Sensex ended the day with the gain of 712 points to hit 78, 053 mark for the first time today and Nifty jumped 186 points to 23,724 on Tuesday. Sensex scaled new high today amid strong cues in Asian markets. Nifty Midcap declined 0.38% to 55,368, Nifty IT jumped 0.81% to 35,426 and Nifty Bank soared 1.74% to 52,606.
Earlier, the Indian stock market started Tuesday's trading session with minor gains. Sensex surpasses 77,500 mark, while Nifty nears record highs, Midcap Index outperforms.
The broader markets experienced a mixed day. The Midcap index showcased resilience by recovering nearly 700 points from its lows to close with gains. Conversely, the Smallcap index, despite a recovery attempt, could not entirely recoup its losses, highlighting the varied performance across different market segments.
The Nifty Bank, last week's standout performer, continued to exhibit a buy-on-dips pattern. The index managed to hold its ground above the previous record high of 51,133, rebounding from a low of 51,138 and recovering nearly 600 points by the day's end. The Nifty Bank is now just 250 points shy of its recent high of 51,957.
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Jun 25, 2024, 3:32 pm IST
Kalpataru Projects International Bags Orders Worth Rs 2,333 Crore
Mid cap company from the power sector, Kalpataru Projects International bagged orders worth Rs 2,333 crore, according to press release issued today. Current market price of Kalpataru Projects International share on BSE is Rs 1178.30 per share with intraday gain of 0.44%. Kalpataru Projects International shares offered attractive returns to shareholders with stock soaring 64% year-to-date and jumped 126% in last 1-year. Kalpataru Projects International recommended final dividend of Rs 8/share and fixed June 28, 2024 as the record date. Check details below:
According to the press release of the company, “Kalpataru Projects International Limited (KPIL), one of the largest Engineering & Construction companies listed in India along with its Joint Ventures (JVs) and international subsidiaries have secured new orders/notification of awards of Rs 2,333 Crores. These are related to orders in the Transmission & Distribution (T&D) business in India and overseas markets, EPC Order for an industrial plant in the metal industry, and Residential building order in India.
Jun 25, 2024, 3:01 pm IST
Gold Price In India, June 25: Check Latest Gold Price After Decline In Last 2-Days
Gold price in India remained steady today as investors are keenly looking forward to US inflation data scheduled to be declared later this week that may give more clarity on Federal Reserve’s approach on rate cut strategy. 22k gold price today remained unchanged at Rs 66,250/10 grams and 100 grams of 22 carat yellow metal prices stood at Rs 6,62,500. 24 carat yellow metal prices today are quoting at Rs 72,230/10 grams and 100 grams of 24k yellow metal prices today remained unchanged at Rs 7,22,300.
Meanwhile, 18k gold prices today are retailing at Rs 54,210/10 grams in India and 100 grams of 18 carat precious metal prices stood at Rs 5,42,100.
According to Reuters, ““Technical factors in the short-term are not so positive for gold. After last Friday’s sell-off, short-term traders view this as a bearish signal explaining the lackluster movement for gold holding on to these levels,” said Kelvin Wong, a senior market analyst for Asia Pacific at OANDA.
Jun 25, 2024, 2:55 pm IST
Nandini Milk Prices To Be Hiked By Rs 2.10/Litre, Check New Prices
Karnataka Milk Federation has declared a price surge for Nandini Milk and new prices will become effective beginning from June 26, 2024. The latest move of price hike in Nandini milk will be impacting scores of households across the state thus impacting their budget. However, there is some relief as well for customers as each packet of Nandini Milk will now include 50 ml more milk to offer customers with better value after the price hike come into effect from June 26, 2024. For example, the standard half litre packet of Nandini Milk will now contain 550 ml of milk instead of 500 ml after prices surge by Rs 2.10 from Wednesday.
Jun 25, 2024, 2:22 pm IST
DEE Development Engineers IPO: Share Allotment Finalized, GMP Hints Strong Listing
DEE Development Engineers IPO has finalized its share allotment ending the wait of investors. The subscription process concluded on Monday, June 24. Here, we delve into the allotment process, investor response, and how applicants can check their allotment status. Additionally, we explore the grey market premium (GMP) trends and provide insights into the anticipated listing price.
