Jun 06, 2024, 3:42 pm IST
Market Ends With Gains For 2nd Day
Indian benchmark indices witnessed a second consecutive session of gains on June 6 amidst market volatility. Leading the rally were stocks like HCL Technologies, Shriram Finance, SBI Life Insurance, Tech Mahindra, and SBI, contributing to the uptrend in the Nifty. Conversely, Hindalco Industries, HUL, Asian Paints, Hero MotoCorp, and Nestle were among the major losers.
Jun 06, 2024, 3:40 pm IST
Rupee Ends Lower
The Indian Rupee concluded Thursday's trading session 10 paise lower at 83.47 per US Dollar compared to Wednesday's closing rate of 83.37.
Jun 06, 2024, 3:07 pm IST
Century Textiles Subsidiary Forms JV With Barmalt India For Luxury Housing Project
Birla Estates Pvt Ltd, the real estate arm of the Aditya Birla Group and a wholly owned subsidiary of Century Textiles and Industries Limited, has entered into a joint venture with Barmalt India Pvt Ltd. The collaboration is for a luxury residential group housing development in Sector 31, Gurugram. The 13.27-acre land parcel has a development potential of approximately 2.4 million square feet, offering a revenue potential of around Rs 5,000 crore.
Jun 06, 2024, 2:04 pm IST
Maruti Infra Hits 52-Week High Amid Stock Split & Bonus Issue Consideration
Maruti Infrastructure’s share price surged to a 52-week high of Rs 213.90 during the opening trade on June 5. The spike followed the company's announcement that its board of directors will meet on June 22, 2024, to discuss a potential stock split and the issuance of bonus shares.
Jun 06, 2024, 1:27 pm IST
Colin Shah, MD, Kama Jewelry On Election Results & Impact On Gems & Jewellery Sector
While the consumer demand largely remains unaffected due to election results, the industry hopes on continuity on governance as a key take away from the elections and looks forward to a further seamless ease of doing business. Despite the hurdles, Indian gems & jewellery sector has flourished in the last one decade and looks forward to policy reforms that promote a favourable environment for the sector.
From the investors’ perspective, gold has once again proven to be a robust hedge against economic weather fluctuations. As the stock market witnesses a blood bath owing to election results, yellow metal continues to hold fort as it’s barely impacted by domestic factors.
Jun 06, 2024, 1:26 pm IST
Recommendations By Aditya Gaggar, Director Of Progressive Shares
V-shaped recovery propelled the Index higher to end Wednesday trade at 22,620. With a hidden bullish divergence in RSI, the Index has formed a big green candle known as the Inside Bar candle, representing continuation of an uptrend. The level of 22,240 will be considered as an immediate support while 23,080-23,130 will be a crucial resistance zone. We continue to remain bullish on the Auto sector as it has regained its momentum and moved in tandem with its primary uptrend (Bajaj Auto- Rounding Bottom Breakout, Balkrishna Industries- Rounding Bottom Breakout/Pullback, Hero Motocorp, M&M and TVS Motors- Fresh Breakout). From the BankNifty, IndusInd Bank looks strong as it is on the verge of giving a Falling Wedge Breakout. In the short term, profit booking correction can be expected in the FMCG segment. The IT sector bounced from its long-term trendline support coupled with a bullish divergence in RSI indicating trend reversal; however, we will wait for confirmation. Some of the Metal stocks have reversed with a hidden bullish divergence in RSI which suggests an extension of the primary up-move (stocks can be added on a minor dip). A much-awaited range breakout can be anticipated in the Pharma space. (Granules- Flag and Pole Breakout).
Jun 06, 2024, 1:23 pm IST
Adani Power Secures 99.8% Stake In Mirzapur Thermal Energy, UP
Adani Power has acquired a 99.8% equity stake in Mirzapur Thermal Energy UP Private Limited (MTEUPL). This acquisition was facilitated through the allotment of 50,00,000 equity shares, each valued at Rs 10, on a preferential basis by MTEUPL. As a result, MTEUPL is now a subsidiary of Adani Power.
Jun 06, 2024, 12:16 pm IST
Top 5 Gainers and Losers Today
Stock Market Live Updates
Jun 06, 2024, 11:52 am IST
Kalpataru Projects Board To Meet On June 10 To Consider Fundraising, Shares Gain
Shares of Kalpataru Projects International Limited (KPIL) gained over 6.00% to hit an intraday high of Rs 1,177.50 per share on Thursday after the company informed via BSE filing about an upcoming meeting of board on June 10 to approve raising of funds by way of issuance of Non Convertible Debentures (NCDs) on private placement basis.
