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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Todays Market
- Indian Stock Market News June 1, 2023
Sensex Today Ends 194 Points Lower, Nifty Below 18,500 | Torrent Pharma Slips 7% | Why Coal India Share Price is Falling Thu, 1 Jun Closing
After opening the day flat, Indian share markets remained subdued throughout the session and ended lower.
Benchmark indices mostly traded around the flat territory but ended in the red as investors chose profit booking for the second day in a row despite strong GDP data and continuous foreign fund inflows.
At the closing bell, the BSE Sensex stood lower by 194 points (down 0.3%).
Meanwhile, the NSE Nifty closed down by 47 points (down 0.3%).
Tata Motors and Bajaj Auto were among the top gainers today.
Coal India and Bharti Airtel on the other hand, were among the top losers today.
Check out the NSE Nifty heatmap to get the complete list of gainers and losers.
The SGX Nifty was trading at 18,571, down by 93 points, at the time of writing.
Broader markets ended on a positive note. The BSE Midcap index ended marginally higher and BSE SmallCap ended 0.6% higher.
Sectoral indices ended on a mixed note with stocks in the realty sector and IT sector witnessing most of the buying.
On the other hand, stocks from the metal sector and banking sector witnessed selling pressure.
Shares of Bajaj Auto and CRISIL hit their 52-week highs today.
Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...
Asian stock markets ended on a positive note. The Nikkei ended higher by 0.8%. while the Hang Seng and Shanghai Composite ended flat.
The rupee is trading at 82.42 against the US$.
Gold prices for the latest contract on MCX are trading lower by 0.6% at Rs 59,847 per 10 grams.
Meanwhile, silver prices for the latest contract on MCX are trading higher by 0.4% at Rs 71,491 per kg.
Speaking of stock markets, banking stocks have had a great run, but is there trouble ahead?
Financials as a group have been among the top performing stocks in the market. Banking stocks in particular have done very well recently.
However, the technical charts are signalling caution. Why is that so?
Chartist Brijesh Bhatia answers the question in the below video.
E.I.D Parry jumps 4% today. Here's why...
In news from the sugar sector, shares of E.I.D Parry rose 4% today, buoyed by the company's strong growth guidance for the upcoming financial years.
The strong growth guidance from the management also offset concerns over the decline in the company's fourth-quarter net profit.
For the March 2023 quarter, the sugar manufacturer reported a consolidated net profit of Rs 2.9 bn, a 33% YoY decline. The bottom line was largely dragged by weak operational performance due to elevated input costs.
Regardless, total income surged 19.3% YoY to Rs 68.7 bn. Moreover, the management remains hopeful of bringing a turnaround in the company's fortunes.
The management aims to take revenue from Rs 6.5 bn in the financial year 2023 to Rs 12 bn in the financial year 2025. This growth will be driven by an expansion in distillery capacity, with a target of 140 million litres of ethanol production in 2024 and 170 million litres by 2025.
The company further hopes to see margin expansion in the distillery segment in the financial year 2024, with revenue contribution from the vertical going up to 40% over the next two years.
The stocks are a part of ace investor Nemish Shah's portfolio.
With a strong expansion plan for ethanol production capacity, it stands among the top 4 ethanol stocks in India.
Maruti Suzuki's total sales jumps 10% in May
Moving on to news from the auto sector, automaker Maruti Suzuki India, on Thursday, reported a 10% increase in total wholesales at 178,083 units in May 2023. The company sold 161,413 units in May 2022.
Total domestic passenger vehicle sales were higher by 15% to 143,708 units compared with 124,474 units in the same month last year.
Sales of mini cars, comprising Alto and S-Presso, fell 30% to 12,236 units compared with 17,408 units in the year-ago period.
Compact car sales, including models such as Swift, Celerio, Ignis, Baleno and Dzire, increased 5% to 71,419 units against 67,947 units in May 2022.
Sales of the mid-sized sedan Ciaz last month increased to 992 units from 586 units in the year-ago period.
Exports declined 3% to 26,477 units against 27,191 units in the corresponding month last year.
Apart from this, driving the EV revolution, it is developing hybrid electric vehicles (HEV) with Toyota.
Note that the?electric vehicle (EV) megatrend?is a once in a century revolution happening right in front of us.?
The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and?India's top EV stocks?are set to benefit from this shift.
Why Coal India shares are falling
Moving on to news from the mining sector, Cola India's shares witnessed heavy sell-off pressure in morning deals and extended its downtrend for the fourth straight session.
Coal India's share price today opened lower and hit an intraday low of Rs 229.55 apiece levels, falling 4.8% on Thursday.
According to media reports, Coal India's share price is under pressure after Coal India OFS news as Coal India OFS is offered at a high premium and shareholders of the company are offloading their position as they have the option to buy scrip at discounted price via OFS.
So, it is more strategic than any flaw in the fundamentals of the company.
Coal India OFS has opened today and will remain open for subscribers till 2 June 2023. The PSU company has offered OFS at Rs 225 apiece levels, which is still below its current market price of around Rs 230 apiece levels.
Coming to the stock performance, the share price of Coal India has eroded over 5% so far in 2023.
To know what has led to the sudden change in share price momentum for this monopoly stock, check out why Coal India's share price is falling.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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