Sensex and Nifty on June 28 started the day with gains amid buying across sectors but ended the day with decline. Sensex declined 210 points to 79,032 and Nifty fell 33 points to 24,010 on Friday. Nifty Bank fell 469 points to 52,342 and Nifty Midcap surged 312 to 55,736. Nifty Midcap today hit record high. Meanwhile, Reliance Industries Ltd's market value today surpassed Rs 21 lakh crore after over 20% stock rally this year and emerged as the first Indian company to hit this milestone. Ceat Ltd shares today gained over 10% intraday to 2862.15 per share.
Central Depository Services (India) Ltd shares today hit 20% upper circuit after the company informed the exchanges that it will hold a board meet on July 2 to consider an issue of bonus shares. Current market price of Central Depository Services share on NSE is Rs 2407.40 per share with intraday gain of 20%
Earlier, Indian stock market opened at yet another record high on Friday with Sensex hitting fresh lifetime high of 79546.19, and Nifty 50 clocking new all-time high as well to 24,137.50. Bank Nifty touched a new record of 52,977.05, and was shy of 60,000 mark. While BSE Bankex was near its high after hitting an intraday high of 60,399.32.
Broad-based buying was seen across the board with healthcare, metal, consumer durables, and oil & gas stocks witnessing massive bullish trend. Midcaps and smallcaps were also on a bull-run.
The performance comes amid positive global cues as investors await key US inflation data. In the early trade, Gift Nifty touched a new record high of 24,174, and held a gaining momentum.
Meanwhile, Asian stocks traded higher with Japan's Nikkei 225 rising by 1%. Also, US stocks ended on a steady note with hopes of early rate cuts and upcoming US inflation data.
Earlier, the Indian stock markets continued their record-setting streak, with the Nifty 50 crossing the 24,000 mark and the Sensex surpassing 79,000 for the first time in history. Thursday's session saw the benchmark indices reaching record high levels, fueled by robust buying in heavyweight stocks and a notable recovery in the IT sector. The Nifty 50 hit an intra-day high of 24,088, while the Sensex reached 79,396, with the Nifty Bank peaking at 53,181.
Ajit Mishra - SVP, Research, Religare Broking said, "The rotational buying across key sectors is contributing to the index's steady rise, and we expect this trend to continue. Following the banking sector, we anticipate that IT and FMCG will play crucial roles in maintaining the positive momentum. With the Nifty crossing the 24,000 mark, we see potential for it to test 24,500, with support around the 23,600 level. Participants should align their positions accordingly and look for buying opportunities on dips."
LIVE Feed
Jun 28, 2024, 3:37 pm IST
Top Gainers and Losers Today
Stock Market Live Updates
Jun 28, 2024, 3:19 pm IST
Maharashtra Budget: Women To Get Rs 1,500/Month Allowance; 3 Free Cylinders
Maharashtra Deputy Chief Minister Ajit Pawar on Friday announced a financial assistance scheme entailing a monthly allowance of Rs 1,500 to eligible women in the age group of 21 to 60 years in the state Budget for 2024-25. Pawar, who holds the finance portfolio, said in his budget speech in the assembly that the scheme, "Mukhyamantri Majhi Ladki Bahin Yojana", will be implemented from July, four months ahead of the state polls which are due in October.
An annual budgetary allocation of Rs 46,000 crore will be made for the scheme, he said. Announcing another welfare scheme, the finance minister said an eligible family of five will get three cooking gas cylinders free every year under the 'Mukhyamantri Annapurna Yojana'.
Jun 28, 2024, 3:00 pm IST
Gold Price Jumps In India, June 28: 22K/100 Grams Gold Soars By Rs 4,000
Gold prices in India today jumped after falling for two consecutive days as US yellow metal prices edged lower on Friday as investors keenly waiting for crucial US inflation data that may shed more light on the Fed Reserve’s approach on interest rate cuts. 22k gold prices today rallied by Rs 400 to Rs 66,150/10 grams and 100 grams of 22 carat yellow metal prices today jumped by Rs 4000 to Rs 6,61,500 on June 28, 2024. 24K gold prices today surged by Rs 430 to Rs 72,160/10 grams and 100 grams of 24 carat precious metal prices zoomed by Rs 4,300 to Rs 7,21,600 on Friday.
