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Market Close Highlights: Sensex ends up 700pts, Nifty at 22,820; FMCG, Health, Pharma drag, PSB, Realty, O&G gain

Market Close Highlights : Foreign institutional investors (FIIs) net sold equities worth 5,656.26 crore on 5 June, while domestic institutional investors net bought shares worth 4,555.08 crore.

Market Close Highlights : The NSE F&O ban list for June 6 includes Zee Entertainment Enterprises. (Photo: Mint)

Market Close Highlights : World stocks were on the brink of an all-time high and the euro rose on Thursday ahead of what was widely expected to be the European Central Bank's first interest rate cut in nearly five years.

With the long-awaited moment about to arrive, traders pushed the pan-European STOXX 600 up 0.3% in early deals and watched the MSCI 47-country main world index inch to within a point of a seemingly inevitable new peak.

Sentiment was almost at frenzy stage again. Wall Street's S&P 500 and Nasdaq had both set new records on Wednesday after a now $3 trillion AI juggernaut Nvidia swept past Apple to become the world's second-most valuable company, behind Microsoft.

The euro was on the rise again too. It added another 0.1% to its 2% rise over the last month to reach just shy of $1.0880, although most traders were sitting on their hands, waiting to see what the ECB signals later.

All 82 economists polled by Reuters expect the Frankfurt-based central bank to trim its key rate to 3.75% from the record high 4.0% level it has been at since September, but what it does after that remains subject to much debate.

EU elections happen in the coming days but stronger-than-expected data over the last few weeks has raised doubts about how many more cuts will be justified this year.

Euro zone inflation rose more than predicted in May, fuelled by price growth in the services sector, which some policymakers single out as especially relevant because it reflects domestic demand.

This was likely to mirror larger-than-expected increases in wages in the first quarter of the year, which boosted consumers' battered disposable income after years of below-inflation pay hikes.

Michael Metcalfe, head of global macro strategy at State Street Global Markets, said for this meeting though, it was hard to remember a central bank move more well flagged in advance.

"Maybe today is going to mark something of a watershed as they (ECB) are not going to be able to be as clear with their forward guidance," Metcalfe said

Considering the recent robust data, "what follows is now a much harder question for markets - and the ECB - to assess," he added. "It could be a classic buy-the-rumour-sell-the-fact and the euro get some support from here."

The Bank of Canada pipped the ECB to being the first G7 country to cut rates in this cycle on Wednesday. The U.S. Federal Reserve meets next week although isn't expected to move until September. By contrast, the debate at the Bank of Japan, which meets the week after, will be on if and when to raise rates.

Canada's dollar trimmed some of the losses from its post-cut dip on Thursday to leave it at C$1.3679 per U.S. dollar.

In the bond markets, Germany's 2-year government bond yield, which is sensitive to policy rate expectations, was down 0.5 bps at 2.98%. It hit 3.125% on Friday, its highest since mid-November.

Benchmark 10-year U.S. Treasury yields were sitting near their lowest in two months, after data this week hinted that the U.S. labour market is finally cooling.

That included private U.S. payrolls on Wednesday and a report on Tuesday that showed job openings fell in April to the lowest in more than three years.

Markets are now pricing nearly two full 25 basis point Fed cuts again this year, with a September move seen as a 68% chance compared to 47.5% last week.

"We're still in the Goldilocks range so bad economic news has been good for equities as Fed rate cuts are back on the table," said Ben Bennett, Asia-Pacific investment strategist at Legal And General Investment Management.

Investor attention will soon turn to the U.S. nonfarm payroll report for May due on Friday, with a Reuters poll of economists expecting it to increase by 185,000 jobs.

"We need that to be around 100-150k to maintain the Goldilocks narrative," Bennett said. "Much higher than that and yields could move back up, but if we get zero or negative, then we could be talking about a hard landing again."

In commodities, Brent crude futures rose 0.48% to $78.79 a barrel, while U.S. West Texas Intermediate crude futures rose 0.63% to $74.54.

Spot gold rose 0.59% to $2,369 per ounce after a 1% rise previously, while silver rose 1.34% to $30.41 per ounce.

