Market opens at new life highs; breadth strong

The headline equity indices traded with robust gains in early trade. The Nifty traded above the 23,100 level. All the sectorial indices on NSE were in the green with PSU bank, oil & gas and realty shares gaining the most.

At 09:30 IST, the barometer index, the S&P BSE Sensex soared 1,993.10 points or 2.69% to 75,954.41. The Nifty 50 index surged 598.50 points or 2.66% to 23,129.20.

The Sensex and Nifty clocked an all-time high of 76,738.89 and 23,338.70 respectively.

In the broader market, The S&P BSE Mid-Cap index rallied 2.55% and the S&P BSE Small-Cap index advanced 1.99%.

The market breadth was strong. On the BSE, 2,733 shares rose and 465 shares fell. A total of 115 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,613.24 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,114.17 crore in the Indian equity market on 31 May 2024, provisional data showed.

Economy:

India`s GDP grew at 7.8% in Q4 of FY24, raising the full-year growth estimate to 8.2%, according to data released by the Ministry of Statistics and Programme Implementation (MOSPI) on Friday.

India`s GST collections rose 10% YoY to Rs 1.73 lakh crore in May 2024, driven by a surge in domestic spending. This strong domestic performance points to a healthy economy, despite a 4.3% decline in imports.

Stocks in Spotlight:

Angel One advanced 5.64% after the company said that its wholly owned subsidiary, Angel One Wealth has incorporated (one) wholly owned Subsidiary, namely, Angel One Investment Services on 30 May 2024.

NTPC rallied 5.25% after the company commissioned the second and last part capacity of 33 MW out of the 90 MW Anta Solar PV Project in Rajasthan. The company�s total capacity on a standalone and group basis now stands at 59,168 MW and 76,048 MW, respectively.

Inox Wind`s added 2.52% after the company�s board has approved raising Rs 1,000 crore in one or more tranches through preference shares. The fundraising is subject to all requisite approvals, including those of the shareholders.

Numbers to Track:

The yield on India`s 10-year benchmark federal shed 0.46% to 6.955 as compared with previous close 7.003.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 82.9975, compared with its close of 83.4200 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 0.54% to Rs 71,500.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.07% to 104.49.

The United States 10-year bond yield fell 0.65% to 4.487.

In the commodities market, Brent crude for July 2024 settlement lost 4 cents or 0.05% to $ 81.07 a barrel.

Global Markets:

Asian share markets climbed on Monday as investors anticipated a rate cut in Europe this week, potentially marking the first time the European Central Bank (ECB) eases policy ahead of the U.S. Federal Reserve. The ECB is widely expected to lower rates by 0.25% to 3.75% on Thursday.

Meanwhile, positive data emerged from China, a key driver for regional growth. The Caixin manufacturing Purchasing Managers` Index (PMI) for May came in at 51.7, indicating continued expansion in the sector. This suggests some resilience in the Chinese economy.

US stocks closed mostly positive on Friday, with the S&P 500 recovering from early losses to end the day in the green. The Dow Jones Industrial Average jumped 574.84 points, or 1.5%, to close at 38,686.32. The S&P 500 rose 0.8%, while the Nasdaq Composite slipped less than 0.1%.

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