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Market Live Updates: Sensex opens over 200 points higher, Nifty nears 15,300; all sectors in the green

EVENT HIGHLIGHTS

Stock Market Live Updates: Indian indices opened higher on Tuesday following gains in Asian peers after Wall Street rose in overnight trade helped by a retreat in US Treasury yields. Broad based gains were seen across sectors with metal and auto indices leading. Stocks including Grasim, Mahanagar Gas, Concor will be in focus today.

“Two trends – one positive and one negative- need close monitoring. The negative is the likely huge shortfall in government revenues and its potential impact on macro stability.  GST compensation to states is likely to be around Rs 2.5 trillion against the compensation cess estimated at Rs 1trillion in the budget leaving a gap of around Rs 1.5 trillion. This will have implications for deficit, borrowings and macro stability. But the problem can be mitigated if lockdowns are lifted soon. There is room for optimism on this front since fresh cases have fallen to 1.95 lakh cases during the last 24 hrs and recoveries are at 3.25 lakhs. So, anticipating progressive unlocking starting June, the Indian market is likely to join the current risk-on in global markets. Nifty is moving towards an all-time high. Nifty bank index has more room on the upside”

Opening Bell: Sensex opens over 200 points higher, Nifty nears 15,300; all sectors in the green

Indian indices opened higher on Tuesday following gains in Asian peers after Wall Street rose in overnight trade helped by a retreat in US Treasury yields. Broad based gains were seen across sectors with metal and auto indices leading. At 9:18 am, the Sensex was up 234 points at 50,886 while the Nifty rose 85 points to 15,282. Broader markets were also positive in early deals with the midcap and smallcap indices up around a percent each. On the Nifty50 index, Tata Steel, Tata Motors, JSW Steel, Hindalco and Britannia were the top gainers while there were no stocks in the red at opening.

Metal prices may see more correction but long-term trend remains bullish: S&P Global Platts

Paul Bartholomew of S&P Global Platts on Monday said metal prices could see more correction but the long-term trend remains bullish. He said, “If commodity prices rise too high then that’s perhaps a sign of economic recovery. So the market has become a lot more cautious, sitting on the sidelines now for about a week and we saw iron ore dropped to about USD 200 per tonne last Friday.” “However, I suspect it’s just a bit of a pause and look at fundamentals; I still think there is a lot of bullishness sitting beneath and I don’t think this is a start of a big correction,” he said.

RBI Framework 2.0: SBI Card puts in place mechanism for COVID stress relief

SBI Cards and Payment Services (SBI Card) on Monday said it has framed a COVID-19 related stress resolution mechanism in accordance with the RBI’s recently announced relief measures. Pursuant to RBI’s circular dated May 5, 2021, the company has framed the resolution framework 2.0 for COVID-19 related stress of individuals and small businesses, based on the tenets as enumerated in the central bank guidelines, SBI Card said in a regulatory filing. “The policy covers norms on offering relief to stressed cardholders by means of resolution plans and the related provisioning and asset classification norms,” it said.

Fuel prices increase today; petrol prices just 29 paise short of breaching Rs 100 in Mumbai

State-owned fuel retailers hiked petrol and diesel prices on Tuesday after keeping them unchanged on Monday. Petrol and diesel prices were hiked by 22-23 paise and 25-27 paise per litre respectively across the metro cities, according to a price notification from oil marketing companies. In Delhi, petrol now costs Rs 93.44 per litre and diesel is priced at Rs 84.32. In Mumbai, petrol comes for Rs 99.71 a litre and diesel for Rs 91.57.

Fugitive businessman Mehul Choksi goes missing: Antiguan media

Fugitive diamantaire Mehul Choksi is understood to have gone missing in Antigua and Barbuda with the police launching a manhunt to trace him since Sunday, local media outlets reported. ”Antiguanewsroom”, a local media outlet, quoted Commissioner of Police Atlee Rodney on Tuesday that the police are ”following up on the whereabouts of Indian businessman Mehul Choksi”, who is ”rumoured” to be missing. The media reports say, Choksi, who had taken the citizenship of the Caribbean island nation of Antigua and Barbuda, was seen driving in the southern area of the island on Sunday. Later, his vehicle was found but there was no trace of Choksi, the reports said. Questions sent to his lawyer about the reports remained unanswered.

First up, here is quick catchup of what happened in the markets on Monday

The Indian equity benchmark indices ended Monday’s volatile session on a positive note led by gains in banking and financial stocks. The Sensex gained 111.42 points, or 0.22 percent to 50,651.90, while the Nifty closed at 15,197.70, up 22.40 points, or 0.15 percent. Broader indices outperformed the benchmarks as the Nifty Smallcap100 index jumped 1 percent and Nifty Midcap100 rallied 0.67 percent. Among sectors, Nifty PSU Bank rallied the most over 2 percent followed by realty, media, IT, and pharma indices, while metals and FMCG indices closed in the red. IOC, BPCL, SBI, Larsen & Toubro and Eicher Motors were the top Nifty50 gainers, while Shree Cement, JSW Steel, Tata Steel, Britannia Industries and IndusInd Bank were the top index losers.

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