06 Jun 2024, 03:41 PM IST Sensex Today Live : Closing Bell Wrap

Sensex Today Live : Indian benchmark indices closed higher for the second day running, buoyed by positive cues from global markets in anticipation of interest rate cuts by the Federal Reserve in September, along with progress on the formation of a new government by Narendra Modi-led BJP's alliance NDA.

Sensex, which had opened higher at 75,078.70, traded between a low of 74,474.94 and a high of 75,297.73 through the day. At close, the Sensex was at 75,074.51, up 692.27 points, or 0.93%.

Similarly, the Nifty 50, which had also opened higher at 22,798.60, treaded water between 22,642.60 and 22,910.15 through the day. At close, the Nifty 50 was at 22,821.40, up 201.05 points, or 0.89%.

Seven of the 30 stocks on the BSE Sensex closed in the red. Hindustan Unilever, Asian Paints, Mahindra & Mahindra, Nestle India and IndusInd Bank, were the top drags, while Tech Mahindra, HCLTech, SBI, NTPC, and Infosys, were the top gainers.

Twelve of the 50 stocks on the Nifty 50 closed in the red. Hindalco Industries, Hero MotoCorp, Hindustan Unilever, Asian Paints and Mahindra & Mahindra, were the top drags, while Tech Mahindra, HCLTech, Shriram Finance, SBI Life and SBI were the top gainers for the day.

The broader market also ended in the green, with the BSE SmallCap index gaining 3.06% and the BSE MidCap gaining 2.28%.

Barring FMCG, Pharma, Health and Private Bank, all the other sectoral indices closed in the green. The Realty index had gained the most at close, followed by Media, PSU Bank, and Oil & Gas indices.

Other heavyweight indices like Auto, Bank, Financial Services, and IT were also ahead between 0.4% to more than 2%, at close.

06 Jun 2024, 03:16 PM IST Sensex Today Live : Sector Indices Heat Map

Sensex Today Live : Barring FMCG, Pharma, Health and Private Bank, all the other sectoral indices were trading in the green.

The Realty index had gained the most, followed by Media, PSU Bank, and Oil & Gas indices.

Other heavyweight indices like Auto, Bank, Financial Services, and IT were also ahead between 0.4% to more than 2%.

06 Jun 2024, 03:12 PM IST Sensex Today Live : Broader market indices heat map

Sensex Today Live : The broader market was in the green, with the BSE SmallCap index gaining 3.01% and the BSE MidCap gaining 2.15%. 

06 Jun 2024, 03:07 PM IST Sensex Today Live : Gainers and Losers on Nifty

Sensex Today Live : 13 of the 50 stocks on the Nifty 50 were trading in the red. Hindalco Industries, Hero MotoCorp, Hindustan Unilever, Asian Paints and Nestle India, were the top gainers, while HCLTech, Tech Mahindra, SBI Life, Shriram Finance and SBI were the top gainers. 

06 Jun 2024, 03:05 PM IST Sensex Today Live : Gainers and Losers on Sensex

Sensex Today Live : Eight of the 30 stocks on the BSE Sensex were trading in the red. Hindustan Unilever, Asian Paints, Mahindra & Mahindra, Nestle India and IndusInd Bank, were the top drags, while Tech Mahindra, HCLTech, SBI, Infosys, and NTPC, were the top gainers. 

06 Jun 2024, 03:03 PM IST Sensex Today Live : 3 pm market update

Sensex Today Live : Indian benchmark indices were trading in the green on Thursday, following positive cues from global markets on improving sentiment about interest rate cuts by the Federal Reserve in September.

At 3 pm, Sensex was up 571.46 points, or 0.77%, at 74,953.70 and Nifty was up 171 points, or 0.76%, at 22,791.35.

06 Jun 2024, 02:45 PM IST Sensex Today Live : Indoco Remedies receives tentative ANDA approval from US FDA for diabetes drugs Canagliflozin and Metformin Hydrochloride tablets; shares gain

Sensex Today Live : Indoco Remedies today announced the receipt of tentative approval from the US FDA for Abbreviated New Drug Application (ANDA) for Canagliflozin and Metformin Hydrochloride tablets, a generic equivalent of Invokamet tablets.

This product, Canagliflozin and Metformin Hydrochloride Tablets, will be manufactured by Indoco Remedies, at its manufacturing facility located in Verna Industrial Area, Goa, the company said in an exchange filing.

