Here are the key highlights for today's trading session:
1. Market gains for the 4th straight session but closes off intra-day highs
2. Sensex & Nifty end at 1-month highs with both indices gaining over 2% each
3. Nifty closes 246 points higher at 9,826 and Sensex 879 points higher at 33,303
4. Financials contribute 50% to Nifty's gains; HDFC twins top gainers
5. Nifty Bank gains 663 points to 19,960 and Midcap 412 points to 13,685
6. Market Breadth firmly in favour of advances; advance-decline ratio at 5:1
7. 40 Nifty stocks close in the green; Bajaj Finance, Bajaj Finserv, Titan top gainers
8. All sectoral indices close in the green with Nifty PSU Bank being top gainer
9. M&M surges 6% as May tractor sales come in higher than expectations
10. Biocon advances 9% after Mylan gets positive order in case against Sanofi
11. Adani Power makes an upmove of over 9% ahead of Board meet
12. Dr Reddy’s fail to cheer EIR afor Srikakulam unit; stock slips 3%
Closing Bell: Indian market pare minor gains to end higher; Nifty PSU Bank top-performing index
Indian benchmark indices continued the rally on the fourth straight day on June 1 after government relaxed some lockdown norms to revive the economy. At close, the Sensex was up 879.42 points or 2.71 percent at 33,303.52, while Nifty was up 245.85 points or 2.57 percent at 9,826.15. About 1,862 shares have advanced, 583 shares declined, and 137 shares are unchanged. All the sectoral indices ended in the green, while broader indices i.e. BSE Smallcap and Midcap indices rose between 2-3 percent.
Stock Update: Granules India's shares rose 3 percent intraday on Monday after the company said it will buyback shares worth Rss 250 crore at Rs 200 per share. The buyback will start on June 8 and close on June 19. The total buyback size is 16.83 percent of the fully paid-up equity share capital of the company.
Once a multibagger, this stock lost over half its market value since 2018
Air cooler-maker Symphony, which had risen over 900 percent between 2011 and 2018, has erased gains by around 60 percent since its peak. The company's stock price had risen as much as 906 percent from Rs 220 per share on June 1, 2011, to its all-time high of Rs 2,213 per share on January 11, 2018. However, the stock started to fall afterward and has declined nearly 60 percent from its all-time high to Rs 897 currently. Read more
SRF's shares gain 7% over COVID-19 update
SRF's share price surged 7 percent on Monday after the company informed the exchanges that its chemicals and packaging film business has resumed operations. In its COVID-19 update, it said that the exports have remained robust, however, the domestic focused technical textiles business has been impacted adversely.
The company expects demand revival of its B2B sales as the lockdown eases.
On the NSE, the shares surged 7 percent to Rs 3,734 per share.
Trending Stocks: Adani Power's share price gained 11 percent to Rs 40 on the NSE after the company said that it will consider delisting its shares from the exchanges. "Meeting of board of directors of Adani Power to be held on June 3, 2020 to consider the proposal for voluntary delisting of the equity shares of the company received from Adani Properties and related matters incidental thereto," the company said in a regulatory filing. The public shareholders hold 96,53,26,374 equity shares, which corresponds to 25.03% of the paid-up equity share capital.
Market Expert Views: Major indices, Nifty & Sensex, both are up by 3% plus in todays’ trading session, buoyed by positive Asian markets, along with the government’s relaxation of curbs on most economic activities, even though lockdown in containment zones was extended till June 30. Rally has been broad-based with Advances outnumbering Declines by 15:1 in CNX Nifty 500. Bajaj Twins, HDFC Twins, along with heavyweights like Reliance, have led the way, with indices breaching the April highs. Overall, sustaining above the current levels is very crucial for a move towards the 10,000 mark in Nifty, in the near future, says Aamar Deo Singh, Head Advisory, Angel Broking Ltd.
European markets gain as economies reopen; protests erupt across the U.S.
European stocks advanced on Monday as lockdown measures ease across the continent, while protests continue throughout the U.S. following the police killing of George Floyd, an unarmed black man, last week.
London’s FTSE 100 added 1.4 percent in early trade while France’s CAC 40 climbed 1.5 percent and Italy’s FTSE MIB gained 1.3 percent. Markets are closed in Austria, Denmark, Germany, Norway, Sweden and Switzerland for a public holiday.
Investors around the world will be focused on widespread civil unrest unfolding in the U.S.; hundreds of people were arrested over the weekend as protesters and police clashed in cities across America after the killing of George Floyd sparked more than 100 protests, rallies and vigils, according to NBC News.
'Apna Time Aayega': Hopeful bull Rakesh Jhunjhunwala remains positive on India story despite being 'frustrated'
Noted investor Rakesh Jhunjhunwala said he remains the eternal bull on Indian markets, saying stocks could embark on a long-term bull market following the correction induced by the COVID-19 crisis.
“I am very bullish on the market and remain fully invested,” Jhunjhunwala told CNBC-TV18, even as he peppered his comments with a sense of cautiousness. “From being a “sure bull”, I have become a hopeful bull,” he said. Click here to read more
Hotel stocks surge nearly 18% as govt allows resumption of hospitality services from June 8
Hotel stocks are rallying today after the Home Ministry's earlier announced the re-opening of economic and other activities in the country except for containment zones, which will continue to remain in lockdown till June 30.
In Unlock 1.0, the government has allowed hotels, restaurants, and other hospitality services to resume operations from June 8 onwards.
This has sent all hotel stocks to skyrocket. LemonTree's shares hit an upper circuit of 5 percent to Rs 18.90. Meanwhile, Chalet Hotels share price soared 18 percent to Rs 118 while Indian Hotels, EIH Ltd and Taj GVK traded nearly 10 percent on the NSE.
DGCA extends deadline for IndiGo, GoAir to replace engines of A320neo planes to Aug 31
In a major relief to IndiGo and GoAir, the Directorate General of Civil Aviation has extended the deadline for engine replacement of its A320neo fleet to August 31 from May 31 earlier as supply chains are disrupted due to COVID-19.
Both airlines have to replace nearly 60 A320neo engines, the regulator said.
This is the second extension of this deadline. Earlier, the regulator had extended the deadline to May 31 from Jan 31. Click here to read more