On June 10, Indian equity indices closed lower after a volatile trading session, with the Nifty slipping below 23,250 and the Sensex falling by 270 points. Major losers in the Nifty included Tech Mahindra, Infosys, Wipro, M&M, and Bajaj Finance, while UltraTech Cement, Grasim Industries, Hero MotoCorp, Cipla, and Power Grid Corp also saw declines.
The IT sector was the hardest hit, dropping 1.5%, whereas the realty index gained 1.3%. Meanwhile, the BSE Midcap Index rose by 0.5%, and the Smallcap Index increased by 1%.
On Monday, the Indian Rupee closed at 83.51 per US Dollar, down by 13 paise from Friday's close of 83.38.
Internationally, all eyes are on the US Federal Reserve, which is set to meet this week. The Fed's decisions on interest rates and monetary policy will likely have significant implications for global markets, including India's. Investors are particularly interested in the Fed's stance on inflation and its impact on global liquidity and economic growth.
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Jun 10, 2024, 3:37 pm IST
Market Ends With Minor Cuts
On June 10, Indian equity indices closed lower after a volatile trading session, with the Nifty slipping below 23,250 and the Sensex falling by 270 points. Major losers in the Nifty included Tech Mahindra, Infosys, Wipro, M&M, and Bajaj Finance, while UltraTech Cement, Grasim Industries, Hero MotoCorp, Cipla, and Power Grid Corp also saw declines.
Jun 10, 2024, 3:10 pm IST
JSW Energy Rises As It Develops India's Largest Commercial-Scale Green Hydrogen Project
JSW Energy's stocks saw an uptick in morning trading on Monday, June 10, following the company's announcement of its development of India's largest commercial-scale green hydrogen project. This initiative is a notable achievement, being the country's first step towards producing green steel, as per the company's filing to the stock exchanges. Alongside this green hydrogen endeavor, JSW Energy has initiated construction for its Battery Energy Storage Project (BESS), signaling its entry into the energy storage market, as conveyed by the company to the exchanges.
Jun 10, 2024, 2:37 pm IST
Axiscades Technologies Surges 10% After Delivering Counter Drones To Indian Army
Axiscades Technologies, a prominent technology and engineering solutions firm, experienced a notable surge of over 10% on Monday following its announcement regarding the commencement of the delivery of advanced counter drone systems to the Indian Army. This development comes as part of a significant Rs.100-crore order. The company expressed its excitement over this achievement, highlighting it as a significant milestone in its journey. According to a filing with the stock exchange, this contract represents the first delivery of such systems to the Indian Defence Forces by Axiscades, marking a significant advancement for the company.
Jun 10, 2024, 2:07 pm IST
Godawari Power Stock Rallies 12% After 3x Jump In A Year
Godawari Power and Ispat Ltd. witnessed a significant surge, up to 12% to reach peak on Monday, June 10. The significant uptick in share price followed the company's disclosure of its intention to deliberate on a proposal for the buyback of equity shares scheduled for June 15. Commencing the day at Rs.1,043.95, the stock peaked at Rs.1,088.65. At this juncture, the company's market capitalization stood at Rs.14,284 crore.
Jun 10, 2024, 1:45 pm IST
IT stocks are in free fall
Stocks like Tech Mahindra, Infosys and Wipro emerged as top bears of June 10th trading session, limiting the gains in Sensex and Nifty. The three stocks are down by 2-3%.
Jun 10, 2024, 12:14 pm IST
Inox Wind Share In Focus
Inox Wind Ltd, share price is in focus on Monday after the company made a big acquisition update during the weekend. Inox Wind witnessed a volatile trend. The stock is ranging from Rs 150-155 in the latest trading session so far. Overall, in the day, the stock zoomed by 3%. There is a buy-on-dips opportunity in Inox Wind for a target price of Rs 193 apiece which is set by Nuvama.
Jun 10, 2024, 12:06 pm IST
Shriram Life Insurance Declares Bonus of Rs 201 Cr
A bonus of Rs 201 crore has been announced by Shriram Life Insurance, up 35% from Rs 149 crore YoY. The boost is due to the insurance company's strong premium income growth, which was fueled by diversifying its sales during FY24. 3,86,000 policyholders with a variety of Shriram Life Insurance participating policies are going to benefit from this bonus payout.
Jun 10, 2024, 11:47 am IST
Market Outlook By Sameet Chavan, Head Research, Technical and Derivative - Angel One
The Indian equity markets navigated a highly volatile trading week with significant swings in both directions. Despite initial record highs, the market experienced a downturn following the election verdict. However, bullish market participants capitalized on the opportunity to not only stage a modest recovery but also drive the markets to new lifetime highs. The week rounded off with the Nifty50 index achieving its highest-ever weekly closure around 23300 levels, procuring over 3.30 percent.
The phrase "All's well that ends well" perfectly describes the roller-coaster journey Indian equities experienced last week. Amidst the Lok Sabha election verdicts, the market faced heart-stumbling moments, making it an eventful and nerve-wracking week. The participation in recouping the fall portrayed a constructive development with a strong bullish undertone in the markets. From a technical standpoint, Nifty positioned itself above all the significant EMAs, slightly above the higher band of the ‘Rising Channel’, showcasing an inherent bullish quotient. As the benchmark settles near its all-time high (ATH), it becomes challenging to forecast the ultimate resistance zone, although 23500 is very close by now. On the lower side, 23000-22800 is the zone that is likely to provide support in case of any upcoming intra-week dips for the index. The increased participation across the board has boosted market sentiment, and any additional contribution is likely to have a similar impact. The macro data suggests a buoyant undertone and going forward, the global developments could play a crucial role in dictating the intermediate trend for our markets. Meanwhile, one should note that our markets have witnessed a worthy swing of nearly 2000 points and now might attract some consolidation before setting up the next leg of the rally; hence, keeping a pragmatic approach is advisable.
