Indian Market Outlook:

The Key benchmark indices rose over 5% over the week, supported by hopes that the easing lockdown will get the economy back on track gradually. The Nifty ending the week 5.86 percent higher at 10142 points while Sensex ended 5.75 percent higher at 34287.24 points. The BSE Midcap index ended 6 percent higher, while the BSE Small cap index rose 8.84 percent, during the course of the week. Foreign Institutional Investors invested a considerable amount during the week; bought equities worth Rs.13928 crore while the DIIs were the net sellers of Rs.1600 crore. Strong FII inflows over the last few days have provided support to the market. Global economic recovery, fuelled by central bank policy measures to support the respective economies also is the reason of market rally. Currently, there seems to be a disparity between the market and the economy, even valuations have turned expensive. Any negative development on the global front might derail the momentum. Going ahead we may see the Indian market consolidating or taking a breather, before starting the next leg of the rally. On Macro front US Fed Interest Rate Decision, India’s Industrial Production for April and Inflation data for May, amongst a host of data releases scheduled for next week. Key Results to watch next week are PVR, Titan, Mahanagar Gas, Hero Motocorp, Mahindra & Mahindra and BHEL.

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Net Inflow (Cr) FII DII
01-Jun-2020 1,575.46 -459.25
02-Jun-2020 7,498.29 441.05
03-Jun-2020 1,851.12 -781.79
04-Jun-2020 2,905.04 -847.31
05-Jun-2020 97.61 47.29
Total 13,927.52 -1600.01

 

Top Gainers Closing Price Prev Close Chg (%)
Tata Motors 110.75 87.00 27.30
Bajaj Finance 2390.35 1953.60 22.35
Bajaj Finserv 5236.40 4404.90 18.88
SBI 187.80 161.30 16.43
Tata Steel 338.95 295.20 14.82

 

Top Losers Closing Price Prev Close Chg (%)
Asian Paints 1638.55 1683.10 -2.65
Dr. Reddy 4024.90 4071.25 -1.14
Ultratech Cement 3869.95 3904.85 -0.90
Hero MotoCorp 2340.65 2360.85 -0.86

 

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Economic News:

  • India’s six members Monetary Policy Committee warned about the grave implication of the Covid-19 crisis on the Indian economy, as it proceeded to cut its policy repo rate again by 40 basis points to 4% at its second emergency meeting on May 22. Minutes of the meeting were released on Friday. The minutes mirrored the downbeat mood prevailing in the economy with committee members choosing to replace their cautiously worded commentary with stark warnings of a “meltdown in demand”, “destruction of economic activity”, “huge negative growth” in the first quarter of the current financial year, and the “deleterious” impact the Covid-19 crisis is having on the Indian economy.
  • The Reserve Bank of India will put in seed capital to set up a Payments Infrastructure Development Fund to encourage the adoption and deployment of Point-Of-Sale devices. In a press release on June 5, the central bank said that the PIDF would be designed to encourage adoption of PoS infrastructure, both physical and digital, in Tier-3 to Tier-6 centres and north-eastern states.

Industry News:

  • The near-term outlook for the FMCG market is “extremely uncertain” as the COVID-19 outbreak had a “terrible impact” and the situation remains volatile with the trajectory of the coronavirus undetermined, according to HUL. While describing the current situation as “much more uncertain than normal”, the FMCG major added that it is confident about its ability to manage the immediate crisis.
  • The COVID-19 pandemic, which has presented challenges for several nations, could be an “opportunity” for India to speed up the health insurance scheme Ayushman Bharat, especially with a focus on primary healthcare, WHO Chief Tedros Adhanom Ghebreyesus has said. WHO Director-General Ghebreyesus was responding to a question on the COVID-19 situation in India, where the number of coronavirus cases is increasing rapidly. India went past Italy on Friday to become the sixth worst-hit nation by the COVID-19 pandemic.

  Company News:

  • India’s central bank pushed back on the billionaire Hinduja brothers’ plan to raise stake in IndusInd Bank Ltd., which has lost more than 70% of its market value this year, according to people familiar with the matter. The Reserve Bank of India has conveyed the decision to the IndusInd founders Srichand and Gopichand Hinduja, the people said, asking not to be named as the information is not public. The brothers had applied to the central bank for approval to raise their stake in the lender to 26% from less than 15%, the bank said in an exchange filing in April.
  • Sun Pharmaceutical Industries Ltd. has launched clinical trials of a plant-derived drug it’s developing to treat Covid-19, joining the race to find an effective treatment for the disease that’s killed almost 400,000 people worldwide. India’s largest drugmaker will commence Phase II trials on 210 patients across 12 centers in India and the results are expected by October, according to an exchange.
  • Reliance Industries Ltd (RIL) on Friday announced two large investments by foreign investors totalling Rs.13,640.4 crore into Jio Platforms Ltd. In the first transaction, Abu Dhabi-based Mubadala Investment Co. bought a 1.85% stake in Jio Platforms for Rs.9,093.60 crore, becoming the sixth global investor in the digital services firm. Later in the day, RIL said Silver Lake, which had invested Rs. 5,655.75 crore in Jio Platforms on 4 May, will invest an additional Rs.4,546.80 crore, along with its co-investors, bringing its aggregate investment to Rs.10,202.55 crore, for a 2.08% stake.

Global News:

  • A broad gauge of payrolls rose by 2.5 million in May, trouncing forecasts for a sharp decline following a 20.7 million tumble the prior month that was the largest in records back to 1939, according to Labor Department data Friday. The figures were so astonishing that President Donald Trump held a news conference, where he called the numbers “outstanding” and predicted further improvement before he’s up for re-election in November
  • OPEC+ gathers on Saturday to ratify a deal for at least an extra month of record production cuts that U.S. President Donald Trump said saved the American oil industry. After a week of cajoling by Saudi Arabia and Russia, the cartel’s members were ready to prolong almost 10 million barrels a day of output curbs to the end of July, instead of easing them as previously planned.

(Source: Bloomberg Quint, Economic Times, Business Today, Business Standard, Investing, Financial Times Moneycontrol, livemint)

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