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Business News/ Markets / Live Blog/  Market Close Highlights : Sensex closes 1,618pts higher, Nifty at 23,290; all sector indices, broader markets gain
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Market Close Highlights : Sensex closes 1,618pts higher, Nifty at 23,290; all sector indices, broader markets gain

21 min read . Updated: 07 Jun 2024, 03:45 PM IST
Pranay Prakash

Market Close Highlights : FIIs net sold ₹6,867 crore, and DIIs net bought equities worth ₹3,718 crore, on 6 June, per provisional data from NSE. FIIs bought ₹13,970 crore and sold ₹20,837 crore, and DIIs picked up ₹17,030 crore and sold ₹13,312 crore worth of equities in the session.

Market Close Highlights : Zee Entertainment Enterprises is the only stock on NSE's 7 June F&O ban list. (Photo: iStockphoto)Premium
Market Close Highlights : Zee Entertainment Enterprises is the only stock on NSE's 7 June F&O ban list. (Photo: iStockphoto)

Market Close Highlights : European shares opened just off record highs, as traders waited to see if US jobs data due later Friday would cement bets on Federal Reserve policy easing in the coming months.

Europe’s Stoxx 600 index inched 0.1% lower, having hit record peaks this week as the European Central Bank kicked off its policy easing cycle. While technology stocks gained, real estate and insurance stocks slipped, given the ECB’s signal that it would not rush to cut rates rapidly. Futures for US stocks held steady, while Bloomberg’s dollar gauge eased.

While traders were wary of placing big bets either way on Friday, global stocks are on track to snap a two-week losing stretch. Rate-cut expectations have escalated in the past week, encouraged by the slew of weaker-than-forecast US data, as well as rate cuts from the Bank of Canada and ECB. A Bloomberg gauge of global government bonds posted its longest rising streak since November.

Homin Lee, senior macro strategist at Lombard Odier said a recent run of softer US data, including jobless claims and labor costs, pointed to a “quiet rebalancing" in the economy that could indicate a slowdown in service sector inflation.

“That combination seems to have given bond investors more conviction on their trades. We will see if tonight’s employment report reinforces that," Lee said.

Friday’s report is expected to show the US added 180,000 jobs in May, slightly more than in A[ril, with the unemployment rate seen holding steady. Swap markets are pricing a full Fed rate cut by November, with a strong likelihood of one in September.

Earlier, China’s exports climbed more than expected in May, boosting hopes that the world’s second-biggest economy can maintain its momentum by relying on foreign markets even in the face of new tariff threats.

On commodities, oil prices headed for their third straight gain, as expectations waned that OPEC and its allies will allow the market to become oversupplied.

07 Jun 2024, 08:57:01 AM IST

Sensex Today Live : Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, says long-term investors can keep accumulating high quality largecaps where FIIs have continued selling their holdings

Sensex Today Live : "In the near-term, the market is likely to be weighed down by the huge FII selling which has touched ₹24,960 crores cumulatively during the last three days. Therefore the largecaps in sectors like financials and IT where FIIs have huge assets under management may underperform. This trend will change when FIIs turn buyers, which is inevitable. Meanwhile long-term investors can accumulate these high quality largecaps were margin of safety is high in an otherwise highly valued market.

There is excessive speculative activity in stocks where the floating stock is very low. Retail investors venturing into these speculative activities is highly risky.

Today’s monetary policy meet is not expected to impact the market since any rate action by the MPC is unlikely."

--Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

07 Jun 2024, 08:51:09 AM IST

Sensex Today Live : Stocks to watch

Sensex Today Live : ITC, Bajaj Finance, IRB, Dixon, RVNL, are a few stocks likely to be in focus on Friday, 7 June.

07 Jun 2024, 08:44:02 AM IST

Sensex Today Live : What to expect from Indian stock market in trade ahead of RBI policy on June 7

Sensex Today Live : The Indian stock market indices, Sensex and Nifty 50, are projected to have a flat opening on Friday, as the market awaits the Reserve Bank of India’s (RBI) monetary policy outcome. The Gift Nifty trends also suggest a flat start for the Indian benchmark index, trading at around the 22,920 level.

On Thursday, the domestic equity indices closed on a high note, with the Nifty 50 maintaining above the 22,800 level. The Sensex rose by 692.27 points (0.93%) to close at 75,074.51, while the Nifty 50 increased by 201.05 points (0.89%) to settle at 22,821.40.

The Nifty 50 chart formed a small positive candle with upper and lower shadows. “This pattern signifies a high wave type candle pattern, indicating ongoing high market volatility at the highs. Such a high wave pattern after a reasonable upmove typically signals caution for an impending reversal. However, the negative implication of this pattern could be less, given it formed after one day of upmove," stated Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. (Read the full story here.)

