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Stock Market Highlights: Nifty forms long-legged Doji candle on charts. Here’s how to trade next week
14 Jun 2024 | 07:54:55 PM IST
State-run firms power Indian benchmark indices to record closing highs for the second straight session.This was also their second weekly gain. Energy stocks too contributed to the rally on hopes of continued capital expenditure spending by the new government. The NSE Nifty 50 settled at 23,465.60, while the S&P BSE Sensex at 76,992.77. The Nifty 50 and Sensex gained 0.75% and 0.39%, respectively, this week.
The Nifty 50 and Sensex gained 0.75% and 0.39%, respectively, this week.
Highlights of Trade:
In the near-term the market is likely to be range bound since there are no major triggers till the budget. Since the valuations are high, particularly in the broader market, any significant up move will invite selling from the FIIs. If the market trends down DIIs and retail investors will pursue a buy on dips strategy that has worked very well in this market. Sustained flows into mutual funds, particularly through the SIP route, and the retail investor's eager to buy any dip will keep the market resilient. Investors should now take a medium to long-term view and remain invested in the market focusing on fairly valued largecaps.
Show moreThe Nifty 50 and Sensex gained 0.75% and 0.39%, respectively, this week.
Highlights of Trade:
- M&M becomes 2nd most valuable auto company
- Ambuja Cement up 4% after acquiring Penna Cement
- Investec upgrades Vedanta to hold
- Jefferies maintains a hold rating on HCL Tech
- RITES shares rally 4% on signing MoU with DMRC
In the near-term the market is likely to be range bound since there are no major triggers till the budget. Since the valuations are high, particularly in the broader market, any significant up move will invite selling from the FIIs. If the market trends down DIIs and retail investors will pursue a buy on dips strategy that has worked very well in this market. Sustained flows into mutual funds, particularly through the SIP route, and the retail investor's eager to buy any dip will keep the market resilient. Investors should now take a medium to long-term view and remain invested in the market focusing on fairly valued largecaps.
1 New Update
Adobe surges 16% as AI optimism fuels annual revenue forecast
If things go right, Adobe is about to have its best day in over four years. This happened after the company raised its annual revenue forecast as more customers turned to its AI-powered editing tools. It also allayed investor fears that the major player in the market for editing tools for photos and videos, could lose customers to AI startups such as Dall-E maker OpenAI.
US stocks slip as investors eye cautious Fed; Dow drops 118 points
Wall Street's main indexes opened muted on Friday, with investors catching a breath after strong rallies on the S&P 500 and the Nasdaq. They are now weighing keenly hawkish Federal Reserve projections against the backdrop of a cooling economy. The Dow Jones Industrial Average fell 118.71 points, or 0.31%, at the open to 38,528.39.
S&P Ratings places 6 Tata group companies on 'CreditWatch Positive'
S&P Global Ratings has placed ratings on six Tata group companies, including Tata Motors and Tata Steel, on CreditWatch with positive implications.
FPIs turn net buyers on Friday
Foreign portfolio investors turn net buyers at Rs 2,175 crore on Friday after selling the previous day. Meanwhile, DIIs too bought shares worth 656 crore.
Mcap of BSE-listed firms at another record high of Rs 434.9 lakh crore
The market capitalization of BSE-listed firms reached a new record high of Rs 434.88 lakh crore on Friday as the BSE benchmark surged to a new closing peak for the third consecutive day. The 30-share BSE Sensex rose by 181.87 points, or 0.24%, settling at a new closing high of 76,992.77. Earlier in the day, it climbed by 270.4 points, or 0.35%, to reach an intraday high of 77,081.30.
Phillips 66 to sell 25% stake in Rockies Pipeline for $1.28 bln
US oil refiner Phillips 66 made it public that it would sell its 25% stake in the Rockies Express Pipeline (REX) for about $1.28 billion, including debt, to a subsidiary of Tallgrass Energy. This sale is apparently an important step in the company's commitment to deliver over $3 billion in asset divestitures.
Gautam Adani raises stake in Adani Enterprises by 1.32% in June quarter
Billionaire businessman Gautam Adani has increased his stake by 1.32% in Adani Enterprises from the open market in April to June quarter, a statement to stock exchanges stated on June 14.
Nifty 50 above 23,500 likely to open upside breakout; how to trade next week
Nifty continued to show range-bound action within 23,300-23,500 levels and still there is no early signs of any breakouts on either side. A decisive move above 23,500 levels is likely to open an upside breakout and a slide below 23300 levels could mean a chance of downside breakout of the range movement in the near term, said Nagaraj Shetti of HDFC Securities.
