Indian stock indices opened higher on June 12, with the Nifty surpassing the 23,300 mark amid mixed global cues. The Sensex rose by 147.65 points, or 0.19%, to 76,604.24, while the Nifty gained 48.70 points, or 0.21%, reaching 23,313.50. The market saw 2,001 shares advancing, 496 declining, and 105 remaining unchanged.
Major gainers on the Nifty included HCL Technologies, Tech Mahindra, BPCL, Wipro, and LTIMindtree. On the downside, Asian Paints, Titan Company, Grasim, NTPC, and HUL were among the top losers.
The India VIX, a measure of market volatility, dropped another 10% on Tuesday to levels below 15, aligning with market expectations following a major event.
Amidst the broader market's struggles, certain sectors are standing out. The real estate sector, represented by the Nifty Realty index, recovered all its losses from last Tuesday, coinciding with the Lok Sabha election results. Similarly, the PSE (Public Sector Enterprises) index rose for the fifth consecutive session, recovering half of its losses from the same period.
LIVE Feed
Jun 12, 2024, 3:19 pm IST
Colgate-Palmolive Stock Surges As Nifty Gains Strength
Shares of Colgate-Palmolive (India) Ltd. saw a gain of 0.3% today. By 01:23 PM (IST), a total of 2,074 shares were traded on the counter. The return on equity (ROE) for the stock was reported at an impressive 70.61%. At the same time, the traded volume was recorded at 01:23 PM shares with a turnover of Rs 0.62 crore. The stock of Colgate-Palmolive (India) Ltd. has seen a 52-week high of Rs 3068.95 and a 52-week low of Rs 1594.0. Additionally, the Beta value of the counter, which measures its volatility in relation to the broader market, stood at 0.52.
Jun 12, 2024, 2:51 pm IST
Lupin Shares Decline During Wednesday's Trading Session
Shares of Lupin Ltd. dipped by 0.65% to Rs 1604.0 in Wednesday's trading session as of 01:18 PM (IST), despite the benchmark Nifty rising to 23411.55, up by 146.71 points. In the previous session, the scrip had closed at Rs 1614.5. Lupin's stock has seen a 52-week low of Rs 810.0 and a high of Rs 1727.9. The company's market capitalization stood at Rs 74,047.82 crore on the BSE. On the BSE, 16,082 shares have exchanged hands on the counter so far. At its current price, the stock traded at 38.68 times its trailing 12-month EPS of Rs 42.01 per share and 5.16 times its book value. The return on equity (ROE) was recorded at Rs 13.39.
Jun 12, 2024, 2:23 pm IST
Go Digit Shares Surge 10%, Reach Record Peak On Strong Q4 Performance
Shares of Go Digit, which made its debut on the stock exchanges just last month, surged by an impressive 10.04% on Wednesday (June 12), reaching a fresh 52-week high of Rs.372.35 per share. Regarding financial performance, the Gross Written Premium Income for the fiscal year 2023-24 totaled Rs.9,016 crore, showing a robust growth of 24.5% compared to the Rs.7,243 crore reported in the previous fiscal year.In Q4 FY24, the Gross Written Premium amounted to Rs.2,336 crore, marking a notable increase of 19.5% over the Rs.1,955 crore recorded in Q4 FY23.
Jun 12, 2024, 12:59 pm IST
Tata Motors Rally
Tata Group-backed auto giant, Tata Motors crossed over Rs 1,000 mark on June 12 after turning ex-dividend for its final dividend payout of 300% on ordinary shares and 310% on DVR shares for FY24. Overall, the stock gained by more than 2% on BSE in a single day. After the ex-dividend date, Tata Motors is recommended to buy for Rs 1,200 target by JM Financial. However, brokerage Motilal Oswal is Neutral on the stock.
Jun 12, 2024, 11:57 am IST
Union Budget 2024 expectation from Vinod Nair, Head of Research, Geojit Financial Services
"A key area of focus will be to generate jobs, especially in the rural economy. Consequently, the final budget is anticipated to feature increased government expenditure in areas such as MGNREGA, housing, water, and agriculture. Simultaneously, the government will maintain its pro-industrial policy to encourage private investments.
Labor-intensive sectors such as agriculture, cattle, textiles, leather, marine products, and construction can anticipate supportive schemes. Initiatives to promote affordable housing will benefit sectors including cement, construction-related industries, banks, and housing finance NBFCs. Tourism will see further impetus to increase job opportunities. Hotels and leisure industries can do well. Policy continuity is expected in manufacturing, capital goods, and renewable energy sectors. Additionally, affordable healthcare is likely to remain a priority.
To support private investment, it is expected that PLI schemes will be expanded and include additional sectors, particularly those that are labour-intensive. With youth employment being a critical need, significant government capex and increased funding for MSMEs and startups are anticipated.
