In a volatile day of trading, marked by fluctuating sentiments and sectoral movements, the Indian equity markets achieved a record close on Thursday. The benchmark indices, Sensex and Nifty 50 ended on a positive note, buoyed by gains in metal, real estate, and banking stocks despite subdued global cues.
The Sensex edged up by 141 points, settling at 77,479, while the Nifty climbed 51 points to reach 23,567 by the closing bell. Meanwhile, the Nifty Bank surged by 385 points, closing at 51,783, supported by continued buying interest in banking stocks such as HDFC Bank, ICICI Bank, and Axis Bank.
In contrast to Wednesday's losses, the Nifty Midcap 100 index rose sharply by 522 points to hit 55,474, nearing its all-time high. Similarly, the Nifty SmallCap 100 also witnessed gains, closing 0.61% higher, reflecting broad-based optimism in the market.
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Jun 20, 2024, 3:55 pm IST
Stock Market Closing Bell
The day’s trading session saw a mix of performances across sectors. Metal stocks led the gains with Hindalco, JSW Steel, and Tata Steel emerging as the top Nifty gainers, fueled by positive sectoral outlooks. Real estate stocks also contributed significantly to the upward trajectory, buoyed by renewed investor interest.
Jun 20, 2024, 2:40 pm IST
Agriculture Stocks Rally
Majority of agriculture stocks are in green after the central government approved the increase in the Minimum Support Prices (MSP) for all mandated Kharif Crops for Marketing Season 2024-25. Stocks like Bombay Burmah, Coromandel Intern, Dhanuka Agritech India Pesticides, Kaveri Seed, and UPL surged by 1-6%.
Jun 20, 2024, 2:02 pm IST
MapMyIndia Shares Surge 20% Following Goldman Sachs' 'Buy' Rating
Shares of CE Info Systems Ltd, the parent company of MapmyIndia, surged by 20% on June 20, hitting the upper circuit limit after Goldman Sachs initiated coverage with a 'buy' rating. The investment bank set a price target of Rs 2,800, suggesting a potential 40% upside from the stock's last closing price.
Goldman Sachs highlighted CE Info Systems' strong market position and growth potential. The brokerage noted that MapmyIndia holds over 80% of the market share in automotive OEM navigation software.
Jun 20, 2024, 1:51 pm IST
JSW MG Motor India Partners With Ecofy For EV Financing Solutions
JSW MG Motor India announced a partnership with Ecofy, an NBFC backed by Eversource Capital, to offer financing and leasing solutions for its electric vehicles. Under the newly signed Memorandum of Understanding (MoU), Ecofy will provide these services for up to 10,000 JSW MG EVs over the next three years.
The collaboration aims to offer loan options and leasing arrangements to both retail customers and B2B operators for JSW MG Motor India's current and future electric vehicle lineup.
Jun 20, 2024, 1:47 pm IST
RailTel Corporation Bags Major Telecom Work Order From South Central Railway
RailTel Corporation of India has been awarded a significant work order from South Central Railway. The project involves telecommunication works for the provision of IP-MPLS across 523 route kilometers (RKM) in the Secunderabad division. The total value of the order is Rs 20,22,05,784, inclusive of taxes.
Jun 20, 2024, 12:50 pm IST
GMR Power Hits 5% Upper Circuit for Fourth Straight Session
Shares of GMR Power and Urban Infra were locked in a 5% upper circuit on June 20, following the announcement that its subsidiary, GMR Smart Meter Electricity Distribution, has partnered with Bosch Global Software Technologies to roll out a smart meter project. This marks the fourth consecutive session of GMR Power’s shares being stuck in a 5% upper circuit. Over the past six months, the stock has surged 86%, significantly outperforming the Nifty 50, which has risen by 10% during the same period.
Jun 20, 2024, 12:02 pm IST
Market Today: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
The current distinct trend in the market is the sectoral churn happening somewhat strongly. Huge money is flowing into fairly valued largecaps in banking and profit booking is happening in sectors like capital goods, telecom, metals and FMCG. This churn is likely to continue in the near-term since it is a healthy trend. The overvalued broader market space also is taking a breather.
Jun 20, 2024, 12:01 pm IST
Eraaya Lifespaces Announces Plan Support Agreement For 100% Acquisition In EBIX INC
Eraaya LifeSpace Limited, a small-cap company in the real estate business, has said that a consortium led by it has made a plan support agreement to acquire 100 per cent stake in Ebix Inc. This plan of Eraaya LifeSpace Limited has been approved by the independent director of Ebix Inc. The consortium led by Eraaya LifeSpace Limited has moved forward on this plan by depositing a 5 percent cash deposit.
