ITC shareholders have approved the proposal to demerge the company’s hotels business. The share of ITC gained 1.38% to intra-day high of Rs 437.70 on NSE

HCL Technologies, SBI Life Insurance, Tech Mahindra, Sriram Finance, and State Bank Of India are the top gainers on NSE Nifty 50 index whereas the top laggards include Hindalco Industries, Hero MotCorp, Hindustan Unilever, Asian Paints and Nestle India.

Commenting on the US Dollar Rupee outlook Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas said that Indian Rupee depreciated by 0.07% today on surge in crude oil prices and selling pressure from FIIs. However, weak US Dollar and positive tone in the domestic markets supported the Rupee at lower levels. US Dollar fell on disappointing labour market data which hinted as cooling jobs markets, making a case for interest rate cut by the US Federal Reserve in 2024. ADP non-farm employment added 152,000 jobs in May 2024 vs 188,000 jobs in April 2024 and expectations of 173,000 jobs. However, ISM services PMI rose unexpectedly to 53.8 in May 2024 vs 49.4 in April 2024, which provided some support to the Dollar.

Choudhary also added We expect Rupee to trade with a slight negative bias on worries over rising crude oil prices and as FIIs continue to sell in the markets. However, positive tone in the domestic markets as NDA is expected to come back to power for the third consecutive term, raising optimism over policy continuity may support the Rupee at lower levels. Traders may take cues from weekly unemployment claims and trade balance data from the US. Investors may remain cautious ahead of RBI’s monetary policy decision tomorrow. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80.

Shares of Uno Minda surged as much as 18% to reach a record high of ₹1,016 on Thursday, marking the first time the stock has crossed the ₹1,000 threshold. The stock has gained in three out of four trading sessions this week.

RVNL shares extended their gains for the second consecutive day on Thursday, June 6, rising by over 7% in today’s trading. This comes after the stock fell more than 13% on Tuesday, June 4, following Lok Sabha Election 2024 results that indicated a narrower-than-expected win for the NDA.

Shares of Heritage Foods, a ‘TDP’ stock, continued their upward trajectory, hitting an upper circuit for another trading session. The stock has witnessed a notable rally in the last three sessions, surging over 43%, while demonstrating an impressive gain of more than 55% over the past 10 days.

Founded in 1992 by TDP Chief Chandrababu Naidu, the Heritage Group operates across three business divisions – dairy, retail, and agri – under its flagship company Heritage Foods. According to the exchange filing of the company, Nara Lokesh, son of N Chandrababu Naidu, is one of the promoters of Heritage Foods.

On Thursday, shares of Heritage Foods soared over 10% to Rs 601.60, marking an upper circuit for the second consecutive session and commanding a market capitalization of over 5,500 crore. The stock settled at Rs 546.95 on Monday, witnessing a 20% surge for the day. The BSE revised the circuit filter for the company.

Courtesy: NSE

The Nifty PSU Bank index surged up to 4.4% in intra-day trading, extending gains for the second consecutive session. This follows a 2.5% jump on June 5, after confirmation that the BJP-led NDA would form the government at the Centre.

Courtesy: NSE

The NSE Nifty was up 164 points or 0.73% at 22,785, while the BSE Sensex was up 528 points or 0.71% at 74,911.

COMEX Gold prices rose more than 1% on Wednesday, taking cues from mixed US economic data and Bank of Canada rate cut. Data released yesterday showed that the US services sector expanded in May by the most in nine months, powered by the largest monthly gain in a measure of business activity since 2021. “At the same time, ADP employment data showed private businesses in the US added 152K workers to their payrolls in May, the least in four months, and well below forecasts of 175K and a downwardly revised 188K in April. Now the focus will be on the official NFP data due tomorrow. For the day, the US weekly jobless claims and ECB policy meeting will be in the spotlight,” said Kaynat Chainwala, Assistant Vice President of Commodity Research at Kotak Securities.

BHEL shares jumped over 14% as the company received an order from Adani Power worth Rs 3,500 crore. On Wednesday, in an exchange filing, Bharat Heavy Electricals said it received a Rs 3,500 crore order from Adani Power to establish a 1,600 MW Thermal Power Plant at Raipur, Chattisgarh. “Bharat Heavy Electricals Limited has received an order from Adani Power Ltd for setting up the 2×800 MW TPP at Raipur, Chhattisgarh,” said the company in an exchange filing.

Courtesy: BSE

NTPC, SBI, ONGC, Power Grid, and Coal India were the top gainers in the Nifty 50. While Britannia, Hero MotoCorp, Hindustan Unilever, Hindalco, and Nestle India were the major losers in the Nifty 50 on June 06.

NTPC, State Bank Of India, ONGC, Coal India, and Power Grid Corp are the top gainers on NSE Nifty 50 index whereas the top laggards include Hindustan Unilever, Britannia Industries, Nestle India, Cipla, and Hindalco Industries.

The NSE Nifty 50 opened 0.32% higher at 22,692.55, while the BSE Sensex opened 0.43% higher at 74,698.66.

On Wednesday, “Spot gold closed with a gain of 1.28% at $1955 as the US yields sank despite robust US ISM services data. The ten-year US yields fell 1.28% to close at 4.28% on rate cut notion as the Bank of Canada cut rate and signalled further cuts should inflation ease. Although the rate cut was on the expected line, traders are hopeful that the Fed will also cut rates this year,” said Praveen Singh, Associate Vice President of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas.

On Wednesday, India VIX tumbled 29%, signalling reduced volatility. “Key catalysts include increased expectations for Federal Reserve interest-rate cuts, record-high closes for the S&P 500 and Nasdaq 100, and all-time highs for AI stocks like NVIDIA, with Apple nearing a $3 trillion market cap. Additionally, oil prices remain low at $73.50 a barrel. Technically, Nifty’s immediate targets are 22900 and 23339, with intraday support at 22300. The RBI MPC meeting outcome on June 7th is also highly anticipated,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

“The Nifty has increased put writing at the 22500 level and max pain is currently at 22450 which indicates limited downside for the day. Also, Nifty PCR is still trading at 0.60, which indicates that the index is still oversold, promoting the Bulls to resurface at lower levels. The line in the sand to cross still remains to be a firm closing above the 23000 levels to completely negate the downside move of 4th June,” said Rahul Ghose, CEO of Hedged.in.

Nifty’s sharp rebound in the second half of the session, closing above the 22,600 level, indicates a potential bullish reversal. “If the price closes above the 22,800 level, it could potentially rise to 23,000 and above in the coming days. On the downside, 22,000 and 21,800 will act as immediate support levels,” said Mandar Bhojane, Research Analyst at Choice Broking.

Foreign institutional investors (FII) sold shares net worth Rs 5,656.26 crore. However, domestic institutional investors (DII) sold shares net worth Rs 4,555.08 crore on June 05, 2024, according to the provisional data available on the NSE.

WTI crude prices were trading at $74.55 up by 036%, while Brent crude prices were trading at $78.78 up by 0.48%, on Thursday morning.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded down 0.16% at 104.08.

The Wall Street or US market closed soared reaching their new lifetime highs as Nvidia led the tech stocks rally and weak labour market data bolstered the hope of an interest rate cut later this year. The tech-heavy Nasdaq Composite jumped 331 points or 1.96% to end at 17,187.90. The S&P 500 advanced 1.18% to 5,354.03. The Dow Jones Industrial Average rose 0.25% to 38,807.33.