Indian Indices End Flat; JSW Steel and Tata Steel Among Top Nifty Losers

Tue, 1 Jun Closing

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Indian share markets witnessed volatile trading activity throughout the day today and ended on a flat note.

Benchmark indices witnessed volatile trading activity and fluctuated between gains and losses amid muted investor sentiments a day after the GDP data release, dragged by metal and banking stocks.

At the closing bell, the BSE Sensex stood lower by 3 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 8 points (down 0.1%).

Adani Ports and ONGC were among the top gainers today.

JSW Steel and Tata Steel, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,636, up by 56 points, at the time of writing.

The BSE MidCap index ended on a flat note, while the BSE SmallCap index ended down by 0.2%.

Sectoral indices ended on a mixed note with stocks in the metal sector, banking sector and realty sector witnessing most of the selling pressure.

Oil & gas and energy stocks, on the other hand, witnessed buying interest.

Shares of PNB Housing Finance and Wipro hit their respective 52-week highs today.

Asian stocks climbed on strong exports and positive factory activity data and ended on a positive note today.

The Hang Seng and the Shanghai Composite ended the day up by 1.1% and 0.3%, respectively.

The Nikkei ended down by 0.2% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 169 points.

The rupee is trading at 72.90 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.6% at Rs 49,100 per 10 grams.

Speaking of stock markets, India's #1 trader, Vijay Bhambwani talks about a critical aspect of intraday trading, in his latest video for Fast Profits Daily.

In the video, Vijay talks about the 5 rules of intraday trading that you should never break.

Vijay learned these rules over the course of 35 years as a trader in India's financial markets.

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In news from the textiles sector, Rupa and Company was among the top buzzing stocks today.

Shares of Rupa and Company (Rupa) surged nearly 20% to Rs 475.8 per share on the BSE today, also touched its 52-week high level after the company reported a strong set of numbers for the quarter ended March 2021.

The apparel manufacturer returned to the black in the fourth quarter of 2021 as it posted a consolidated net profit of Rs 659.6 m compared to a loss of Rs 42.8 m in the corresponding quarter in the previous financial year.

For the full financial year, the company logged its highest-ever revenues and profits at Rs 13.1 bn and Rs 1.8 bn, respectively.

The company's revenue from operations jumped 153% year-on-year (YoY) to Rs 4.5 bn in the March 2021 quarter from Rs 1.8 bn posted in the same quarter year ago.

On a quarter on quarter (QoQ) basis, the company's revenue from operations grew 31.3%.

Its earnings before interest, tax, depreciation, and amortisation (EBITDA) soared 1,050% to Rs 906 m in the fourth quarter from Rs 79 m posted in the same period last year.

The EBITDA margins came in at 20% during the March 2021 quarter. The figure stood at 4% in the same quarter last year.

Commenting on the March quarter performance, Dinesh Kumar Lodha, CEO said, "Despite the challenges faced due to the pandemic, Rupa & Company recorded its highest-ever revenues and profits in FY2021. This was possible due to increased sales volumes, changes in product mix, improved operating efficiencies and cost reduction strategies."

The company's focus is to increase share in premium and super-premium category, improve focus on women, casual, and thermal wear, and foray into newer markets with higher penetration in the existing markets, Lodha said in a post result presentation.

He cautioned against the disruptions arising from the second covid-19 wave amid restrictions imposed by states but said that he expects business to start gaining traction in June 2021 and log higher than industry growth for the coming year.

The board of directors has also recommended a total dividend of Rs 5 per equity share of the face value of Re 1 each for the financial year ended 31 March 2021.

Rupa & Company share price ended the day up by 20% on the BSE.

Moving on to news from the auto sector...

Bajaj Auto Posts 114% Sales Growth in the Month of May

Bajaj Auto shares rose 3.4% to Rs 4,336 per share on the BSE in intra-day trade today after the two-wheeler maker reported strong sales numbers for the month of May, led by exports.

It reported 114% growth in its total vehicle sales at 2.7 lakh units in May compared to the same month last year.

The company had sold 1.3 lakh vehicles in May last year.

However, the sales were down 30.2%, sequentially, from 3.9 lakh units in April 2021.

The total domestic sales logged 52% growth at 60,830 units as compared to 40,074 units sold in May 2020, while the total exports spiked 142% to 2.1 lakh units over 87,054 units shipped out in May 2020.

The total two-wheeler sales increased 113% to 2.4 lakh units in May 2021 from 1.1 lakh units in the same month of 2020.

During the month, the domestic two-wheelers sales stood at 60,342 units, a growth of 54% over 39, 286 two wheelers sold in May last year while exports grew 145% to 1.8 lakh units in the month as against 73,512 vehicles in May 2020.

The commercial vehicles sales, including exports, were 31,308 units in May 2021 as compared to 14,330 vehicles in the same month of 2020, registering a growth of 118%.

Bajaj Auto share price ended the day up by 1% on the BSE.

Speaking of stocks, here's a pattern that if you see, you must sell your position. After all, exits are more important than entries.

In the chart below, we can see the head and shoulder pattern - the stock goes up, makes a high, falls a little bit, goes up to a higher high, does not make a higher low, rallies again, fails to make a new high, and then starts to break down.