Tech Mahindra, Wipro, Bajaj Finance, Grasim, and UltraTech Cement are the top gainers on the NSE Nifty 5o index whereas the top laggards include NTPC, Eicher Motors, Dr Reddy’s Lab, State Bank Of India, and Apollo Hospital’s.

Commenting on the Dollar and rupee outlook Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas said that Indian Rupee depreciated by 0.08% on surge in US treasury yields and rising crude oil prices. Oil prices are trading near highest levels in two months while a surge in the bond yields pressurised Asian currencies. However, positive domestic markets and a rise in manufacturing PMI supported the Rupee. India’s manufacturing PMI expanded to 58.3 in June 2024 versus 57.5 in May 2024.

Choudhary also added that We expect Rupee to trade with a slight positive bias on positive domestic markets and expectations of fresh foreign inflows. However, strength in the US Dollar and surge in crude oil prices may cap sharp upside. Traders may take cues from ISM manufacturing PMI and construction spending data from the US. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.70.

The shares of Maruti Suzuki India jumps over 1% to intra-day high of Rs 12,260 on the NSE following that the auto maker demonstrated strong sales performance with total sales reaching 1.79 lakh units, a significant 12% increase from the previous year. Domestic sales grew by 6.1% to 1.48 lakh units, while exports surged by an impressive 57%, totaling 31,033 units. This growth underscores Maruti Suzuki’s effective market strategies and robust demand both domestically and internationally, reaffirming its position as a leader in the automotive industry.

The shares of Dredging crop jumps over 5% on the following news that the central government has directed to improve dredging work.

The shares of Bajaj Auto gains over 1% to intra-day high of Rs 9,693 on NSE on the following news that Bajaj Auto reported total sales reached 3.58 lakh units, up 5.1% from the previous year, with exports totaling 1.42 lakh units, a modest increase of 0.7%. Motorcycle sales contributed significantly, reaching 3.03 lakh units, up by 3.4%. In the commercial vehicle category, domestic sales showed robust growth at 39,244 units, a 16% increase, while exports of commercial vehicles rose by 14%, totaling 15,587 units.

Mahindra & Mahindra share jumps marginally higher to intra-day high of Rs 2894 on NSE as the auto makers reports domestic passenger vehicle (PV) sales surged to 40,022 units, marking a notable 23% increase from the previous year. Overall domestic sales reached 69,397 units, reflecting robust growth. M&M’s tractor sales also showed resilience, with total sales of 47,319 units, up 6% year-on-year, while three-wheeler sales saw a modest increase of 3%, totaling 6,184 units.

Wipro, Tech Mahindra, UltraTech Cements, Grasim Industries, and LTIMindtree were the top gainers in the Nifty 50. While NTPC, Dr Reddy, Apollo Hospitals, SBI, and Eicher Motors were the major losers in the Nifty 50 on July 01.

Courtesy: NSE

Courtesy: NSE

The NSE Nifty 50 was up 100 points or 0.42% at 24,111, while the BSE Sensex was up 330 points or 0.42% at 79,362.

The stock of Grasim Industries rose 2% to hit a fresh 5-week high of Rs 2,723 after the broking firm Jefferies maintained its “Buy” rating. Jefferies is expecting an upside potential of 12%. It has a target price of Rs 3,000 a piece.

Courtesy: BSE

Courtesy: NSE

JSW Steel, Hero MotoCorp, Bharti Airtel, Bajaj Auto, and Maruti Suzuki were the top gainers in the Nifty 50. While NTPC, Power Grid, Apollo Hospitals, HDFC Life Insurance, and L&T were the major losers in the Nifty 50 during early trading hours on July 01.

The NSE Nifty 50 opened 0.02% higher at 24,015.60, while the BSE Sensex opened 0.04% higher at 79,066.17.

On the daily chart, Nifty formed a shooting star at an all-time high, indicating profit booking from higher levels. If the index closes above the 24,200 level, it could potentially rise to 24,400 and 24,500. Conversely, if the index closes below the 23,800 level, it could see a correction down to 23,600 and 23,400, which would act as buy-on-dips levels.

The Relative Strength Index (RSI) stands at 68, indicating a strong uptrend. An analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 23,500 level, implying potential support at this level. On the call side, significant OI concentrations are observed at the 24,400 and 24,500 levels, nearing all-time highs.

“The first trading day of July will be crucial as Nifty’s rally stalled on Friday, leaving investors anxious. The good news is that the headline US PCE and core PCE were up 2.6% annually, aligning with expectations. However, profit booking could occur if Nifty starts strong, given the soft US inflation reading after a robust first half of the year for equities. This week, focus will be on the US payrolls report, FOMC minutes, and other employment data. Technically, Nifty’s record high at 24174 and Sensex’s peak at 79,671.58 will be key hurdles,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

Nifty and Sensex have crossed historic milestones with both the indices making fresh highs of 24174 and 79671 levels respectively. “We expect this positive momentum to continue at a steady pace with stock-specific action. However, the release of economic data points next week would keep a little volatility in the market. Sector like Auto is expected to be in the limelight as OEMs would release their monthly auto Sales number,” said Siddhartha Khemka, Senior Group Vice President and Head of Research, Broking & Distribution at Motilal Oswal Financial Services.

Foreign institutional investors (FII) sold shares net worth Rs 23.09 crore. However, domestic institutional investors (DII) bought shares net worth Rs 6,658.31 crore on June 28, 2024, according to the provisional data available on the NSE.

WTI crude prices were trading at $81.84 up by 0.36%, while Brent crude prices were trading at $85.28 up by 0.33%, on Monday morning.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading down 0.21% at 105.63 on Monday morning.

The Wall Street or US markets closed on a lower note on Friday. The broader market index, the S&P 500, fell 0.41% to close at 5,460.48. Similarly, the tech-heavy Nasdaq Composite pulled back 0.71% to settle at 17,732.60. Following the trend, the Dow Jones Industrial Average dropped 45.20 points, or 0.12%, to end at 39,1118.86.