In an exchange filing, Kalpataru Projects said, “This is to inform you that subject to receipt of necessary approvals, a meeting of the Executive Committee of the Board of Directors of the Company is scheduled to be held on Monday, June 10, 2024, inter-alia to consider and approve the proposal for the raising of funds by way of issuance of Non-Convertible Debentures on private placement basis.”
Jun 06, 2024, 11:39 am IST
NIPL, Central Reserve Bank of Peru Partner to Develop UPI-Like Real-Time Payments System
NPCI International Payments Limited (NIPL) and the Central Reserve Bank of Peru (BCRP) have announced a partnership to enable the deployment of a UPI-like real-time payments system in Peru. This collaboration marks a significant milestone, making Peru the first country in South America to adopt the globally renowned Unified Payment Interface (UPI) technology—a symbol of India's pioneering excellence in digital payments.
This strategic partnership empowers the BCRP to establish a reliable and efficient real-time payments platform within the country. This innovative system facilitates instant payments between individuals and businesses, thereby reducing reliance on cash-based transactions and expanding the use of digital payments to Peru's large unbanked population.
Jun 06, 2024, 11:16 am IST
TDP-Linked Stocks Rally Up To 32% In 2 Days Post Robust Poll Performance
Shares of Heritage Foods and Amara Raja Energy gained nearly 32% in last two days on Andhra Pradesh's Telugu Desam Party (TDP) securing a key win in local assembly poll and emerging as a crucial player in the formation of the national government. Today shares of Amara Raja Energy & Mobility Ltd gained 9.11% in trade today to 1326.75 per share. Amara Raja shares zoomed over 11% in last 1-week and offered multibagger returns of 114% in last 1-year.
Heritage Foods Limited shares jumped over 9% today to 598.15 per share.
Jun 06, 2024, 11:08 am IST
Sensex Today: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
As the market comes back to normalcy after the abnormal volatility of the last three days, the global construct has turned favourable with rising possibility of rate cuts by the Fed. Clear signs of weakening labour market in the US has led to sharp decline in the US bond yield to 4.29%. Even though this is favourable for foreign capital inflows, the FIIs continue to sell on high valuations in India particularly in comparison to the cheap valuations of Chinese stocks.
In the near-term we have political stability but political developments will continue to weigh on markets. A concern in the market is that the BJP’s dependence on allies might put economic reforms on the back burner impacting growth and thereby corporate earnings in the long run.
Jun 06, 2024, 10:47 am IST
Microsoft Announces Latest Layoffs In Mixed Reality Unit; Over 1,000 Employees Affected
Microsoft has announced a fresh round of layoffs primarily targeting its mixed reality unit, the division behind the HoloLens 2 augmented reality headset. This development affects over 1,000 employees, marking another chapter in the tech giant's ongoing restructuring efforts.
Microsoft confirmed the layoffs in an email statement to CNBC, with a spokesperson explaining, "Earlier today we announced a restructuring of Microsoft's Mixed Reality organization." Despite this downsizing, Microsoft emphasized that the HoloLens 2 and other augmented reality (AR) programs would remain unaffected. "We remain fully committed to the Department of Defense's IVAS program and will continue to deliver cutting-edge technology to support our soldiers. In addition, we will continue to invest in W365 to reach the broader Mixed Reality hardware ecosystem.
Jun 06, 2024, 10:32 am IST
SpiceJet Eyes 0 Million Fund Raise In 2 Months Says Chairman Ajay Singh
In a bid to regain financial stability and operational capacity, Indian airline SpiceJet has announced plans to raise 0 million in a new funding round within the next two months. Chairman Ajay Singh made the announcement at the CAPA India Aviation Summit on Wednesday, underscoring the carrier's urgent need for capital to clear unpaid dues and restore its fleet to full capacity.
This move follows a series of fundraising efforts throughout 2023, during which SpiceJet raised approximately Rs 744 crore (.2 million). These funds were crucial in helping the airline manage its financial obligations and address the demands of leasing companies, including AerCap, the world's largest aircraft lessor, with which SpiceJet has reached settlements over recent months.
Jun 06, 2024, 9:31 am IST
Top Losers
Stocks like Hero MotoCorp, Britannia, Hindustan Unilever, Divis Lab, and Hindalco were top bears.