Better schemes for small farmers and the creation of jobs are likely to be upright for the rural economy. Increasing the MSP or providing price guarantees, along with removing export bans on agricultural products such as onions, wheat, and sugar, will be advantageous. In the near term, agricultural productivity may decline due to the heat wave in the north, necessitating government support. However, an uplift in monsoons & heatwaves is forecast in FY25 compared to below normal in FY24, which will lead to a reversal in fortunes."
Jun 12, 2024, 11:37 am IST
When to expect the start of the Fed Rate Cut Cycle?
Suman Bannerjee, CIO, Hedonova said, “According to the bond market, investors are potentially anticipating the first Fed rate cut at the September 2024 meeting, with a 47.6% probability. The likelihood of at least two rate cuts by the end of the year is also significant, at 36.9%. However, this timeline is contingent on continued positive inflation data and economic conditions. Persistent sticky inflation and economic growth indicators will play a crucial role in determining the exact timing of rate cuts, with the Fed needing to balance inflation control with economic stability.”
Jun 12, 2024, 11:07 am IST
Key Things to Watch Out for from the Fed Meeting
Suman Bannerjee, CIO, Hedonova said, “The upcoming Fed meeting is crucial as it will likely maintain the fed funds rate target range of 5.25% to 5.5%, its highest since 2001, amidst efforts to control inflation without triggering a recession. Key aspects include updates on the pace of balance sheet runoff and economic projections, particularly for GDP growth, unemployment, and inflation. Investors will scrutinize the Fed's stance on future rate cuts, especially given mixed inflation data and economic slowdown signs. The May jobs report and upcoming inflation data will also heavily influence the Fed's decisions and economic outlook.”
Jun 12, 2024, 10:33 am IST
Company Update - Tata Motors (TTMT IN) | Key takeaways from Investor Day 2024
Vivek Kumar of JM Financial said, “Tata Motors (TTMT) recently hosted its investor meet highlighting future strategy for domestic businesses. In the PV/EV business, the company plans to launch 5-6 new models over next 2 years across alternate powertrains. Investments in the EV business are expected to be INR 160-180bn over next 6 years, largely towards developing new products, powertrain, regulatory changes etc. Overall, TTMT targets 200bps market share gain in PV segment by FY26 led by these launches. In respect of CV business, industry is expected to grow by single-digit during FY25. TTMT is targeting strong double-digit EBITDA margin for its CV business and expects PV-EV business to be EBITDA breakeven (ex. PLI) in the medium-term. Net-cash position in domestic business drives comfort. We maintain BUY with unchanged with Mar’25 SoTP of INR 1,200 (standalone / JLR valued at 12x /3x EV/EBIDTA). Slowdown in key global markets remains a monitorable.”
Jun 12, 2024, 9:56 am IST
TVS Supply Chain Surges 7% On Pact With Daimler Truck South East Asia
TVS Supply Chain Solutions has inked a fresh five-year strategic agreement with Daimler Truck South East Asia Pte Ltd for Integrated Supply Chain Solutions (ISCS) services in Singapore. The deal entails the creation of a robust logistics solution by TVS SCS for distributing spare parts and related items, streamlining supply chain operations, managing 8,000 SKUs and 65,000 order lines annually, and ensuring smooth transportation across multiple modes.
Syama Prasad Mookerjee Port Authority (SMPA) has awarded a maintenance dredging contract in the Hooghly Estuary, particularly in the shipping channel leading to Haldia Dock, to Dredging Corporation of India Limited (DCIL). This contract, valued at Rs 2015.88 crores, spans five years and involves the upkeep of the Hooghly Estuary, with a primary focus on the shipping channel leading to Haldia Dock.
Jun 12, 2024, 9:24 am IST
Market Opens With Gains
Indian stock indices opened higher on June 12, with the Nifty surpassing the 23,300 mark amid mixed global cues. The Sensex rose by 147.65 points, or 0.19%, to 76,604.24, while the Nifty gained 48.70 points, or 0.21%, reaching 23,313.50. The market saw 2,001 shares advancing, 496 declining, and 105 remaining unchanged.
Jun 12, 2024, 9:15 am IST
Recommendations By Aditya Gaggar, Director Of Progressive Shares
With a minuscule gain, Indian equities ended 11th June trade at 23,265. Back-to-back red candles on the daily chart suggest that the Index finds it difficult to sustain at the higher levels. A level of 23,400 will be considered as resistance while 23,150 will remain a strong support. In the higher time frame, the Auto sector is in an extremely overbought condition, so it is advised to book part profits and wait for correction/pullback as the overall uptrend is intact. A correction/profit booking round can be expected in the Realty space as well as it is forming a shooting star candlestick pattern. Stock-specific buying is likely to continue in the Metal and Pharma segment. Some of the stocks from our fundamental coverage have given a strong breakout namely Supreme Petrochem (Symmetrical Triangle Breakout), and Ultramarine (Inverted Head & Shoulder Breakout) which indicates an extension of the breakout trend.
