Market Updates- Nifty gained 113pts and Bank Nifty share price up 3% today

 

Market updates- Nifty and Bank Nifty Share Price Today: Indian share markets extended their gains in the late afternoon. The Asian markets that were trading mixed in the morning but closed in positive today. The European markets were also trading higher as the central bank boosted hopes of a relatively speedy recovery in the region.

Meanwhile, in the domestic market, the sentiments were positive as the center has released Rs 36400 crore as Goods & Services Tax (GST) compensation to states for the period December 2019 to February. This has come at a time when the resources of various state governments have taken a hit due to the novel coronavirus pandemic.

A rally in Bank Nifty share price was seen in the second half after the SBI result was announced.SBI has posted a four-fold jump in net profit to Rs 3581 crores, The bank has also reported that the fresh slippage has declined 51% in Q4 earnings. The SBI result has boosted the share price of the PSU banking counter today.

 

Sensex, Nifty and Bank Nifty share price today 5th June

At close, Nifty gained 113.05 points or 1.13% and at 10142.15 while the Sensex was up by 306.54 points or 0.91% and at 34287.24 levels. The Bank Nifty is the biggest gainer today, it gained 644.05 points or 3.16% and at 21034.50 level.

The Nifty midcap and smallcap closed in the green zone today. The Nifty midcap was up by 245.25 points or 1.76%. Whereas the Nifty small-caps gained 144.55 points or 3.38% today.

The top gainers in the Nifty50 stocks for the day are Tata Motors, Bharti Infratel, SBI, Tata Steel, and Hindalco. On the losing side, TCS, HUL, Cipla, Bajaj Auto, and Infosys are the losers for the day.

On a sectoral basis, Banking & Finance, Aviation, Metals, Logistic, and Hospitality are the major gaining sector for the day. Whereas the It & Software, Industrial gas, Footwear, FMCG are closed in the red today.

 

Nifty and Bank Nifty share price in futures today

The Nifty futures share price opened today at 10066.65, it was made a gap up opening of 49 points today morning. It has touched an intraday high at 10184 and a day’s low at 10040

During the day Nifty futures share price has given a movement of 144 points. In the end, it was gained 161.35 points  or 1.61% and closed at 10179 level

Today the Bank Nifty share price in futures opened at 20431, it was a positive opening of 51.05 points today. It has touched an intraday high at 21192.45 and a day’s low at 20388.

During the day the Bank Nifty share price in futures has given a movement of 804.45 points. In the end, it was down by 805.05 points or 3.95% and closed at 21185.

 

Conclusions:

The market rally continued after yesterday’s pause. The strong rally led by the financial sectors supported by the global market was seen in the Indian market in the second half. The additional stimulus measures from the European Central Bank (ECB) has made a positive market sentiment in the global market

The market is looking good at this moment. Any negative development on the global or domestic front might derail the momentum. The Nifty closed above 10100 levels, it has got a strong resistance at 10200 levels. Traders should be cautious and trade with a strict stop loss to avoid any losses.

If you like the post please share with others

 

You may also like to read, Algo Trading Definition: Pros and Cons of Algorithmic trading

Market Live: Nifty and Bank Nifty share price prediction

Happy Investing!!

Editor’s Desk