Sensex Snaps 4-Day Losing Streak, Zooms 428 Points, Nifty Ends Above 16,450; IT & Pharma Stocks Rally

Thu, 9 Jun Closing

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Indian share markets snapped their four day losing streak and ended the day on a firm note.

After a weak opening, benchmark indices made a strong recovery in the last hour of trade and ended near the day's high.

Energy, IT and pharma stocks witnessed renewed buying while index heavyweight stocks also gained, pushing benchmark indices higher.

At the closing bell, the BSE Sensex zoomed 428 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 122 points (up 0.7%).

Dr Reddy's Laboratories, Reliance Industries, and Bharti Airtel were among the top gainers today.

Tata Steel, NTPC, and State Bank of India, on the other hand, were among the top losers today.

The SGX Nifty was trading at 16,474, up by 109 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index ended higher by 0.5% and 0.2%, respectively.

Barring metal stocks, all sectoral indices ended in the green with stocks in the pharma sector and FMCG sector witnessed most of the buying.

IT stocks ended on a firm note today. IT stocks have rallied recently tracking a rally in US markets, among other reasons.

Shares of Maharashtra Seamless and Oil India hit their 52-week highs today.

Meanwhile, Asian Granito and Birla Corp hit their 52-week lows today.

Amid the volatility, many stocks have hit their 52-week lows, despite strong fundamentals.

Continuing the downtrend, LIC share price fell further and hit a new low of Rs 720 today.

To put things in perspective, the scrip has wiped off almost one-fourth of investor wealth which is equivalent to the market cap of bluechip stocks like Tata Motors and JSW Steel.

Asian stock markets ended on a weaker note today, tracking an overnight fall on Wall Street. The Nikkei ended flat while the Shanghai Composite slipped 0.8%. The Hang Seng declined 0.7%.

European shares are trading lower ahead of European Central Bank's (ECB) policy setting meeting, which should provide a timetable for interest rate hikes to combat soaring inflation.

The ECB is widely expected to announce an imminent end to large-scale asset purchases, paving the way for the first increase in interest rates in more than a decade.

US stock futures are trading on a positive note with the Dow Futures trading up by 92 points.

The rupee is trading at 77.79 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.2% at Rs 50,966 per 10 grams.

Speaking of stock markets, Co-head of research at Equitymaster Rahul Shah discusses why a falling market is an investor's best friend.

If the entire market has taken a beating, what are the kind of stocks that an investor should buy?

Are bluechips the only available opportunity? Or can stocks from the mid-cap and small-cap space prove to be a good bet?

Rahul answers all these questions and much more. Tune in to the below video to know more:

In news from the mining sector, Coal India has issued a tender for purchasing imported coal for power generating companies in the wake of the Centre directing it to meet the shortfall in the domestic coal supply chain.

Coal India has called for bids to supply 2.4 m tonnes (MT) of coal to be delivered for the July to September 2022 period.

According to the tender document, the estimated value of the contract is Rs 31 bn.

The imported coal would be supplied to state government-owned power generating companies and independent power producers, 1.2 MT each.

This came weeks after state and privately-owned power generating companies were told to import coal for 10% blending but were later asked to keep their tenders 'in abeyance'.

Speaking of Coal India, have a look at the chart below which shows the company's performance over the past decade.

Despite having a monopoly, shares of Coal India that once traded at Rs 350 (in 2010), now trade at Rs 195 levels.

Moving on to currencies space, the Indian rupee hit a record low against the US dollar today as crude oil prices remained at elevated levels.

The rupee has been under pressure lately amid persistent FII selling from emerging markets leading to Asian currencies weakening, elevated oil prices, and revised upward inflationary pressure for coming quarters.

However, RBI has actively and aggressively participated to protect rupee from the heat so far.

The central bank on Wednesday raised the key interest rate by 50 basis points, the second increase in five weeks, to rein in the rise in prices that it saw continuing to hurt consumers in the near term.

According to the stock exchange data, foreign portfolio investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 22.7 bn.

Oil got a boost as China's May exports jumped 16.9% from a year earlier as easing COVID curbs allowed some factories to restart.

According to experts, the dollar index is expected to remain volatile ahead of the ECB monetary policy meetings.

Moving on to news from the smallcap space, BLS International announced today that it has acquired, Zero Mass Private its largest business correspondent in the country.

BLS, which is primarily into visa processing, has its presence in the business correspondent (BC) space and the deal will help it consolidate its position in the segment, according to the company's statement.

The statement further said, Zero Mass is the largest BC in the country with over 11,500 active customer service points and it handles over 15% of the BCs for the largest lender State Bank of India.

The acquisition was priced at Rs 1.2 bn under an all-cash deal giving BLS 88.3% stake in the company.

State Bank of India will continue to hold 6.8% stake in Zero Mass post the acquisition.

BLS International share prices ended 8.5% higher on the BSE today.

For more details, check out BLS International company fact sheet and quarterly results.

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!

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