Share Market Update: Sensex closes above 40,000 for first time, Nifty too ends at record closing high

Share Market Live: Sensex closed above 40,000 for the first time today, while the Nifty ended the day at record high of 12,103. Sensex closed 553 points higher at 40,267 level. Nifty50 has made an intraday high as well as new high of 12,103 after crossing the earlier high of 12,041.5, whereas Sensex hit all time high of 40,308.

The indices closed at fresh all-time highs in trade today. While Sensex closed 553 points higher at 40,267 level, Nifty rose 165 points to 12,088 level.

Indian equity markets extended gains in the afternoon session with benchmark indices Sensex and Nifty hitting fresh record level highs, on back of strong domestic cues like increase in Nikkie PMI May data, sharp decline in oil prices and hope of rate cut in RBI's monetary policy on June 6. 

Deepak Jasani, head - retail research at HDFC securities said, "Indian  markets  went  against the trend seen in most other markets. Indian markets  were  buoyed  by the falling crude oil prices and the inflows from FPIs,  while traders kept building positions ahead of the RBI's policy meet on June 6 and next months Union Budget."

Umesh Mehta, Head of Research at Samco Securities said, "Market seems to be mesmerized with the Modi magic that is keeping the mood euphoric. Fear of left out is what is running high at the moment which is in a way good for traders as they can play momentum and make quick profits, but at the same time investors should exercise restraint and wait for some corrective selling before investing. The current bout of buying could be due to rate cut which can happen in the current week"

Romesh Tiwari, Head of Research at CapitalAim said, "Today Auto, FMCG, IT and Realty pulled the market to a new all-time high as they are trying to catch up the rally on the back of expected rate cut by RBI and increase in demand from domestic sectors. Traders can go long on these sectors with caution as the rally is limited to market leaders and midcaps and smallcaps are still not matching the gains. Investors should avoid buying at this level."

Read more: 5 key factors that will affect Indian equity markets this week

Benchmark indices made record highs today after reclaiming earlier 52-week high levels, recorded on May 23, when the Modi-backed-BJP rode back to power with a massive mandate. Except Nifty PSU Bank, Realty and Media, all the other major indices are advancing in today's trade, with highest gains backed by Metal and Auto stocks.

Here's a look at live updates for the Indian share market today.

Fresh all-time closing highs

3: 44 pm: Sensex closes 553 points higher at 40,267 level. Nifty rises 165 points to 12,088 level. 

3: 28 pm : Sensex rises 594 points to 40,308 level, Nifty up 176 points to hit all time high of 12,098. 

L&T finance to raise Rs 100 crore through issue of non-convertible preference shares on private placement basis

3: 05 pm

L&T Finance Holdings Limited has approved allotment of 63,70,000 Cumulative Compulsorily Redeemable NonConvertible Preference Shares ("CRPS") of face value of Rs. 100 each at par aggregating to a nominal amount of Rs. 63,70,00,000 on a private placement basis to identified investors.

Sensex Nifty hit new records

2: 30 pm

Nifty 50 has made an intraday high as well as new high of 12,070 after crossing the earlier high of 12,041.5, whereas Sensex is trading at the all time high of 40,227.  Hero MotoCorp, Bajaj Auto, Asian Paints, Tata Steel, Reliance Industries, TCS, Coal India, HDFC, HUL and Maruti Suzuki were among the top gainers on the indices today.

The BSE Sensex figure for 03 Jun, 2019 02:33 PM is 40,196.18

- Sensex India (@bse_sensex) June 3, 2019

Nikkei Manufacturing Purchasing Managers' Index: India factory activity grows at fastest pace in three months in May

2: 10 pm

The Nikkei Manufacturing Purchasing Managers' Index increased to 52.7 in May from April's eight-month low of 51.8, remaining above the 50-mark threshold that separates growth from contraction for a 22nd straight month.

"A revival in new order growth promoted a faster upturn in manufacturing production, as Indian firms sought to replenish inventories utilized in May to fulfill strengthening demand," Pollyanna De Lima, principal economist at IHS Markit, said in a release.

