Sensex ended the day with the gain of 131 points to 77,341 and Nifty zoomed marginally by 36 points to 23,537 on June 24, 2024 led by rally in consumer durable and FMCG shares. Nifty Bank gained 42 points to 51,703 and Nifty Midcap jumped by 147 points to 55,577 on Monday. Shares of Route Mobile Ltd. surged by 14.44% in afternoon trade to 1750.05 per share after it issued a press release stating, Route Mobile Limited enabled WhatsApp-based ticketing for Nagpur, Pune, Hyderabad and Delhi Metro, thus becoming the largest enabler for such services in India. FMCG, auto, and power sector stocks rallied between 0.5-1% today.
In the early trade, Gift Nifty is lower by at least 100 points. While Asian market further tumbled with Korea's Kospi and Australia's ASX index dipping by nearly 1%. This comes after Wall Street showed mixed performance last week on Friday.
On market's outlook today, Ajit Mishra - SVP, Research, Religare Broking said, "Nifty has been struggling to maintain levels above 23,600, although it remains steady above the support zone indicated by moving averages. We thus recommend focusing on selective stock picking during this period and using it as an opportunity to accumulate high-quality stocks. Besides domestic factors, global market performance will also be closely watched in the absence of any major events."
In the previous session, Sensex ended at 77,209.90, down by 269.03 points or 0.35%. While Nifty closed at 23,501.10, lower by 65.90 points or 0.28% after hitting new record high of 23,667.10. Nifty Bank recovered losses, however, ended lower at 51,661.45, down 122 points.
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Jun 24, 2024, 3:19 pm IST
Centre Imposes Stockholding Limit On Wheat To Check Hoarding
Centre has imposed a stockholding limit on wheat for retailers, wholesalers, processors and big-chain retailers from Monday, to check the hoarding of the foodgrain and to ensure price stability, a senior official said on Monday. Single retailers, big-chain retailers, processors and wholesalers will disclose wheat stocks every Friday, said Union Food Secretary Sanjeev Chopra in a press briefing here. Chopra stressed that "I want to dispel the shortage of wheat in the country," according to a PTI report.
He also noted that there is a ban on wheat exports as of now and there is no proposal to review a ban on export of sugar. He stated, "We want prices of wheat to be stable," added the PTI report Chopra further informed that the stock limit for wholesalers will be 3,000 tonnes, while it would be 70 per cent of the processing capacity for processors. For big chain retailers it would be 10 tonnes per outlet with an overall limit for 3,000 tonnes and for single retailers it would be 10 tonnes, he informed.
Jun 24, 2024, 3:17 pm IST
Nandan Denim Shares Rally After Approving Stock Split
The stock market was witnessing a boom in the afternoon trade on Monday and the shares of Nandan Denim Limited, which has given multibagger returns to investors in the long term, reached the level of Rs 51.66. The shares of Nandan Denim have given an eight percent return to investors in the last 5 days, while in the last one month it has given a return of more than 32 percent and its shares have touched the level of Rs 38 to Rs 52.
Recently, Nandan Denim Limited has informed the stock market that its Board of Directors meeting was held on June 17 in which the company has approved the subdivision of shares with face value of ₹ 10 into 10 shares of face value of Rs 1. The board of Nandan Denim Limited has also approved the change in the capital clause of the Memorandum of Association of the company.
Jun 24, 2024, 3:12 pm IST
NBCC Bags Order Worth Rs 100 Cr From REC
NBCC (India) Ltd shares recorded 0.81% decline despite winning work order approximately Rs 100 crore from REC Limited. Current market price of NBCC (India) Ltd share on BSE is Rs 164.95 per share. NBCC shares registered sharp rally of 315% in last 1-year only and gained 110% in last 6-months. Earlier this month on June 11, NBCC (India) informed via BSE filing about bagging orders approximately Rs 878.18 crore. Number of FII/FPI investors jumped from 118 to 119 in March 2024 quarter. Life Insurance Corporation Of India has 6.55% stake in NBCC with 117,866,918 shares of the company.
NBCC Announced Winning New Order From REC: The navratna company bagged order from REC related to Project Management Consultant (PMC) for new Construction & Renovation of existing RECIPMT Building at RECIPMT, Shivarampally, Hyderabad, according to the exchange filing issued on June 24, 2024.
Jun 24, 2024, 2:41 pm IST
Route Mobile Shares Gain 14% On New Update
Shares of Route Mobile Ltd. surged by 14.44% in afternoon trade to 1750.05 per share after it issued a press release stating, Route Mobile Limited enabled WhatsApp-based ticketing for Nagpur, Pune, Hyderabad and Delhi Metro, thus becoming the largest enabler for such services in India.