Canagliflozin and Metformin Hydrochloride tablets are used to treat type 2 diabetes mellitus.

06 Jun 2024, 02:36 PM IST Sensex Today Live : ZEEL board approves raising ₹2,000 crore; shares rise

Sensex Today Live : Zee Entertainment Enterprises today announced that its board of directors has approved raising 2,000 crorem by way of issuing equity shares, or any other permissible modes.

In an exchange filing, the company said, "We wish to inform that the Board of Directors of the Company at its meeting held today has, inter-alia, considered and given its in-principle approval for raising funds by way of issuance of equity shares and/or any other eligible securities (convertible/nonconvertible) through permissible modes in one or more tranches, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods, provided that the aggregate amount to be raised by issuance of such securities shall not exceed 2,000 crore and subject to such regulatory/statutory approvals, including approval of the shareholders, as may be required".

06 Jun 2024, 02:24 PM IST Sensex Today Live : Gensol Engineering top pick among renewable energy stocks on attractive valuations

Sensex Today Live : Renewable energy stocks are witnessing a surge in popularity among investors, driven by robust government support and significant investments in India’s green energy sector. The Indian government has set ambitious targets to cut carbon emissions by 1 billion tons by 2030 and achieve net-zero emissions by 2070.

The increasing focus on energy transition and decarbonisation is evident in the expansion of large-scale solar parks, hybrid projects, commercial and industrial (C&I) ventures, and rooftop solar installations. Despite the vast potential, only a handful of publicly traded companies are providing investors with an opportunity to participate in India’s monumental shift from fossil fuels to sustainable and clean technology. (Read the full story here.)

06 Jun 2024, 02:01 PM IST Sensex Today Live : 2 pm market update

Sensex Today Live : Indian benchmark indices were trading in the green on Thursday, following positive cues from global markets on improving sentiment about interest rate cuts by the Federal Reserve in September.

At 2 pm, Sensex was up 547.05 points, or 0.74%, at 74,929.29 and Nifty was up 154.75 points, or 0.68%, at 22,775.10.

06 Jun 2024, 01:57 PM IST Sensex Today Live : Poll Position: Has the story unraveled for ‘narrative stocks’?

Sensex Today Live : Traders on Wall Street were quaking in their boots at the beginning of the day. Overnight, US stock futures had plunged more than 5% to hit the lower circuit as Donald Trump’s startling victory in the US presidential polls sent shockwaves around the world.

Global financial markets were in doomsday mode, with Japan’s Nikkei declining 5.4% while Hong Kong’s Hang Seng shed 2.2%. European indices too were in a sea of red in early trading. (Read the full story here.)

06 Jun 2024, 01:25 PM IST Sensex Today Live : TVS Eurogrip launches steel belted agro industrial radial tyres at the Tire Show in Cologne, Germany; shares up

Sensex Today Live : TVS Srichakra today launched new Steel Belted Agro Industrial Radial Tyres at The Tire Cologne 2024 - one of the world’s foremost trade fairs for the tyre industry. The tyre major displayed its flagship products in the three-day event held in Cologne, Germany.

The newly launched Steel Belted Agro Industrial Radial Tyre has been designed for use predominantly in telescopic handlers, compact wheel loaders and backhoe loaders engaged in both agricultural and industrial applications, the company said in an exchange filing.

06 Jun 2024, 01:02 PM IST Sensex Today Live : 1 pm market update

Sensex Today Live : Indian benchmark indices were trading in the green on Thursday, following positive cues from global markets on improving sentiment about interest rate cuts by the Federal Reserve in September.

At 1 pm, Sensex was up 381.04 points, or 0.51%, at 74,763.28 and Nifty was up 123.20 points, or 0.54%, at 22,743.55.

06 Jun 2024, 12:51 PM IST Sensex Today Live : Orchid Pharma gets DCGI approval for its UTI antibiotic drug combination of Cefepime and Enmetazobactam; shares gain

Sensex Today Live : Orchid Pharma today announced it has received approval from the Drugs Controller General of India (DCGI) for the manufacturing and marketing of its invented New Chemical Entity Active Pharmaceutical Ingredient (API), Enmetazobactam.

