6 lakh shares (3.17% equity) worth Rs 792 crore change hands at Rs 13,191/share in block deal.
| 2.86 crore shares (1.79% equity) worth Rs 5,506 crore change hands at Rs 1,925/share in block deal
Amid mixed global cues, the Indian indices opened flat on June 6 ahead of RBI policy meet outcome.
The Sensex was down 67.42 points or 0.08 percent at 81,374.62, and the Nifty was down 8.35 points or 0.03 percent at 24,742.55. About 125 shares advanced, 60 shares declined, and 12 shares unchanged.
Dr Reddy’s Labs, Hindalco, ONGC, NTPC, Tata Consumer were among major gainers on the Nifty, while losers were Tata Steel, Apollo Hospitals, Shriram Finance, SBI Life Insurace, Bajaj Finance.
The volatile weekly expiry trade ended higher at 24,751. Technically, the Index formed a spinning top candle, indicating volatility with uncertainty about the clear trend ahead of the MPC meeting. The key resistance and support levels are 24,900 and 24,500, respectively. BankNifty is currently stuck within the range of 55,400-56,100.
The Pharma sector has given a trendline breakout, signalling a trend reversal, but will wait for a breakout from an Inverted Head and Shoulder pattern for strong confirmation (Glenmark and Wockhardt – Symmetrical Triangle Breakout).
As suggested repeatedly, the Realty segment is performing as per our expectations and boosting our confidence to remain bullish.
From the Metal segment, Hindzinc has completed its consolidation of over 4 months from the Rounding Bottom formation by giving a strong breakout with considerable volumes, making it worth monitoring.
Tips Music from the Media space appears strong on a technical front as it has given a breakout from a Symmetrical Triangle Formation.
The IT sector is consolidating in the Flag formation, awaiting a breakout for better clarity (Persistent-On the verge of a breakout).
Despite the non-directional trend, Balarampur Chini from the FMCG sector is set to give a breakout from an Inverted Head and Shoulder formation.
This Friday morning brings a mix of news for the markets. On the negative side, a public spat between Donald Trump and Elon Musk has turned ugly, with Trump expressing disappointment over Musk’s stance on his tax policy bill, prompting Musk to retaliate on X, saying Trump would have lost the election without him — calling it “such ingratitude.” On the positive side, Trump also stated he had a “very good” call with China’s President Xi.
For Indian equities, the immediate focus shifts to two key events: the RBI policy meeting and the US May jobs report. Market sentiment is buoyed by expectations of a 25-bps repo rate cut, backed by controlled inflation and steady growth. A surprise 50-bps cut could trigger a sharp Nifty rally. Further cheer may come if inflation forecasts are revised downward, suggesting scope for additional easing later in the year.
For today’s trade: Buy Nifty at 24,751 (stop 23,309; targets 24,921/25,117; aggressive 25,900–26,300) and Bank Nifty at 55,761 (stop 54,311; targets 56,161/56,700; aggressive 57,300–57,600).
Our chart picks are bullish on Godrej Properties, Oberoi Realty and RVNL on dips, with an interweek view.
Top stock to buy now: JSW Energy at Rs 508 (stop 493; targets 525/541; aggressive 579), showing a probable double bottom and strong rebound signals on the daily charts.
#1 Total sales down 3.3 percent MoM & up 5 percent YoY at 22.12 lakh units
#2 2-wheeler sales down 2.02 percent MoM & up 7.31 percent YoY at 16.52 lakh units
#3 CV sales down 11.25 percent MoM & 3.71 percent YoY at 75,615 units
Bajaj Finserv promoter entities eyeing part stake sale in the firm, and are going to launch a Rs 4,750 crore block deal with upsize option. …Read More
Uncertainty, which has been looming large on the global economic horizon, has spiked with the open spat between President Trump and Elon Musk. This unprecedented clash between two of the world’s most powerful and mercurial personalities will have its consequences on the policies of the US administration. Chinese restrictions on exports of rare earth minerals and magnets, in response to the reciprocal tariffs imposed by US, have already started impacting the EV automobile industry.
Important US data like US ISM PMI and jobless claims indicate that the US economy is slowing down. US is likely to end 2025 with a GDP growth of mere 1%. US bond yields are likely to fall further which will be positive for EMs, particularly India, whose growth prospects are the brightest.
In today’s monetary policy the RBI is likely to cut policy rates by 25 bp. This is already factored in by the market. More important will be the RBI commentary on growth and inflation projections for FY26. If the inflation forecast is cut from 4% the market would respond positively.
Benchmark indices are trading lower in the pre-opening session.
The Sensex was down 195.76 points or 0.24 percent at 81,246.28, and the Nifty was down 90.75 points or 0.37 percent at 24,660.15.
Indian rupee opened marginally lower at 85.85 per dollar on Friday against Thursday’s close of 85.79.