Stock Market Live Updates Today: BSE Sensex dips 607 points to settle at 76,802.90; Nifty50 falls 154.90 points as IT stocks drag indices down

"The Nifty snapped its five-session winning streak and formed a small-bodied bullish candle on the daily chart. Despite the intraday weakness, it witnessed a strong recovery from lower levels and managed to close above the 24,000 mark on a weekly basis. The broader trend remains positive as the index continues to trade above its short-term 50-DMA, placed at 23,840, keeping the possibility of a gradual move towards 24,400 intact in the near term.

Momentum indicators also remain supportive, with the MACD sustaining a buy crossover and the RSI holding above the 60 mark, indicating a bullish undertone. Meanwhile, India VIX declined 13% during the week to settle below 13, and any further moderation in volatility could provide additional support to the market's positive sentiment,” says Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse Ltd.

Reliance Industries Chairman Mukesh Ambani announced on Friday that the company's board has cleared Jio's draft red herring prospectus (DRHP), with the filing set to be submitted to market regulator Sebi later in the day. Speaking at the annual general meeting (AGM), Ambani described the development as an especially emotional occasion.

The DRHP filing marks a major milestone in Reliance Industries' journey toward listing its digital business, nearly six years after Jio Platforms attracted more than Rs 1.5 lakh crore from global strategic investors. The proposed public issue is expected to place the telecom and digital services company among the most highly valued firms on India's stock exchanges.

The offering is widely expected to surpass NSE's nearly Rs 30,000 crore issue and Hyundai Motor India's Rs 27,870 crore (around $3.3 billion) IPO, making it the largest public offering ever launched in the country. However, the roadmap for the listing has undergone several revisions and adjustments over the past year.

For the financial year 26 despite global challenges, the consolidated revenue stood at Rs 11,75,919 crores, up 9.8% year on year.

Despite the volatility, rapid scaling up of our retail and digital businesses played a key role in meeting our commitment to doubling RIL’s EBITDA over five years. Retail and digital businesses contributed nearly half of the financial year 26 EBITDA. Together they are increasingly becoming the primary drivers of Reliance's future growth.

Reliance Industries Chairman Mukesh Ambani is widely expected to unveil a number of major initiatives when he addresses shareholders at the company's 49th annual general meeting (AGM) on Friday, the first since the group's public offering.

The AGM comes at a crucial juncture, with investors keenly awaiting greater clarity and timelines on several high-profile projects, including the proposed $4 billion Jio IPO, the company's artificial intelligence strategy, expansion plans in the retail and new energy segments, and other long-term growth initiatives.

At the previous AGM, Ambani had outlined an ambitious roadmap centred on AI-led innovation, partnerships with global players, investments in data centre
infrastructure and the development of next-generation energy businesses. Shareholders are now expected to look for updates on the progress and execution of those plans.

“Nifty IT index remains in a firm downtrend forming lower high and lower low in all time frame and is also trading below its short term and long-term moving averages. Index has immediate key support at 26180 levels being the identical lows of CY22 and CY23.

Volatility is likely to be high in the coming sessions ahead of the quarterly result session of the IT stocks. Pricewise there is still no sign of reversal of the corrective trend, hence suggest to technically avoid at current levels. Let the price stabilize and only a formation of higher high and higher low in weekly chart and a move above the 50 days EMA currently placed around 29325 will be the initial sign of trend reversal,” says Bajaj Broking.

According to VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, the significant near-term trends in the market are:

1. Underlying strength in the market emanating from the improving macros helped by the sharp correction in crude prices.
2. ⁠Short covering by the FIIs supporting recovery in the banking stocks. There is room for further up move in the segment. However, there can be occasional profit booking.
3. ⁠Guidance cuts by Accenture has triggered sell-off in Indian IT majors’ ADRs. This can cause correction in IT stocks in the domestic market too. Buying can emerge at lower levels in IT since valuations are becoming attractive.
4. ⁠The tapering of FII selling has become a trend, which can sustain for some time. Aggressive DII buying eclipsing FII selling can impart resilience to the market.
5. ⁠RIL AGM today and announcements regarding developments in the new energy business and RIL Jio IPO will be keenly watched by the market.
The market structure indicates that buy on dips can turn out to be a good strategy today."

"Indian equity markets are expected to open on a negative note, with Gift Nifty trading around 24,009, down by 191 points, indicating weak opening cues for domestic indices. Asian markets traded with a positive bias, with most major indices advancing and outperforming broader global peers, supported by strong momentum in technology stocks following an upbeat session on Wall Street.

The market continues to exhibit a favorable undertone, with both benchmark indices maintaining their positive trend. Strong momentum in the banking space, improving market breadth, and consistent domestic institutional support may help cushion any near-term volatility. While some consolidation cannot be ruled out near higher levels, the overall setup remains constructive as long as key support zones continue to hold,” says Hitesh Tailor, Research Analyst, Choice Equity Broking Private Limited

The Securities and Exchange Board of India (Sebi) on Thursday unveiled a set of proposed revisions to the margin trading facility (MTF) framework, including stricter capital requirements for brokers and broader avenues for raising funds. The proposals are part of a wider review intended to reinforce risk management standards while also improving operational flexibility for market intermediaries offering the facility.

In its discussion paper, the regulator noted that the rapid growth in margin trading volumes has made it necessary to reassess the existing framework to ensure robust safeguards remain in place without hampering ease of business.

