BSE Sensex gained 274 points to new record high of 77,259 and Nifty zoomed 71 points to 23,537 in noon trade on June 18, 2024 following gains in the global markets. Nifty Bank jumped 323 points to 50,325 and Nifty Midcap surged 252 points to 55,478 in early noon trade on Tuesday. Hindustan Aeronautics shares gained over 4% after the company confirmed winning of 156 Light Combat Helicopter orders from the Defence Ministry. Paras Defence and Space Technologies shares gained 19% in trade today to 1372.65 per share after reports of block deal. Paras Defence's 3.29 lakh shares reportedly changed hands.
In the pre-opening session on Tuesday, benchmark indices opened with gains. Nifty opened 105.20 points higher at 23,570.80 while Sensex added 242.54 pts higher to open at 77,235.31 level. In the early trade, ADANIENT, ADANIPORTS, WIPRO, HEROMOTOCO and M&M were the top 5 gainers whereas MARUTI, DRREDDY, DIVISLAB, TCS and HDFCLIFE were the top 5 losers in the Nifty pack.
In terms of the global market, Asian markets rebounded, with the Nikkei and Kospi both rising 1% as the S&P 500 reached a new closing record on Wall Street overnight. While the Nasdaq Composite rose 0.95 per cent, the index added 0.77 per cent. A 0.49 percent gain was recorded by the Dow Jones Industrial Average.
According to Santosh Meena, Head of Research, Swastika Investmart Ltd, "The upcoming week is a truncated one with no major triggers expected. However, we anticipate sector-specific movements amid budget-related buzz. Key factors to watch will be the progress of the monsoon and institutional flows. On the global front, data from China, movements in the dollar index, and US bond yields will be crucial."
"From a technical perspective, Nifty is encountering resistance in the 23,400-23,500 range, while the downside support is found between 23,200-23,100. The 20-DMA at 22,900 serves as the next support level in case of a pullback. If Nifty holds above 23,500, a rally towards the 23,800-24,000 zone can be anticipated," Santosh Meena commented on the Nifty outlook.
"Bank Nifty is hovering around the psychological mark of 50,000, with an immediate hurdle at 50,250. If this level is surpassed, a move towards 51,000 can be expected. On the downside, 49,500 serves as immediate support, while the 20-DMA around 49,000 is the next support level," Santosh Meena further predicted.
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Jun 18, 2024, 2:00 pm IST
Paytm Shares Tumble Amid Multiple Block Deals
Shares of Paytm faced significant pressure following three block trades involving up to 1.1% of the company's equity, which translates to approximately 72.5 lakh shares, according to a Bloomberg report. The identities of the buyers and sellers involved in these trades were not immediately disclosed. The heavy trading volume led to a sharp decline in One 97 Communications' shares, with volumes exceeding 3.2 times the three-month average. This marked the second consecutive day of losses for the stock. Year-to-date, Paytm shares have plummeted by over 35% and have dropped more than 50% compared to the same period last year.
Jun 18, 2024, 12:33 pm IST
NIFTY Top Losers Today
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Jun 18, 2024, 12:32 pm IST
NIFTY Top Gainers Today
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Jun 18, 2024, 11:50 am IST
Gold Price In India Falls Again, June 18: Yellow Metal Gets Cheaper
Gold prices in India recorded decline yet again for second day on June 18, 2024 amid stronger dollar and higher Treasury yields. Meanwhile, investors waited for more U.S. data and comments from Fed Reserve entire week for more cues on monetary policy outlook. 22k gold prices today declined by Rs 100 to Rs 66,200/10 grams and 100 grams of 22 carat yellow metal prices today fell by Rs 1000 to Rs 6,62,000 in India. 24k gold prices in India today slipped by Rs 110 to Rs 72,220/10 grams and 100 grams of 24 carat yellow metal price today dived by Rs 1100 to Rs 7,22,200.
18k gold prices today got cheaper by Rs 80 to Rs 54,160/10 grams and 100 grams of 18 carat precious metal prices fell by Rs 800 to Rs 5,41,600. Gold prices are highest in Chennai where 10 grams gold prices today are quoting Rs 66,950/10 grams.
Spot Gold, Spot Silver Prices Today: Spot gold surged 0.1% at ,320.60 per ounce, as of 0120 GMT. US gold futures jumped 0.3% to ,335.20. Spot silver slipped 0.1% to .47 per ounce, platinum rose 1% at 4.55 and palladium jumped 0.1% to 9.69., according to Reuters.
Jun 18, 2024, 11:20 am IST
DEE Development Engineers IPO of Rs 418 Cr: GMP Hints 24% Premium
Process pipe solutions are the area of expertise for DEE Development Engineering Ltd., an engineering firm that serves the oil and gas, energy, chemical, and other sectors. The firm has been offering high-pressure pipe systems, piping spools, industrial fittings, and other products for more than thirty years.