Rupee ends nearly flat aided by RBI intervention; logs weekly decline
The Indian rupee ended Friday almost unchanged as the Indian central bank's intervention prevented it from reaching a historic low despite the pressure from a stronger U.S. dollar affecting most Asian currencies. The rupee closed at 83.5550 against the dollar, a marginal change from its previous close of 83.5425. Week-on-week, the currency declined by 0.2%.
Nifty Bank closes above 50K; next target seen around 51000: Experts
Concluding a volatile week, Nifty Bank but closed above 50,000 with weekly gains of 0.4%. The index rose 0.3% on Friday to close at 50,002, which is a positive sign for the bulls.
There is a temporary blip in the market momentum, due to a lack of fresh triggers after the hawkish commentary from the US Fed, lowering the plausibility of rate cut in the short-term. A near term consolidation seems probable as domestic investors await cues from the upcoming union budget. There is a growing opinion that the government could place emphasis on welfare, giving a fillip to consumption-led stocks.
- Vinod Nair, Head of Research, Geojit Financial Services
Gold experienced a volatile week, finding support around ₹70,700 and resistance near ₹72,150. Despite minor gains of ₹350, gold remained positive as lower CPI data supported prices. However, the Fed's somewhat hawkish policy outcome kept pressure on gold. For the next week, gold prices are expected to trade within a range of ₹70,000 to ₹72,500.
- Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
The rupee traded sideways in a flat range around 83.55, as the dollar stayed within its range. Despite volatility in the dollar index due to the CPI data and the Fed's policy decision, the rupee remained resilient against the dollar. The trend for the rupee will likely remain range-bound, but the undertone remains weak as it consolidates near its all-time low. A significant drop in the dollar below $103 would be necessary to trigger strong rupee buying above 83.00. Until then, the rupee is expected to trade within the range of approximately 83.20-83.75.
- Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
The BankNifty continued its consolidation phase and was unable to surpass the 50,000 mark, where the highest open interest is built up on the call side. The index needs to decisively surpass the 50,200 mark to confirm an upside breakout towards the 51,000 level. The lower-end support is placed at the 49,500-49,400 zone, and a break below this will open gates for further downside towards 49,000.
- Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
Closing Bell: M&M, Titan, HDFC Bank lead green stocks in Sensex
Closing Bell: HDFC Bank, RIL, M&M take D-St to new highs, Sensex rises 182 pts; Nifty tops 23,450
Stock Market LIVE Updates | Broader Markets Outperform
- Nifty Smallcap 100 hits 52-week high
- Nifty Midcap 50 & Midcap 100 hit 52-week high
- India VIX eases 4%
Stock Market LIVE Updates | Nifty Midcap 50 hits new 52-week high!
Vodafone looks to sell $2.3 billion stake in India's Indus Towers: Sources
Vodafone Group, aiming to repay debts, is set to sell its entire 21.5% stake in India's Indus Towers. This equates to a $2.3 billion divestment based on Friday's Mumbai stock price. The sale is expected to be completed through stock market block deals next week, according to sources familiar with the matter.
Stock Market LIVE Updates | Nifty Bank rises past 50,000 mark
Stock Market LIVE Updates | NIFTY HIT FRESH RECORD HIGH
Yen weakens on BOJ surprise, euro set for worst week in two months
The yen fell to an over one-month low on Friday after the Bank of Japan (BOJ) stood pat on interest rates and said it would trim bond buying, while the euro, mired in a political turmoil, was headed for its biggest weekly fall in two months.
The BOJ said at the conclusion of its two-day policy meeting it would continue to buy government bonds at the existing pace for now, and lay out details of its tapering plan at its July policy meeting.
The BOJ said at the conclusion of its two-day policy meeting it would continue to buy government bonds at the existing pace for now, and lay out details of its tapering plan at its July policy meeting.
Stock Market LIVE Updates: Bajaj Housing Finance files DRHP for Rs 7,000-cr IPO with Sebi: Report
Hyundai to dilute up to 17.5% stake in $3 billion India unit IPO: Report
Korean carmaker Hyundai Motor is looking to dilute 17.5% stake in its India unit worth Rs $3 billion in an IPO that it is planning to file for today.
European shares set for weekly losses
European shares slipped slightly on Friday, continuing a decline from the previous session, with the main index facing weekly losses amidst political uncertainty in France.
