Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended over half a per cent higher on Friday. BSE Sensex gained 308 points to end at 51,423, while the broader Nifty 50 index made a record closing at 15,446.90. During intraday deals, NSE’s Nifty hit an all-time high of 15,469.65. The biggest contributor to the rally was Reliance Industrie Ltd (RIL), which surged nearly 6 per cent on the back of heavy volumes. RIL was followed by Mahindra & Mahindra, HDFC Bank, Housing Development Finance Corporation (HDFC), IndusInd Bank, Kotak Mahindra Bank and Bharti Airtel among others. On the flip side, Sun Pharma, Bajaj Finserv, ICICI Bank, Dr Reddy’s Laboratories, HUL and Titan Company were among top index laggards. Nifty PSU Bank index was top sectoral gainer, while Nifty Pharma index fell 1.18 per cent.
The markets have been in a jubilant mood since the start of trade today. It has closed well above the resistance of 15300 and should be headed higher to levels closer to 15600. As long as 15000 holds, traders can utilize any dip to accumulate long positions for higher targets.Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
BSE Sensex gained 308 points to end at 51,423, while the broader Nifty 50 index made a record closing at 15,446.90
Domestic equities remained upbeat and recorded fresh high as improved prospects of economy recovery and strong 4QFY21 earnings continued to bolster investors’ sentiments. A strong rebound in Reliance Industries was a key driving force today. Further, financials, auto and metals traded in green, while other key indices witnessed some amount of pressure. Volatility index fell sharply again by over 12%. Notably, sustained market rally added over Rs3 trillion in investors’ wealth this week and aided market capitalization of domestic equity to cross landmark US$3 trillion during the week. Reliance Industries, Grasim, Adani Ports and M&M were among top Nifty gainers, while Sun Pharma, ICICI Bank, Bajaj Finance and Axis Bank were laggards. Binod Modi, Head Strategy at Reliance Securities
The market is cheering the downward trajectory of the Covid-19 curve as the recovery rate since the last few days has been faster compared to the new cases. With the improvement in the Covid-19 curve, India is playing catch-up with the global market, with broader market outperformance seen during the month, in which smaller companies have outperformed the large caps. If the government is able to arrest Covid 2.0 spread completely in the next 15-30 days, then the unlock trade will play in the market and the current rally will sustain. Any delay in unlocking the economy beyond June will be a key risk in the near term. We could see some profit booking, as today’s market has crossed its previous high, but the long term structural story is intact for the Indian market. Broader market looks attractive at the current level and the sector rotation will play a crucial role to generate alpha in the near term Naveen Kulkarni, Chief Investment Officer, Axis Securities
Bajaj Healthcare share price surged as much as 10 per cent to Rs 700, also a new 52-week high, in intraday after the company launched Posaconazole API, which is used in treating Mucormycosis (Black Fungus) infection in Covid-19 patients. So far in the session, a total of 3.78 lakh shares have traded on BSE. Bajaj Healthcare stock has been on a gaining spree and surged nearly 16 per cent so far this week.
