1. Market Outlook & Key Drivers:
The Indian market is expected to open on a positive note, carrying forward the momentum from Friday’s strong rally. This positive sentiment is largely driven by the Reserve Bank of India’s (RBI) unexpected 50 basis points (bps) repo rate cut and a 100 bps reduction in the Cash Reserve Ratio (CRR) last Friday. These pro-growth measures are expected to boost liquidity and credit uptake, fueling economic growth.
- Positive Cues: Global cues are also supportive, with US futures trading higher (NASDAQ and S&P 500 futures up).
- India VIX: The India VIX (volatility index) fell 3% on Friday, settling at 14.63, indicating a decrease in market fear.
- FII/DII Activity: Foreign Institutional Investors (FIIs) were net buyers, purchasing shares worth ₹1,010 crore, while Domestic Institutional Investors (DIIs) were significant net buyers at ₹9,342 crore on Friday. This strong institutional buying is a positive sign.
- Rupee: The Indian Rupee strengthened against the US dollar on Friday, closing at 85.64, further reflecting market confidence.
2. Support and Resistance Levels (as of June 9, 2025):
- Nifty 50:
- Resistance: Immediate resistance is seen at 25,100-25,116. A sustained break above this could open doors for 25,250, 25,300, 25,400-25,500, and potentially 25,600 and 26,000.
- Support: Key support levels are at 24,845, 24,800, 24,700, and 24,400-24,600 (a strong support zone).
- Trend Decider: 24,800-24,816 and the 20-day SMA around 24,800 are crucial trend-decider levels.
- Sensex:
- Resistance: Immediate resistance at 82,662, followed by 82,954.
- Support: Immediate support at 81,716, followed by 81,424.
- Bank Nifty:
- Resistance: Immediate resistance at 57,078, followed by 57,300, 57,388, and potential targets of 57,200-57,700 and even 60,000.
- Support: Key support zones are around 56,000, 56,078, and 55,500.
- Trend: As long as it holds above 55,500, an extended uptrend is possible.
3. News and Updates:
- RBI’s Monetary Policy Impact: The larger-than-expected 50 bps repo rate cut and 100 bps CRR reduction announced on Friday have significantly boosted market sentiment, especially for rate-sensitive sectors.
- Corporate Actions (Today – June 9, 2025):
- 7NR Retail: Ex-date and record date for rights issue of equity shares.
- Nelco: Ex-date and record date for ₹1 per share dividend.
- Block Deals:
- Azad Engineering: Saw a significant block deal on Friday (Nomura India Investment Fund Mother Fund bought shares), leading to an intraday fall but closed 6.38% lower.
- Bajaj Finserv: Promoter entities executed a large block deal on Friday (selling approx. 2.86 crore shares), with institutional investors participating. Despite the sale, the stock showed resilience.
- Company Specific News:
- Ashoka Buildcon: Received a stop-work order from CIDCO on a ₹1,673 crore infrastructure project following a Bombay HC ruling (negative for the stock).
- HUDCO: Board approved raising ₹750 crore via NCDs at 6.52% interest (positive).
- Kiri Industries: Signed an agreement to sell a 37.57% stake in DyStar for $676.3M, resolving a long-standing issue.
- MCX: Received approval to launch electricity derivatives (positive for MCX).
- Gravita India: Shares jumped on Friday as the government’s critical mineral recycling scheme is reportedly nearing approval.
- Rama Steel Tubes: Shares jumped after partnering in a 225-MW solar project under the PM-KUSUM scheme.
- Prestige Estates: Plans to launch 25 residential projects with an estimated gross development value of ₹42,120 crore in the current fiscal year.
- Maruti Suzuki: Expanded its solar capacity by 30MWp, increasing total solar capacity to 79MWp and targeting 319MWp by FY31 with an investment of over ₹925 crore.
- RITES Ltd: Signed an MoU with Hindustan Copper Limited (HCL) to provide consultancy and logistics solutions. Also secured a contract for Intelligent Traffic Management System (ITMS) in Vidarbha Circle.
- KEC International: Secured new orders worth ₹2,211 crore across various businesses.
- Afcons Infrastructure: Secured a major contract from Reliance Industries Limited (RIL) for construction work related to Vinyl Projects in Dahej, Gujarat.
- IREDA: Board approved necessary documents for QIP to raise up to ₹5,000 crore.
- Macroeconomic Data: Market participants will focus on key macroeconomic data for further cues this week.
- Monsoon Progress: Progress of the monsoon will also be a key factor to watch.
- Vizhinjam Port: The world’s largest container ship is expected to dock at Vizhinjam Port today (Monday).
4. Events in Indian Market Today (June 9, 2025):
- Corporate Actions: As mentioned above, 7NR Retail and Nelco have ex-date and record dates for rights issue and dividend respectively.
- Continued Impact of RBI Policy: The market will continue to digest and react to the RBI’s policy decisions.
- Global Cues: Indian markets will also track global market performance, especially from the US and Europe.
- Sectoral Performance: Rate-sensitive sectors like banks, NBFCs, real estate, and auto will be keenly watched. Metal stocks also saw robust gains on Friday and could continue to be in focus.
- Individual Stock Performance: Specific stock movements will be driven by corporate news, block deals, and analyst recommendations.
Recommendations (from market experts):
- Sumeet Bagadia (Choice Broking) recommends to buy:
- NCC (Target: ₹260, SL: ₹225)
- M&M (Target: ₹3425, SL: ₹2950)
- VOLTAS (Target: ₹1400, SL: ₹1205)
- Go Digit General Insurance (Target: ₹385, SL: ₹334)
- Godrej Properties (Target: ₹2720, SL: ₹2340)
- Aditya Birla Real Estate (Target: ₹2600, SL: ₹2240)
- Gujarat Mineral Development Corpn (Target: ₹440, SL: ₹380)
- UTI Asset Management Company (Target: ₹1360, SL: ₹1160)
- Vaishali Parekh (Prabhudas Lilladher) recommends to buy:
- Jaiprakash Power Ventures (Target: ₹20, SL: ₹15.5)
- Vedanta (Target: ₹470, SL: ₹435)
- Bandhan Bank (Target: ₹183, SL: ₹169)
- Sumeet Bagadia also recommends: Infosys (Target: ₹1660, SL: ₹1515) and ICICI Bank (Target: ₹1575, SL: ₹1400).
- Ganesh Dongre recommends: CESC (Target: ₹183, SL: ₹160), Bajaj Finserv (Target: ₹2100, SL: ₹1950), and Bharat Heavy Electricals (BHEL) (Target: ₹267, SL: ₹250).
- Hindu BusinessLine: Recommends JSW Energy as a buy (₹523