The Indian equity market ended higher for the second consecutive day, hitting a five-month high and beginning the June F&O series on a positive note. The rally was mainly triggered by broad-based buying across sectors, especially in index heavyweights. Nifty resumed its upward trajectory after two weeks of consolidation, reflecting renewed investor confidence.
NIFTY: The index opened 47 points higher at 18,368 and made a high of 18,508 before closing at 18,499. The Nifty has formed a bullish candlestick pattern on closing. Its immediate resistance level is placed at 18,600 while support is at 18,430.
BANK NIFTY: The index opened 84 points higher at 43,765 and closed at 44,018. Bank Nifty has formed a bullish hammer on closing. Its immediate resistance level is placed at 44,178 while support is at 43,400. Once the resistance zone is breached, we may see a fresh high in the index.
Broader Market Indices Today Month Till Date (MTD) Year Till Date (YTD)
Stocks in Spotlight
- Sun Pharma: Quarterly net profit declines 8.3% to Rs 1,984.5 crore from Rs 2,166 crore in the year-ago quarter
- Praj Industries: Stock jumps 7% as Q4 PAT rises 53%. The company has proposed a final dividend of Rs 4.5/share for FY23.Info Edge: Stock rallies 8% as standalone net profit jumps 48% to Rs 179 crore while revenue rises 24% to Rs 564 crore compared to the year-ago quarter.
- Reliance Retail: Its FMCG arm partners with General Mills to launch Alan’s Bugles in India
- Gold prices recover from two-month lows, aided by a weakened US dollar as US debt ceiling negotiations make progress.
- Chris Wood of Jefferies increases overweight position in Indian, Korean and Taiwanese stocks by 100 bps in his Asia-Pacific ex-Japan portfolio.
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