DCGI has also granted permission to manufacture and market Finished Dosage Form (FDF) of Cefepime and Enmetazobactam as a dry powder injectable, the company said in an exchange filing.

This formulation is indicated for the treatment of complicated Urinary Tract Infections (cUTI) including acute Pyelonephritis, HospitalAcquired Pneumonia (HAP) including Ventilator-associated pneumonia (VAP), and Bacteremia when it is associated or suspected to be associated with either complicated urinary tract infections or hospital-acquired pneumonia, it added.

06 Jun 2024, 12:30 PM IST Sensex Today Live : Vakrangee acquires 2.4% equity stake in Vortex Engineering from Ventureast Funds; shares climb

Sensex Today Live : Vakrangee today announced the acquisition of a 2.4% equity stake in Vortex Engineering from Ventureast Funds. The company had acquired a 58.5% stake in the company from Aaviskaar India Investors recently.

Following this acquisition, Vakrangee's shareholding in Vortex has increased to 78.2%, from 75.8% earlier.

06 Jun 2024, 12:14 PM IST Sensex Today Live : Sector Indices Heat Map

Sensex Today Live : Barring FMCG, Pharma, Healthcare, and Private Bank, all other sectoral indices were trading in the green.

The PSU Bank, Realty and Oil & Gas indices were the top sectoral gainers.

06 Jun 2024, 12:10 PM IST Sensex Today Live : Broader market indices heat map

Sensex Today Live : The broader market was trading in the green, with the BSE MidCap gaining 2.31% and the BSE SmallCap climbing 2.86%. 

06 Jun 2024, 12:08 PM IST Sensex Today Live : Gainers and Losers on Nifty

Sensex Today Live : 17 of the 50 stocks on the Nifty 50 were trading in the red. Hero MotoCorp, Hindustan Unilever, Mahindra & Mahindra, Nestle India and Hindalco Industries were the top drags, while Shriram Finance, SBI, NTPC, ONGC, and Larsen & Toubro, were the top gainers. 

06 Jun 2024, 12:06 PM IST Sensex Today Live : Gainers and Losers on Sensex

Sensex Today Live : 10 of the 30 stocks on the BSE Sensex were trading in the green. Hindustan Unilever, Mahindra & Mahindra, Nestle India, Sun Pharma, and IndusInd Bank were the top drags, while SBI, NTPC, Larsen & Toubro, HCLTech, and Power Grid Corp., were the top gainers. 

06 Jun 2024, 12:03 PM IST Sensex Today Live : 12 pm market update

Sensex Today Live : Indian benchmark indices were trading in the green on Thursday, following positive cues from global markets on improving sentiment about interest rate cuts by the Federal Reserve in September.

At 12 pm, Sensex was up 461.31 points, or 0.62%, at 74,843.55 and Nifty was up 148.85 points, or 0.62%, at 22,769.20.

06 Jun 2024, 11:39 AM IST Sensex Today Live : Shelter Pharma secures $120,000 order from Berlin International Medical; shares jump 14%

Sensex Today Live : Shelter Pharma today announced that it has secured $120,000 order from Berlin International Medical for various medicines.

In an exchange filing, the company said, "We are pleased to inform you that Shelter Pharma Limited secured a noteworthy order from Berlin International Medical Co.

The order includes D3Cure 50 ml x 30,000 pcs, FerroCure Capsule 30,000 pcs, CoughNill 200ml x 10,000 pcs, stonyl 10,000 pcs, and RoyalForte Capsule 10,000 pcs

06 Jun 2024, 11:22 AM IST Sensex Today Live : Mphasis gets specialized Pega Partner distinction in Americas for Insurance; shares gain

Sensex Today Live : Mphasis today announced that it has achieved the Specialized Pega Partner distinction in the Americas for Insurance.

Mphasis serves as a strategic partner of enterprise AI decisioning and workflow automation platform provider Pega, offering extensive Insurance-centric Pega expertise to build solution offerings adhering to industry best practices, regulations, and standards, the company said in an exchange filing.

06 Jun 2024, 11:08 AM IST Sensex Today Live : HCC's Swiss subsidiary Steiner AG looking to raise capital, seeks 4 months' moratorium on debt

Sensex Today Live : HCC today announced that its Switzerlan-based subsidiary Steiner AG is in the process of raising capital for growth and to address working capital requirements, including legacy construction liabilities.