Given the limited impact on the overall economy and growth, we do believe that this rally in quality stocks in equity markets is here to stay. The overall shift will happen from Medium and Small enterprises to market leaders and hence even more of a reason to invest in quality names and market leaders. We do believe that financials, consumer discretionary names and chemicals are some of the sectors that should do well in the short to medium term. Manish Jain, Fund Manager, Ambit Asset Management
Equity markets, unlike investors, are always forward-looking. One of the key reasons why the indices have not corrected despite the second wave is that financial and human impact needs to be differentiated between. Unlike the first wave, the state governments have been smart about the lockdown and in that respect logistics and production have not completely broken down. Hence, the overall economic impact on the economy and growth is going to be limited. Moreover, with a V shaped recovery still in the offing and prospects of a double digit growth still look bright for FY22, We do believe that rally in quality Good & Clean stocks has just started. Manish Jain, Fund Manager, Ambit Asset Management
Reliance Industries Ltd (RIL) has formed a double bottom on the weekly chart at 1830. It is sustained above it and now it ready with a strong higher high and higher low chart formation. It indicates toward the longer time pending move in the counter. Moving forward one can see a target up to 2150-2180. If broken 2180 then it may resume its longer-term bull rally again. Vishal Wagh, Head of Research, Bonanza Portfolio Ltd
Infosys co-founder S D Shibulal has again bought shares worth Rs 100 crore of the IT major from wife Kumari Shibulal through an open market transaction, for the second time this week.“…We are hereby informing you about purchase of 7,22,545 equity shares (representing 0.02 per cent) of Infosys from Kumari Shibulal by way of block sale on the platform of the stock exchange on May 27, 2021,” S D Shibulal said in a regulatory filing.
Perhaps it is. However, you also have to remember that the markets can keep going higher longer than you can remain patient. And therefore, it is never a good idea to sell everything and get into cash if you think something is a bubble. A good option at these levels would be to book some profits, say to the tune of 50% of your portfolio, and wait on the sidelines for the valuations to turn comfortable again. On the other hand, if one is a SIP investor who prefers investing a fixed sum in stocks every month, he can continue with his SIPs in my view. The very purpose of such SIPs is to invest for the long term and not try and figure out whether something is a bubble or not. Therefore, all one needs to do is ensure that these simple rules are followed and one can end up with good long-term returns. Rahul Shah-Co-Head of Research, Equitymaster
Following favorable global cues, the market made a good start on Friday’s opening session. We observed holistic participation of different sectors helping the market to maintain the early gain. The market’s overall structure remains positive. As investors are optimistic about the economy’s reopening in June, which will help restart commercial activity. Besides, investors are anticipating today’s meeting of the goods and services tax council, in which the commission is likely to discuss the compensation shortfall. As we advance, we can expect the Nifty to trade in the 15200-15600 range. Most sectors have shown positivity, but the healthcare and IT sectors have shown weakness in the morning trade. Reliance and TATA Steel are the top gainers, while Sun Pharma and M&M are the top losers on Nifty. Likhita Chepa, Senior Research Analyst, CapitalVia Global Research
RBI’s economic capital is now close to a low of 21.7%. Generating higher surplus to aid government finances ahead will come with macro conundrums of managing yields and INR. Emkay Global Financial Services
Paytm Payments Bank will launch physical debit cards issued by Visa. Currently, it offers physical debit cards by Rupay, and virtual debit cards by Visa to customers. Paytm said that Visa physical debit cards will allow customers to use these at over 50 lakh Visa acceptance points and will allow them to tap and pay for contactless transactions.
Even domestically, with fresh cases subsiding continuously, investors are upbeat about the unlocking of economy in June which will help revive commercial activities. Healthy earnings season with strong growth momentum lent support to the market. Hopes of further stimulus by government is also bolstering investor confidence. Thus, as the 2nd Covid-19 wave continues to recede in India and pace of vaccination expected to pick up from next month, we expect the long term fundamentals to remain intact and the journey to become little smoother. Hemang Jani, Head Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services
Nifty today finally managed to breach its previous all-time high of 15431 made in Jan’20 – touched new all-time high of 15,455. After 2-3 months of consolidation, the month of May finally took the lead with MTD gains at 5.6% so far vis-a-vis near lull phase spread over previous two months [March +1% & April -0.4%]. Comfortable Liquidity (due to lack of avenues to deploy) globally and the strong commodity cycle (metals, sugar, agro chemicals) took the market to new highs. The global cues have been positive as reopening of economies in western countries and encouraging economic data points towards quick global economic recovery. Further pledge by U.S. Federal Reserve along with host of other Central Bank policymakers to keep monetary policy loose despite recent signs of an uptick in inflation has abated the concerns so far. Hemang Jani, Head Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services
The government is considering a tweak in the current foreign direct investment (FDI) policy to allow overseas investors pick up majority stake in the India’s second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL), sources said. The government is privatising BPCL and is selling its entire 52.98 per cent stake in the company.
