Stock Market Highlights Today: Nifty50 forms bullish candle, sets eyes on 16,750 – Economic Times

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US stocks open lower as Microsoft offsets oil relief

US stock indexes opened lower on Thursday as shares of Microsoft fell after the company lowered its profit forecast, offsetting relief from a pullback in oil prices that eased worries about rising inflation. The Dow Jones Industrial Average fell 4.22 points, or 0.01%, at the open to 32,809.01. The S&P 500 opened lower by 5.82 points, or 0.14%, at 4,095.41, while the Nasdaq Composite dropped 48.89 points, or 0.41%, to 11,945.57 at the opening bell.

Tech View

Nifty50 on Thursday closed above the 16,600 level, forming a bullish candle on the daily chart. Analysts said it may face some resistance around its 200-day EMA, which is placed near the 16,750 zone while they continue to see the 16,400 level to act as an immediate support zone. For the day, the index closed at 16,628, up 105.25 points or 0.64 per cent.

While the global markets are still pointing towards mixed signals, selective buying in index majors across sectors is helping the index to inch higher. A decisive break above 16,700 in Nifty would fuel fresh momentum towards 16,900. We maintain our positive bias and recommend focusing on sectors/themes which are gaining traction. At the same time, participants shouldn’t go overboard and maintain strict risk management in place.

– Ajit Mishra, VP – Research, Religare Broking

Rupee slips 10 paise to close at 77.60 against US dollar

The rupee depreciated by 10 paise to close at 77.60 (provisional) against the US dollar on Thursday, even as oil prices eased and domestic equities settled on a positive note. At the interbank foreign exchange market, the rupee consolidated in a narrow range. It opened lower at 77.61 against the greenback and finally settled at 77.60, down 10 paise over its previous close. During the session, the rupee touched an intra-day low of 77.63 and a high of 77.54.

The bounce in the market is showing signs of getting extended further supported by a mid and small-cap. High-frequency data like GST collection and PMI have shown a good start to FY23. Crude prices have declined providing an edge to the performance of the Indian market. However, a lot will depend on central bank’s policy in India & US, which will be announced in the next two weeks.

– Vinod Nair, Head Of Research at Geojit Financial Services

IT, media, metal & PSU bank indices rally over 1% each

IT, media, metal & PSU bank indices rally over 1% each

Sensex Heatmap: 21 of 30 index stocks close higher; RIL top gainer; HDFC worst loser

Sensex Heatmap: 21 of 30 index stocks close higher; RIL top gainer; HDFC worst loser

Closing Bell: Sensex rebounds after 2-day hiatus, ends 437 pts higher; Nifty tops 16,600; RIL up 4%, Adani group stocks rally up to 5%

FinMin may exempt hospitals, banks’ cards from 30% tax on virtual assets, sources tell ET NOW

Market LIVE Updates: Apollo Hospital among top 5 NSE losers in afternoon session

Price as on 02 Jun, 2022 02:39 PM, Click on company names for their live prices.

Up to 2,500% rally! These 30 penny stocks have delivered multibagger returns so far in 2022

Despite the volatility and uncertainty as many as 30 penny stocks have rise about 2,500 per cent, delivering multibagger returns to investors since the beginning of the ongoing calendar. Out of these counters, half a dozen names have rallied more than 600 per cent in the last five months.

Aether Industries to list tomorrow: Will it spring a positive surprise?

Aether Industries is likely to buck the trend of muted listings as the company is signaling for a positive surprise on Friday when the stock makes its debut on Dalal Street. Just a day ahead of listing, shares of Aether Industries were commanding a premium of Rs 25-30 per share in the grey market, which is about 5 per cent over its issue price of Rs 642 apiece.

Global Market Update: European shares rise cautiously after two-day decline

European shares bounced back on Thursday, led by tech and healthcare names, with gains limited by a slide in energy stocks and worries over slowing economic growth. The pan-European STOXX 600 index rose 0.4% by 0719 GMT. Volumes are expected to be subdued as London markets are closed for Queen Elizabeth’s Platinum Jubilee bank holidays.

Bank credit to NBFCs rises 10 pc to Rs 10.5 lakh cr in FY22: Report

  • Bank credit to NBFCs grew in double digit in FY22 with outstanding bank credit to them rising by 10.4 per cent to Rs 10.5 lakh crore on the back of improvement in overall economic activities and banks’ renewed focus on the NBFC sector following improvement in their balance sheets, says a report.