To facilitate the increase in value for all its stakeholders, the company has initiated the process of business reorganization by transitioning its core real estate development business into an independent subsidiary to suit investor requirements. While undergoing this process, the company has faced short-term liquidity gaps in the past few weeks, the company stated in an exchange filing.

In preparation for the capital raising and preservation of value, Steiner AG has filed for a provisional debt moratorium (initially for 4 months), a Swiss legal process used to effect its reorganization efforts, the company added.

06 Jun 2024, 11:01 AM IST Sensex Today Live : 11 am market update

Sensex Today Live : Indian benchmark indices were trading in the green on Thursday, following positive cues from global markets on improving sentiment about interest rate cuts by the Federal Reserve in September.

At 11 am, Sensex was up 843.6 points, or 1.13%, at 75,225.84 and Nifty was up 257.35 points, or 1.14%, at 22,877.70.

06 Jun 2024, 10:32 AM IST Sensex Today Live : Anmol Singh Jaggi, promoter and MD of Gensol Engineering, increase stake in the company; shares rise

Sensex Today Live : Gensol Engineering today announced that Anmol Singh Jaggi, promoter and managing director of the company, has increased his stake in the company. He acquired an additional 53,945 shares from the open market, costing a total of Rs. 4.8 crore.

Prior to this acquisition, Jaggi held 79,64,766 equity shares, representing 21.03% of the company’s total shareholding. With the recent purchase, his holding has increased to 80,18,711 equity shares, which now represents 21.17% of the total shareholding.

With this acquisition, total shareholding of the promoter group has increased from 62.62% to 62.77%.

06 Jun 2024, 10:19 AM IST Sensex Today Live : Sector Indices Heat Map

Sensex Today Live : Barring FMCG and Healthcare, all other sectoral indices were trading in the green.

The Realty index had gained the most, followed by the PSU Bank, Media and Oil & Gas indices.

06 Jun 2024, 10:16 AM IST Sensex Today Live : Broader market indices heat map

Sensex Today Live : The broader market was up, with the BSE MidCap gaining 2.31% and the BSE SmallCap climbing 2.91%. 

06 Jun 2024, 10:11 AM IST Sensex Today Live : Gainers and Losers on Nifty

Sensex Today Live : 16 of the 50 stocks on the Nifty 50 were trading in the red. Hindustan Unilever, Nestle India, Hero MotoCorp, Divi's Laboratories, and Hindalco Industries were the top drags, while Coal India, NTPC, SBI, ONGC and Shriram Finance, were the top gainers. 

06 Jun 2024, 10:09 AM IST Sensex Today Live : Gainers and Losers on Sensex

Sensex Today Live : 10 out of the 30 stocks on the BSE Sensex were trading in the red. Hindustan Unilever, Nestle India, Sun Pharma, Asian Paints and Kotak Mahindra Bank were the top drags, while NTPC, SBI, Tata Steel, HCLTech, and Tech Mahindra were the top gainers.

06 Jun 2024, 10:03 AM IST Sensex Today Live : 10 am market update

Sensex Today Live : Indian benchmark indices were trading in the green on Thursday, following positive cues from global markets on improving sentiment about interest rate cuts by the Federal Reserve in September.

At 10 am, Sensex was up 407 points, or 0.55%, at 74,789.24 and Nifty was up 122.85 points, or 0.54%, at 22,743.20.

06 Jun 2024, 09:52 AM IST Sensex Today Live : Uno Minda shares rally more than 16% after company signs deal to manufacture and sale of electric PVs and CVs

Sensex Today Live : The company has entered into an agreement with Suzhou lnovance Automotive for the manufacture and sale of select high voltage category electric vehicle products for passenger vehicle and commercial vehicle in India.

06 Jun 2024, 09:50 AM IST InfiniSensex Today Live : Heritage Foods shares climb more than 7% as company launches new range of pure ghee ladduste India

Sensex Today Live : The company has launched a new range of pure ghee laddus under the brand name ‘Truly Good’.

06 Jun 2024, 09:46 AM IST Sensex Today Live : Reliance Infrastructure shares jump more than 6% after company establishes subsidiary to provide engineering consultancy services and trade in commodities

Sensex Today Live : The company has incorporated a new subsidiary, Reliance Risee Private Limited, which will provide advisory and consultancy services related to engineering and technology, and deal in commodities and their derivatives.

