Stock Market Live: Markets higher! Nifty near 22,700, Sensex above 74,600; Bank Nifty in red – Market News

The Nifty PSU Bank index surged up to 4.4% in intra-day trading, extending gains for the second consecutive session. This follows a 2.5% jump on June 5, after confirmation that the BJP-led NDA would form the government at the Centre.

Courtesy: NSE

The NSE Nifty was up 164 points or 0.73% at 22,785, while the BSE Sensex was up 528 points or 0.71% at 74,911.

COMEX Gold prices rose more than 1% on Wednesday, taking cues from mixed US economic data and Bank of Canada rate cut. Data released yesterday showed that the US services sector expanded in May by the most in nine months, powered by the largest monthly gain in a measure of business activity since 2021. “At the same time, ADP employment data showed private businesses in the US added 152K workers to their payrolls in May, the least in four months, and well below forecasts of 175K and a downwardly revised 188K in April. Now the focus will be on the official NFP data due tomorrow. For the day, the US weekly jobless claims and ECB policy meeting will be in the spotlight,” said Kaynat Chainwala, Assistant Vice President of Commodity Research at Kotak Securities.

Courtesy: BSE

NTPC, SBI, ONGC, Power Grid, and Coal India were the top gainers in the Nifty 50. While Britannia, Hero MotoCorp, Hindustan Unilever, Hindalco, and Nestle India were the major losers in the Nifty 50 on June 06.

NTPC, State Bank Of India, ONGC, Coal India, and Power Grid Corp are the top gainers on NSE Nifty 50 index whereas the top laggards include Hindustan Unilever, Britannia Industries, Nestle India, Cipla, and Hindalco Industries.

On Wednesday, “Spot gold closed with a gain of 1.28% at $1955 as the US yields sank despite robust US ISM services data. The ten-year US yields fell 1.28% to close at 4.28% on rate cut notion as the Bank of Canada cut rate and signalled further cuts should inflation ease. Although the rate cut was on the expected line, traders are hopeful that the Fed will also cut rates this year,” said Praveen Singh, Associate Vice President of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas.

On Wednesday, India VIX tumbled 29%, signalling 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 22900 and 23339, with intraday support at 22300. The RBI MPC meeting outcome on June 7th is also highly anticipated,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

“The Nifty has increased put writing at the 22500 level and max pain is currently at 22450 which indicates limited downside for the day. Also, Nifty PCR is still trading at 0.60, which indicates that the index is still oversold, promoting the Bulls to resurface at lower levels. The line in the sand to cross still remains to be a firm closing above the 23000 levels to completely negate the downside move of 4th June,” said Rahul Ghose, CEO of Hedged.in.

Nifty’s sharp rebound in the second half of the session, closing above the 22,600 level, indicates a potential bullish reversal. “If the price closes above the 22,800 level, it could potentially rise to 23,000 and above in the coming days. On the downside, 22,000 and 21,800 will act as immediate support levels,” said Mandar Bhojane, Research Analyst at Choice Broking.

Foreign institutional investors (FII) sold shares net worth Rs 5,656.26 crore. However, domestic institutional investors (DII) sold shares net worth Rs 4,555.08 crore on June 05, 2024, according to the provisional data available on the NSE.

WTI crude prices were trading at $74.55 up by 036%, while Brent crude prices were trading at $78.78 up by 0.48%, on Thursday morning.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded down 0.16% at 104.08.

The Wall Street or US market closed soared reaching their new lifetime highs as Nvidia led the tech stocks rally and weak labour market data bolstered the hope of an interest rate cut later this year. The tech-heavy Nasdaq Composite jumped 331 points or 1.96% to end at 17,187.90. The S&P 500 advanced 1.18% to 5,354.03. The Dow Jones Industrial Average rose 0.25% to 38,807.33.