Market Commentary     05-Jun-24
Mid-Session
Market drifts higher; breadth negative
The frontline indices traded with modest gains in early trade. The Nifty traded above the 22,000 level. FMCG, media and auto shares advanced while PSU bank, realty and metal shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex was up 509.60 points or 0.75% to 72,617.74 . The Nifty 50 index gained 138.95 points or 0.63% to 22,023.45.

In the broader market, The S&P BSE Mid-Cap index rose 0.51% and the S&P BSE Small-Cap index added 0.02%.

The market breadth was negative. On the BSE, 1,415 shares rose and 1,542 shares fell. A total of 100 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 12,436.22 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,318.98 crore in the Indian equity market on 4 June 2024, provisional data showed.

Lok Sabha Elections:

The Lok Sabha elections 2024 concluded with the Election Commission of India declaring all results. Prime Minister Narendra Modi is set to form the government for a third consecutive term. The BJP emerged as the largest party, winning 240 out of 543 seats, while the Congress secured 99 seats. The BJP-led National Democratic Alliance (NDA) won 293 seats, and the Opposition INDIA alliance obtained 232 seats. Despite significant losses in three Hindi heartland states, the NDA secured a majority in the Lok Sabha after a fiercely contested election.

Stocks in Spotlight:

State Bank of India slipped 3.51%. The bank’s board will meet on June 11th to consider long-term fund raising in single/multiple tranches of up to $3 billion through a public offer or private placement of senior unsecured notes in US Dollar or any other major foreign currency during FY 2024-25.

Bharat Forge declined 2.46%. The company will be in focus. Class 8 truck orders in North America increased by 39% year-on-year and 35% on a month-on-month basis in May to 18,900 units.

Hindustan Aeronautics dropped 4.94%. The company said the Sukhoi 30 MKI aircraft crashed Tuesday while on a test sortie from the company's Nashik Division. Both pilots ejected safely; a technical snag was reported by the pilots.

Numbers to Track:

The yield on India's 10-year benchmark federal rose 0.10% to 7.040 as compared with previous close 7.033.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.4625, compared with its close of 83.5100 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement gained 0.20% to Rs 72,140.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.08% to 104.19.

The United States 10-year bond yield grew 0.19% to 4.341.

In the commodities market, Brent crude for July 2024 settlement lost 2 cents or 0.03% to $ 77.50 a barrel.

Global Markets:

Asian stocks were traded mixed on Wednesday. Oil slipped for sixth consecutive day. Brent crude futures fell 14 cents, or 0.2%, to $77.38 a barrel.

US stocks rose slightly on Tuesday after data showed a weaker-than-expected labor market, which investors believe will lead the Federal Reserve to cut interest rates. The Dow Jones Industrial Average rose 0.36%, the S&P 500 gained 0.15%, and the Nasdaq Composite gained 0.17%.

According to the Bureau of Labor Statistics, US job openings decreased by 296,000, reaching 8.059 million on the last day of April. This marks the lowest level since February 2021 and signifies a decrease in labor market tightness.

Previous News
  State Bank of India raises Rs 10,000 cr via infra bond issuance
 ( Corporate News - 10-Jul-24   17:35 )
  State Bank of India concludes issuance of long term bonds of Rs 10,000 cr
 ( Corporate News - 10-Jul-24   15:59 )
  Nifty July futures trade at premium
 ( Market Commentary - Futures Market 09-Jul-24   16:32 )
  Nifty July futures trade at premium
 ( Market Commentary - Futures Market 05-Jul-24   16:16 )
  Nifty July futures trade at premium
 ( Market Commentary - Futures Market 03-Jul-24   16:19 )
  Nifty July futures trade at premium
 ( Market Commentary - Futures Market 01-Jul-24   16:32 )
  Nifty July futures trade at premium
 ( Market Commentary - Futures Market 28-Jun-24   16:27 )
  Sensex climbs 303 pts; PSU banks advance
 ( Market Commentary - Mid-Session 28-Jun-24   10:33 )
  State Bank of India allots long term bonds aggregating Rs 10,000 cr
 ( Corporate News - 27-Jun-24   17:00 )
  Nifty June futures trade at premium
 ( Market Commentary - Futures Market 27-Jun-24   16:22 )
  Board of Hindustan Aeronautics recommends final dividend
 ( Corporate News - 26-Jun-24   17:38 )
Other Stories
  Indices turn rangebound; oil & gas stocks climb for 3rd day
  12-Jul-24   14:33
  Sensex spurts 742 pts, European mkt open higher
  12-Jul-24   13:38
  Nifty trades near 24,500 level; Private bank shares rally for 2nd day
  12-Jul-24   12:32
  Market hits new life high; IT shares in demand
  12-Jul-24   11:32
  Nifty above 24,350; media shares rally for 2nd day
  12-Jul-24   10:32
  Market opens on a firm note; breadth strong
  12-Jul-24   09:35
  Indices trade with tiny cuts; oil & gas shares rise
  11-Jul-24   14:34
  Barometers turn rangebound; European mkt opens higher
  11-Jul-24   13:43
  Market trade in negative terrain; financial services shares under pressure
  11-Jul-24   12:30
  Sensex down 274 pts; realty shares slide
  11-Jul-24   11:32
Back Top