IGI Logo

• The equity benchmarks saw positive movement, with the Sensex climbing nearly 300 points and Nifty nearing the 24,500 mark, driven by easing global trade tensions, robust U.S. job data, and sustained foreign investor inflows.

• Strong quarterly results from M&M and a drop in oil prices to a one-month low of $60 per barrel also supported market gains. Both mid-cap and small-cap stocks outperformed, rising by 2% and 1%, respectively. Sectors such as auto, oil marketing, and FMCG saw a 1% increase.

• The Adani Group stocks led the rally after media reports indicated that company representatives met with U.S. officials to discuss the dismissal of criminal charges related to an overseas bribery case. Adani Port, Adani Enterprises, Adani Power, Adani Green, Ambuja Cement, and ACC rose by as much as 10%.

• The Sensex gained 294 points, or 0.40%, to close at 80,796, while the Nifty rose by 114 points, or 0.50%, to close at 24,461. Oil marketing stocks like IOC, HPCL, and BPCL surged 4-6% as Brent Crude fell sharply to a one-month low below $60 per barrel, following news that key OPEC+ nations are considering an additional production increase of about 400,000 barrels per day in June. Foreign portfolio investors (FPIs) continued their buying spree, marking their 12th consecutive session of net purchases, the longest streak in two years

• Globally, Asian and European markets had mixed performances after U.S. jobs data exceeded expectations, boosting market sentiment alongside hopes of a breakthrough in U.S.-China trade negotiations.

Technical Outlook:

• Nifty Index opened positive and consolidated within a narrow band at the higher base. It failed to hold above 24500 levels but managed to hold 24400 zones and traded in a range of 120 points throughout the day.

• It gave the recent highest daily close above 24444 zones and formed a small bodied candle on daily frame while it has been making higher lows from the last two sessions. Now it has to hold above 24400 zones for an up move towards 24650 then 24750 zones while supports can be seen at 24200 then 24050 zones.

Derivative Outlook:

• Nifty future closed positive with gains of 0.68% at 24567 levels. Positive setup seen in Adani Total Gas, IGL, Adani Enterprise, Adani Green, HPCL, Adani Ports, KEI Industries, Polycab Industries, Aarti Industries, Biocon, PB Fintech, Inox Wind and Trent while weakness in Kotak Bank, SBIN, JSW Steel, ONGC, DR. Reddy, Dmart, IndusInd Bank, OFSS, Axis Bank, ICICI Lombard and Lodha.

• On option front, Maximum Call OI is at 24500 then 25000 strike while Maximum Put OI is at 24000 then 24400 strike. Call writing is seen at 24500 then 24700 strike while Put writing is seen at 24400 then 24500 strike. Option data suggests a broader trading range in between 24000 to 25000 zones while an immediate range between 24300 to 24700 levels.

• Oberoi Realty - Company has sold luxury apartments worth ?970 crore in its integrated township project at Goregaon in Mumbai amid strong housing demand.

• Enviro Infra Engineers - Company said it has secured new domestic projects worth Rs77cr.

• Swiggy suspends hyperlocal delivery service Genie across multiple cities - Swiggy has temporarily suspended its hyperlocal delivery service Genie across several cities days after expanding its 10-minute delivery service, Bolt. The pickup-and-drop service, available in 70 cities, cannot be found on the Swiggy app in most locations.

• IDBI - DIPAM Secretary Arunish Chawla confirmed that the Indian government is progressing with the lender's divestment. Source: NDTV Profit.

• Star Health And Allied Insurance - Company’s board appointed Rajeev Kher as Chairperson.

• Goodluck India - Company's board will consider and approve the conversion of share warrants into fully paid-up equity shares issued on a preferential basis.

• UltraTech Cement - Company's total domestic grey cement capacity is 184.8 MTPA. Debottlenecking efforts have added 1.4 MTPA capacity, bringing the global capacity to 190.16 MTPA.

• Power & Instrumentation - Company receipt order worth Rs21.40cr for design, supply, installation, Testing, commissioning and client handling over of power supply system Electrical work at Udaipur Air Terminal, Rajasthan.

• Devyani International launches first New York Fries store in India - Company has introduced the New York Fries (NYF) brand to the Indian market. The first NYF outlet in India is now operational at the Chhatrapati Shivaji Maharaj International Airport in Mumbai. This marks the beginning of NYF’s expansion into India, bringing with it a menu that reflects its established global identity.

• Adani Camp Meets Trump Officials in Push to End US Bribery Cases - Gautam Adani and his companies met Trump administration officials about dismissing the criminal charges levied against him in an overseas bribery probe. The talks, which began earlier this year, intensified in recent weeks and could lead to a resolution in the coming month or so, if the pace continues, some of the people said, asking not to be identified because the conversations are confidential.

Global Market Update

• European Market - European stocks were little changed as investors asses latest comments from the US president regarding global trade. Germany Index gain up to 0.5%. UK market is close today.

• Asian Market - Stocks in Asia witnessed mixed bag as investors monitored evolving developments on the trade war front. Investors are looking for the next cue after President Donald Trump suggested that his administration could strike. South Korea Index marginally gained while Australia Index declined by 1%. China, Hong Kong and Japan Index closed today.

For More Research Reports : Click Here 

For More Motilal Oswal Securities Ltd Disclaimer
http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html
SEBI Registration number is INH000000412