Written BY… Aamar Deo Singh, Head Advisory, Angel Broking Ltd
Indian stock markets continued to close on a higher note on the fourth consecutive day after the government announced relaxations in lockdown norms.. Nifty rose 2.57% or 245.85 points and closed at 9826.15, whereas Sensex rose by 2.71% or 879.42 points and closed at 33,303.52 amid the measures taken to revive the economy.
Sectoral Indices ended at a green point
All the sectoral indices ended on a positive note. BSE SmallCap and MidCap rose 2%-3%. Top BSE gainers included IDBI Bank (19.95%), PEL (15.07%), Voltas (12.45%), Bajaj Finance (10.62%). However, Ajanta Pharma (4.64%), Bayer CropScience Ltd (4.13%), Petronet LNG (3.35%), Dr. Reddy’s Laboratories (2.92%), and ICICI Prudential Life Insurance (2.53%) were among the top BSE losers.
Max India declared its demerger with NCLT which is set to take place on 15th June. The shareholders of Max India will be issued and allotted 1 equity share with a face value of Rs.10 each.
M&M Financial to raise funds: M&M Financial Services is set to raise funds amounting to Rs.3,500 crores through a rights issue. The company’s share showed a rise of 5.67% and closed at a market price of Rs. 461.10.
Buying in the domestic equity market erased off the intraday gains of the Indian Rupee but the currency managed to end higher at Rs. 75.45 per dollar as the market closed for the day.
Country’s largest carmaker, Maruti Suzuki reported domestic sales of 13,865 for the month of May as the country entered the fifth phase of lockdown. The share price of the company showed an increase of 2.62% with the stock being currently traded at Rs.5758.
Adani Power share price showed an increase of 9.20% after the company said it was considering delisting its shares from the exchanges. The share that was trading at Rs.39 marked a high of 7.4% or Rs.2.65 on BSE, and opened at an intraday high of Rs.40. The share, however, finally closed at Rs.39.75.
Positive Global Sentiments
With economies restoring operations with some restrictions, the global market too showed a positive response. The Indian stock market, hence, in sync with the global market ended on a positive note. The major market indices showed a positive trend with banking index leading the market. Nikkei 225 rose 0.81%, Hang Seng rose 3.36%, and FTSE MIB rose 1.00%.
The positive market movements and investors’ sentiments are also driven by the expectations of the situation getting back to normal. Though the market showed an upward trend the further deterioration in the US-China relations can have a negative impact on the investors’ sentiments. Investors need to wait for any dip to reenter the market.
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