Sensex, Nifty Extend Winning Streak; End Higher For Sixth Day
Cyclone Nisarga To Make Landfall Today
Closing Bell: Winning Run Intact
Indian equity markets maintained its best winning streak in seven months by ending higher for the sixth straight session.
Benchmarks managed to end with gains despite coming off the day's high towards the later part of the session.
The S&P BSE Sensex fell more than 350 points from the day's high to end with gains of 0.84% at 34,109.
The NSE Nifty 50 index managed to hold on to the 10,000 mark, ending 0.83% higher at 10,061, down 115 points from the day's high.
Among sectoral indices, the Nifty Bank gave up half of its intra-day gain to end 2% higher at 20,940, down close to 700 points from its high.
The Nifty I.T. and Nifty Metal index ended with marginal losses. However, the Nifty PSU Bank Index emerged as the top performing sectoral index, ending with gains of 5.1%.
The Nifty Realty index ended with gains of over 3%, ending higher for the seventh straight day - its best winning streak since October 2019.
Market breadth remained in favour of the advances with 1,241 stocks on the NSE ending with gains while 586 ended with losses.
Stock Update: IndiaMart InterMesh
- Worst performer on the Nifty Smallcap Index
- Falls as much as 6.3% to Rs 2,311
- Down for the second straight day
- Has declined in five out of the last seven trading sessions
- Falls 9% in the last two trading sessions
- Today's volumes as 5.6 times higher than its 30-day average
- Approaching 100-Day Moving Average level on the downside at Rs 2,281
- Has more than doubled from its 52-week low of Rs 1,102 on August 8, 2019
- 2 out of the 4 analysts tracking the stock have a buy recommendation; 1 sell call
- The stock trades 6.4% higher than its 12-month consensus price target of Rs 2,181, implying a negative return potential.
Maintaining The Momentum
- Radico Khaitan: Up for the 9th straight day. Longest winning streak since 2009. Trading at a three-month high.
- Oberoi Realty: Up for the 7th straight day. Longest winning streak since 2015.
- Union Bank of India: Gains most since October 2017. Up for the 7th straight day. Longest winning streak since December 2018.
- Astral Poly: Up for the 6th straight day. Longest winning streak since March 2019. Trading at a two-month high.
- IndusInd Bank: Up for the 7th straight day. Longest winning streak since July 2017.
Stock Update: Steel Strips Wheels
The company has informed the exchanges of bagging export orders for over 8,000 wheels for Europe and the Truck Trailer Market in the U.S.
The orders, worth 3.35 lakh Euros will be executed in June and July from the company's Chennai Truck Wheels plant.
The company also expects further large orders in the coming weeks from its regular customers.
This order will support gradual production ramp-up of the Truck Wheels plant in Chennai post the Covid-19 shutdown.
Shares gained as much as 10.6% to Rs 390.85 and are up for the fifth straight day. This is the longest winning streak for the stock since November 2018.
Latest Update On Nisarga From The IMD
- The center of Severe Cyclonic Storm Nisarga moved North-eastwards and crossed the Maharashtra coast to the South of Alibaug.
- The center was 80 kilometers South-Southeast of Mumbai
- However, the rear part of the wall cloud region is still over the sea.
- Landfall process will be completed in the next one hour
- Nisarga will weaken into a cyclonic storm in the next six hours
- Alibaug witnessed wind speed of 93 kmph at 1:30 P.M.