The company is one of the top suppliers of process pipe solutions for various industrial needs worldwide.
Initial Public Offering, or IPO, of DEE Development Engineering Ltd. is set to take place soon. The subscription window shall begin on June 19, 2024, and end on June 21, 2024. The book-built IPO of DEE Piping Systems is valued at Rs 418.01 crores. The issue consists of an offer for sale (OFS) of 0.46 crore shares, valued at Rs 93.01 crores, and a fresh issuance of 1.6 crore shares, valued at Rs 325.00 crores.
On Monday, June 24, 2024, the allocation for the DEE Piping Systems IPO is anticipated to be completed while the proposed listing date for the DEE Piping Systems initial public offering (IPO) is Wednesday, June 26, 2024, on the BSE and NSE.
Jun 18, 2024, 10:49 am IST
SENSEX Top Losers Today
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Jun 18, 2024, 10:47 am IST
SENSEX Top Gainers Today
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Jun 18, 2024, 10:37 am IST
Defence PSU HAL Wins Largest Single Order From Govt, Shares Rally
Defence giant with Navratna status, Hindustan Aeronautics (HAL) has confirmed winning of 156 Light Combat Helicopter orders from the Defence Ministry. As per reports, this new order is the largest single-order in HAL and is reportedly worth Rs 50,000 Crore. HAL share price will be in focus accordingly. HAL shares jumped 4.69% in trade today to 5443.25 per share.
In its regulatory filing, HAL said that a Request for Proposal (RFP) has been issued by the Ministry of Defence for the procurement of 156 Light Combat Helicopters.
Of the total, HAL said that 90 of them are for the Indian Army (IA), and the rest of the 66 LCH will be delivered to the Indian Air Force (IAF).
Shares of Zomato and Paytm are in focus today as the Gurgaon-based foodtech major reportedly confirmed that it is in talks with Paytm for the acquisition of latter’s ticketing and movie business. Shares of Paytm and Zomato witnessed rally in morning trade today. Current market price of Zomato share on BSE is Rs 187.60 per share with intraday gain of 0.75%. Zomato shares rallied 8.80% in last 2-weeks. Meanwhile, current market price of Paytm share on BSE is Rs 428.05 per share with intraday jump of 0.74%. Zomato has a market capitalisation of Rs 1,65,241.16 crore and Paytm has a market cap of Rs 27,258.65 crore. Shares of One 97 Communications Ltd, parent company of Paytm, gained 12% in last 1-week and 19% in last 2-weeks.
Jun 18, 2024, 9:55 am IST
Mahindra & Mahindra (MM IN) | Key takeaways from Investor Day 2024
Vivek Kumar of JM Financial Institutional Securities Limited said, “Mahindra & Mahindra (M&M) recently hosted its investor meet highlighting its growth prospect and future business strategy. In the SUV business, the company plans to launch 16 new models by FY30 across ICE and EV powertrains. Investments in the Auto business are expected to be INR 270bn between FY25-27, largely towards developing new products and capacity expansion. In the Farm Equipment business, industry is expected to grow by single-digit during FY25 on the expectation of above-normal monsoon. M&M is focused on driving strong double-digit growth in Farm Machinery segment through product and network expansion. Considering the strong demand tailwind in autos (led by recent launches), expected recovery in farm segment, preparedness for EV transition and consistent execution on improving ROEs/FCFs, we have upgraded our target multiple to 24x (20x earlier) for the core business. We maintain BUY with SoTP based Mar’25 TP of INR 3,125.”
Jun 18, 2024, 9:37 am IST
Forex market outlook by Anand James, Chief Market Strategist,Geojit Financial Services
INR: The rupee consolidated in a narrow range and settled 2 paise lower at 83.56 against the US dollar on Friday. Positive domestic markets and declining crude oil prices supported the rupee, while a strong US dollar and FII outflows limited gains.
USD: The dollar continued to decline on Tuesday, Dollar index edging down to 105.26, extending Monday's losses against the euro and sterling as concerns over a far-right French government eased. Despite a rise in Treasury yields, the dollar didn't gain traction, with investors focused on an upcoming retail sales report and Federal Reserve comments to gauge future rate cuts.
Jun 18, 2024, 9:36 am IST
Derivative outlook by Anand James, Chief Market Strategist,Geojit Financial Services
Nifty weekly contract has highest open interest at 24000 for Calls and 23400 for Puts while monthly contracts have highest open interest at 24000 for Calls and 22500 for Puts. Highest new OI addition was seen at 24000 for Calls and 23400 for Puts in weekly and at 23900 for Calls and 23400 for Puts in monthly contracts. FIIs increased their future index long position holdings by 5.06%, increased future index shorts by 0.28% and in index options by 26.11% in Call longs, 37.05% in Call short, 15.49% in Put longs and 28.90% in Put shorts.