  • In absolute terms, according to an analysis by Care Ratings, bank credit to non-banking financial companies (NBFCs) expanded by Rs 99,000 crore in FY22, from FY21.

Nifty is expected to remain in a range while Bank Nifty may outperform. Traders are advised to apply buy on decline strategy at the support zones. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in stocks like Reliance, Bajaj Finance, Voltas and HAL.

– Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services

SBI revises up FY23 economic growth forecast to 7.5%

SBI Research has projected the Indian economy to grow at 7.5 per cent in 2022-23, an upward revision of 20 basis points from its earlier estimate. As per official data, the economy grew by 8.7 per cent in FY22, net adding Rs 11.8 lakh crore in the year to Rs 147 lakh crore, the report said, adding this was however only 1.5 per cent higher than the pre-pandemic year of FY20.

Raymond, Godfrey Phillips rally up to 11%

Price as on 02 Jun, 2022 12:21 PM, Click on company names for their live prices.

PSU Bank index gains 0.5%; these are the top gainers

PSU Bank index gains 0.5%; these are the top gainers

State-owned NMDC has registered over 14 per cent growth in its iron ore production at 3.2 million tonnes (MT) in May, the Ministry of Steel said on Thursday. NMDC had produced 2.8 MT of iron ore in May 2021.

Price as on 02 Jun, 2022 11:53 AM, Click on company names for their live prices.

While we would have preferred 16400 not to be breached, it is still one of the expected scenarios within the upside construct, given VIX above 20. We will continue to wait to till 16100, before switching sides, but favoured view expects accumulation to surface in the 17400-200 region, suggesting that a collapse is not expected, yet.

– Anand James – Chief Market Strategist at Geojit Financial Services

Market LIVE Updates: Check out the top performers from the IT pack

Price as on 02 Jun, 2022 10:59 AM, Click on company names for their live prices.

Credit Suisse initiates coverage on Delhivery with ‘outperform’

Credit Suisse sees a strong moat in terms of scale, network complexity and a versatile technology platform. It noted that the company’s parcel volumes doubled in FY22 compared with a 40 per cent market growth. It forecast a 29 per cent revenue CAGR for Delhivery over FY22-25. It prefers Delhivery to other internet peers due to no acquisition cost, diversified growth and cheaper valuation. The brokerage finds the stock worth Rs 675 at 24 times FY30 EV/Ebitda.

Credit Suisse initiates coverage on Delhivery with 'outperform'

Hero Motocorp skids 4% as supply roadblocks compel delay of first EV 2-wheeler launch

Shares of Hero MotoCorp slid 4.3 per cent in early trade on Thursday after the two-wheeler giant deferred the launch of its first electric two-wheeler on account of supply constraints amid geopolitical tensions. The automobile major had earlier announced that its EV, under the ‘Vida’ brand, would be launched in July. Hero Motocorp’s scrip fell to a low of Rs 2,640 as against Rs 2,758.55 at the previous close on the BSE. The stock was last trading 2.4 per cent lower.

Market LIVE Updates: BSE Smallcap index outperforms benchmark Sensex

Market LIVE Updates: BSE Smallcap index outperforms benchmark Sensex

Sensex today LIVE: RIL, TCS, Infosys among top Sensex contributors at this hour

Sensex today LIVE: RIL, TCS, Infosys among top Sensex contributors at this hour

Top stocks that have disappointed over 5 years

There are signs of the pull back from the recent lows petering out. The weakness in the mother market, US, and the FPIs again turning sellers after a one day break, are near-term negatives for the market. The uncertainty regarding the trajectory of inflation and interest rates will continue to keep the market on tender hooks. Trading is extremely tough in this market and investors will be better off waiting and watching till clarity emerges on the direction of the market. Since high inflation is here to stay for some time, investors should focus on segments which are least impacted by inflation such as exporters, chemicals, telecom and firms with pricing power to pass on increased costs to consumers.

– Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Adani Power, Voda Idea, Bank of Baroda among most active stocks on NSE

Price as on 02 Jun, 2022 09:43 AM, Click on company names for their live prices.

Sensex Today LIVE: Index erases opening losses, turns positive

Sensex Today LIVE: Index erases opening losses, turns positive

Market LIVE Updates: YES Bank hikes MCLR across tenure by 15-25 bps: Informist

Price as on 02 Jun, 2022 09:30 AM, Click on company names for their live prices.

