Indian stocks remain in green for second day; Sensex up 443 points
New Delhi [India], June 5 (ANI): Indian stock indices remained in the green for the second straight day on continued hopes that the India-US trade deal is on the anvil, as Trump's commerce secretary recently indicated.
Firm US stock indices also lent support to Indian stock benchmarks.
Today, Sensex closed at 81,442.04 per cent, up 443.79 points or 0.55 per cent, while Nifty closed at 24,750.90 points, up 130.70 points or 0.53 per cent. Nifty IT, Nifty metal, and Nifty pharma were the top movers among the sectoral indices. Among losers were Nifty Media, Nifty PSU Bank, and Nifty Private Bank.
Global gold prices were also in the green today. At the time of filing this report, per ounce gold was quoted at USD 3,416, up 0.5 per cent.
Going ahead, investors now await further updates on India-US trade deal negotiations and the RBI monetary policy outcome on Friday.
'Overall, the index traded in a volatile range as participants remained cautious ahead of the RBI's monetary policy decision scheduled for tomorrow,' said Sundar Kewat, Technical and Derivatives Analyst, Ashika Institutional Equity - Ashika Stock Broking, part of Ashika Group.
'Easing US Treasury yields and a weakening US dollar provided some support to Indian equities, although global sentiment remains cautious amid persistent US-China trade tensions,' Kewat added.
Another good news for the financial markets is that foreign portfolio investors (FPIs) have turned net sellers in Indian stock markets for the second straight month in May. FPIs had fuelled the latest bull run in the stock market after a sharp slump.
'Buy on dips continues to be the ideal strategy now. Rate sensitives will be preferred in view of the expected rate cut by the MPC on 8th June,' said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Indian stock markets outperformed global markets over the past few weeks, as volatility continued to reign in global markets over possible forthcoming US reciprocal tariffs. A comfortable inflation number in India also somewhat supported the domestic equity indices.
In 2024, Sensex and Nifty accumulated a growth of about 9-10 per cent each. In 2023, Sensex and Nifty gained 16-17 per cent, on a cumulative basis. In 2022, they gained a mere 3 per cent each. (ANI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
28 minutes ago
- Economic Times
Fresh triggers could take Nifty to 25,300–25,500: Analysts
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Time of India
31 minutes ago
- Time of India
Satcom permit may force Starlink to share information on illegal kits seized
Elon Musk 's Starlink's satcom permit from the Indian government will make it mandatory for the company to share information, including details of users or owners of satellite kits seized in the country, particularly in the North-East region in the past few months, information the US company was unwilling to share earlier. India's security agencies have pointed out the misuse of Starlink devices in Indian territory, especially in the border areas, officials said. But the Musk company hasn't been cooperating in sharing details of those devices. Officials said Starlink asked the security agencies to put their requests either via the US law enforcement or international protocols. This had forced the Ministry of Home Affairs (MHA) to write to the Department of Telecommunications (DoT) in March to investigate the matter, officials aware of the details told ET. The DoT is yet to submit a report to the MHA. But officials say, now that a satcom license has been given to Starlink, it will have no choice but to share those details. Else, the company could be issued a show cause notice and even face revocation of license. An ET query sent to SpaceX, parent of Starlink, remained unanswered. ETtech Live Events Various ministries coordinate when it comes to national security. Since commercial satellite communication services, particularly through low earth orbit (LEO) operators like Starlink, is a new phenomenon, its impact is yet to be ascertained. However, the security agencies have seized some terminals that were active in the Indian territory in the Northeast region and sought details of the owners. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The DoT was asked to investigate the matter and take preventive measures to safeguard national interests. Experts believe that the situation may become more complicated as Bhutan and Bangladesh are now commercially offering Starlink services and the terminals may be smuggled into Indian territory as geofencing the exact location of the international border will have limitations. Security is topmost priority when it comes to satcom and so far, none of the three licensees-Bharti group-backer Eutelsat OneWeb, Reliance Jio-SES and Starlink-have got security clearances, hobbling commercial services. While Eutelsat OneWeb and Jio-SES joint ventures have got trial spectrum and conducted demonstrations for security requirements, Starlink is yet to be given such airwaves. The US company was given a Global Mobile Personal Communication by Satellite permit only last week. Officials said while the Jio-SES demonstrations are almost over, it is expected to take more time for Eutelsat-OneWeb. Both OneWeb and Jio-SES have satcom permits and nods from space regulator IN-SPACe for over two years. In contrast, Starlink is yet to receive the nod from the regulator.
