Nifty50: 18,972 ▲ 154 (+0.8%)
Sensex: 63,915 ▲ 499 (+0.7%)
Namaste, friends!
This rainy weather has got us all in the mood for some chai and samosa. And if you’re a samosa lover, you’ve got to read this. A sweet shop in Meerut, Uttar Pradesh, called out to all gastronomic gladiators with the ‘Bahubali’ samosa challenge. The task is to eat a 12-kilo samosa in 30 minutes and get a ₹71,000 prize! We’ll leave it up to you if this is the perfect recipe for triumph or a tummy-ache. Meanwhile, the markets were winning today as the Nifty made a fresh record high.
- Benchmark indices closed at all-time highs, amid a broad-based rally
- In all, 42 of the Nifty50 stocks closed in the green
- US trade deficit narrowed to $91.1 billion in May 2023
Among the Nifty sectoral indices, Pharma (+1.4%) and Metal (+1.3%) were the top gainers, while Media (-0.6%) fell marginally.
| Top gainers | Today's change |
| Adani Enterprises | 2,413 ▲ 128 (+5.6%) |
| Adani Ports | 755 ▲ 34 (+4.8%) |
| JSW Steel | 786 ▲ 23 (+3.1%) |
| Top losers | Today's change |
| HDFC Life | 659 ▼ 7.5 (-1.1%) |
| Tech Mahindra | 1,108 ▼ 11 (-1.0%) |
| M&M | 1,397 ▼ 5.4 (-0.3%) |
What’s trending
⭐TVS Motor partners with Zomato
TVS Motor Company has announced a strategic partnership with the food delivery platform Zomato with a plan to deploy over 10,000 TVS electric scooters over the next two years. The partnership aligns with both company’s commitments towards green and sustainable mobility solutions. TVS Motor share price was up by almost 2% at ₹1,327, while shares of Zomato fell by 1.5%.
⭐ Ramco Cements commissions clinker facility
Shares of Ramco Cements are up by almost 0.3% at ₹932 as the company commissioned its Line III clinker facility at the RR Nagar plant in Tamil Nadu. The facility has an installed capacity of 3,000 tonnes per day of clinkerisation. The electrical energy required for this new line is completely via green power from windmills.
⭐ Titagarh Rail Systems shares jump
Shares of Titagarh Rail Systems (TRSL) were up by 0.6% at ₹508.5 after the company received a letter of acceptance from the Gujarat Metro Rail Corporation (GMRC) for commissioning 72 trains. The order is valued at about ₹857 crore and is scheduled to be completed in 132 weeks. TRSL is currently also executing the order for 104 metro coaches for the Pune Metro. The company is the largest private sector manufacturer of wagons.
⭐ BEML bags new order
Heavy equipment manufacturer BEML bagged an order worth ₹385 crore from Bharat Dynamics and Bharat Electronics for the supply of High Mobility Vehicles (HMVs). The company's order book stood at ₹8,570 crore in FY23, and the company expects it to cross ₹12,000 crore by June 2023. BEML’s share price rose by 2% at ₹1,608.
In Focus
Markets scale record highs
Indian markets rose to all-time highs today. The benchmark Nifty50 index surpassed the 19,000 level, while the Sensex also crossed the 64,000 mark, before settling marginally below these milestones. It took nearly seven months for the Nifty to cross its earlier high of 18,887 set on 1 December 2022. What are the key factors behind this recent rally? Let’s take a look.
Key facts about this rally
So far in 2023, the Nifty50 index has gained 4.7% along with strong gains in Nifty sectoral indices like FMCG (17.4%), Auto (17.6%) and Realty (19.7%). After witnessing a correction at the start of 2023, markets bounced back sharply after March.
Among Nifty50 stocks, auto giant Tata Motors and FMCG major ITC were the top gainers raising 51.2% and 35.5%, respectively. Bajaj Auto (30.4%), Dr Reddy’s (20.5%) and Larsen & Toubro (16.1%) were other key gainers.
Factors that supported markets
The strong momentum in Indian markets is mainly due to favourable macroeconomic trends, like easing inflation (4.25% in May 2023 vs 4.7% in April 2023) and a sharp rise in GDP numbers (6.1% YoY growth in the March quarter). Moreover, global rating agencies like Fitch Ratings have upgraded India’s FY24 growth forecast by 0.3% to 6.3%.
Besides this, the sustained inflow of foreign capital also aided the market rally. Since April 2023, foreign portfolio investors (FPI) have invested nearly ₹86,000 crore in Indian equities.
In addition, the RBI’s decision to pause rate hikes, robust Q4 corporate earnings, and monsoons kicking in at the right time have boosted market sentiments.
With multiple factors in favour, markets closed at record highs today. Now the next question on investors’ minds is this: how soon will the Nifty scale the 20,000 mark and when will the Sensex breach the 70,000 mark?
Powerful buying made simple!
Markets often see sharp price movements triggered by positive news or technical patterns. In such situations, you may want to double down on certain high-conviction trades. However, having limited capital could be an obstacle in leveraging such opportunities. With Margin Trading Facility (MTF) on Upstox, you can increase your trading capacity instantly. Click here to know more about MTF.
Benefits of MTF:
🔹 Get 2X leverage on equity delivery orders
🔹 Borrow up to ₹25,00,000 at a time
🔹 Hold stocks bought via MTF for up to 365 days.
Download the Upstox App Today