Nikkei India Manufacturing PMI rises to 52.7 in May; fastest in three months #IndianEconomy #PMIData #ManufacturingSectorhttps://t.co/XFJRAhQlvK pic.twitter.com/8yuiGEXHs5

- Business Today (@BT_India) June 3, 2019

Gold hits two-month high amid recession concerns

1: 45 pm

Gold prices rose on Monday to their highest in more than two months as heightened Sino-U.S. trade tensions and Washington's threat of tariffs on Mexico stoked worries of a global recession and drove investors to seek refuge in safe-haven bullion.

Gold hits two-month high as recession concerns burnish safe-haven appeal https://t.co/lFynjHKzvJ pic.twitter.com/YVywB9kEbK

- Reuters Business (@ReutersBiz) June 3, 2019

Oil prices falls futher amid US stoked trade tension with Mexico

1: 30 pm

Oil prices fell by around 1% on Monday, extending losses of over 3% from Friday, when crude markets slipped to their biggest monthly losses in six months amid stalling demand and as trade wars fanned fears of a global economic slowdown.

"Oil prices slid on fresh trade worries after U.S. President Donald Trump stoked global trade tensions by threatening tariffs on Mexico, which is one of the largest U.S. trade partners and a major supplier of crude oil," Mithun Fernando, investment analyst at Australia's Rivkin Securities, said in a note on Monday.

Oil prices fall as trade wars fan fears of economic slowdown https://t.co/zffjtsdrE6

- Reuters India (@ReutersIndia) June 3, 2019

Benchmark indices Sensex, Nifty climb as slower growth raises rate cut hopes

12: 45 pm

The Sensex and Nifty rose on Monday, despite weak gross domestic product (GDP) data, as investors pinned hopes on a possible rate cut to bolster the economy at the Reserve Bank of India's (RBI) policy meeting later this week

Data showed that India's economy grew at its slowest pace in nearly two years and lagged China, as Prime Minister Narendra Modi took office for a second term and surprised the markets by naming former defence minister Nirmala Sitharaman as the new finance minister.

The Nifty was up 0.41% at 11,974,85 as of 0444 GMT, while the Sensex rose 0.47% to 39,900.01.

Benchmark indices Sensex, Nifty climb as slower growth raises rate cut hopes

https://t.co/zJJd9pxaYb

- Business Today (@BT_India) June 3, 2019

Apollo Micro System's MD awarded "Best Entrepreneur Award" on Telangana State Formation Day

12: 30 pm

Company informed the exchnages that Mr. Karunakar Reddy Baddam, Managing Director of the co. has been awarded with the "Best Entrepreneur Award" by the hands of Shri Malla Reddy Minister of Labour, Employment, Women and Child Development, Telangana on the occasion of Telangana State Formation Day on Sunday, 02nd June, 2019.

Mahindra & Mahindra Announces Sale of Equity Shares to CDPQ

12: 15 pm

Mahindra & Mahindra (M&M) Benefit Trust today sold 1.92 crore shares of Mahindra & Mahindra (M&M), amounting to Rs. 1244 crores, on the Bombay Stock Exchange. The buyer is CDPQ, an institutional investor that manages funds for several public and para-public organizations, mainly pension and insurance plans, in Quebec, Canada. Company will be using share sale proceeds for its operational requirements.

CDPQ manages more than C$309.5 billion, with investments in 60 countries, targeting high-quality assets rooted in the real economy.

Commenting on the transaction, Mahindra Group CFO, Mr. V.S. Parthasarathy said 'Since the Benefit Trust holds M&M shares for the benefit of its shareholders, it has decided to monetise part of the holding by divesting to a long-term, high-quality investor. This is the first investment by CDPQ in the Mahindra Group reposing their faith in the future prospects of the company and Indian economy in general'

Dilio Buildcon Subsidiary bags order from NHAI

12: 10 pm

DBL Mangloor Highways Private Limited, wholly owned subsidiary of the Dilip Buildcon has been appointed by the National Highways Authority of India, for a project worth Rs 936 cr with a construction duration of 2 years, for Four laning of NH-161 from Mangloor (Design Km 86.788/Existing km 91.350) to Telangana/Maharastra Border (Design Km 135.751/Existing km 140.873) (Design Length= 48.963 Kml) in the State of Telangana under Bharatmala Pariyojana on Hybrid Annuity Mode.

