The Indian stock market closed flat on Tuesday. Benchmark indices BSE Sensex and NSE Nifty indices remained close to the previous day’s levels at the end of trading. IT stocks climbed amid weak cues from the overseas market. Remaining near its peak level, the BSE Sensex index remains close to 52,300 while the NSE Nifty remains close to 15,750.
Investors should beware of selling at such high levels. The position of covid, quarterly results, FII investments and technical charts will decide the direction of the market.
What is happening in foreign markets?
All the markets of Asia are trading in the red mark in the morning. stock market in South Korea, Taiwan, Japan, Thailand, China and Hong Kong declined.
The US S&P 500 and the Dow Jones Industrial Average (DJIA) index closed flat in the last trade.
Singapore’s SGX Nifty index, which gives an early signal for the Indian market, is trading flat at 15,751.00 at 7:00 am.
Its effect on the market too-
According to Moneycontrol, there are 15,687.13 and 15,634.17 support levels for Nifty on June 9, after which the index may break after going down. Similarly, there are 15,785.93 and 15,831.77 resistance levels, reaching above which the Nifty can get a bounce.
On June 8, shares worth 1422 crores were bought in the market by Foreign Institutional Investors (FIIs). Domestic Institutional Investors (DIIs) sold stocks worth 1626 crores.
In a bulk deal on Tuesday, Societe Generale bought about 1 lakh 30 thousand shares of NIIT at the rate of ₹ 279.3. In another deal, HDFC sold 32 lakh 50 thousand shares of Reliance Capital at the rate of ₹ 17.76 per share.
These shares will be watched-
Max Financial: The company’s revenue in the March quarter (QoQ) increased by 9% as compared to the previous quarter, at ₹ 9760 crores. Net profit fell by 65% to ₹62.34 crores.
Petronet LNG: In the last quarter, the revenue of the company increased by 3% quarter on quarter to 7,575 crores. Net profit has come down by 28% to 637 crores.
Tata Power: Competition Commission of India has approved the purchase of 51% equity shares by the company in three power supply companies of Odisha.
Welspun Corp.: The company received a total of about 1725 crore new orders.
Religare Enterprises: The company will raise a total of 570 crores from a group of 17 investors. The money raised will be used for the capital investment of the subsidiary companies.
Announcement of quarterly results:
On 9th June GAIL, Bata India, Bajaj Healthcare, BCL Industries, Dynamic Cables, Gayatri Highways, GSS Infotech, Indian Metals & Ferro Alloys, Indraprastha Medical Corporation, Munjal Auto Industries, Shivam Autotech, Star Cement, Taneja Aerospace, etc. Will release March quarter results. This can have an impact on the share prices of these companies.