06 Jun 2024, 09:40 AM IST Sensex Today Live : Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, says India has near-term political stability but political developments will continue to weigh on markets

Sensex Today Live : "As the market comes back to normalcy after the abnormal volatility of the last three days, the global construct has turned favourable with rising possibility of rate cuts by the Fed. Clear signs of weakening labour market in the US has led to sharp decline in the US bond yield to 4.29%. Even though this is favourable for foreign capital inflows, the FIIs continue to sell on high valuations in India particularly in comparison to the cheap valuations of Chinese stocks.

In the near-term we have political stability but political developments will continue to weigh on markets. A concern in the market is that the BJP’s dependence on allies might put economic reforms on the back burner impacting growth and thereby corporate earnings in the long run."

--Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

06 Jun 2024, 09:38 AM IST Sensex Today Live : IEX shares up more than 5% after company reports 29% YoY increase in total monthly volumes traded in May 2024

Sensex Today Live : The Indian Energy Exchange (IEX) has achieved a total monthly volume of 10,633 MU in May 2024, reflecting a 28.9% year-over-year increase.

06 Jun 2024, 09:37 AM IST Sensex Today Live : Kalpataru Projects International shares gain more than 4% after company discloses plans to raise funds

Sensex Today Live : The company will discuss and approve a proposal for raising funds by issuing non-convertible debentures (NCDs) on a private placement basis.

06 Jun 2024, 09:28 AM IST Sensex Today Live : RVNL shares climb more than 5% after bagging orders worth ₹500 crore

Sensex Today Live : Rail Vikas Nigam has received multiple orders worth more than 500 crore.

06 Jun 2024, 09:24 AM IST Sensex Today Live : BHEL shares jump 10% on bagging ₹3,500 crore contract from Adani Power

Sensex Today Live : The company received an order, worth 3,500 crore, for a 2x800 MW thermal power project in Uttar Pradesh from Adani Power's Mirzapur Thermal Energy (UP) Private Limited.

06 Jun 2024, 09:23 AM IST Sensex Today Live : KP Green Engineering shares frozen at 5% upper circuit after company bags orders worth ₹350 crore

Sensex Today Live : The company has secured new orders from multiple clients amounting to 351.35 crore.

06 Jun 2024, 09:17 AM IST Sensex Today Live : Opening Bell

Sensex Today Live : Indian benchmark indices opened in the green open on Thursday, following positive cues from global markets on improving sentiment about interest rate cuts by the Federal Reserve in September.

At opening bell, Sensex was up 289.8 points, or 0.39%, at 74,672.04 and Nifty was up 96.05 points, or 0.42%, at 22,716.40.

06 Jun 2024, 09:15 AM IST Sensex Today Live : Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher, gives technical outlook for Bankex and BankNifty

Sensex Today Live : "BankNifty gained more than 4% to move past the 49,000 zone with decent recovery witnessed and with the support maintained near 47,300 level, it needs to sustain above the significant 50EMA level of 48,150 zone to maintain the bias intact. Once a decisive breach above 49,700 zone is confirmed, we can establish some conviction for further upside move, provided there are no surprise developments from the political end.

Bankex has given a good bounce from the 200 DMA level of 52,500 and almost retraced 0.786% of the fall. The index needs to breach above the 56,300 zone to further strengthen the trend and establish some conviction to anticipate a further rise in the coming days. BankNifty would have the daily range of 48,200-50,300 levels ,with Bankex support at 54,300 and resistance at 56,500 levels."

--Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher

06 Jun 2024, 09:13 AM IST Sensex Today Live : Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher, gives technical outlook for Sensex and Nifty

Sensex Today Live : "Nifty after witnessing the heavy erosion a day before, bulls regained some lost strength to gain 735 points to end near the 22,600 zone once again moving above the significant 50EMA level of 22,400 zone. The index would have the support zone near the low made near 21,800 levels and on the upside a decisive breach above 22,900 zone shall further improve the bias and sentiment.

