Share Market News Today | Sensex, Nifty, Share Prices Highlights: After recording fresh lifetime highs, BSE Sensex and NSE Nifty 50 settled at record closing highs on Monday. The broader Nifty 50 ended at 19,322.55, up by 0.7%, while the 30-share Sensex gained 485 points to 65,205, after hitting a new all-time high of 65,300.35 intraday. Bank Nifty settled above 45,150. The broader markets ended in the green, with Nifty Smallcap 100 surging 1.23%. Fear gauge, India VIX, closed at 11.54%, up by 6.85%. Sectorally, Nifty Auto, Nifty IT and Nifty Pharma were laggards, while Nifty PSU Bank jumped 3.7%. Nifty Metal and Nifty Realty contributed to Nifty 50’s gains.
Live Updates 15:41 (IST) 3 Jul 2023 Nifty 50 top gainers, losers
Grasim, ITC, BPCL, Bajaj Finance and Reliance Industries were the top gainers on the Nifty 50 index while Power Grid, Bajaj Auto, Sun Pharma, Cipla and Maruti were the laggards on the index.
15:35 (IST) 3 Jul 2023 Markets at close
Domestic indices NSE Nifty and BSE Sensex hit fresh intraday highs and settled at record closing highs. The broader Nifty 50 closed at 19,322.55, up 0.7%, while Sensex closed at 65,205, up 485 points, after hitting an all-time high of 65,300.35 intraday. Bank Nifty settled above 45,150.
14:58 (IST) 3 Jul 2023 Currency outlook
“Indian Rupee appreciated on positive domestic markets and FII inflows. Domestic equity indices are trading at all-time highs. However, the strong US Dollar and surge in crude oil prices capped sharp gains. India’s manufacturing PMI fell to 57.8 in June from 58.7 in May and trailed the forecast of 58. US Dollar gained on the decline in Euro which fell on weak PMI data. Dollar also edged higher on rising expectations of a rate hike in July. The greenback fell on Friday on softer-than-expected inflation.”
– Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.
13:27 (IST) 3 Jul 2023 Market valuations rich
“The ongoing rally in the market has made valuations very rich. Nifty is trading at above 20 times estimated FY 24 earnings. This is higher than the historical average. Momentum can take the market higher; but at high valuations risk is high. Some presently unknown negative developments can trigger a sharp correction. So, even while remaining invested in the market, investors have to be cautious.”
– V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
12:35 (IST) 3 Jul 2023 Factors to drive markets
“Markets will be impacted in the near term by events such as the Fed’s monetary policy stance, corporate earnings, and election results. However, the markets’ vulnerability to foreign flows would be much lower, at least in the medium run. If a correction occurred because of foreign outflow – that could be an opportunity to invest in an otherwise extremely good underlying narrative.”
– Shantanu Bhargava, Managing Director, Head of Discretionary Investment Services, Waterfield Advisors.
12:16 (IST) 3 Jul 2023 MS on HDFC Bank
“HDFC Bank trades at 16x one-year forward EPS, ~20% below the 15-year mean. Strong trailing investments and cyclical tailwinds (benign asset quality and improving real deposit rates) will help it navigate merger challenges better and return to 17-18% EPS growth after Year 1. Resume at OW. Target: Rs 2,110.”
– Morgan Stanley
11:50 (IST) 3 Jul 2023 Index returns remain strong
“Not surprisingly, index returns remain typically strong after reaching an all-time high. The average five-day, ten-day and twenty-day returns after reaching an alltime high on the Nifty index are 0.4%, 0.9% and 1.8%, respectively. In the past twenty years, the next twenty-day returns have remained positive 74% of the time after reaching an all-time high.”
– Kotak Institutional Equities
11:23 (IST) 3 Jul 2023 BSE shares jumps 6.6%
BSE share price gained 6.65% to Rs 650 as the company’s board will convene later this week to discuss share buyback.
11:18 (IST) 3 Jul 2023 Bond outlook
“Global Bond yields continued their uptrend as strong economic data underpinned the hawkish talk of the central banks. US Q1 GDP growth came in at 2% against expectations of 1.4% with upward revisions of exports and consumer spending. Inflation came in line with expectations. US Bond market in now pricing in an increased probability of 2 more rate hikes by the Fed this year as the yield curve flattened with the spread between the 2yr and the 10yr close to 100bps as curve inversion deepened.”
– Puneet Pal, Head-Fixed Income, PGIM India Mutual Fund
10:39 (IST) 3 Jul 2023 Gold outlook
“Comex Gold prices witnessed the third consecutive weekly decline and closed near a three month low at $1,929.4 per troy ounce, weighed down by upbeat US economic data and hawkish central bank rhetoric. US GDP growth for the first quarter was revised sharply higher to 2% from 1.3%, while initial jobless claims unexpectedly dropped last week, giving the Fed cushion to keep raising rates.”
– Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities
09:52 (IST) 3 Jul 2023 Sensex tops 65,000, hits fresh high
30-share Sensex crossed the 65,000 mark in early trade on Monday, clocking a fresh all-time high of 65,173.44.
09:39 (IST) 3 Jul 2023 Nifty 50 crosses 19,300 mark
Continuing its record-breaking rally, Nifty 50 crosses the 19,300 mark to touch a fresh all-time high of 19,318, jumping 120 points in early trade on Monday.
09:35 (IST) 3 Jul 2023 Nifty target at 19,400
“On Friday, we had opined about lack of visibility past 19,200. But despite rising through the day, and ending the day exactly near 19,200, we were unable to spot outright bearish signs. This encourages us to look for extension in uptrend, initially aiming the 19,300-400 region. Alternatively, inability to float above 19,180 could lead to buyers pulling back at least until 19,100 or 18,980.”
– Anand James, Chief Market Strategist at Geojit Financial Services.
09:20 (IST) 3 Jul 2023 Markets touch fresh highs on open
Indian equity indices NSE Nifty 50 and BSE Sensex gained on open in Monday. Nifty opened at 19,246.50, before gaining 0.4% and nearing 19,300. Sensex surpassed the 65,000 mark in early trading, touching a high of 65,041.33. Bank Nifty crossed 45,000, touching a fresh high as well.
09:11 (IST) 3 Jul 2023 FPIs drivers of ongoing rally
“Sustained FPI flows (Rs 47,148 crores in June) is the main driver of the rally in India. The recent surge in FPI inflows have been triggered by the recent ‘Sell China, Buy India’ strategy of the FPIs which, in turn, is being influenced hugely by the anti-China attitude/policy evolving in the US and the developed world.”
– V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
09:10 (IST) 3 Jul 2023 Markets at pre-open
Domestic indices gained in the pre-open session on Monday, as Nifty 50 settled 0.3% higher at 19,246 and BSE Sensex added 118 points to close at 64,831.88.
09:06 (IST) 3 Jul 2023 Markets to be data-sensitive
“The street will react to June auto sales numbers, although weak exports remain a concern for most automakers. Investors will also be eyeing the FOMC Minutes from Fed’s June policy meeting slated to be released on Wednesday, and the US non-farm payrolls data for June to tricke in on Friday.”
– Prashanth Tapse, Senior VP (Research), Mehta Equities.
09:04 (IST) 3 Jul 2023 Nifty ripe for correction
“On upmoves, Nifty could face resistance at 19,350. The fact that the Nifty has risen with two upgaps in the past two sessions means that it is ripe for some consolidation/correction after a good morning session.”
– Deepak Jasani, Head of Retail Research, HDFC Securities.
08:51 (IST) 3 Jul 2023 India’s fiscal deficit
India’s fiscal deficit for the first two months in the financial year that started April 1 touched 2,102.87 billion rupees ($25.63 billion), nearly 11.8% of annual estimates, government data showed on Friday. April-May net tax receipts were 2780.45 billion rupees or 11.9% of the annual estimate, lower than 3075.89 billion rupees in the same period last year, per the data.
08:32 (IST) 3 Jul 2023 Nifty target: 20,200
“The short term and medium-term targets for NSE Nifty 50 have been achieved and hence we are revising it upwards to 19,500 and 20,200 respectively.”
– Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
08:16 (IST) 3 Jul 2023 F&O Ban
The National Stock Exchange has Indiabulls Housing Finance on its F&O ban list for 3 July.
07:55 (IST) 3 Jul 2023 FII/DII data
Foreign institutional investors (FII) net bought shares worth net Rs 6,397.13 crore, while domestic institutional investors (DII) net purchased shares worth net Rs 1,197.64 crore on June 30, according to the provisional data available on the NSE.
07:44 (IST) 3 Jul 2023 Crude oil outlook
Oil prices slipped in early Asian trade on Monday as global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserves offset forecasts of tighter supplies amid OPEC+ cuts.
07:44 (IST) 3 Jul 2023 Asian share markets
Shares in the Asia-Pacific region were trading in the green on Monday. China’s Shanghai Composite gained 0.55% in trade, while Japan’s Nikkei 225 surged 1.58%. Hong Kong’s Hang Seng index gained 1.19% while South Korea’s Kospi was higher by 1.48%. The Taiwan Weighted index recorded a gain of 0.99%.
07:33 (IST) 3 Jul 2023 GIFT Nifty begins trading
SGX Nifty has been rebranded to GIFT Nifty, which began trading Monday onwards. Derivative contracts worth $7.5 billion, which were earlier traded on the Singaporean stock exchange, moved to NSE International Exchange (NSE IX) in Gandhinagar, Gujarat.