Share market update: Nifty hits record high, Sensex up over 150 points; YES Bank gains 5%

The key barometers extended gains and hit fresh intraday high in afternoon trade. Sentiment got a boost as fresh COVID-19 cases in India continued to decline and vaccination pace picked up.

At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 157.32 points or 0.30% at 52,257.37. The Nifty 50 index gained 69.25 points or 0.44% at 15,739.50. The Nifty hit a record high at 15,750.20 in afternoon trade.

Reliance Industries (RIL) (up 1.57%), Larsen & Toubro (L&T) (up 1.72%) and Axis Bank (up 1.29%) boosted the indices.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.80%. The S&P BSE Small-Cap index added 1.33%.

Buyers outpaced sellers. On the BSE, 2,342 shares rose and 875 shares fell. A total of 178 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,499.37 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,175.01 crore in the Indian equity market on 4 June 2021, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 17,33,15,599 with 37,29,410 deaths. India reported 14,01,609 active cases of COVID-19 infection and 3,49,186 deaths while 2,71,59,180 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India reported 1.14 lakh daily new cases in last 24 hours, lowest in 60 days. Declining trend sustained with less than two lakh daily cases since 10 successive days. Active cases decreased by 77,449 in last 24 hours.

Economy:

The gross goods and services tax (GST) revenue collected in the month of May 2021 is Rs 1,02,709 crore of which CGST is Rs 17,592 crore, SGST is Rs 22,653, IGST is Rs 53,199 crore (including Rs 26,002 crore collected on import of goods) and cess is Rs 9,265 crore (including Rs 868 crore collected on import of goods). The revenues for the month of May 2021 are 65% higher than the GST revenues in the same month last year. This would be eighth month in a row that GST revenues have crossed Rs 1 lakh crore mark.

Gainers & Losers:

Adani Ports & Special Economic Zones (APSEZ) (up 6.38%), Tata Motors (up 4.19%), NTPC (up 2.95%), Power Grid Finance Corporation of India (up 2.70%) and Shree Cement (up 2.61%) were major gainers in Nifty 50 index.

Bajaj Finance (down 4.40%), Bajaj Finserv (down 3.11%), Housing Development Finance Corporation (HDFC) (down 1.30%), Dr Reddy’s Laboratories (down 0.67%) and Cipla (down 0.62%) were major losers in Nifty 50 index.

Stocks in Spotlight:

Larsen & Toubro (L&T) rose 1.72% after the company’s construction arm secured ‘significant’ orders from clients for its various businesses. The water & effluent treatment business of L&T Construction has bagged an order from Bangalore Water Supply & Sewerage Board (BWSSB) to design, build & operate sewage treatment plants and intermediate sewage pumping stations along with construction of main sewers for 110 villages in the Mahadevpura & Bommanahalli region (K&C Valley Catchment) of Bengaluru city. The project is funded by the Japan International Cooperation Agency (JICA). The heavy civil infrastructure business has secured an order to construct various facilities within 42 Months for the Bhabha Atomic Research Centre (BARC) at Tarapur Maharashtra.

Yes Bank surged 5.90% after the bank said that its board will meet on Thursday, 10 June 2021, to consider raising funds. The bank is planning to raise funds in Indian/foreign currency by issue of debt securities including but not limited to non-convertible debentures, bonds, medium term note (MTN), etc.

Arihant Superstructures hit an upper circuit of 5% at Rs 93.65 after the company said that it had recorded a sales of approximately 250 units in April and May 2021 across all projects. Announcing its operational update, the company said that in the lockdown months of the first quarter of the current financial year 2021-22, it had digitally launched two new projects – Arihant Advika and Arihant 5 Anaika. Arihant Advika located at Vashi, Navi Mumbai will cater to the high-income group category and will have an estimated revenue potential of approximately Rs 600 crore.

In the affordable housing category, the company launched 400 units in Arihant 5 Anaika at Taloja, Navi Mumbai in the price category of Rs 28 lakhs to Rs 45 lakhs. The new launches add approximately 700 units to the company’s offerings in Q1-FY22. On the sales front, the company has kept the momentum high with approximately 250 units booked in the last two months across all projects. It expects the sales environment to remain buoyant for our projects going forward.

Global Markets:

Most European shares declined while Asian peers advanced on Monday, 7 June 2021.

U.S. stocks closed higher Friday after the May nonfarm-payrolls report showed a less-than-expected gain, leading investors to bet that the Federal Reserve will maintain its easy-money policies for longer.

The U.S. economy added 559,000 jobs in May, the Labor Department said on Friday. The number came in slightly lower than an estimated from economists, but still showed a healthy rebound in the labor market. It’s an improvement from the upwardly revised 278,000 payrolls added in April.

The unemployment rate fell to 5.8% from 6.1%, which was better than the estimate. As per reports, the jobs report, while solid, is not strong enough to trigger the Federal Reserve to dial back its bond buying program.

In other developments, finance ministers from the Group of Seven over the weekend backed a U.S. proposal that calls for firms globally to pay at least 15% tax on earnings.

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