Route Mobile Limited (Route Mobile) has partnered with Billeasy E Solutions Private Limited (Billeasy) and enabled WhatsApp-based ticket booking for Pune, Hyderabad, and Nagpur metros in addition to Delhi. More than 75 lakh commuters use these metros every day. To purchase tickets, they need to visit the official WhatsApp account of the respective metro, choose the stations, make the payment, and receive tickets directly from the WhatsApp interface. They can also pay for the ticket right from WhatsApp.
Currently, 15 cities in India have active Metro services, and Route Mobile has already enabled this solution for four of them, making it the largest enabler in the domain. Route Mobile first launched this service for Delhi Metro in the second half of 2023.
Jun 24, 2024, 2:20 pm IST
Gold Prices India, June 24: 18K, 22K, 24K Yellow Metal Prices Fall Again For 2nd Day
Gold prices in India witnessed decline yet again on June 24 after prices fell on June 22, 2024. Meanwhile, US Gold prices rallied on Monday as Treasury yields edged lower investors are looking forward to economic data and comments from Fed Reserve through this week for clarity on the US central bank's timeline on interest rate cuts.
22k gold prices today slipped by Rs 100 to Rs 66,250/10 grams while 100 grams of 22 carat yellow metal prices got cheaper by Rs 1000 to Rs 6,62,500 in India on June 24. 24K gold prices today dived by Rs 150 to Rs 72,230 and 100 grams of 24 carat yellow metal prices today fell by Rs 1500 to settle at Rs 7,22,300 on Monday.
18K precious metal prices today slipped by Rs 80 to Rs 54,210/10 grams and 100 grams of 18 carat gold prices today are quoting Rs 5,42,100 after declining by Rs 800.
According to Reuters, “Friday night saw a pretty significant sell-off due to the strong U.S. dollar. Gold has been hit by that to some extent, even though the markets are sort of edging towards two rate-cuts this year,” said Kyle Rodda, a financial market analyst at Capital.com.
Jun 24, 2024, 2:01 pm IST
S P Apparels Ltd: CMP- Rs680 | Target Price- Rs800-Rs920 | Horizon: 6-9 Months
"We recommend a BUY on the company at current market price of Rs680 or decline upto Rs650 with the closing stop loss of
Rs540 for a target of Rs800-Rs920 with a horizon of 6–9months," said Aditya Gaggar, Director of Progressive Shares
"We recommend a BUY on the company at current market price of Rs678 or decline upto Rs645 with the closing stop loss of Rs550 for a target of Rs786-Rs894 with a horizon of 3–6months," said Mr. Aditya Gaggar, Director of Progressive Shares.
Jun 24, 2024, 1:00 pm IST
Forex Market Outlook By Anand James, Chief Market Strategist,Geojit Financial Services
INR: The Indian rupee ended higher on Friday, boosted by mild inflows and exporter dollar sales, after hitting an all-time low in the previous session. The rupee closed at 83.5325 against the U.S. dollar, up 0.1% from its previous close of 83.6525. It had reached a record low of 83.6650 on Thursday.
USD: The dollar edged higher against major currencies on Friday, reaching an eight-week high against the yen due to strong U.S. economic data and the Federal Reserve's cautious approach to interest rate cuts, contrasting with more dovish central banks. The dollar index, rose 0.2% to 105.81.
Jun 24, 2024, 12:52 pm IST
Nifty Derivative Outlook By Anand James, Chief Market Strategist,Geojit Financial Services
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 23000 for Puts. Highest new OI addition was seen at 24500 for Calls and 22900 for Puts in weekly and at 24500 for Calls and 22900 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 0.76%, decreased future index shorts by 1.65% and in index options by 18.52% increased in Call longs, 9.77% increased in Call short, 31.82% increased in Put longs and 11.78% increased in Put shorts.
Jun 24, 2024, 12:45 pm IST
Nifty Outlook Today By Anand James, Chief Market Strategist,Geojit Financial ServicesNifty Outlook Today By Anand James, Chief Market Strategist,Geojit Financial Services
Downside attempts failed to penetrate past 23420 last week, despite multiple attempts, but they have indeed made this key region vulnerable. Favoured view expects slippage past the same this week, with eyes on 23100-22700. Mid-week reversal attempts would have to force a close above 23580-630 region to rekindle the 23960-24130 hopes.