In May, there were reports that the Eraaya-led consortium had sent a plan to its independent director to buy 100% equity of Ebix Inc. If this acquisition is successful, it can be implemented under Chapter 11 of the reorganization plan. Under this plan, negotiations are to be done between Eraaya, Ebix Inc. and other major shareholders.
Jun 20, 2024, 11:23 am IST
PNB Housing Witnesses 5.2% Equity Change Hands In Block Deal; Shares Fall 4.85%
Shares of PNB Housing fell more than 4% to Rs 801 per share on June 20 as nearly 1.36 crore shares or 5.2% equity changed hands in multiple blocks. As per reports, Asia Opportunities V (Mauritius) and General Atlantic Singapore Fund FII Pte were planning to sell nearly 5.4 million shares each. The floor price was set at Rs 773, an 8% discount to the last close of Rs 840.
Jun 20, 2024, 10:39 am IST
Som Distilleries And Breweries Licence Suspended Over Child Labour
The Madhya Pradesh Excise Department suspended the licence of Som Distilleries and Breweries after reports of child labour emerged at its Bhopal unit. The suspension will last for 20 days or until the Labour department approves resumption of activities.
An exchange filing on June 17 disclosed that 39 boys and 20 girls, all underage, were rescued from the factory in Raisen District. The minors were employed without police verification. The company clarified that the concerns relate to a private limited company, which is an associate dealing mainly in country liquor.
Jun 20, 2024, 10:25 am IST
WestBridge Capital Sells 1.7 Percent Stake In AU Small Fin Bank For Rs 845 Crore
Private equity firm WestBridge Capital divested on Wednesday a 1.7 per cent stake in the AU Small Finance Bank for Rs 845 crore through an open market transaction. WestBridge Capital, through its affiliate Westbridge AIF I, sold shares of the Jaipur-based AU Small Finance Bank through a bulk deal on the National Stock Exchange (NSE).
As per data available, Westbridge AIF I offloaded 1.30 crore shares, amounting to a 1.75 per cent stake in AU Small Finance Bank. The shares were disposed of at an average price of Rs 650.08 apiece, taking the transaction value to Rs 845.10 crore. After the stake sale, the shareholding of WestBridge Capital in the AU Small Finance Bank has declined to 2.07 per cent from 3.82 per cent.
Jun 20, 2024, 10:02 am IST
Forex Market Outlook By Anand James, Chief Market Strategist,Geojit Financial Services
INR: The rupee trimmed its early gains and ended 1 paisa lower at 83.44 against the US dollar on Wednesday, in line with the domestic equity markets, which turned volatile at the end of the session. The local currency's upward momentum was halted by a strong US dollar and rising crude oil prices in the international market.
Nifty weekly contract has highest open interest at 24000 for Calls and 23000 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 23000 for Puts in weekly and at 25000 for Calls and 23000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 17.50%, decreased future index shorts by 5.33% and in index options by 2.55% decrease in Call longs, 2.22% increase in Call short, 0.62% decrease in Put longs and 5.86% increase in Put shorts.
Jun 20, 2024, 9:50 am IST
Nifty Prediction By Anand James, Chief Market Strategist,Geojit Financial Services
VIX began inching higher, as soon as we entered the 23580- 680 band, which ensured that even though the declines thereof ended at our downside marker of 23420, volatility persisted. The uptrend is yet to reverse, as we wait for a breach of 23420 to signal the same, but until then, expect swings on either sides of 23545.
Jun 20, 2024, 9:33 am IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
After swinging on both sides, the Index settled 19th June trade lower at 23,516. On the daily timeframe, the Index has formed a Bearish Engulfing candle with a probable bearish divergence in RSI which indicates a temporary pause in its uptrend with the lower side being protected at 23,340 while today's high i.e. 23,660 will be considered as resistance. BankNifty delivered a strong performance but there is a possibility of a bearish divergence, we recommend remaining light on the position. The IT sector is at the cusp of a Bullish Flag and Pole formation breakout, one should keep an eye on the sector. We continue to remain bullish on the Sugar stocks from the FMCG space. Mid and Smallcaps have made bearish candles at record levels which suggest a short-term pause in its northward journey; however, stock-specific activity will remain. From our fundamental coverage universe, couple of stocks have given a strong breakout namely Jubilant Ingrevia, Supreme Petrochem, and Sudarshan Chemicals.
Jun 20, 2024, 9:17 am IST
Market Outlook By Sameet Chavan, Head Research, Technical And Derivative - Angel One
Tracking the positive global cues and robust undertone, our domestic market started on a firm note. But soon after, some hesitancy was seen in the benchmark index at the elevated zone, and a bout of profit booking was seen in the initial trading hours. Despite this, the bulls showed resilience, pushing the market into uncharted territory, which too was short-lived as another bout of profit booking set in during the final hours. Eventually, the Nifty50 index concluded the session a tad above 23500, with a mere loss of 0.18 percent.