The pan-European STOXX 600 was down 0.1% as of 0725 GMT, marking a 1.5% decrease for the week thus far.
The pan-European STOXX 600 was down 0.1% as of 0725 GMT, marking a 1.5% decrease for the week thus far.
Stock Market LIVE Updates | Hyundai Motor in Focus
Stock Market LIVE Updates | M&M overtakes Tata Motors to become 2nd most valuable auto company
Stock Market LIVE Updates | Hyundai Motor's India unit likely to file DRHP with SEBI today: ETNow
Stock Market LIVE Updates | BHEL secures Rs 7,000 crore orders from Adani Group for two power plants
Price as on 01.05.24 PM, Click on company names for their live prices.
Stock Market LIVE Updates | Bitcoin falls below $67,000; Altcoins decline 3%
Bitcoin saw a minor decline, dropping below the $67,000 threshold, as investors deliberated over the prospects of US interest rates following the Federal Reserve's moderation of its rate-cut expectations, despite softer-than-anticipated inflation data.
As of 11:58 am IST, Bitcoin was trading 0.74% lower at $66,955.
"Bitcoin dropped to $66,000 as investors and traders reacted to a hawkish interest rate outlook. The U.S. central bank kept rates unchanged on Wednesday and forecasted just one rate cut this year, contributing to Bitcoin's decline," said Edul Patel, CEO of Mudrex.
As of 11:58 am IST, Bitcoin was trading 0.74% lower at $66,955.
"Bitcoin dropped to $66,000 as investors and traders reacted to a hawkish interest rate outlook. The U.S. central bank kept rates unchanged on Wednesday and forecasted just one rate cut this year, contributing to Bitcoin's decline," said Edul Patel, CEO of Mudrex.
Stock Market LIVE Updates | Bajaj Housing files DRHP for IPO
IPO to include fresh issue of Rs 4,000 crore
Inflation Data: Wholesale price inflation rises to 2.61% in May
Wholesale price inflation rises to 2.61% in May, as against 1.26% in April, as per latest govt data
Price as on 12.09.47 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Jindal Stainless acquires remaining 46% equity stake in Chromeni Steels Private Limited
Price as on 12.00.32 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates: Buzzing: Cement stocks in focus
Cement stocks in focus after Adani group-owned Ambuja Cements acquires Penna Cement
Price as on 11.57.44 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Lupin announces closure of USFDA inspection at its injectable facility with zero 483 observations
Price as on 11.56.32 AM, Click on company names for their live prices.
Tokyo stocks end higher
On Friday, Tokyo stocks closed higher following the Bank of Japan's announcement of reducing its extensive holdings of government bonds while maintaining unchanged interest rates.
The Nikkei 225 index rose by 0.24 percent, or 94.09 points, reaching 38,814.56, while the broader Topix index increased by 0.54 percent, or 14.83 points, to 2,746.61.
The Nikkei 225 index rose by 0.24 percent, or 94.09 points, reaching 38,814.56, while the broader Topix index increased by 0.54 percent, or 14.83 points, to 2,746.61.
Stock Market LIVE Updates | Nifty Consumer Durables index rises over 1%; check out the top gainers
Price as on 11.25.16 AM, Click on company names for their live prices.
Stock Market LIVE Updates | Brightcom Group stock suspended from trading on BSE, NSE
Brightcom Group shares have been halted from trading on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) today. This suspension will persist until the company adheres to the master circular issued by the NSE.
The trading suspension occurred due to Brightcom Group's failure to disclose its quarterly earnings for two consecutive quarters ending on September 30, 2023, and December 31, 2023.
The trading suspension occurred due to Brightcom Group's failure to disclose its quarterly earnings for two consecutive quarters ending on September 30, 2023, and December 31, 2023.
Sensex Today | Stock Market LIVE Updates | RITES shares rally 4% on signing MoU with DMRC
The company signed an MoU with the Delhi Metro Rail Corporation (DMRC) for exploring consultancy and O&M of Metro Rail Systems.
Price as on 10.44.43 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Tata Elxsi collaborates with Red Hat to monetise applications and reduce operational expenditures
Price as on 10.40.44 AM, Click on company names for their live prices.