Market update

11: 55 am

Benchmark indices extebded rally in todays trade with nifty regaining back to 12,000 level and Sensex trading above 40,000. Except Nifty PSU Bank, Realty and Media, all the other major indices are advancing in today's trade, with highest gains backed by Metal and Auto stocks. Nifty Bank is trading up more than 200 points from day's low.

Sensex is trading mere 54 points away and Nifty is just 34 points away from 52-week high, recorded on May 23, when the Modi-backed-BJP rode back to power with a massive mandate.

Premier Explosives rises 11.95% intraday as co. bags order from Ministry of Defence, Air Headquarters

11: 30 am

Co. announced today that it has bagged an order from Ministry of Defence, Air Head Quarter (Vayu Bhavan), New Delhi, for supply of 50mm Chaffs cartridges. Size of the order is worth Rs 100.08 crores (including GST) and the time period within which the order is to be executed Within is around 168 weeks.

 The share price of Premier Explosives climed an intraday hike of almost 12% from previous close of Rs 210.80 to Rs 236 on BSe and cuurrently trades at Rs 229, up 18 points.

Auto companies monthly sales

11: 15 am

Hero MotoCorp among top index gainers after posting sequential improvement in auto sales, Bajaj Auto total May sales at 4.19 lakh units,Tata Motors' CV sales dropped 20%, May Auto monthly sales reported poor sales volumes. Maruti, Escorts reported lower than expected numbers but Hero Motcorp and M&M (UV) announced good numbers. Ashok Leyland sales for the month of May came in 4% lower as exports and M&HCV numbers see a fall.

Bajaj Auto share price trading higher on 3% rise in May sales

Indian Rupee

11: 00 am

Rupee opens at 69.50,stronger against Friday's close of 69.67 against the dollar.

Global Market

10: 45 am

Asian markets like Nikkei decline 1% while Hong Kong and South Korea Index are in the positive. SGX Nifty was up 31 pts on the sigapore Exchange.

Dow Jones posted longest weekly losing streak since 2011. US'10-year treasury yield dropped to lows not seen since 2017 & US benchmark was yielding 2.13%. Trade war tension pulled down US market over 1% on Friday. US Government may impose 5% tariff on Mexico products.

Oil market

10: 35 am

Oil marketing companies trade higher as crude extends loss. Today, Brent crude is trading below $61/bbl and declined 10% in the last one week on account of trade tension. This can be positive for HPCL, BPCL, IOC and Aviation stocks like IndiGo and Spicejet. Also, positive for other sectors like Paints (Asian Paints), Lubricant (Castrol), Cement, Auto.

Market Update

10: 15 am

All 19 BSE sectoral indices except healthcare trading in the green. Healthcare down 14 points to 13,291. Bank Nifty trading 2 points higher at 31,377. 29 stocks rise to their 52-week highs compared to 45 falling to their 52 week lows on BSE.

Gainers

10: 00 am

Hero MotoCorp (2.37%), Asian Paints (2.20%) and Bharti Airtel (1.64%) were the top Sensex gainers. Top Sensex losers were YES Bank (1.08%), Tata Motors (0.99%) and Maruti (0.67%).

Friday Closing

9: 40 am

On Friday, Sensex fell 117 points to close at 39,714, with 18 components out of 30 trading on the red on the BSE. Similarly, at the closing bell, the broader index Nifty ended at 11,922 level, down by 23 points on NSE.

Market update

9: 35 am

Market breadth was negative with 615 stocks trading higher compared to 675 falling on the BSE. Mid cap and small cap indices were trading 7 points and 0.75 points higher in early trade. FMCG and oil and gas stocks led the gains with their BSE indices rising 111 points and 50 points, respectively.

FII and DII

9: 20 am

On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 676.15 crore on Friday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 394.09 crore, provisional data available with BSE showed.

Opening Bell

9: 15 am

Sensex and Nifty after opening marginally higher gained further ground in morning trade. While Sensex rallied over 90 points to 36,804 in early trade, Nifty climbed 33 points to 11,954 .