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Nifty ends at new record closing high on 1st day of June F&O series; heads closer to 15,600

Today’s rally was powered by Reliance Industries rising close to 6% during the day and closing near the levels of 2,095. Image: Reuters

BSE Sensex and Nifty 50 settled higher on first day of the June F&O series on the back of fall in COVID cases and unlock announcement in Delhi. BSE Sensex gained 308 points to end at 51,423, while the broader Nifty 50 index made a record closing at 15,446.90. During intraday deals, NSE’s Nifty hit an all-time high of 15,469.65, while the 30-share Sensex hit a day’s high of 51,529.32. The broader market underperformed the equity benchmarks. S&P BSE Midcap index fell 26 points to end at 21,662. S&P BSE Smallcap index declined half a per cent to finish at 23,478.69, after hitting a fresh 52-week high of 23,743.32 in intraday deals. The India VIX, also known as the fear gauge of the market, ended at 17.37, down 12.78 per cent. Its previous close was at 19.91. The fear gauge helps investors and traders predict the volatility expectation for the span of around 30 days.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The markets have been in a jubilant mood since the start of trade today. It has closed well above the resistance of 15300 and should be headed higher to levels closer to 15600. As long as 15000 holds, traders can utilize any dip to accumulate long positions for higher targets.

S Ranganathan, Head of Research at LKP Securities

Markets remained in the green as investors basked in the glory of the $3-trillion market cap which was achieved with ease thanks to the broad-based rally across market capitalisation. With FIIs being net sellers during April & May the appetite shown by domestic investors is getting reflected in the buoyancy across the market breadth. Today’s trade was led by the big boys – Reliance & HDFC twins as we did see profit-taking across midcaps post-RBI comments on the consequences of liquidity infusion during the pandemic.

Mohit Nigam, Head PMS, Hem Securities

The first trading day of the June F&O series started on a positive note, Nifty 50 rising to all-time highs confirming our previous views. Today’s rally was powered by Reliance Industries rising close to 6% during the day and closing near the levels of 2,095. The rally was mostly on the back of the expectations of strong petrochemical margins for FY22 . Rupee continued its strength for the fifth straight week and traded at about 72.45. We expect further upside to the markets after crossing fresh all time high today. 15200 remains a crucial support.

Vinod Nair, Head of Research at Geojit Financial Services.

Constant fall in US dollar is driving the Indian equity market in addition to the falling infection rate. The sustenance of the rally is supported by the recent improvement in foreign investment with the stabilising US yield and drop in the dollar index. INR is regularly appreciating against USD.

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