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Market LIVE: Nifty hits new record high, nears 15,700; Sensex reclaims 52,000; RIL top gainer, up over 1% – The Financial Express

Share Market Today, Share Market LiveBarring Nifty Pharma, all the sectoral indices were in green, lead by Nifty Metal index. Image: Reuters

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 up on Thursday, a day of weekly expiry, on the back of positive global cues. BSE Sensex was trading above 52,100, while Nifty 50 hit a new record high of 15,693, surpassing the previous high of 15,660. Titan Company, Reliance Industries Ltd (RIL), ONGC, Power Grid Corporation of India, Kotak Mahindra Bank, Axis Bank, Infosys were among top Sensex gainers. Bajaj-Auto, Tech Mahindra, Nestle Industries, SBI, Dr Reddy’s Lab, Sun Pharma were among top index laggards. Barring Nifty Pharma, all the sectoral indices were in green, lead by Nifty Metal index.

After record fundraising and debt prepayments, Reliance Industries Ltd (RIL) now has a strong balance-sheet with high liquidity that will support growth plans for its three hyper-growth engines – telecom arm Jio, retail and oil-to-chemicals business, firm’s Chairman and Managing Director Mukesh Ambani said.

Big positive news for Praj Industries and sugar company stocks. India bring forward the target for 20% ethanol-blending in petrol from 2025 to 2023. Earlier the government has set up a visionary target of ethanol blending of 10% in 2022 and 20% in 2030 and then this year the target of 20% blending has been shifted from 2030 to 2025. But now the government has shifted the 20% blending target from 2025 to 2023. This target will help companies like Praj Industries as several companies will set up new capacity for processing ethanol. Along with this major beneficiary of this announcement will be the sugar manufacturing company as we have seen that the realization in ethanol is greater than the realization of sugar. So by selling more and more ethanol their profitability will increase. We have a positive outlook for Balrampur chini mills and Praj Industry. Yash Gupta Equity Research Associate, Angel Broking 

Bank Nifty opened negative and even though it faced some resistance in the opening tick, the second half of the session saw strength. The banking index took support at 35000 zones and closed the session with marginal gains of 36 points. It formed a Bullish candle on daily scale but negated its formation of higher highs of the last four sessions. Now it has to hold above 35250 zones to witness an up move towards 35750 and 36000 zones while on the downside support exists at 35000 and 34750 levels.Expiry day point of view: Overall trend is likely to remain positive till it holds above 35250 zones for an up move towards 35750/36000 zones while on the downside support exists at 35000 then 34750 levels. Option traders are suggested to trade with nearby Call like 35600, 35700 strikes or Bull Call Ladder spread. Motilal Oswal Financial Services

Cement stocks along with consumer discretionaries have attracted the attention of global brokerage and research firm Credit Suisse as it looks to bank on beneficiaries of input cost normalisation. In a note co-authored by Neelkanth Mishra, Abhay Khaitan, and Prateek Singh, Credit Suisse said that going forward, the normalisation of input costs would help sectors such as paints and cement with pricing power in their hands. “An extreme supply-chain bull-whip is likely driving chemicals too: inputs to adhesives, paints, cement, etc. As costs fall, firms with pricing power should benefit,” the report said. After having stayed overweight in metals for months, Credit Suisse recently trimmed weightage fo metal stocks, finding the risk-reward unfavourable and terming the commodity price surge, cyclical and not structural.

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In morning trades, Indian equities benchmarks remained in the green, following the lead of the global counterparts. Sentiments also remained positive after Credit ratings firm Crisil indicated in its recent report that the extended Emergency Credit Line Guarantee Scheme (ECLGS) will assist industries such as hotels, civil aviation, and tour operators, which have been struck the hardest by the second wave of COVID 19. After the gap up in the market, Nifty 50 index is trying to hold the higher level but 15700 will act as a resistance in the market. If the market does not breach the level of 15700, we will see a small correction in the market till the level of 15500. Gaurav Garg, Head of Research, CapitalVia Global Research

The Reserve Bank of India’s Monetary Policy Committee began its bi-monthly deliberations on Wednesday amid expectations of keeping a status quo on repo and reverse repo rates due to uncertainty over the impact of the second COVID-19 wave. The monetary policy outcome will be announced on Friday, June 4, 2021. Analysts expect MPC to keep the policy interest rates unchanged, maintain the accommodative stance and ensure adequate liquidity in the system to stimulate growth. 

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In the pandemic-struck financial year 2020-21 Mukesh Ambai’s Reliance Industries Ltd (RIL) carved out a niche for itself. RIL managed to raise Rs 1.52 lakh crore for its subsidiary Jio Platforms, another Rs 47,275 crore for Reliance Retail and raised Rs 53,124 via the biggest rights issue seen in India. But it was not only these fundraising figures that made the oil-to-telecom conglomerate stand out from the rest. Each individual subsidiary of RIL, ranging from Jio to retail to oil and gas stood out on its own. Here are some interesting figures and highlights from Reliance Industries’ annual report.