Jun 24, 2024, 12:31 pm IST
Market Outlook Today By Sameet Chavan, Head Research, Technical And Derivative - Angel One
The Indian equity market demonstrated robust performance throughout the week, with broad market participation creating a strong and positive trading environment. The benchmark index witnessed minimal price activity but firmly maintained its positive stature throughout the week. The week culminated with a modest gain of 0.15 percent, reflecting overall stability and confidence in the market.
Despite the truncated week, Indian equities have captivated the traders’ fraternity with their impressive performance. The benchmark index has been reaching new highs, but the lack of a strong follow-up has led to a narrow range of 270 odd points. From a technical standpoint, the small-bodied candle formations suggest that the bulls may be reaching their limit and could be waiting for an external trigger to continue their momentum. As the Nifty index ventures into uncharted territory, it becomes challenging to identify the intermediate resistance. However, with the recent developments, 23650-23700 seem to pose a significant challenge, and a decisive closure could potentially trigger the next leg of the index's rally. On the lower end, strong support is observed around 23400, which has proven its reliability in the previous week, followed by the crucial support of 23200-23100 (20 DEMA).
From here, if we do not witness any aberrations from the global peers, we might witness consolidation to continue. However, the outperformance of the Banking space and a further move would certainly play in favor of the bulls, hence a close tab is required over sectoral performance in the upcoming week. Meanwhile, we would advocate traders to refrain from complacency and maintain a pragmatic approach with a stock-centric view for an outperformance.
Jun 24, 2024, 12:15 pm IST
Ujjivan Small Finance Bank | Investor And Analyst Meet – Key Takeaways
Sameer Bhise of JM Financial Institutional Securities Ltd said, “Ujjivan SFB (USFB) at its analyst meet emphasised on key focus areas for the medium term: a) increasing contribution of secured assets to 35% by FY25 and 40% by FY26 (from 30.2% as of FY24) b) further strengthening its retail focused deposit franchise (CASA ratio improved from 20.5% in FY21 to 26.5% in FY24) and c) leveraging technology as a catalyst for growth. USFB successfully completed its reverse merger, entered into AP and Telangana and opened 123 branches in FY24. The bank is now ready to expand two of its secured lending products: i) Vehicle Finance and ii) Gold Loan. MSME business offers a complete stack of services including: LAP (a sourcing funnel), WC loans (helps in building CA) and supply chain finance (ultra-short-term), and is expected to grow at about 50% YoY. Affordable housing segment is set to focus on self-employed retail customers with a digital servicing platform and a TAT of 72 hours. USFB expects 40% YoY growth in this segment and with GNPA of c.1%. Within micro lending, a deliberate growth slowdown (+19% in FY24 vs +41% in FY23) helped the bank in maintaining better asset quality (90+, 18MOB PAR at 0.84% vs 1.64% for the industry) between Oct’22 to Mar’24. Against the backdrop of a changing leadership (Mr Sanjeev Nautiyal taking up the role of MD and CEO wef 1st July, 2024), USFB guided for loan growth of 20% (vs 20-25% earlier) as the bank takes precautionary measures against pockets of stress observed in the states like Punjab, Gujarat and Kerala. Credit costs are expected to normalise going ahead (guided 1.7% vs 1.5% earlier) while margins are expected to remain stable at about 9% with ROE of c.20%. In our view, new leadership is taking the asset mix in the right direction by increasing the contribution of secured assets, which bodes well for the medium term. In addition, management feels that USFB fits the RBI criteria of receiving a universal banking licence and has indicated its willingness to apply for the same. We believe greater thrust on improving efficiency (FY24 cost-to-income at 54.3%) and ability to deliver on improved liability franchise will drive rerating ahead. We expect Ujjivan SFB to deliver avg RoA/ RoE of 3.2%/23% over FY25-26E. Maintain BUY with a revised TP of INR 65 valuing it at 1.5x FY26E BVPS.”
Jun 24, 2024, 11:47 am IST
Company Update: Voltas | FY24 ARA: Product And Channel Expansion To Gain Market Share
Deepak Agarwal of JM Financial Institutional Securities Limited said, “We have done an analysis of Voltas Annual Report FY24 and following are the key takeaways: Voltas is (1) Focusing on backward integration, (2) Increasing its focus on modern trade to inch up its market share, (3) Strong order book in the Engineering projects and (4) continue to strengthen its Voltbek brand.”