DEE Development Engineers, a piping solutions provider, saw an overwhelming response to its initial public offering (IPO). The subscription period spanned from Wednesday, June 19, to Friday, June 21.
Jun 25, 2024, 1:56 pm IST
Copper Price Outlook Outlook By Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One Ltd
Copper prices eased on Monday due to subdued demand in China and a sharp rise in deliveries to London Metal Exchange (LME) warehouses, despite some support from a softer dollar. Shanghai Futures Exchange copper inventories, though lower last week, remain high at 322,910 tons compared to 30,000 tons in January. LME-approved warehouse stocks have surged over 60% since mid-May to 167,825 tons, largely from Chinese deliveries. Adding to the pressure on industrial metals are growing protectionist measures, such as the EU's plan to impose tariffs on Chinese-made electric vehicles. Copper prices are likely to face downward pressure due to high inventory levels and weak demand from China.
Jun 25, 2024, 1:41 pm IST
Market Outlook Today By Sameet Chavan, Head Research, Technical and Derivative - Angel One
The trading week began on a surprise note, opening below last week's lows. Initially, it appeared the market might decline further, but the bulls, considering the primary uptrend, took control and pushed prices higher, erasing the morning losses. Although there wasn't significant movement afterward, Nifty ended near the day's high with marginal gains of 0.16%, a tad below 23550. Index traders face continued boredom as prices remain range-bound with no follow-up traction. This is evident on the daily chart, where small candles are stuck within the zone. Traders seem to be waiting for a trigger, so aggressive bets on the index should be avoided. Instead, focus on playing the range by buying on dips and booking longs at higher levels. Key support is around today's low of 23350, followed by the 89 EMA on the hourly chart at 23300. On the upside, 23650-23700 remains stiff resistance. While key indices struggle for trending action, individual stocks continue to show strong performance. Focus on these opportunities for outperformance. Although there isn't much happening globally, it's essential to keep an eye on global developments, as they might trigger the next set of actions.
Jun 25, 2024, 1:15 pm IST
Crude Oil Outlook By Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One
Oil prices remained steady on Tuesday as concerns over China's economic recovery tempered the impact of supply worries from Middle East tensions and Ukrainian attacks on Russian refineries. Despite two consecutive weeks of gains, fears about China's economic health persist, driven by a real estate slump, stunted wage growth, and high youth unemployment. Additionally, the EU's new sanctions against Russia, including a ban on reloading Russian LNG, and potential delays in interest rate cuts, which could dampen economic activity and oil demand, further cloud the outlook. Crude prices are likely to see an uptick, as concerns over China's economic recovery counterbalances supply worries from geopolitical tensions.
Jun 25, 2024, 12:46 pm IST
Sector Update: Internet | Swiggy: Profitability improves, but Zomato well ahead
Swapnil Potdukhe of JM Financial Institutional Securities said, “Swiggy’s B2C GOV (comparable to Zomato’s B2C GOV) expanded 26% YoY in CY23 as per its largest shareholder Prosus (32.6% stake, ex ESOPs). Growth was primarily led by the quick-commerce business, with the core food delivery business growing in double digits. Consol. Revenue (includes B2C + B2B businesses) during this period grew a decent 24% YoY to USD 1.23bn (INR 102bn). Further, on the back of strong operating leverage, the company more than halved its Adj. EBITDA losses to USD 261mn (INR 22bn) in CY23 from USD 532mn (INR 43bn) in CY22. While on an absolute basis Swiggy’s numbers were impressive, on a relative basis it lagged Zomato both in terms of growth as well as profitability. While Swiggy has confidentially filed its pre-DRHP, we believe a successful public listing largely hinges on the management’s ability to demonstrate (a) a clear path to Adj. EBITDA break-even at a Consol. level and (b) arrest market share losses in food delivery as well as quick commerce businesses.”
