Trade Setup: Top 15 things to know before market opens on June 3, 2022

Indian equity benchmarks recovered after a two-day fall and ended higher by over half per cent on Thursday amid heavy buying in index heavyweight Reliance Industries and positive trends from European markets. Markets made a negative start and traded volatile, as traders were concerned as the Ministry of Finance said the gross GST (Goods and Services Tax) revenue for May crossed over Rs 1.40 lakh crore, a 16.6% drop in comparison to April when GST collections were at a record high.

Also Read| Joe Biden calls on Congress for arms control to end ‘gun violence epidemic’

The Nifty50 has formed an engulfing kind of pattern on the daily chart, suggesting bullishness may continue, according to Rupak De, a Senior Technical Analyst at LKP Securities.

“The daily RSI (a momentum indicator) is in bullish crossover and rising… The trend is likely to remain positive as long as it sustains above 16,400,” he said.

Also Read| Tulsa hospital shooting highlights threats doctors face over care

Indian Indices

Sensex rose 436.94 points or 0.79% to 55,818.11 and Nifty was down by 105.25 points or 0.64% to 16,628.80 in the previous session. Sensex touched a high and low of 55,891.92 and 55,135.11, respectively. There were 20 stocks advancing against 10 stocks declining on the index. Nifty traded in a range of 16,646.40 and 16,443.05. There were 29 stocks advancing against 21 stocks declining on the index.

Also Read| DaVonte’ Neal, Idaho State assistant football coach, charged with murder

Broader Indices

The broader indices ended mixed with the BSE Mid cap index down by 0.04%, while the Small-cap index up by 0.60%. On the sectoral front, Energy was up by 2.33%, Oil & Gas up by 2.14%, IT up by 1.56%, TECK up by 1.55% and Utilities up by 1.07%, while Auto was down by 0.65%, Capital Goods down by 0.37% and Bankex down by 0.06% were the only losing indices on BSE.

Also Read| Man ‘mad at girlfriend’ destroys $5 million of ancient art at Dallas museum

India VIX Index

Nifty or India VIX, a gauge of the market’s expectation of volatility over the near term, fell 2.52% to 20.32 on Thursday.

SGX Nifty

The trends on SGX Nifty indicate a negative opening for the index in India with a 12-points loss. The Nifty futures were trading at 16,766.80 on the Singaporean Exchange around 06:50 hours IST.

Also Read| Why England vs New Zealand was paused for 23 seconds on the 23th over of Day 1

Support and Resistance levels

The key support level for the Nifty is placed at 16,499, followed by 16,369. If the index moves up, the key resistance levels to watch out for are 16,702 and 16,776, according to pivot charts.

Also Read| 5 people shot at cemetery in Wisconsin during funeral

US Markets

The S&P 500 rose 75.59 points, or 1.8%, to 4,176.82.

The Dow Jones Industrial Average rose 435.05 points, or 1.3%, to 33,248.28.

The Nasdaq rose 322.44 points, or 2.7%, to 12,316.90.

The Russell 2000 index of smaller companies rose 42.85 points, or 2.3%, to 1,897.67.

Also Read| LeBron can become NBA’s first active player to reach billionaire status: Report

Asian Markets

Asian markets ended mostly lower on Thursday. The Nikkei fell 0.16% and the Hang Seng fell 1.00%. The Shanghai Composite gained 0.42%.

European Markets

European markets ended on Thursday, Germany’s DAX was up by 1.01%, France’s CAC 40 was down by 1.27% and London’s FTSE 100 was down by 0.98%.

Also Read| Who was Amanda Glenn, Tulsa hospital mass shooting victim?

Major News Headlines

Aether Industries IPO listing on June 3

The speciality chemical manufacturer will make its debut on the stock exchanges on June 3. The issue price has been fixed at Rs 642 per share. The IPO of Aether Industries was open for subscription between May 24-26 as the company sold its shares in the range of Rs 610-642 to raise Rs 808 crore via the primary route. The issue received a solid response from investors with an overall subscription of more than 6.26 times, thanks to solid bidding from Institutional buyers whose portion was subscribed 17.6 times and HNI allocation was booked 2.5.

Also Read| Michael Avenatti vs Stormy Daniels timeline

UltraTech announces Rs12,886 crore Capex plan as competition rises in cement

The country’s largest cement maker said its board had approved a new capital expenditure (Capex) plan of Rs 12,886 crore, as the firm braces for competition in the sector. The CAPEX would increase capacity by 22.6 million tonnes per annum (mtpa) through brownfield and Greenfield projects. This would include setting up integrated and grinding units as well as bulk terminals across the country. Commercial production from these new capacities is expected to go on stream in a phased manner by fiscal 2025.

Also Read| Who was William Love, Tulsa hospital patient killed in shooting?

Wardwizard sales grew 329% YoY in May as low-speed e-scooter category grows

The electric two-wheeler brand Joy e-bike maker sold 2,055 units in May 2022. With that, the company has reported a growth of 329% as compared to May 2021, when the company had sold 479 units. Recently, WardWizard entered into the highspeed scooter segment with Wolf+, Gen Next Nanu+ and fleet management electric scooter Del Go.

Also Read| Coco Gauff, 18, sets up French Open final against world no 1 Iga Swiatek

MTAR Technologies acquired 100% stake in GEE PEE Aerospace

MTAR Technologies Limited has entered into a Share Purchase Agreement with sellers and GEE PEE Aerospace & Defence Private Limited for acquiring a 100% stake in GEE PEE Aerospace & Defence. The acquisition cost is Rs 8.82 crore payable in Cash after deduction of borrowings and liabilities.

Also Read| Rahane gives update on hamstring injury, says playing for KKR was special

Bulk Deal data

BIRLA SUNLIFE INSURANCE CO LTD sold 16,29,479 shares in Arvind Limited at Rs 101.12 per share on the NSE.

M/S PRARTHANA ENTERPRISES sold 6,97,493 shares in Bliss GVS Pharma Limited at Rs 80.39 per share on the NSE.

AJAY HARKISHANDAS MEHTA sold 17,00,000 shares in Compuage Infocom Limited at Rs 29.34 per share as per NSE.

Also Read| Neymar closes in on Pele’s record with brace vs South Korea, Brazil win 5-1

RAMESHCHANDRA CHIMANLAL SHAH bought 4,25,000 shares in Prudent Corp Adv Ser Limited at Rs 595.50 per share as per NSE.

VISTRA ITCL INDIA LIMITED sold 170,45,707 shares in Future Enterprises Limited at Rs 2.16 per share as per NSE.

Also Read| ‘Doors open’ for England spinner Moeen Ali’s Test return

DII and FII data

Foreign institutional investors (FIIs) sold shares worth a net Rs 451.82 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 130.63 crore in the Indian equity market on June 2, as per provisional data available on the NSE.

Also Read| Why Prince Andrew is not attending Queen’s Platinum Jubilee celebrations

NSE F&O Ban

The National Stock Exchange has not put any stock under the F&O ban for June 3. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.