After opening the day on a positive note, Indian share markets continued the momentum as the session progressed and ended on a firm footing.Benchmark equity indices Nifty50 and Sensex rebounded on Wednesday after posting their worst day in over four years in the previous session.At the closing bell, the BSE Sensex stood higher by 2,303 points (up 2.9%).Meanwhile, the NSE Nifty closed higher by 736 points (up 3.4%).Hindalco, M&M, and Adani Ports were among the top gainers today.BPCL AND L&T on the other hand, were among the top losers today.The GIFT Nifty was trading at 23,590, up by 644 points, at the time of writing.The BSE MidCap index ended 4.3% higher and the BSE SmallCap index ended 2.9% higher.Sectoral indices are trading positively with stocks in the metal sector, auto sector, and telecom sector witnessing the most buying.Shares of Bajaj Auto, Trent, and Colgate hit their respective 52-week highs today.The rupee is trading at 83.37 against the US$.Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 71,880 per 10 grams.Meanwhile, silver prices were trading 0.2% lower at Rs 89,459 per 1 kg.Here are four reasons why Indian Markets are rising today#1 Global MarketsAsian stocks rose on Wednesday, while the dollar was steady as a softening U.S. labor market firmed up bets of an interest rate cut in September from the Federal Reserve ahead of a crucial payrolls report this week.MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.24%, while the Nikkei fell 1% as the Japanese yen flirted with two-week highs.#2 Oil SlipsOil prices extended losses slightly from the previous session in early Asian trading on Wednesday after an industry report showed builds in US crude and fuel stockpiles, adding to concerns around demand growth. Brent crude futures fell 14 cents, or 0.2%, to $77.38 a barrel.#3 The Rupee FactorThe Indian rupee rose 7 paise to 83.44 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose 0.09% to 104.2 level.#4 Index Heavyweights RallyFrom Sensex, HUL, Nestle India, HCL Tech, Asian Paints, Kotak Mahindra Bank, and ITC opened higher, dragging the Sensex higher.
Why Nazara Technologies’ Share Price is Falling?In news from the IT sector, shares of Nazara Technologies Limited climbed 6% to trade at Rs 723 in the morning on 5 June after the company announced that its subsidiary Absolute Sports will acquire all the assets of SoapCentral.com, a US entertainment content destination, for Rs 116 m in an all-cash deal.The acquisition boosts Absolute Sports’ presence in the entertainment publishing sector in the US. The company also operates a pop culture destination SK Pop, that provides news and trends related to K-POP (Korean Pop) and Korean media.The management has said that the entertainment publishing industry is more than twice the size of sports publishing and allows Absolute a great canvas for expansion into multiple content categories.Absolute Sports, via its flagship brand Sportskeeda.com, is a global sports media platform that covers the world’s biggest sports and esports and serves more than 100 million fans every month. In 2019, Nazara, a gaming and sports media platform, picked up a majority stake in Absolute Sports.In the fourth quarter, Nazara Technologies reported a net profit of Rs 1.8 m, a sharp decline from Rs 94 m in the same quarter last year. This drop was primarily due to a Rs 168.7 m loss from discontinued operations, resulting from write-offs in several of the company’s legacy businesses, including its real-money gaming business Halaplay.It also announced that the company will either be merging or closing entities that do not align with its future vision, including Nazara Bangladesh and NZ Mobile Nigeria.
Angel One Surges 6%. Here’s Why.Moving on to news from the finance sector, shares of Angel One surged over 6% to Rs 2,406 per share on June 5 after the company shared a strong monthly business update. The broking firm’s client base increased significantly by 63.3% year-on-year (YoY) in May 2024 to 23.8 million from 14.5 million.So far this year, Angel One declined over 33%, underperforming the 3% rise in the benchmark Nifty 50 index. Earlier, Angel One hit a 52-week high of Rs 3,900 per share on 9 January 2024.On a month-on-month (MoM) basis, the brokerage firm’s client base grew by 3.7% in May 2024 from 22.99 million posted in April 2024. Meanwhile, gross client acquisition in May 2024 was 0.88 million, up 91% YoY and 16.9 percent from April 2024.Angel One’s average daily orders (ADO) reached Rs 7.56 million, increasing 11.6% MoM and 83.5% YoY.Additionally, the company’s cash market turnover share was 17.15, up 0.8% MoM and 3.7% YoY. In the commodity segment, its turnover market share was 57.2%, up 0.2% YoY.Angel One provides broking and advisory services, margin funding, loans against shares, and distribution of third-party financial products to its clients.In the January-March quarter, the company’s consolidated net profit grew by 27% YoY to Rs 3.4 bn, while total income rose by 63% YoY to Rs 13.6 bn.More By This Author:Sensex Today Trades Higher; HUL & Nestle Top GainersSensex Today Tanks 4,390 Points | Nifty Ends Below 22,200, Down 5%Sensex Today Tanks 2,500 Points; Nifty Cracks Below 22,400