Mint
38 minutes ago
- Mint
Nykaa has big plans for house of brands business
Beauty and personal care retailer Nykaa expects its house of brands business to grow significantly and drive profitability over the next three years, co-founder Adwaita Nayar said. The company is betting on its bouquet of home brands in the cosmetics, personal care and apparel segments to lead the charge. Together, Nykaa's house of brands business across fashion and cosmetics has hit a gross merchandise value (GMV) run rate of ₹2,100 crore, Nayar said in an interview. 'It has more than doubled in size in two years," said Nayar, an executive director on the listed company's board and chief executive officer (CEO) of Nykaa Fashion. Also read | Nykaa to expand rapid delivery service to more metros as quick commerce takes off FSN E-Commerce Ventures Ltd, which operates as Nykaa, has acquired three brands—Dot & Key, Earth Rhythm and GICA brands—and built nine others in-house. 'We've been slowly trying to fill the white spaces. We got brands in make-up—like Nykaa Cosmetics and Kay Beauty. We got brands in skincare like Earth Rhythm. We've slowly started building Wanderlust, which is our bath and body brand. We've just started building our perfume business. We have Indian wear, western wear, lingerie and sportswear," Nayar said. Nykaa has been building its brand capabilities over the last few years by hiring key talent, setting up processes and capabilities, working on the product research and development and distribution, Nayar said. Founded by her mother Falguni Nayar in 2012, Nykaa began as an e-commerce platform to curate beauty and wellness products, eventually expanding into fashion and offline retail to become a prominent omnichannel beauty and lifestyle destination. Also read | Nykaa to continue investing in beauty business to drive customer acquisition Dot & Key, which Nykaa acquired when it had annual sales of ₹40 crore, has grown 14-fold over the last four years. It expects some of its own brands like Nykaa Cosmetics, Kay Beauty, Nykd and Twenty Dresses to lead the charge. Nykaa Cosmetics is a ₹350 crore gross margin merchandise business. 'Slowly, steadily, we want to build great customer brands in each of these," she said. Apart from selling online through its website and app, Nykaa has a network of around 237 stories across 70 cities. For fashion, the company currently relies solely on its online channels and does not have an offline presence, Nayar said. Nykaa's offline business continues to be profitable, driving its overall growth. Long-term bet Another new line of business that the group is expecting to boom over the long term is its Superstore business, where Nykaa acts as a distributor for its own as well as other brands. Currently, the firm has a network of around 270,000 retailers across 1,000 cities. Also read | Can Nykaa's house-of-brands strategy be its next growth driver? 'If the overall beauty business is around $21 billion in India, around $17 billion is offline, of which around $12 billion is unorganized. There is huge potential to grow this B2B (business-to-business) part," Nayar added. On 30 May, FSN E-Commerce Ventures reported a 193% jump in its consolidated net profit to ₹20 crore in the March quarter. The company earned a consolidated net profit of ₹7 crore in the same period a year earlier. Consolidated revenue grew 24% to ₹2,062 crore in Q4, against ₹1,668 crore a year before. The firm reported consolidated beauty operations sales of ₹1,895 crore in Q4, up from ₹1,520 crore a year earlier. Consolidated revenue from the fashion vertical grew to ₹161 crore in the March quarter from ₹145 crore a year ago. On Friday, the company's share price closed ₹196.63 a share on the National Stock Exchange, while the benchmark Nifty closed 1.02% up at 25003.05. Nykaa's market capitalization stood at ₹56,214.45 crore.