Sensex has retraced almost 0.382% from the low made on result day, which is at the 200 DMA level of 70,500, and is trading in the rising channel pattern with support at the 72,700 level. The support for the day is seen at 73,800/22,450 levels while the resistance is seen at 75,600/22,900 levels. BankNifty would have the daily range of 48,200-50,300 levels."

--Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher

06 Jun 2024, 09:11 AM IST Sensex Today Live : Benchmark indices firm at pre-open

Sensex Today Live : Indian benchmark indices were green and firm at pre-open on Thursday, following positive cues from global markets on improving sentiment about interest rate cuts by the Federal Reserve in September.

Sensex was up 696.46 points, or 0.94%, at 75,078.70 and Nifty was up 178.25 points, or 0.79%, at 22,798.60 during pre-open.

06 Jun 2024, 08:59 AM IST Sensex Today Live : Sell sell? Why the market doesn’t like the poll results

Sensex Today Live : The BJP-led NDA emerged victorious in the Lok Sabha polls, but the saffron party was unable to secure a simple majority on its own.

The age of coalition politics is back and this queers the pitch for the market in the short term. Mint explains why. (Read the full story here.)

06 Jun 2024, 08:55 AM IST Sensex Today Live : Prashanth Tapse, Senior VP (Research), Mehta Equities, says Wednesday's surge in benchmark indices shows increasing confidence of investors

Sensex Today Live : "Nifty surged in yesterday’s trade with all sectoral indices closing in green, as investors shrugged off election jitters, showing confidence in the long-term potential of the Indian market. India VIX tumbled 29%, signaling reduced volatility. Key catalysts include increased expectations for Federal Reserve interest-rate cuts, record-high closes for the S&P 500 and Nasdaq 100, and all-time highs for AI stocks like NVIDIA, with Apple nearing a $3 trillion market cap. Additionally, oil prices remain low at $73.50 a barrel. Technically, Nifty's immediate targets are 22,900 and 23,339, with intraday support at 22,300. The RBI MPC meeting outcome on June 7th is also highly anticipated. Preferred trades: Buy Nifty at 22,620 with targets of 22,750/22,900, and Bank Nifty at 49,055 with targets of 49,350/49,700. Top stock pick: NTPC at CMP 341, targeting 365/381, with an aggressive target of 401."

--Prashanth Tapse, Senior VP (Research), Mehta Equities

06 Jun 2024, 08:52 AM IST Sensex Today Live : Stocks to watch today

Sensex Today Live : Force Motors, BHEL, RVNL, IEX, Tata Steel, are a few stocks likely to be in focus on Thursday, 6 June.

06 Jun 2024, 08:44 AM IST Sensex Today Live : What to expect from Indian stock market in trade on June 6

Sensex Today Live : The Indian stock market, represented by the Sensex and Nifty 50, is poised to continue its upward trajectory on Thursday, influenced by robust global market trends. The Gift Nifty’s trading around the 22,670 level, a premium of nearly 90 points from the Nifty futures’ previous close, further indicates a positive start for the Indian benchmark index.

Technical analysis reveals a bullish inside day type pattern formation in the Nifty 50, which formed a long bull candle on the daily chart with a lower shadow on Wednesday, next to Tuesday’s long bear candle. According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, this market action signals a counter-attack by bulls after a day of market weakness and is a positive indication. He noted that the Nifty moved above the crucial hurdle of the mid part of Tuesday’s long-range bear candle around 22,250 on Wednesday and closed higher. He added that the next crucial hurdles to watch are around the upper part of that candle, around 23,200 levels. (Read the full story here.)

06 Jun 2024, 08:33 AM IST Sensex Today Live : Eight key things that changed for market overnight - Gift Nifty, US Private Payrolls to Nvidia shares

Sensex Today Live : The Indian equity market, represented by the Sensex and Nifty 50, is set for a positive opening on Thursday, buoyed by encouraging global indicators. Asian markets are experiencing a surge, influenced by the US stock market’s overnight gains. The uptick comes in the wake of weak economic data, which has sparked expectations of interest rate cuts by the Federal Reserve.

Domestically, market sentiment has been bolstered by political developments. The National Democratic Alliance (NDA) leaders have expressed their support for Narendra Modi’s Bharatiya Janata Party (BJP), paving the way for the alliance to form a government for the third consecutive term.

Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, anticipates that the market will continue to focus on the government formation process, particularly on key cabinet portfolios such as Finance, Defense, Roads, Energy, Commerce, and Railways. He added, “With the election overhang done, we expect the focus to revert to fundamentals." (Read the full story here.)

06 Jun 2024, 08:22 AM IST Sensex Today Live : Firm global cues, Gift Nifty signal muted to positive start for Indian markets

Sensex Today Live : The Indian share market looked all set to open on a muted note with a positive bias on Thursday, even as clarity was emerging on the formation of a new government by the BJP-led NDA, and improving investors' sentiment around the globe on the back of rising expectations of a likey interest rate cut in September by the US Federal Reserve.

The Gift Nifty futures was trading at 22,678, marginally higher than Wednesday's Nifty 50 close of 22,620, signalling a muted start for the markets on Thursday, but with a positive bias.

Asian shares gained on Thursday on rising expectations the U.S. Federal Reserve will likely cut interest rates in September, while the euro advanced ahead of the European Central Bank policy meeting where a rate cut is widely expected.

The shifting Fed expectations lifted oil prices and dragged Treasury yields to their lowest in two months after data this week hinted the U.S. labour market was easing.

MSCI's broadest index of Asia-Pacific shares outside Japan was 1.14% higher, led by tech stocks. The index was on course for a 2.7% gain in the week and snap its two-week losing streak. Japan's Nikkei rose 1%.

China stocks also gained, with the blue-chip index up 0.38%, while Hong Kong's Hang Seng index added 0.81%.

Indian stocks were poised for a muted start to the session in a turbulent week after Prime Minister Narendra Modi was formally named to lead a new coalition government for a third straight term.

Modi will for the first time head a government dependent on the support of regional allies whose loyalties have wavered over time, which could complicate the new cabinet's reform agenda and has unnerved some investors.

On Wednesday, the S&P 500 and Nasdaq indexes hit record closing highs, with AI darling Nvidia becoming the world's second-most valuable company after breaching market valuation of $3 trillion and overtaking Apple.

The May private payrolls report on Wednesday was the latest data to suggest an easing in the labour market and comes after a report on Tuesday showed job openings fell in April to the fewest in more than three years.

Markets have taken their cue from the labour data this week and are now pricing in 49 basis points of cuts from the Fed this year, with a rate cut in September at 69% chance compared with 47.5% a week earlier, CME FedWatch tool showed.

"We're still in the Goldilocks range so bad economic news has been good for equities as Fed rate cuts are back on the table," said Ben Bennett, Asia-Pacific investment strategist at Legal And General Investment Management.

Investor focus is now on the nonfarm payroll report for May due on Friday, with a Reuters poll of economists expecting it to increase by 185,000 jobs.

"We need that to be around 100-150k to maintain the Goldilocks narrative," Bennett said. "Much higher than that and yields could move back up, but if we get zero or negative, then we could be talking about a hard landing again."

Benchmark 10-year note yields were last at 4.2929% in Asian hours. On Wednesday the yields fell to as low as 4.2750%, the lowest since April 1.

In the currency market, the dollar was broadly lower, with the yen strengthening to 155.445 per dollar, close to a more than two-week high of 154.55 touched on Tuesday.

The euro was up 0.2% at $1.089025, not far from the two-and-a-half month high it touched on Tuesday ahead of the ECB meeting that will kick off a fresh round of central bank policy reviews, with the Fed and the Bank of Japan due to meet next week.

The ECB is all but certain to cut interest rates from record highs on Thursday and is likely to acknowledge it has made progress in its battle against inflation, but also stress that the fight is not yet over.

Investor focus will be on comments and the economic projection to gauge what comes after the expected rate cut. Markets are pricing in 64 basis points of cuts this year.

Charu Chanana, head of currency strategy, said the key risk going into the meeting is if the ECB hawks fall short of the high bar or signal further rate cuts in a clear manner.

"The market can perceive this to be a policy mistake as a series of rate cuts can potentially exacerbate inflation in the medium term."

The Bank of Canada trimmed its key policy rate on Wednesday, the first G7 country to do so, in a widely expected move, but indicated further easing would be gradual and dependent on data.

In commodities, Brent crude futures rose 0.48% to $78.79 a barrel, while U.S. West Texas Intermediate crude futures rose 0.66% to $74.55.

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