Jun 12, 2024, 9:08 am IST
Rupee Opens Higher
The Indian Rupee opened slightly higher at 83.55 per US Dollar on Wednesday, compared to Tuesday's close of 83.57.
Jun 12, 2024, 8:52 am IST
Market Outlook By Sameet Chavan, Head Research, Technical and Derivative - Angel One
The day began on a mildly positive note for the benchmark index Nifty, and as the day progressed, prices gradually rose towards the 23400 mark. However, similar to the previous session, there was a lack of follow-up buying in this zone, leading to profit booking in the final hour. Consequently, prices ended flat at 23265 without any significant change.
Technically, there hasn't been much change in the price, as indicated by the formation of a 'Doji' pattern on the daily chart, which signals a lack of momentum and uncertainty following last week's strong trending move. On the hourly chart, prices appear to be gyrating within a strict range of 23200 - 23400, which could extend to 23100 - 23500, likely remaining a key trading range for the next few sessions. The undertone remains bullish with no signs of weakness, suggesting that traders may continue to buy on dips and book profits at higher levels, considering the aforementioned technical levels.
While the key indices had a lackluster session, the broader markets were active, with the mid-cap and small-cap indices hitting new highs and individual stocks in these categories showing impressive strength. Traders should maintain a stock-centric approach but need to be very selective as the ‘Low-hanging fruits’ have already gone. With key events now behind us, our markets are expected to align with global cues, so traders should also keep an eye on global developments.
Jun 12, 2024, 8:49 am IST
Dollar Stabilizes Ahead Of Crucial US Inflation Data & Fed Decision
The Dollar steadied on Wednesday after reaching a four-week high against other major currencies overnight, as traders anticipated key US inflation data and the Federal Reserve's updated interest rate projections later in the day. The greenback has rebounded following a stronger-than-expected jobs report on Friday, which suggested persistent inflation and strong growth, reducing the likelihood of imminent rate cuts by the US central bank. The Dollar index, which tracks the currency against a basket of major peers, held steady at 105.27, after peaking at 105.46, its highest since May 14.
Jun 12, 2024, 8:48 am IST
Oil Prices Steady On Hopes Of Lower US Stockpiles
Oil prices maintained a two-day rally as industry data indicated a decline in US crude stockpiles, preceding a market outlook report from the IEA. Brent futures hovered around a barrel after an almost 3% rise earlier in the week, while West Texas Intermediate stayed above . The American Petroleum Institute reported a 2.4 million barrel drop in US crude inventories last week, reports revealed.
Jun 12, 2024, 8:48 am IST
China Sees Modest Consumer Price Increase In May Amid Ongoing Factory Deflation
China's consumer prices increased in May, marking the fourth consecutive month above zero following the nation's longest deflation streak in over a decade. The consumer price index rose by 0.3% year-over-year, matching April's gain and slightly below the median forecast of 0.4% from a Bloomberg survey of economists, according to data released by China's National Bureau of Statistics on Wednesday.
Jun 12, 2024, 8:47 am IST
Asian Stocks Dip Amid Anticipation Of US CPI Data, Fed Decision
Asian stocks opened lower despite a positive session in the US, as traders remained cautious ahead of the upcoming US inflation data and Federal Reserve decision. Equities declined in Japan and Australia, while South Korea saw gains. Early indicators pointed to losses in Hong Kong stocks, even as the S&P 500 hit a new high. Chinese stocks drew attention after the CSI 300 Index of mainland shares closed at a six-week low on Tuesday.
Jun 12, 2024, 8:47 am IST
GIFT Nifty Signals A Negative Start For Indian Market
GIFT Nifty trends suggest a bearish start for the broader Indian market, with a projected drop of 36.5 points or 0.16%. Nifty futures were trading around the 23,312.50 level.
Jun 12, 2024, 8:03 am IST
S&P 500 & Nasdaq Hit Record Highs As Investors Brace For CPI Data, Fed Meeting
The S&P 500 and Nasdaq closed at record highs on Tuesday, rebounding from early losses as investors positioned themselves ahead of crucial inflation data and the Federal Reserve's policy decision. Meanwhile, the Dow Jones Industrial Average dipped, reflecting a mixed sentiment in the market.
The Dow fell by 120.62 points, or 0.31%, to 38,747.42. In contrast, the S&P 500 gained 14.53 points, or 0.27%, to finish at 5,375.32, and the Nasdaq Composite surged by 151.02 points, or 0.88%, closing at 17,343.55.
Click it and Unblock the Notifications
Sign in with Google