Jun 18, 2024, 9:36 am IST
Nifty outlook by Anand James, Chief Market Strategist,Geojit Financial Services
We prefer to enter the shortened week on a cautious note as negative oscillator divergences have emerged, with fast stochastics peaking, as well as standard deviation studies pointing to price nearing interim extremes. This should ideally call for a mean reversion move, thus limiting our upside expectations for the time being to 23580-680, with 23420 seen as the day’s downside marker. However, the turn lower may not be steep, and could return to the 24130 trajectory, if 23200-23050 supports restrain corrections.
Jun 18, 2024, 9:24 am IST
Rupee Opens Above 83.50 Against US Dollar
The Indian rupee opened at 83.52 against US dollar at the interbank forex market on June 18. This comes ahead of US Retail Sales data which is scheduled on Tuesday. However, Fed's hawkish stance and spike in crude oil prices may take a toll on basket of currencies against the greenback.
Jun 18, 2024, 9:03 am IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
Following an early indication from GIFT Nifty, a strong opening at a fresh record is expected for the Indian equities. We have been cautiously bullish on the Automobile segment as the rally in the sector is overstretched and warrants a healthy correction. The performance of heavyweight Reliance is likely to decide the future trend of the Energy sector as the stock is on the verge of giving a breakout from a bullish Flag and Pole formation. Gas stocks also look strong (IGL, Gujarat Gas, and Petronet). Despite the negative performance of the FMCG segment, Sugar counters were the star performers and some of them are set to give a major breakout (Andhra Sugar, Balrampur Chini, and Dalmia Sugar). From the Metal space, SAIL looks strong as it has given a breakout from a Bullish Flag and Pole Formation. With a stock-specific approach, we are bullish on the Pharma sector (Cipla, and Natco Pharma). From our Fundamental Coverage universe, some stocks are strong on a technical front namely ACGL, Max Healthcare, Salzer Electronics, Supreme Petro, and Ultramarine Pigments. From the Mid and Smallcaps, we found a few stocks that are out of consolidation, namely JK Paper, Mayur Uniquoters Ltd, and Praj Industries.
Jun 18, 2024, 8:42 am IST
Global Market Outlook By Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd
Global market ended the week on a negative note with US and UK indices closing at 38589 and 8146 respectively. UK unemployment rate climbed to 4.4% in the three months to April, the highest since September 2021. The UK economy showed no growth as the April GDP came flat as compared to the rise of 0.4% in March. U.S May CPI inflation came flat as compared to a 0.3% rise in April indicating a decline in the prices of essential commodities. US citizens that applied for unemployment insurance benefits increased by 242K in the week as compared to 229K spiking 10-month high. The Federal Reserve kept its key interest rate unchanged in the FOMC meeting and scaled back its forecast from three rate cuts to just one this year after an inflation pickup in early 2024.
Jun 18, 2024, 8:13 am IST
Bank Nifty Outlook By Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
Bank Nifty is facing stiff resistance at the 78.6% Fibonacci retracement level (50050) and has been unable to sustain above it. The consolidation is now five trading sessions old and can resume its upmove during the upcoming week. Incase of dips towards 49500 - 49400 should be used as a buying interest for the target of 50500 – 50600.
Jun 18, 2024, 8:13 am IST
Nifty Outlook By Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
Nifty consolidated for the fifth consecutive day and managed to close in the green up ~67 points. On the daily charts we can observe that the Nifty has been consolidating in the broad range of 23200 – 23500. The more it consolidates around this level the more likelihood of a breakout in the coming week. It has already been five days and we believe that a trending move is likely to unfold. The hourly momentum indicator has triggered a positive crossover from the equilibrium line suggesting that the consolidation has matured and can resume next leg of upmove.
Jun 18, 2024, 8:13 am IST
Bank Nifty Prediction Today By Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities
Bank Nifty recovered from the initial hiccup and rose steadily throughout the day to close at 50,002, up 155 points. Strong put writing was observed at the 50,000 Strike in Bank Nifty. At the same time, the call writers (Bears) too gave a tough fight to the put writers (Bulls) at the 50,000 Strike, leading them marginally at Friday’s close. The option activity at this strike will provide cues about Bank Nifty’s upcoming direction.
Nifty closed above the 23,400 level after failing to close above the same level in the previous three trading sessions. Strong put writing was observed at the 23,300 & 23,400 Strike in Nifty. All eyes will be on the 23,500 Strike in the upcoming week. The call writers have sizeable positions at the 23,500 Strike and the option activity at this strike will provide cues about Nifty’s upcoming direction.
Jun 18, 2024, 8:04 am IST
Bank Nifty outlook from Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The BankNifty continued its consolidation phase and was unable to surpass the 50000 mark, where the highest open interest is built up on the call side. The index needs to decisively surpass the 50200 mark to confirm an upside breakout towards the 51000 level. The lower-end support is placed at the 49500-49400 zone, and a break below this will open gates for further downside towards 49000.
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