Stock Market LIVE Updates | Nifty Midcap 100 hits 52-week high
- Index rises above 55,000
- JSW Infra, Dixon among top winners
Stock Market LIVE Updates | Further decline in US bond yields pushes Indian peers lower
In early Friday trading, Indian government bond yields declined, mirroring the continued fall in U.S. Treasury yields fueled by expectations of a rate cut in September.
India's benchmark 10-year yield stood at 6.9779% as of 10:00 a.m. IST, slightly lower than its previous close at 6.9872%.
India's benchmark 10-year yield stood at 6.9779% as of 10:00 a.m. IST, slightly lower than its previous close at 6.9872%.
Stock Market LIVE Updates | Nitco shares hits 5% upper circuit after its board approved a monetisation of immovable property in Mumbai and conveyance deed worth Rs 232 crore with Runwal Construction.
Price as on 10.04.26 AM, Click on company names for their live prices.
Stock Market LIVE Updates | In Focus! Ambuja Cements shares rise 4% on acquisition of Penna Cement
Ambuja Cements rose 4% after the Adani Group-owned firm announced the signing of a binding agreement for the acquisition of Penna Cement (PCIL) at an enterprise value of Rs 10,422 crore.
Price as on 09.47.53 AM, Click on company names for their live prices.
Sharp Drop! Sensex drops 300 pts from day's high
- 30-share index declines 200 pts
- RIL, ICICI Bank top drags
Sensex Today | Stock Market LIVE Updates | Ambuja Cements, Wipro among top movers in morning trade
Price as on 09.28.28 AM, Click on company names for their live prices.
Stock Market LIVE Updates | HEATMAP: Almost half of Sensex stocks trade in green
Sensex Today | Stock Market LIVE Updates | Opening Bell: Sensex jumps 100 pts, Nifty above 23,400; Ambuja Cement rises 3%, Voda Idea 2%
In the near-term the market is likely to be range bound since there are no major triggers till the budget. Since the valuations are high, particularly in the broader market, any significant up move will invite selling from the FIIs. If the market trends down DIIs and retail investors will pursue a buy on dips strategy that has worked very well in this market. Sustained flows into mutual funds, particularly through the SIP route, and the retail investor's eager to buy any dip will keep the market resilient. Investors should now take a medium to long-term view and remain invested in the market focusing on fairly valued largecaps.
- V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Sensex Today | Stock Market LIVE Updates: Sensex rises over 250 points; Nifty above 23,500 in pre-open
Brokerage Radar: CLSA on Banks
- Believe Indian banks are well placed after a rollercoaster decade
- Strong balance sheet; resurgence in profits and profitability
- Indian banking sector profits have quadrupled over the past decade
- Loan growth has picked up sustainably; expect low-to-mid teens sector growth
- Stronger capital position across both PSU and private sector banks
- Expect Pvt Banks to give better returns given a good business outlook and inexpensive valuations
- Like Large banks; prefer ICICI Bank and IndusInd Bank
Brokerage Radar: JPMorgan on Vodafone Idea
- Equity swap to address legacy vendor dues
- Further dilution can't be ruled out
- Believe repayments and clearance of past dues of Indus Towers could be delayed further
- Still has $21bn debt where there is no clarity on repayment
- Remain underweight as the equity story is complicated, target of Rs 7
Brokerage Radar: GREED & FEAR
- Finally, some changes will be made in the India long-only portfolio. An investment Din GMR Airports
- Infrastructure will be introduced with a 4% weighting. This will be paid for by reducing the investments in ICICI Bank and HDFC Bank by one percentage point each and by shaving the investment in Axis Bank by two percentage points.
- As for the Asia ex-Japan long-only 1100011 portfolio, an investment in GMR Airports
- Infrastructure will also be introduced by removing the investment in HDFC Bank
Sensex Today | Stock Market LIVE Updates | Positive Breakout: These 3 stocks close cross above their 200 DMA
On June 13, according to stockedge.com's technical scan data, the closing prices of three stocks in the Nifty200 pack surpassed their 200-day Daily Moving Averages (DMA). The 200-day DMA is a significant indicator used by traders to assess the overall trend of a stock.
If a stock's price remains above the 200-day SMA on the daily timeframe, it's typically interpreted as indicative of an uptrend.
If a stock's price remains above the 200-day SMA on the daily timeframe, it's typically interpreted as indicative of an uptrend.
