higher hint at a positive start for domestic stock markets. 

The lockdown has had an immediate, telling effect on the employment scenario in the country. India’s unemployment rate, that has remained elevated for a few weeks, soared to a near one-year-high of 14.45% in the week ended May 16. While an already-high urban joblessness has turned more acute, a near 100% week-on-week rise in rural unemployment pushed the overall joblessness rate to a level not witnessed since the week ended June 7 last year, when it stood at 17.51%.

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The biggest toll of the current second wave of the Covid-19 pandemic is in terms of a demand shock (loss of mobility, discretionary spending and employment, besides inventory accumulation), although aggregate supply is less impacted, the Reserve Bank of India (RBI) said in its latest monthly bulletin on Monday.

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