SECTOR WATCH: Nifty IT rallies over 1%, FMCG slides 1%

SECTOR WATCH: Nifty IT rallies over 1%, FMCG slides 1%

Sensex Heatmap: Only 6 of 30 index stocks in the green

Sensex Heatmap: Only 6 of 30 index stocks in the green

OPENING BELL: Sensex sheds 150 points, Nifty below 16,500; Greaves Cotton jumps 9%, Delhivery 2%

Mishtann Foods, RO Jewels to go ex-bonus today

RO Jewels will go ex-bonus today in the 82:32 ratio i.e. 82 new bonus shares for every 32 shares held by existing shareholders. Mishtann Foods will also go ex-bonus today in 1:1 ratio.

5 stocks to go ex-dividend today

At least five stocks will go ex-dividend today. While Page Industries had announced an interim final dividend of Rs 70 per share, SM Auto Stamping had announced an interim dividend of Rs 1.25. Three companies namely Tata Investment Corporation (Rs 55 per share), Castrol India (Rs 3 per share) and Tata Coffee (Rs 2 per share) had announced final dividends recently and will go ex-dividend today.

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 68.50 points, or 0.41 per cent, lower at 16,439.50, signaling that Dalal Street was headed for a negative start on Thursday.

Tech View: Nifty forms bearish candle, buy on dips

Nifty50 on Wednesday fell for the second day and formed a small bearish candle on the daily chart. The index made a lower high formation, but analysts believe the recent positive momentum stays intact as long as the 16,400 level is held on a closing basis. Any weakness should be used to ‘buy on dips,’ they said, adding that resistance for the index is seen at the 16,700-750 level.

Hong Kong shares down at start of trade

Hong Kong stocks opened Thursday morning with big losses fuelled by concerns about the outlook for the global economy as central banks are forced to hike interest rates to counter surging inflation. The Hang Seng Index sank 1.12 percent, or 237.90 points to 21,057.04. The Shanghai Composite Index slipped 0.37 percent, or 11.85 points to 3,170.31, while the Shenzhen Composite Index on China’s second exchange fell 0.35 percent, or 7.06 points to 2,005.59.

Japan stocks open lower after Wall Street loss

Tokyo stocks opened down Thursday following falls on Wall Street as investors eyed inflation worries. The benchmark Nikkei 225 index slipped 0.51 percent, or 140.57 points, to 27,317.32, while the broader Topix index dropped 0.81 percent, or 15.62 points, to 1,923.02. The dollar stood at 129.93 yen, nearly flat from 130.15 yen seen Wednesday in New York.

Oil prices skid $3 a barrel ahead of OPEC+ meeting

Oil prices fell by around $3 a barrel in early Asian trade on Thursday as investors cashed in on a recent rally with a key producers meeting later in the day set to pave the way for expected output increases. Brent crude was down $2.76, or 2.4%, at $113.53 a barrel at 0024 GMT, having risen 0.6% the previous day. US West Texas Intermediate (WTI) crude dropped $2.89, or 2.9%, to $112.37 a barrel, after a 0.5% rise on Wednesday.

US stocks slide as strong data raises rate worries

A swift jump in Treasury yields rattled Wall Street on Wednesday, pulling stocks broadly lower at the start of another month in what’s been a turbulent year for the market.The S&P 500 ended 0.7% lower after an early morning gain quickly gave way to choppy trading. The Dow Jones Industrial Average slid 0.5% and the Nasdaq fell 0.7%. Stocks began their slide immediately after the release of several reports on the U.S. economy, including one showing manufacturing growth was stronger last month than expected.

Rupee recovers from record low, spurts 21 paise to 77.50 per dollar

The rupee recovered from its record low to close 21 paise higher at 77.50 against the American currency on Wednesday as dollar sales by some banks offset the impact of elevated crude oil prices and persistent foreign fund outflows. At the interbank forex market, the rupee opened at 77.58 against the greenback and moved in a range of 77.51 to 77.62 in the day’s trade. The rupee finally ended at 77.50, higher by 21 paise over its previous close.

Sensex, Nifty, extend losses for 2nd day

The Sensex and Nifty nursed losses for the second straight session on Wednesday, pressured by steep declines in IT, FMCG and pharma counters amid a mixed trend overseas. High crude oil prices, lacklustre macroeconomic data and foreign fund outflows also played spoilsport. The 30-share BSE Sensex declined 185.24 points or 0.33 per cent to settle at 55,381.17 in a see-saw session. On similar lines, the broader NSE Nifty dipped 61.80 points or 0.37 per cent to finish at 16,522.75.

Good morning, dear reader! Here’s something to kickstart your trading day

Good morning, dear reader! Here's something to kickstart your trading day

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