Yesterday’s session saw Nifty reach a new record high of 23,481.05 and Sensex peak at 77,145.45. Nifty’s crucial support is at 22,950 with its 200 DMA at 21,226. Investors anticipate consolidation amid uncertainties, awaiting India’s FY25 Budget announcement and the Federal Reserve’s next rate cut. Positive news includes the US 10-year Treasury yield dropping below 4.27%. Key stocks in focus are L&T, securing a major order from ONGC, and sugar stocks potentially benefiting from an MSP increase. Preferred trades are Nifty and Bank Nifty buys at CMP with specific target zones. Top stock pick is TITAN, recommended for its momentum play.
- Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd
Sensex Today | Stock Market LIVE Updates: GIFT Nifty signals a muted start
Reduced inflation figures in both India and the US propelled markets to achieve fresh highs on Thursday. Additionally, India Vix reached a six-week low, dipping below the 14 level, signaling, according to analysts, a steady political landscape within the NDA coalition.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, commented, "The market has been in a consolidation phase with a positive inclination over the past few days and is gradually moving upwards. The upward trend is anticipated to persist, supported by strong domestic economic indicators, favorable monsoon forecasts, and optimistic earnings projections."
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, commented, "The market has been in a consolidation phase with a positive inclination over the past few days and is gradually moving upwards. The upward trend is anticipated to persist, supported by strong domestic economic indicators, favorable monsoon forecasts, and optimistic earnings projections."
Sensex Today | Stock Market LIVE Updates | D-Street Recap
On Thursday, Indian benchmark equity indices achieved a new record peak, primarily driven by US rate-sensitive IT stocks following softer-than-anticipated US inflation data. This bolstered hopes that the Federal Reserve might opt for an earlier interest rate reduction.
The NSE Nifty 50 concluded 0.33% higher at 23,399, marking its third all-time closing high in four sessions. Meanwhile, the S&P BSE Sensex increased by 0.27%, reaching a new all-time peak of 76,811.
The NSE Nifty 50 concluded 0.33% higher at 23,399, marking its third all-time closing high in four sessions. Meanwhile, the S&P BSE Sensex increased by 0.27%, reaching a new all-time peak of 76,811.
Oil prices on track for weekly gain on solid demand outlook
Oil prices experienced a decline on Friday but remained poised for their first weekly increase in four weeks, as market participants weighed the implications of sustained higher US interest rates against optimistic projections for crude and fuel demand in the current year.
Brent crude futures dropped by 72 cents, or 0.87%, reaching $82.04 per barrel at 0100 GMT. Meanwhile, West Texas Intermediate (WTI) US crude futures decreased by 79 cents, or 1%, trading at $77.84 per barrel, reversing slight gains from the preceding session.
Brent crude futures dropped by 72 cents, or 0.87%, reaching $82.04 per barrel at 0100 GMT. Meanwhile, West Texas Intermediate (WTI) US crude futures decreased by 79 cents, or 1%, trading at $77.84 per barrel, reversing slight gains from the preceding session.
Forex News | Dollar gains on hawkish Fed, even as inflation cools
On Thursday, the dollar strengthened despite a relatively weak US producer price inflation report for May, following the Federal Reserve's adoption of a more hawkish stance at the end of its Wednesday meeting.
Thursday's data revealed an unexpected decline in US producer prices for May, with the headline producer price index (PPI) decreasing by 0.2% last month, following an unchanged 0.5% rise in April. Core prices remained steady after a similar 0.5% increase in the previous month.
Thursday's data revealed an unexpected decline in US producer prices for May, with the headline producer price index (PPI) decreasing by 0.2% last month, following an unchanged 0.5% rise in April. Core prices remained steady after a similar 0.5% increase in the previous month.
Sensex Today | Stock Market LIVE Updates | US stocks hit lifetime highs
The S&P 500 and Nasdaq reached all-time high closing marks for the fourth consecutive day on Thursday, driven by the continued surge in technology stocks.
Meanwhile, new filings for unemployment benefits in the US rose last week, and a separate report indicated a surprising decline in producer prices for May, fostering speculation that the Federal Reserve might consider lowering interest rates.
Meanwhile, new filings for unemployment benefits in the US rose last week, and a separate report indicated a surprising decline in producer prices for May, fostering speculation that the Federal Reserve might consider lowering interest rates.
Sensex Today | Stock Market LIVE Updates | Global markets Wrap
- S&P 500 futures were little changed as of 9:10 a.m. Tokyo time
- Hang Seng futures fell 0.7%
- Japan’s Topix was little changed
- Australia’s S&P/ASX 200 fell 0.1%
- Euro Stoxx 50 futures fell 2.1%