Jun 10, 2024, 10:49 am IST
Suzlon Energy | ‘Emphatic assurance’ amidst Independent Director’s resignation
Sudhanshu Bansal of JM Financial said, “Suzlon’s Independent Director Mr. Marc Desaedeleer resigned due to concerns regarding communication and transparency within the company's governance. The company insisted that the resignation is not due to any financial or operational discrepancies and promises to work upon the areas of concern. Nevertheless, emphatic assurance of maintaining good corporate governance from management during the post-resignation conference call complimented by the favourable macros, improving the pace of execution and still a healthy Board composition (Exhibit 1), we continue to maintain our rating ‘BUY’ with TP of 54 (based on a 30x FY26E EPS).”
Jun 10, 2024, 10:20 am IST
Ceat Ltd (CEAT IN) | Key takeaways from Investor Day 2024
According to Ronak Mehta - JM Financial Ltd, “We recently attended CEAT’s Investor Day to understand company’s medium-term growth strategy. Over the next 2 years, the company aims to gain leadership position in PV replacement segment (currently it is No.3 player with 16% mkt. share) and targets c.400bps market share expansion in T&B replacement market. Medium-term focus is on growing OHT/ exports and entering new export markets (incl. US). Near-term demand remains strong led by healthy replacement segment. Industry has witnessed good pricing discipline in the recent past. Given the RM basket has once again started to increase, we see this pricing discipline to continue. Bite-size capex strategy is expected to maintain / drive ROCE. We maintain BUY with unchanged Mar’25 TP of INR 3,200 (15x FY26e EPS). Ability to mitigate inflationary pressure through price hikes remains a key monitorable.”
Jun 10, 2024, 10:01 am IST
RVNL Secures Major Contract With Southern Railway
Rail Vikas Nigam Ltd (RVNL) saw its share price dip slightly in early trading on June 10, following the company's announcement of emerging as the lowest bidder (L1) for a significant project with Southern Railway.
According to a press release by RVNL, the joint venture between M/s KRDCL and RVNL has been awarded the contract for the provision of automatic signaling on the Ernakulam JN (ERS) - Vallattol Nagar (VTK) section, located on the B-route of the Thiruvananthapuram division in Southern Railway.
The contract, valued at Rs 156.47 crore, will be executed over a period of 750 days. RVNL and KRDCL will share the contract value at 49% and 51%, respectively.
Jun 10, 2024, 9:28 am IST
Sensex & Nifty Hit Record Highs As Market Opens Higher
Indian benchmark indices opened on a positive note on Monday, buoyed by the formation of a new government in India, even as global sentiment remained muted. At the opening bell, the Sensex rose by 320.24 points, or 0.42%, reaching 77,029.45, while the Nifty climbed by 61 points, or 0.26%, hitting 22,351.15.
Jun 10, 2024, 9:05 am IST
Rupee Opens Lower
Indian Rupee opens 11 Paise lower at 83.48 versus Friday’s close of 83.37 against US Dollar.
Jun 10, 2024, 8:52 am IST
JSW Energy Inks 7-Year Green Hydrogen Supply Deal With JSW Steel
JSW Energy has entered into a seven-year agreement to supply 3,800 tons of green hydrogen annually to JSW Steel Ltd, along with the associated green oxygen. Detailed engineering and equipment procurement are complete, with commissioning expected in Q4 FY25. Furthermore, JSW Energy has been allotted a capacity of 6,800 TPA under SECI's Strategic Interventions for Green Hydrogen Transition (SIGHT) program.
Jun 10, 2024, 8:43 am IST
Euro Hits One-Month Low After Macron Calls Surprise Election
The Euro fell to a one-month low on Monday after French President Emmanuel Macron called for a snap election following a significant defeat to the far-right in the European Union vote. The euro dropped to .0764 in early Asian trading, its lowest since May 9, and was last down 0.24% at .0776 as investors grappled with the renewed political uncertainty in the euro zone's second-largest economy. Meanwhile, the dollar remained steady ahead of the Federal Reserve meeting later in the week.
Jun 10, 2024, 8:41 am IST
Crude Oil Prices Dip Amid Strong Dollar Following Robust US Jobs Data
Oil prices edged lower for the second consecutive session on Monday, pressured by a stronger Dollar as expectations for interest rate cuts were delayed after the release of robust US jobs data on Friday.
By 0036 GMT, Brent crude futures and US West Texas Intermediate crude futures each declined by 4 cents, trading at .58 and .49 per barrel, respectively.
The US economy added more jobs than anticipated in May, prompting investors to lower their expectations for rate cuts and bolstering the dollar.
Jun 10, 2024, 7:57 am IST
Wall Street Edges Down As Robust Jobs Data Fuels Rate Hike Concerns
Wall Street stocks closed slightly lower on Friday after stronger-than-expected US jobs data pointed to a robust economy but raised concerns that the Federal Reserve might delay interest rate cuts longer than investors had hoped.
The US economy added about 272,000 jobs in May, significantly surpassing the 185,000 jobs forecasted by analysts, according to a Labor Department report. Despite this, the unemployment rate edged up to 4%.
Following the report, the benchmark S&P 500 dipped, while US Treasury yields climbed as traders reduced expectations of a rate cut in September. Although the S&P 500 briefly reached a new intraday record high, it ultimately ended the day slightly down.
The Dow Jones Industrial Average fell 87.18 points, or 0.22%, to close at 38,798.99. The S&P 500 lost 5.97 points, or 0.11%, ending at 5,346.99. The Nasdaq Composite dropped 39.99 points, or 0.23%, to finish at 17,133.13.
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