Sensex reclaims 34K, Nifty back above 10,100; all eyes on US Fed meeting

Indian markets reclaimed crucial resistance levels on June 10 after falling more than 1 percent in the previous session. The S&P BSE Sensex is back above 34,000 while the Nifty50 is trading above 10,100 levels.

For the day, the Sensex rose 290 points to 34,247 while the Nifty50 closed 69 points higher at 10,116.

The bulls took control of D-Street to close above 5-day EMA on the daily charts. However, marginal selling pressure was seen at higher levels as investors wait for the outcome of the US Federal Reserve meeting and the spike in coronavirus cases in Delhi fanned worries of a similar situation playing out in other metros.

“Domestic markets remained volatile throughout the day and eventually ended higher despite mixed global cues ahead of a Federal Reserve policy meeting later in the day. Concerns with rising coronavirus cases pose serious threats to the newly opened businesses,” Paras Bothra, President of Equity Research, Ashika Stock Broking, told .

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Sectorally, the action was seen in banks, realty, finance, energy, and healthcare stocks while profit-taking was visible in auto, metals, consumer discretionary and oil & gas stocks.

On the broader markets front, the S&P BSE Midcap index rose 0.8 percent while the S&P BSE Smallcap index rallied 0.92 percent.

Top Nifty gainers included RIL, Shree Cements, Hindalco Industries and IndusInd Bank.

Top Nifty losers included Coal India, Bajaj Auto, GAIL India and Hero MotoCorp.

Stocks & Sectors

Sectorally, the S&P BSE Bankex was up 1.79 percent followed by the S&P BSE Realty index that gained 1.78 percent and the S&P BSE Finance index was up 1.4 percent.

Profit-taking was seen in the S&P BSE Auto index which was down 1 percent,followed by the S&P BSE Metal index that fell 0.4 percent and the S&P BSE Consumer Discretionary that was down 0.38 percent.

A spike in volume was seen in stocks like Hero MotoCorp, Ramco Cements, TCS, Bosch, MindTree and BHEL.

Long Buildup was seen in stocks like RBL Bank, BHEL, Equitas Holdings, Ujjivan Financial Services and IndusInd Bank.

Short Buildup was seen in stocks like M&M Financial, Motherson Sumi, BOSCH, and SBI Life.

More than 60 stocks hit a fresh 52-week high on the BSE. These included Dr. Reddy’s Laboratories, Vaibhav Global, Lupin, and Muthoot Finance.

Stocks in news

Extending the gains into the fourth consecutive session, shares of IndusInd Bank ended 7.93 percent up at a near three-month high at Rs 500.70 on BSE on June 10.

Godrej Consumer share price was down almost 4 percent after Vivek Gambhir resigned as the Managing Director and Chief Executive Officer of the company.

Hero MotoCorp stock price was down over 3 percent after the company posted poor numbers for the March quarter.

Yes Bank stock price gained 2 percent after Madhu Kapur’s family withdrew the suit filed against the bank management in the Bombay High Court, according to exchange communication.

Dwarikesh Sugar Industries stock price spiked almost 10 percent after the company in the March quarter reported 37 percent YoY jump in net profit at Rs 44.26 crore against Rs 32.34 crore.

Dhanuka Agritech share price jumped 7 percent after the company’s consolidated net profit jumped 46 percent YoY to Rs 39 crore versus Rs 26.7 crore and revenue was up 18.1 percent at Rs 227.6 crore against Rs 192.7 crore, reported CNBC-TV18.

Gujarat Pipavav Port stock price was up over 7 percent after the company reported revenue in-line with expectations.

Technical View

The Nifty formed an Inside Bar pattern on the daily charts. The swing low of 10,021 has become a crucial support level for the index.

On the higher side, the bulls need to take out the resistance zone of 10,300-10,328 to stretch towards 10550, which is 61.8 percent retracement of the Jan- March fall, say experts


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