Bajaj Healthcare launched a drug for the treatment of black fungus. The company launched Posaconazole API used in treating Mucormycosis (Black Fungus) infection in Covid-19 patients and will commence production from June. Bajaj Healthcare stock price surged to Rs 670 apiece, a new 52-week high.
An important trend in the market is the outperformance of midcaps (up around 24% YTD) vis-a-vis the Nifty (up around 10% YTD). Another trend is the increasing preference for value over growth as reflected in the sharp rise in PSUs like SBI, IOC & Coal India while the likes of HDFC Bank and Kotak Bank remain subdued. Such rotations happen during a bull run. Weakness in frontline private banking stocks may be used to accumulate them since these well-capitalised banks will continue to grab market share from the weaker players, particularly from weak PSU banks. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
For Nifty, 15300-15100 will act as immediate support now. While on the higher side, 15600-15700 are the levels to watch out for. Sameet Chavan, Chief Technical Analyst, Angel Broking
Important here to note is that the INDIA VIX is presently hovering around its lowest levels of recent times. Persistent low levels of VIX denote complacency of market participants. This may see volatility spiking at some time going ahead. This may also mean some modest corrective moves in the immediate short-term. So, it is best and prudent to wait for confirmation of a breakout at the present moment. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services
Nifty hits record highs today. However, from a technical perspective, it is testing of a double top resistance and not a breakout as yet. A breakout will occur only when the 15450-15500 levels are taken out convincingly. Resistance going on from here are 15800 and 16100 — supports 15250 and 15000 for an immediate couple of weeks. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services
Technically, Nifty’s trend has remained firm ever since the index broke above the neckline of a bullish Head and Shoulder pattern, earlier this month. The key pivot to now keep an eye on is the former record high, 15431. If the index sustains above that level, it is likely to continue its march higher towards 15800-16000 levels in the days ahead. On the downside, the immediate support now lies at 15180. Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS
Nifty has continued its ascent and has risen to a record high in the early morning trade today, underpinned by strong cues from the Asian markets. Broader markets too have started the day on a positive note, with the Midcap 100 index rising to its life-time high and the Smallcap 100 index rising to its highest level since January 2018. Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS
Gold prices were trading lower in India on Friday, following weak international trends. On Multi Commodity Exchange, gold June futures were trading Rs 151 or 0.31 per cent down at Rs 48,430 per 10 gram, as against the previous close of Rs 48,581. Silver July futures were also trading weak, down Rs 325 or 0.45 per cent at Rs 71 394 per kg. Silver futures ended at Rs 71,719 per kg in the previous session. In August last year, gold had hit a record high of Rs 56,191 per 10 gram in India.
The index is maintaining its bullish trajectory. Since we have been able to close above the 15300 level yesterday, the trend has become stronger and we should now be headed to 15600 as the next target. 15000 continues to remain the support for the markets. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Barring Nifty Pharma index, all the sectoral indices were trading with gains. Nifty Bank index gained nearly one per cent, while Nifty Metal index was top gainer, up 2.53 per cent
Stocks of Sun Pharma, Dr Reddy’s Lab, M&M, Nestle India, Bajaj-Auto among others were top index laggards, capping the gains in Sensex
ONGC, Housing Development Finance Corporation (HDFC). Reliance Industries Ltd (RIL), Titan Company, State Bank of India (SBI) were among top Sensex gainers
NSE India in a atweet today informed that NSE will conduct live trading from Disaster Recovery (DR) Site.