07 Jun 2024, 08:29:41 AM IST

Sensex Today Live : Seven key things that changed for market overnight - Gift Nifty, ECB rate cut to US jobless claims

Sensex Today Live : The domestic equity market benchmark indices, Sensex and Nifty 50, are poised for a flat opening on Friday, as investors await the Reserve Bank of India’s (RBI) monetary policy decision. Mixed trading was observed in Asian markets, while US markets closed similarly due to a drag from technology and industrial stocks.

The spotlight is now on the RBI monetary policy outcome, set to be announced later today. The Monetary Policy Committee (MPC), led by Governor Shaktikanta Das, is anticipated to maintain the repo rate at 6.5% for the eighth consecutive time, while upholding the ‘withdrawal of accommodation’ stance.

However, market watchers are keenly interested in the RBI Governor’s remarks on the inflation trajectory and future interest rate cut trajectory.

“With the market regaining its buoyancy, the fear gauge volatility index also significantly eased, falling by 11%. The focus will now shift to the Union Budget next month and the RBI’s commentary on the interest rate to be announced in its credit policy," stated Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd. (Read the full story here.)

07 Jun 2024, 08:21:37 AM IST

Sensex Today Live : Markets to open higher on firm global cues; All eyes on RBI MPC decision today

Sensex Today Live : Indian shares are set to open slightly higher on Friday, ahead of the Reserve Bank of India's policy meeting at which it is widely expected to keep interest rates unchanged.

The Gift Nifty was trading at 22,905 as of 07:40 a.m IST, indicating that the benchmark Nifty 50 will open marginally higher than its close of 22,821.40 on Thursday.

The RBI is expected to keep rates steady and retain its tighter monetary stance, as robust economic growth continues to give it space to focus on bringing down inflation towards its medium-term target of 4%. The decision is due at 10 a.m. IST.

Asian stocks are set to snap a two-week losing streak on Friday after major central banks kick-started their rate easing cycle this week, adding to expectations the U.S. Federal Reserve could soon follow suit.

The European Central Bank (ECB) delivered a well-telegraphed rate cut on Thursday, a day after the Bank of Canada became the first G7 nation to trim its key policy rate.

The two join Sweden's Riksbank and the Swiss National Bank in beginning their respective monetary easing cycles, breathing new life into the global risk rally and as bets grow that the Fed could also cut rates in September.

"You've got two of the G7 cutting rates ... it certainly opens the door further to the Fed," said Tony Sycamore, a market analyst at IG. "We're not in the home straight, but we've certainly rounded the corner.

MSCI's broadest index of Asia-Pacific shares outside Japan tracked world stocks higher and rose 0.3% in early Asia trade. The index was headed for a weekly gain of nearly 3%.

Hong Kong's Hang Seng Index similarly ticked up 0.14%, while Chinese blue chips edged 0.23% higher.

Japan's Nikkei fell 0.16%.

Market moves were largely subdued as traders stayed on guard ahead of Friday's U.S. nonfarm payrolls report, where expectations are for the world's largest economy to have added 185,000 jobs last month.

"If we did get a little softer data tonight ... We could see 10-year Treasury yields pushing down towards the 4% level," said Rob Carnell, ING's regional head of research for Asia-Pacific.

"Equities, in all likelihood, would rally strongly on that, and that would reflect across the region. You'll likely see the dollar losing a little bit of strength from that."

The benchmark 10-year U.S. Treasury yield was last firm at 4.2987%, while the two-year yield rose about two basis points to 4.7386%, after having clocked six straight sessions of declines.

The decline in yields has come on the back of renewed expectations of imminent Fed rate cuts, following a slew of data this week which pointed to an easing of labour market conditions in the United States.

Markets are now pricing in roughly 50 basis points of easing from the Fed this year.

Elsewhere, the dollar languished near an eight-week low against a basket of currencies, and was headed for a weekly-loss of about 0.5%.

The euro rose 0.05% to $1.0895, extending its slight gain from the previous session as the ECB raised its inflation forecasts and kept investors in the dark over how soon subsequent rate cuts could come.

"The ECB nudged up its projections for core and headline inflation ... This implies that policymakers might feel slightly less inclined to cut interest rates further," said Andrew Kenningham, chief Europe economist at Capital Economics. "Changes to the policy statement were also slightly hawkish."

Against the dollar, the yen fell 0.1% to 155.79, but was headed for a weekly gain of nearly 1%.

Japanese household spending rose for the first time in 14 months in April from a year earlier, data showed on Friday, although the tepid growth showed consumers remained reluctant to loosen their purse strings in the face of higher prices.

In commodities, oil prices eased slightly, with Brent crude futures down 0.09% to $79.80 a barrel while U.S. West Texas Intermediate crude futures dipped 0.1% to $75.48 per barrel.

Spot gold fell 0.2% to $2,370.82 an ounce.

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