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Share Market LIVE: Sensex trims opening gains, Nifty holds above 15,700; broader markets outperform – The Financial Express

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

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices opened with gains on Monday morning. S&P BSE Sensex was above 52,200 while the Nifty 50 breached 15,700 once again. However, minutes into the day’s trade, benchmark indices gave up some gains to trade flat with positive bias. Power Grid, ONGC, and ITC were the top gainers on Sensex while Bajaj Finance, Bajaj Finserv, and Asian Paints were the top laggards. India VIX was down 4% on Monday morning while broader markets were outperforming benchmark indices. Nifty Financial Services and Nifty Pharma were down in red, all other sectoral indices were surging higher.

The central government is unlikely to unveil any fresh stimulus measures to aid the pandemic struck economy to come out of the second wave of covid-19. Instead, the government will focus on  Budget proposals, mainly in the infrastructure sector. The Union Budget introduced in February this year, already factors in the need for faster recovery from the pandemic aided slump in the economy and involves certain measures that will help in the process. The government will also look to undertake capex. On Friday, finance minister Nirmala Sitharaman asked various infrastructure ministries and central public-sector enterprises (CPSEs) to “front-load” capex and ensure the timely completion of large projects.

“Any dip or intraday correction should be looked at as an opportunity to accumulate long positions on the index. The support has been upgraded from 15300 to 15500. The next target for the Nifty is 16000 so the risk is to reward ratio is favorable,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

“News is positive for markets. Since the US jobs numbers have come lower than expected the Fed is likely to continue its accommodative stance with no indications about tapering. So the US 10-year yield is likely to remain stable with a negative bias till Thursday when the US inflation numbers will be released. FIIs have come back strongly this month with net equity purchases worth Rs 7967 crores till June 4th. Frenzied retail participation is imparting resilience to markets,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

COMEX gold trades marginally lower near $1889/oz after a 1% gain on Friday. Gold is volatile as market players assess Fed’s monetary policy stance in light of mixed US non-farm payrolls data. ETF inflows showed pick up in investor interest late last week however this is countered by weaker demand in India amid virus related restrictions. Gold may remain choppy along with the US dollar as market players assess the implication of jobs report on Fed’s monetary policy. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

A move toward 16100 would be nonlinear in nature as round of temporary breather after the 1,150 points rally (seen over past 3 weeks) cannot be ruled out. Therefore, any dip from hereon should be capitalised as incremental buying opportunity as we do not expect index to breach the strong support of 15200 levels.

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Sensex and Nifty gave up some gains to trade flat with a positive bias on Monday morning, minutes into the day’s trade. 

“Stock specific actions due to Q4 results can be witnessed in stocks like Central Bank of India, MRF, Union Bank of India, NIACL, Jubilant Ingrevia etc. Key resistances to upside are 15,800 and 16,000 while key support levels are 15,500 and 15,300 for Nifty 50,” said Mohit Nigam, Head, PMS – Hem Securities.

ONGC and ITC were the top gainers on Sensex on the opening bell. These followed by State Bank of India, Mahindra & Mahindra, and IndusInd Bank. 

Sensex opened above 52,200 while the Nifty 50 index was above 15,700. Broader markets were outperforming benchmark indices.

Sensex gained 131 points to breach 52,200 while Nifty 50 crossed 15,700 during the pre-open session on Monday morning. 

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were increased for the second day straight on Monday across major cities. Petrol in Delhi today costs Rs 95.31 per litre, while diesel in the capital city costs Rs 86.22 litre today. Since May 4, rates have been hiked 21 times. Petrol price in Delhi has been increased by Rs 4.76 since May 4, while diesel price has surged Rs 5.31 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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Sensex and Nifty trade with gains. Nifty breaches 15,700 mark while Sensex gains to inch closer to 52,200. 

The chart pattern suggests that if Nifty crosses and sustains above 15800 level it would witness buying which would lead the index towards 15950-16100 levels. However if the index breaks below 15600 level it would witness selling which would take the index towards 15450-15350. Nifty is trading above 20 and 50 day SMAs which are important short term moving averages, indicating positive bias in the short term.

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Asian stock markets were trading mixed on Monday with Japan’s Nikkei gaining 0.33 per cent. The Topix index and South Korea’s Kospi were marginally up. US stocks climbed on Friday, lifted by technology stocks. The Dow Jones Industrial Average rose 0.43 per cent, the S&P 500 gained 0.83 per cent, and the Nasdaq Composite added 1.5 per cent.

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“Sector rotation is helping Nifty stay higher. Options concentration seen at 15,500 Puts and 15,700 Calls. Bank Nifty Futures witnessed addition of shorts on Friday along with huge writing at 35,500 Calls indicating caution,” said Rahul Sharma of JM Financial Services. He added that more upside is expected for Nifty if 15,700+ is sustained. Supports at 15,595 and 15,470. “Next target at 15,900-16,000”.

Commodity prices traded weak with most of the commodities in Non-Agro segment ended in red for the week except Crude oil. Crude oil prices rallied on strong demand outlook in the second half of the year. Bullion prices traded under pressure on stronger dollar following robust economic data while base metals fell on fear of policy change from central banks and weak China demand.

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BSE-listed companies such as Union Bank of India, Central Bank of India, Mrs Bectors Food Specialities, Dynamatic Technologies, MRF, New India Assurance Company, Shree Pushkar Chemicals & Fertilisers, SMC Global Securities, SMS Lifesciences India, Tower Infrastructure Trust, Victoria Mills, and Yuken India, among others are scheduled to announce their January-March quarter earnings on June 7.

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‘Nifty remains in its structural uptrend and next milestone for June 2021 is placed at 16,100, India vix declined to six-month lows indicating subsiding anxiety-related COVID implication. We believe, the upward journey will be nonlinear or zigzag and buy on declines strategy should work well as strong support exist at 15,200. Broader market outperformance to extend as Smallcap index is expected to challenge life highs. BFSI, Auto, IT, Consumption and Infra to lead the rally,’ said Dharmesh Shah – Head – Technical, ICICI Direct.

SGX Nifty was up 42 points ahead of the opening bell on Monday. Nifty futures trading with gains suggests some positive momentum for domestic equities.

The government is unlikely to announce any new fiscal stimulus until the later part of the September quarter, as focus shifts to undertaking budgetary capital spending and prodding Central pubic sector undertakings (CPSEs) to invest more aggressively.

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