Nifty 50 index previous high of 15,432 was hit on February 16, 2021
Nifty hit an intra-day record high on Friday, crossing the earlier level of 15,431.75
Benchmark Indices are expected to open on a positive note as trends on SGX nifty indicate a gap up opening with 49 points gain. Global stocks are trading higher as data showing improvement in the labor market which translate to sharp economic recovery. Moreover, Indian Covid numbers continue to fall & companies are announcing production schedules. Market breadth continues to be positive with FII data continuing to be very bullish. Immediate support for Nifty 50 is 15,200. We are eyeing to hit a fresh all time high in the markets. Mohit Nigam, Head, PMS – Hem Securities
BSE Sensex gained 250 points to trade at 51,400, while the broader Nifty 50 index topped 15,400 in the pre-opening session on Friday
Domestic equities look to be good as of now. A sharp drop in daily caseload in second wave (remaining below 2 lakhs despite higher testing) and improvement in recovery rates have emboldened investors in last couple of days. Further, robust 4QFY21 earnings and favourable commentaries from managements also aided to lift sentiments. Going forward, likely announcement of phased withdrawal of state level lockdowns in coming weeks and recovery in economic activities can potentially aid market to sustain rally in the near to medium term. However, with market cap of domestic equities crossing US$3 trillion and market-cap to GDP over 115%, there is apprehension among investors about the sustainability of market rally. RBI in its annual report also indicated about the possibility of bubble in equities Binod Modi, Head Strategy at Reliance Securities
Prices of Petrol and Diesel were kept unchanged on Friday across major cities. Petrol in Delhi today costs Rs 93.68 per litre, while diesel in the capital city costs Rs 84.61 litre today. So far this month, rates have been hiked 14 times. Petrol price in Delhi has been increased by Rs 3.28 in May, while diesel price has surged Rs 3.88 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.
A total of 96 companies including Mahindra & Mahindra, IPCA Laboratories, Max Healthcare Institute, Aditya Birla Fashion and Retail, Glenmark Pharmaceuticals, Central Bank of India, Indian Bank, Sumitomo Chemical, GMM Pfaudler, Hinduja Global Solutions, and Ujjivan Financial Services, will announce their January-March quarter earnings on May 28.
The overall structure of the market remains positive as investors are upbeat about unlocking of economy in June which will help revive commercial activities. Technically Nifty is poised towards an up move to life time high of 15431 and 15500 zones while on the downside support exists at 15200- 15150 zones Hopes of further stimulus by government is bolstering investor confidence. As the 2nd Covid-19 wave continues to recede in India and pace of vaccination expected to pick up from next month, we expect the long term fundamentals to remain intact. Rising global inflation is a worry but is unlikely to hurt India unless energy prices start picking up. Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
The GST Council is its upcoming meeting, scheduled to be held on May 28, is likely to take a call on levy of 12 per cent tax on import of oxygen concentrators for personal use. The Delhi High Court last week said that imposition of 12 per cent Integrated GST (IGST) on oxygen concentrators for personal use or those received as gifts is “unconstitutional”.
Domestic equity markets continued to march higher on Thursday, with benchmark indices now just shy of their all-time highs. S&P BSE Sensex ended yesterday at 51,115 while the Nifty 50 index closed at 15,337 — Nifty’s highest-ever closing levels. On Friday morning, SGX Nifty was sitting in the positive territory, hinting at another day of positive momentum. Cues from global peers were largely positive on Thursday morning. Wall Street equity indices closed with gains while most Asian peers were seen inching higher during the early hours of trade.
The GST Council is likely to discuss on Friday a reduction in the tax rate on Covid medicines, vaccines and medical equipment as well as means to make up for the shortfall in revenues promised to states. Ahead of the first meeting of the top decision-making body, finance ministers of eight states ruled by non-BJP and like-minded parties — Rajasthan, Punjab, Chhattisgarh, Tamil Nadu, Maharashtra, Jharkhand, Kerala and West Bengal — have devised a joint strategy to press for a zero tax rate on Covid essentials, sources said.