Jun 24, 2024, 11:15 am IST
Crude Oil Outlook By Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One
Crude Oil Benchmark crude prices saw positive momentum continuing for another week, despite a 1% dip on Friday due to concerns that global oil demand growth could be affected by a strong U.S. dollar and negative economic news from some regions. This decline occurred even as U.S. oil demand improved and fuel inventories fell, pushing crude prices to a seven-week high earlier in the week. The U.S. dollar strengthened to a seven-week high against a basket of currencies, as the Federal Reserve maintained a cautious stance on interest rate cuts, contrasting with more dovish policies elsewhere. The Fed's aggressive interest rate hikes in 2022 and 2023 to control inflation have increased borrowing costs, potentially slowing economic growth and reducing oil demand. Nonetheless, oil prices edged closer to their highest levels in seven weeks, driven by declining inventories and signs of improved U.S. demand. Crude prices are likely to remain higher as the market weighs improved U.S. demand and falling inventories.
Jun 24, 2024, 10:39 am IST
Small Cap Stocks Rally In Bearish Market
BSE Smallcap index surged over 237 points to trade above 52,170 levels. Stocks like Kalyaani Investment, Pilani Investment, BF Investment, Welspun Special Solutions, and Nalwa Sons Investments surged between 11-20%. BSE Smallcap index is the top performer of the day.
Jun 24, 2024, 10:10 am IST
Adani Ports, Wipro Share Price On Sensex Rejig
BSE-led indices rejig has come into effect from June 24, 2024, and key major changes have taken place on its benchmark Sensex which constitutes 30 large stocks. The biggest change is the debut of Adani Group's cash-cow stock Adani Ports on Sensex, and the exit of Wipro from the benchmark. However, on Monday, in the early trade, despite entry on Sensex, Adani Ports' share price fell sharply by 1.5%, on the other hand, Wipro traded near its day's high with gains of 1%.
Jun 24, 2024, 9:29 am IST
Nifty Opening Bell
Nifty opened at 23,382.30, and struggled between 23,427.20 to 23,351.50 in opening bell.
Jun 24, 2024, 9:28 am IST
Sensex Opening Bell
Sensex opened at 76,885.65, and traded in the range of 76,970.98 to 76,745.94 in the early trade.
Jun 24, 2024, 9:17 am IST
Rupee At 83.52 In Opening Bell
The Indian rupee traded at 83.52 against US dollar in the opening bell of market. This comes after India's forex reserves tumble by .9 billion to 2.90 billion from their record position of 5.8 billion as the central bank offloaded dollars to cushion rupee. Rupee has mildly appreciated from the previous session print of 83.55 per dollar.
Jun 24, 2024, 8:53 am IST
Day Trade Guide
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: The consolidation phase in the market is likely to continue. The near-term strength in the market is likely to come from Bank Nifty assisted by institutional buying notably from FIIs who have turned buyers last week. However, SEBI investigation in the Quant Mutual Fund is a slight sentiment negative for the market. The sectoral churn happening in the market might accelerate since profit booking is happening in some overvalued sectors and money is flowing into fairly valued largecaps. There is a likelihood of the rupee turning stable with a positive upward bias in the near term on expectations of big debt inflows after the inclusion of India in the Global Bond EM Index later this month. This can act as a trigger for more FII inflows into equity, going forward.
Jun 24, 2024, 8:46 am IST
Global Market Outlook
Vinod Nair, Head of Research, Geojit Financial Services: On the global front, the BoE opted to keep its interest rates unchanged despite UK inflation easing to 2%, leading to a degree of disappointment. However, there is now an increased probability of a rate cut by BoE in August. In the US, there was a rise in jobless claims, and weak housing data has raised expectations of a 67% likelihood of a rate cut in September.
Jun 24, 2024, 8:45 am IST
Weekly Market Outlook
Vinod Nair, Head of Research, Geojit Financial Services: The Indian market initially continued its upward trend as concerns over election outcomes eased and global sentiment improved. With a coalition government in place, there is optimism that the upcoming budget will strike a balance between growth initiatives and populist measures. Additionally, expectations are high for government actions aimed at stimulating consumption, a critical area to focus on. Strong institutional inflows, including renewed interest from FIIs post-government formation, have further bolstered market sentiment. However, profit booking emerged on concerns about the slow progress of the monsoon. Moreover, heatwaves in northern India remain a key concern. Looking ahead, the outcome of the GST meeting may trigger sector-specific developments next week, as rationalization of GST rates in some sectors, including textiles, fertilizers, and banking, is likely to be considered. Further, the discussion on the inclusion of petroleum products under the GST ambit is also a possibility.
Jun 24, 2024, 8:42 am IST
Market In Previous Session
Last week on Friday, Sensex ended at 77,209.90, down by 269.03 points or 0.35%. While Nifty closed at 23,501.10, lower by 65.90 points or 0.28% after hitting new record high of 23,667.10. Nifty Bank recovered losses, however, ended lower at 51,661.45, down 122 points.
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