The benchmark index ended its five-day winning streak with insignificant changes in the price chart. However, the formation of a Bearish candle at the elevated zone should not go unnoticed, and caution should be warranted. From a technical standpoint, the consolidation zone from the previous week, which was around 23400-23300, is expected to act as a support level in case of any minor price fluctuations during the upcoming trading sessions, followed by the strong support of 23200. On the upper end of the price spectrum, we observe 23650-23700 to be an immediate resistance level. It is crucial for traders to carefully monitor these key levels, as they will serve as strategic decision points in their trades. Looking ahead, it is expected that there will be ongoing sector rotation that will be influential for traders. The banking sector has exhibited strong performance, and it is anticipated that further movement within this sector will serve to bolster the benchmark. Hence, it is advisable to keep focusing on the stock-centric approach for outperformance.
Jun 20, 2024, 9:13 am IST
Rupee Vs Dollar
Rupee opens lower at 83.43 vs the USD on Thursday. Due to the weak dollar index, the rupee ended the day on Wednesday at 83.46 against the US dollar.
Jun 20, 2024, 9:07 am IST
Sapphire Foods India Shares In Focus
The Board of Directors of the company at their meeting held on Wednesday, 19th June 2024 considered and approved 1:5 stock split.
Jun 20, 2024, 8:42 am IST
Lemon Tree Hotels Signs A New Property In Morbi, Gujarat
Lemon Tree Hotels revealed Lemon Tree Hotel, Morbi as its newest addition. The facility is scheduled to open in FY 2029. There will be 75 luxurious rooms at the Lemon Tree Hotel in Morbi, together with a restaurant, conference space, spa, and swimming pool. The property is around 65 kilometers from the Rajkot International Airport, and the Morbi Railway Station is about 12 km away.
Jun 20, 2024, 8:08 am IST
Sun Pharmaceutical Industries - Dadra Facility Receives Warning Letter From US FDA
The USFDA issued the company a warning letter concerning its Dadra facility. A summary of violations pertaining to Current Good Manufacturing Practice (cGMP) rules is included in the Warning Letter.
Gokaldas Exports is pleased to establish a strategic partnership with BRFL Textiles Private Limited (BTPL), one of India's largest fabric processing enterprises. Gokaldas Exports (GEX) has committed to investing through Optionally Convertible Debentures (OCD) in BRFL Textiles Private Limited (BTPL). GEX plans to subscribe for Rs 50 crores in the first tranche. Depending on funding requirements, more OCDs worth up to Rs 300 crores may be subscribed for in subsequent tranches.
Jun 20, 2024, 7:53 am IST
Bank Nifty Prediction Today By Om Mehra, Technical Analyst, SAMCO Securities
After a brief period of consolidation, Bank Nifty broke out to reach an all-time high of 51,957, closing at 51,398.05 with a 1.90% gain. This movement formed a strong daily bullish candle. Importantly, Bank Nifty surpassed its previous high of June 3, indicating a possible push towards the 127.8% Fibonacci extension level at 52,550. The RSI now stands at 64 level which reflects a sustained momentum.
Jun 20, 2024, 7:53 am IST
Nifty 50 Prediction Today By Om Mehra, Technical Analyst, SAMCO Securities
The hourly RSI hints at a minor bearish divergence, creating suspicion about its upward trajectory. The immediate support level is at 23,400, and if Nifty falls below 23,330, the bullish trend may slow down. A decisive move above 23,680 would reignite the uptrend and open the way toward the 23,910 level.
Jun 20, 2024, 7:52 am IST
Bank Nifty Outlook Today By Mr. Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities
Bank Nifty consolidated briefly and broke out of the key 51,200 resistance level in the second half before correcting briefly towards the end to close at 51,398, up 957 points. All strikes from 50,500 until 51,000 saw call writers (Bears) exiting and put writing, which led the sharp up move in Index today. The call writers (Bears) lead the put writers (Bulls) marginally at the 51,500 Strike and the option activity at this strike will provide cues about Bank Nifty’s upcoming direction.
Jun 20, 2024, 7:52 am IST
Nifty Outlook Today By Mr. Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities
Call writers (Bears) managed to keep the put writers (Bulls) away from successfully breaching the 23,600 Strike in Nifty. The 23,500 Strike saw fierce battle between both the call & put writers in the Index. The bulls lead the bears at the close at this strike and the option activity at this strike will provide cues about Nifty’s Intraday direction ahead of the expiry.
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