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At 46.4 in May, down from 54.0 in April, the seasonally adjusted India Services Business Activity Index was in contraction territory for the first time in eight months. The latest reading pointed to a solid rate of reduction that was nevertheless slower than those seen in the aftermath of the COVID-19 outbreak. IHS Markit India Services PMI

We expect the MCX Gold Aug prices to trade positive for intraday. The RSI indicator on daily and weekly charts is suggesting the strength in momentum on the upside. Also, prices are forming the higher lows pattern on daily chart. We expect MCX GOLD Aug prices to cross 50,000 level in the coming sessions. On the downside, the 49,000 level will be the key immediate support for the prices. NS Ramaswamy, Head of Commodities, Ventura Securities

COMEX gold trades mixed near $1908/oz after a 0.3% gain yesterday. Gold has turned choppy along with the US dollar and equity market amid uncertainty about the future monetary policy stance of major central banks.  ETF outflows show weaker investor buying interest while concerns persist about Indian demand amid higher price and virus related restrictions. Gold may remain choppy along with US dollar and equity markets however the general bias may be on the upside unless the US dollar recovers sharply. Ravindra Rao,CMT, EPAT, VP- Head Commodity Research at Kotak Securities

The Index has opened in fine form this morning! We should be targeting the level range of 15900-16000. The overall trend is positive and hence any intra day correction should be positively utilized to enter into long positions. A good support lies at 15300 and as long as we can hold that, there is no concern on the downside of the Nifty. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Gold prices were struggling in the domestic market on Thursday, even as yellow metal in the international market hovered near five-month high due to a pullback in the U.S. Treasury yields. On MCX, gold August futures were trading Rs 59 down at Rs 49,542 per 10 gram, as against the last close of Rs 49,601. Silver July futures were trading firm, up Rs 82 at Rs 72,760 per kg. In the previous session, silver futures settled at Rs 72,678 per kg. In tandem with international trends, MCX gold has posted gains for the third consecutive month in May. 

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Bajaj-Auto, Tech Mahindra, Nestle Industries, SBI, Dr Reddy’s Lab, Sun Pharma were among top index laggards

Titan Company, Reliance Industries Ltd (RIL), ONGC, Power Grid Corporation of India, Kotak Mahindra Bank, Axis Bank, Infosys were among top Sensex gainers.

Nifty 50 index hit a new record high of 15,693.15, surpassing the previous high of 15,660.75 on Thursday

BSE Sensex gained 270 points or 0.52 per cent to trade at 52,120, while the Nifty 50 index reclaimed 15,650 on positive global cues.

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International gold prices rose unabated for the third consecutive month and even reached their four-month high in May 2021. AtUSD 1,852 per troy ounce, gold enjoyed its highest valuation since January 2021 and prices were sharply higher than the monthlyaverage of USD 1,761 per troy ounce for the preceding month of April. CARE Ratings

BSE Sensex gained 180 points or 0.35 per cent to trade at 52,029, while the Nifty 50 index reclaimed 15,600 in pre-opening.

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Prices of Petrol and Diesel were kept unchanged on Thursday across major cities for the second day straight. Petrol in Delhi today costs Rs 94.49 per litre, while diesel in the capital city costs Rs 85.38 litre today. Since May 4, rates have been hiked 17 times. Petrol price in Delhi has been increased by Rs 3.94 in May, while diesel price has surged Rs 4.47 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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Markets could remain volatile on Thursday due to weekly expiry of F&O contracts. Investors will also keep tabs on COVID-related newsflow, Brent crude price, services PMI data, corporate earnings and other global developments. Chartists say tha the Nifty seems to have an immediate resistance at 15650 levels while support is placed at around 15400 levels.

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On the daily chart, the Nifty continues to hold above a rising trend line that has held the important lows of the last few months. This implies that the index remains in an intermediate uptrend. The Nifty has also recently made higher bottoms at 14416, 14591 and 14884 and continues to trade above the 20 and 50 day SMA, which gives further evidence of an uptrend.

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Now the Chinese smartphone maker OnePlus is probably making a beeline for the blockchain and cryptocurrency space amid growing crypto buzz globally. The company’s experimental software arm OneLab is running a survey, which Financial Express Online couldn’t independently verify, to gauge the interest of its “OnePlus community” towards investment in cryptocurrencies, platforms used to invest in cryptos, use of crypto wallets, and purchase of non-fungible tokens (NFTs).

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On Thursday morning, SGX Nifty was up 80 points, hinting at a positive start for equities on the weekly expiry session. Global cues were also positive with almost all major Asian stock indices mirroring Wall Street’s positive momentum during the early hours of trade. The index might look to resume an upward trend, a day after benchmark indices closed in separate directions. S&P BSE Sensex and Nifty rebounded from intra-day lows during the dying hours of trade but only the 50-stock Nifty managed to turn positive. Sensex settled at 51,849 points on closing while Nifty was at 15,576. Broader markets outperformed.

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In overnight trade on Wall Street, US stock indices ended marginally higher. The Dow Jones Industrial Average rose 0.07 per cent, the S&P 500 gained 0.14 per cent, and the Nasdaq Composite added 0.14 per cent.

Asian stock markets were trading in green with Japan’s Nikkei gaining 0.23 per cent. Topix index advanced 0.38 per cent and South Korea’s Kospi edged up 0.33 per cent.

Jio is accelerating the rollout of digital platforms and indigenously-developed next-generation 5G stack, Reliance Industries’ annual report has said, highlighting that India is at the forefront of the ‘global digital revolution’. Reliance Jio has built sufficient network capacity for the next 300 million mobile broadband subscribers, over 50 million fibre homes and 50 million micro, small and medium businesses, it said.

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In the company’s latest annual report released on Wednesday, Mukesh Ambani said the company sold minority stakes in Jio Platforms – the unit that houses its telecom and digital business – and retail arm for almost Rs 2 lakh crore, 49 per cent in fuel retailing venture for Rs 7,629 crore and raised another Rs 53,124 crore through rights issue.

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