Jun 06, 2024, 9:31 am IST
Top Gainers Of Opening Bell:
NTPC, ONGC, SBI, Coal India, and Power Grid are top gainers.
Jun 06, 2024, 9:31 am IST
Nifty Early Trade
Nifty opened at 22,798.60, and touched an intraday high of 22,799.50 with gains of at least 179.15 points in the early trade. Currently, the index is at 22,676.55, up by 56.20 points or 0.25%.
Jun 06, 2024, 9:31 am IST
Sensex Opening Bell
Sensex opened at an intraday high of 75,078.70, rising by 696.46 points in the opening bell. However, slight pullback was witnessed soon after and Sensex is currently trading at 74,735.49, up by 353.25 points or 0.47%.
Jun 06, 2024, 9:15 am IST
Rupee Opens Lower
Indian Rupee opened marginally lower at 83.42 per US Dollar on Thursday versus Wednesday's close of 83.37.
Jun 06, 2024, 8:53 am IST
Trade Guide Today
Prashanth Tapse, Senior VP (Research), Mehta Equities: Nifty surged in yesterday’s trade with all sectoral indices closing in green, as investors shrugged off election jitters, showing confidence in the long-term potential of the Indian market. India VIX tumbled 29%, signaling reduced volatility. Key catalysts include increased expectations for Federal Reserve interest-rate cuts, record-high closes for the S&P 500 and Nasdaq 100, and all-time highs for AI stocks like NVIDIA, with Apple nearing a trillion market cap. Additionally, oil prices remain low at .50 a barrel. Technically, Nifty's immediate targets are 22900 and 23339, with intraday support at 22300. The RBI MPC meeting outcome on June 7th is also highly anticipated. Preferred trades: Buy Nifty at 22620 with targets of 22750/22900, and Bank Nifty at 49055 with targets of 49350/49700. Top stock pick: NTPC at CMP 341, targeting 365/381, with an aggressive target of 401.
Jun 06, 2024, 8:24 am IST
Fundamental Analysis For Market
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services: Going ahead the narrative around government formation and RBI monetary policy would take the centre stage in near term. Despite the reduced seats, we expect the government focus to continue on Investment-led growth, Capex, Infrastructure creation, Manufacturing, etc in the long term. In the very near term, we expect the market to remain obsessed with government formation exercise, with a keen eye on key cabinet portfolios such as Finance, Defense, Roads, Energy, Commerce, and Railways. With election overhang done, we expect the focus to revert to fundamental.
Jun 06, 2024, 8:24 am IST
Will Bulls Stay In Nifty On Thursday?
Prashanth Tapse, Senior VP (Research), Mehta Equities: The Nifty surged by 736 points to 22620, driven by investor optimism following PM Modi’s victory speech, ensuring political stability and supportive policies. All sectoral indices closed in green, with Nifty Metal (+5.75%), Nifty Auto (+4.7%), and Nifty FMCG (+4.34%) leading gains. India VIX tumbled 29%, signaling reduced market volatility. Top gainers included Adani Ports (+7.29%) and IndusInd Bank (+7.06%), while L&T and BPCL saw marginal losses. For Thursday, maintaining a bullish stance is advisable as long as Nifty stays above 21800, with immediate targets at 22751 and 23111.
Jun 06, 2024, 8:24 am IST
What Market Expects From RBI On Friday?
Vinod Nair, Head of Research, Geojit Financial Services: Attention will remain on the formation of the government and the forthcoming RBI policy meeting. The market does not expect any change in RBI’s policy stance given persistent high food inflation, and an expectation of an increase in government spending, which has led to a notable traction in FMCG stocks.
Jun 06, 2024, 8:23 am IST
Stocks To Watch Today
Among key stocks to watch out will be RVNL, Torrent Pharma, Intellect Design Arena, Indian Energy Exchange, NBCC India, KPI Green Energy, Century Textiles, BHEL, Kalpataru Projects, Sun Pharma Advanced Research Company, HAL, Heritage Foods, Sterlite Technologies, Endurance Technologies, Nazara Technologies and UNO Minda.
Jun 06, 2024, 8:19 am IST
Market On The Previous Day
The Indian stock market staged a robust comeback, recovering half of the previous session's losses and closing the day on a high note. The Nifty index reclaimed the 22,600 mark, ending at 22,620.35 with a gain of 735.85 points. This rebound came after a sharp decline triggered by election results, showcasing a strong V-shaped recovery.
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