Under the margin trading facility, investors are allowed to purchase shares by paying only a portion of the transaction value, while brokers finance the balance amount. Such funding typically carries annual interest rates ranging between 9% and 15%. Investors generally receive leverage of three to four times their initial margin and are required to pledge securities as collateral.

Among the proposed changes, Sebi has recommended raising the minimum net-worth requirement for brokers providing MTF services from ₹3 crore to ₹5 crore. It has also suggested extending eligibility to brokers operating under a limited liability partnership (LLP) structure.

The market regulator further proposed allowing brokers to mobilise funds for margin financing through non-convertible debentures (NCDs) and other debt instruments, thereby widening the funding options currently available. In addition, Sebi has recommended modifications to exposure norms that would enable brokers to allocate a larger share of their net worth towards margin funding, while ensuring a designated portion of capital remains reserved for core brokerage activities.

The average MTF book across the NSE and BSE has remained above ₹1.1 lakh crore over the last three months, highlighting the growing scale of the segment.

Index formed a bullish candlestick pattern with a higher high and a higher low signaling continuation of the positive momentum as the index tested the 58,000 levels, Key observation in the daily chart is that the 20 days EMA has generated a bullish crossover above its 50 days EMA thus supports the positive bias in the index.

We expect the index to maintain positive bias and head towards 58,300 and 59,250 levels in the coming weeks being the measuring implication of the recent range breakout and the 138.2% external retracement of the previous decline 57456-52783.

Some consolidation after 5000 points up move in just 13 sessions cannot be ruled out in the Bank Nifty. However, we believe the overall structure is positive, and any dips should be used to accumulate quality banking stocks in a staggered manner. Key support is placed at 56,000 levels being the confluence of the 38.2% retracement of the entire pullback 53,027-57954 and the recent breakout area.

“Sensex closed at 77,410.00, gaining 254.40 points (+0.33%). The index opened marginally lower by around 24 points at 77,131.65 and witnessed initial consolidation with mild profit booking, slipping to an intraday low of 76,953.00. However, buying interest emerged from lower levels, helping the index recover steadily and touch an intraday high of 77,492.35. The benchmark eventually settled near the day's higher levels at 77,410.00, indicating continued strength in market sentiment.

Technically, the index formed a bullish candle with a higher high and higher low structure, reflecting sustained buying interest on declines. The successful rebound from the 76,950 zone highlights strong demand at lower levels, while the index continues to trade comfortably above its key short-term moving averages and recent breakout zone. The prevailing trend remains positive, with momentum indicators supporting the ongoing upward move.

Sector-wise, Utilities, Hospitals, Services, Power, Telecommunication, Healthcare, Top 10 Banks, Financial Services, Bankex, and Private Banks led the gains. Buying interest was also visible in Consumer Discretionary, PSU Banks, Realty, Commodities, Metals, Capital Goods, and Industrials. On the other hand, Information Technology and Focused IT witnessed profit booking, while Energy remained marginally weak.

The overall market bias remains positive to bullish as Sensex continues to maintain its higher-high higher-low formation and sustains above key support levels. As long as the index holds above the 76,800–77,000 support zone, the broader uptrend is likely to remain intact. On the upside, immediate resistance is placed around 77,800–78,000, where some consolidation may emerge, while stock-specific action is expected to remain positive,” says Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Private Limited.

US equities advanced sharply on Thursday, led by technology and semiconductor stocks, as easing inflation concerns and developments in the Middle East lifted market sentiment. The Nasdaq surged 1.9%, with chipmakers providing much of the momentum, even as investors continued to factor in the possibility of Federal Reserve interest rate increases later this year.

The Philadelphia Semiconductor Index significantly outpaced the broader market, climbing 6.4%. Intel shares soared to an all-time high and ended the session 10.6% higher after US President Donald Trump said Apple had agreed to collaborate with the company on designing and producing chips within the United States.

Earlier in the day, crude oil prices fell to their lowest levels since early March after the US and Iran signed an interim agreement that extends the ceasefire announced in April by another 60 days, giving both sides additional time to negotiate a permanent settlement. Rising oil prices since the outbreak of the conflict in late February had been a major source of inflation concerns for investors.

Although Trump warned that military action could resume if Iran failed to comply with the agreement, commercial shipping activity began returning to the Strait of Hormuz. The key maritime route, which had faced disruptions to the movement of oil, natural gas, fertilisers and other cargoes during the conflict, saw its first vessels resume transit.

Index extended its up move as it gained for the fifth consecutive session, it has formed a bullish candlestick pattern with a higher high and a higher low highlighting continuation of the positive momentum as the index closed firmly above the 24,100 levels. Index sustaining above 24,000-23, levels will keep the immediate bias positive and is likely to head to 24,270 & 24,350 levels in the coming session. Dips if any in the coming session should be used as a buying opportunity.

Nifty on Thursday’s session generated a breakout above the falling channel containing last two months price action and has also closed above the previous swing high of 26th May signaling strength and positive bias. Going ahead, bias remain positive and the index to extend the current up move towards the April high of 24,600 in the coming weeks.

Some consolidation after a 1000 points up move in just five sessions cannot be ruled out in the Nifty. However, we believe the overall structure is positive, and any dips should be used to accumulate quality stocks in a staggered manner with Nifty to gradually head towards the April high of 24,600 levels in the coming weeks.