Jun 25, 2024, 12:10 pm IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
A sharp recovery from the lower levels helped the Index to settle 24th June trade higher at 23,538. The Index reversed from the lower end of the consolidation to form a Green candle with the downside protected at 23,400 while the higher side is capped at 23,660. GIFT Nifty indicates a positive opening of the Indian equities but awaiting a clear breakout on either side. Trend reversal can be expected in the FMCG space as the sector sharply reversed after testing its support level (Radico- Range Breakout, United Spirits- Bullish Candle at support zone). Selective buying can be expected in the Pharma segment. Positive traction was observed in the Ceramic stocks and we believe the momentum will likely extend further (Kajaria Ceramics- Falling Channel Breakout, Somany Ceramics- Range Breakout).
Jun 25, 2024, 11:44 am IST
Amara Raja Batteries At 20% Upper Circuit
The auto stock has touched 20% upper circuit of Rs 1,655.20 apiece, which is also its new 52-week high on June 25. The upbeat trend comes after Amara Raja Batteries wholly owned subsidiary of Amara Raja Energy & Mobility, has signed a technical licensing agreement with GIB EnergyX Slovakia s.r.o., a subsidiary of Gotion High-Tech Co Ltd. As part of the agreement GIB EnergyX will license Gotion’s world class LFP technology for lithium-ion cells to ARACT.
Jun 25, 2024, 11:32 am IST
SENSEX and NIFTY: Top Gainers and Losers Today
Stock Market Live Updates
Jun 25, 2024, 10:51 am IST
Telecom Stocks In Focus
Telecom giants like Vodafone Idea, Bharti Airtel and Reliance Industries who owns Reliance Jio, are trading in green as the government commenced auction of Spectrum for Telecom Services. Total spectrum being auctioned is 10,522.35 MHz in various bands valuing Rs 96,238.45 crore at reserve prices. Spectrum bands to go up for bidding include - 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300 MHz and 26 GHz.
Jun 25, 2024, 9:31 am IST
Market Opens Higher
The Indian stock market started Tuesday's trading session with minor gains. Sensex surpasses 77,500 mark, while Nifty nears record highs, Midcap Index outperforms
Jun 25, 2024, 9:08 am IST
Rupee Opens Lower
The Indian Rupee opens at 83.49 versus Monday’s close of 83.46 against US Dollar
Jun 25, 2024, 8:54 am IST
Oil Prices Hold Steady Amid Supply Tensions, China Recovery Concerns
Oil prices remained stable on Tuesday as concerns over China's economic recovery prospects balanced out supply tensions from the Middle East and Ukrainian attacks on Russian refineries. Brent futures for August delivery edged up 7 cents, or 0.08%, to .06 a barrel, while the more actively traded September contract rose 8 cents, or 0.09%, to .23. US crude futures increased by 11 cents, or 0.13%, to .74 a barrel.
Jun 25, 2024, 8:54 am IST
Asian Markets Rally; Hang Seng Jumps 1%, Nikkei & Kospi Climb 0.5%
Asian markets traded mostly higher on Tuesday, with the Hang Seng rising 1% and both the Nikkei and Kospi up 0.5%, despite a sell-off in US Big Tech stocks in favor of banking and energy sectors.
Jun 25, 2024, 8:53 am IST
GIFT Nifty Signals Positive Opening For Indian Markets
Trends on GIFT Nifty suggest a positive start for the broader Indian index, indicating a gain of 37 points or 0.16%. Nifty futures were trading around the 23,573.50 level.
Jun 25, 2024, 8:52 am IST
Dow Hits One-Month High as Investors Diversify Amid Tech Sell-Off
The Dow Jones Industrial Average surged to a one-month high on Monday, while the Nasdaq Composite tumbled over 1% as investors rotated out of AI-linked stocks and added some laggards to their portfolios, anticipating potential Federal Reserve interest rate cuts later this year.
While the S&P 500 and Nasdaq ended the day lower due to the rotation out of technology stocks, which have driven this year's rally, nine of the S&P 500's 11 major industry sectors gained ground. The S&P 500 shed 15.73 points, or 0.29%, closing at 5,448.89, and the Nasdaq Composite fell 190.19 points, or 1.09%, ending at 17,499.17. Conversely, the Dow Jones Industrial Average rose 257.99 points, or 0.66%, to close at 39,408.32.
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