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Business News/ Markets / Stock Markets/  Stock Market Today: Sensex, Nifty end higher amid positive global cues; BSE Midcap hits all-time high
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Stock Market Today: Sensex, Nifty end higher amid positive global cues; BSE Midcap hits all-time high

Sensex closed 119 points, or 0.19 per cent, higher at 62,547.11 while the Nifty ended at 18,534.10, up 46 points, or 0.25 per cent.

Sensex, Nifty ended higher on June 2.  (Unsplash)Premium
Sensex, Nifty ended higher on June 2. (Unsplash)

Frontline indices the Sensex and the Nifty resumed their upward march after two days of losses on Friday (June 2) in light of positive global cues as investors' risk appetite improved after the US passed US debt ceiling legislation, averting US default. Moreover, the market sentiment was also underpinned were signals that the US Fed may not hike rates at its next meeting on June 13-14.

"The Senate passed wide-ranging legislation Thursday that suspends the $31.4 trillion debt ceiling while cutting federal spending, backing a bipartisan deal struck by President Biden and House Speaker Kevin McCarthy to avert an unprecedented US default," reported Wall Street Journal.

Investors now shift focus on US May jobs data, which is expected today, to get cues on the Fed's rate hike trajectory.

As per a Reuters report, vice-chair nominee Philip Jefferson said on Wednesday (May 31) that "skipping a rate hike at a coming meeting would allow the rate-setting Federal Open Market Committee to see more data before making decisions about the extent of additional policy firming." Several other Fed speakers have also made similar remarks in the recent past.

Sensex closed 119 points, or 0.19 per cent, higher at 62,547.11 while the Nifty ended at 18,534.10, up 46 points, or 0.25 per cent.

Mid and smallcaps outperformed the benchmark indices significantly. The BSE Midcap index hit its all-time high of 27,322.22 in intraday trade before ending 0.60 per cent higher at 27,294.10. The Smallcap index hit its 52-week high of 30,969.95 in intraday trade and closed 0.57 per cent higher at 30,885.70. The all-time high of the smallcap index is 31,304.44 which it hit on January 18, 2022.

Over 200 stocks, including large-cap ones such as Tata Motors, Titan, Lupin, DLF, Britannia Industries, Bajaj Auto, Apollo Hospitals and Indian Hotels Company, hit their fresh 52-week highs in intraday trade on BSE.

Meanwhile, crude oil prices rose after a US debt ceiling deal. Brent Crude traded over a per cent higher near the $75 per barrel mark around 4 pm. The rupee rose 11 paise to close at $82.30 per dollar as the greenback suffered losses on prospects of a pause in rate hikes.

Top Nifty Gainers and Losers

Shares of Hindalco (up 3.43 per cent), Hero MotoCorp (up 3.09 per cent) and Apollo Hospitals (up 3.03 per cent) ended as the top gainers in the Nifty index.

On the flip side, shares of Adani Enterprises (down 2.09 per cent), BPCL (down 1.30 per cent) and HDFC Life Insurance (down 1.05 per cent) ended as the top losers in the index.

As many as 32 stocks ended higher while 18 stocks ended in the red in the index.

Top gainers, losers today: Tata Steel, Maruti, Hindalco, Infosys, Adani Enterprises; check full list here

Sectoral indices

Barring Nifty Oil & Gas (down 0.67 per cent) and IT (down 0.40 per cent), all sectoral indices ended in the green, with Nifty Realty (up 1.42 per cent) and Metal (up 1.22 per cent) ending as the top gainers.

Nifty PSU Bank, Auto, Media, Healthcare and Pharma indices rose almost a per cent each.

Experts' Views on Markets

"This week the Indian market was volatile, however, it was able to regain the momentum led by a positive domestic outlook accompanied by global cues. Auto stocks garnered attention as sales numbers for May came in strong, with a sequential recovery boosting sentiment across the sector. The hope that the Fed will refrain from a rate hike has provided comfort to the global equity market," said Vinod Nair, Head of Research at Geojit Financial Services.

"The equity market has been holding quite well buoyed by the better than expected national income data, encouraging manufacturing PMI, and finally, a closure to the US debt ceiling discussions. The positive sentiment created by these events may linger on for some more time. However, in the immediate term one should be cognizant of the high probability for exports to slowdown with almost all auto companies reporting a decline in the exports component, and a slowdown in FPI flows if the strength in the US unit endures," said Joseph Thomas, Head of Research at Emkay Wealth Management.

Technical Views on Markets

The Nifty opened on a positive note today and witnessed rangebound price action. Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas pointed out that on the hourly charts, the Nifty is trading around the lower end of the reverse channel (18,500 – 18,450) and the key hourly moving averages and the hourly momentum indicator has triggered a fresh positive crossover which is a buy signal.

"After a gap-up opening on Monday this week, Nifty spent most of the time digesting those gains. It has filled the gap (18,500 – 18,580) area, created on May 29, and in the process retested the range breakout of 18,000 – 18,400," Gedia observed.

"We believe that the nifty this week has witnessed consolidation and from next week onwards we are likely to witness a resumption of the uptrend. Overall, we continue to maintain our positive outlook on the index for a target of 18,800 from a short-term perspective. In terms of levels, 18,460 – 18,420 shall act as the crucial support zone while the hurdle zone is placed at 18,600 – 18,660," said Gedia.

Read all market-related news here

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

 

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Updated: 02 Jun 2023, 04:23 PM IST
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