18k gold prices today surged by Rs 320 to Rs 54,120/10 grams and 100 grams of 18 carat yellow metal prices today got dearer by Rs 3200 to Rs 5,41,200.
Spot Gold, Spot Silver Prices Today: Spot gold declined 0.3% at ,321.39 per ounce, as of 0157 GMT. Prices surged approximately 4% for the quarter. Bullion stayed flat for both the week and the month. Spot silver fell 0.5% to .91 per ounce, platinum surged 0.7% to 4.42 and palladium rallied 1.5% to 3.22., according to Reuters.
Jun 28, 2024, 2:58 pm IST
Gold Price Updates
The Precious Metal Prices in Bangalore Surges High.
Jun 28, 2024, 2:01 pm IST
Sector Update: Telecom | Jio Leads With ~20% Tariff Hike; +ve For Structural ARPU Growth Story
Dayanand Mittal of JM Financial Institutional Securities said, “Jio has hiked pre-paid smartphone tariff by ~20%, largely in line with expectations. However, it has kept tariff unchanged for JioBharat and JioPhone plans in its drive to upgrade 250mn feature phone users to 4G. Bharti Airtel and Vodafone Idea (VIL) haven’t announced tariff hikes yet, but they are likely to soon follow with similar hikes and maintain the existing 10-20% tariff premium vs. Jio’s tariff. Jio leading tariff hike this time is positive for future tariff hikes; earlier tariff hikes were led by Bharti, and Jio was being considered as a reluctant follower in its drive to gain subscriber market share. Assuming Bharti and VIL follow with similar tariff hikes and the next tariff happens only by end-FY26/early FY27 (our base case scenario), we see a limited 1-3% upgrade to our FY25 and FY26 ARPU/EBITDA estimate. We reiterate that industry ARPU is likely to grow at 10-12% CAGR to ~INR 300 in the next 3-4 years given the consolidated industry structure, and higher ARPU requirement for Jio also to justify significant 5G capex and given Jio's potential IPO. We reiterate high conviction on our BUY on Bharti; we also maintain our BUY on BHL though a near-term upside might be limited post the recent strong rally. However, we maintain SELL on VIL and HOLD on Indus as, despite the recent fund-raise, VIL’s long-term sustainability is still contingent on significant favourable government support.”
Jun 28, 2024, 1:47 pm IST
Sector Update: Automobiles | Revving Up Value With Premiumisation Play
Vivek Kumar of JM Financial Institutional Securities said, “NIFTY Auto index has more than doubled in the last 15 months. Auto stocks have seen significant re-rating driven by volume recovery and robust earnings. What better time than now for Hyundai Motor Corp (‘HMC’) to potentially list Hyundai Motor India (‘HMIL’) and capitalise on India’s growth narrative. Global Automotive MNCs such as MSIL, ZF, Timken, etc. have created substantial value for investors over the years. These companies have demonstrated superior performance owing to access to advanced technologies, robust R&D capabilities, global talent pool and adherence to best corporate practices. HMIL forms a part of this elite group, having maintained its position as India’s second largest PV manufacturer for over a decade. It has been successful in capturing the premiumisation trend and focused on a conscious shift to SUVs. This also reflects in operational / financial superiority vs. peers (higher margins, asset turns and RoE). With ongoing capacity expansion, HMIL aims to reinforce its role as a pivotal export hub for HMC, while preparing for the launch of Creta EV in late FY25. Localisation remains an opportunity. Near-term weakness in PVs and hightened competitive intensity are key monitorables.”
Jun 28, 2024, 1:31 pm IST
Company Update: SRF | Opportunity Looms On Potential Cycle Reversal
Krishan Parwani of JM Financial Institutional Securities said, “The agrochemical destocking phenomena had caught manufacturers off guard in FY24. Recent commentaries by global agrochemical majors and ag-chem retailers have been somewhat positive indicating that the destocking is nearing its end. In our view, restocking and normalcy will come unannounced, just like the destocking. SRF stands to gain from the cycle reversal on the back of its product pipeline of active ingredients, offering it an opportunity size of USD 400mn-500mn. Its specialty chemicals sales in FY24 clocked ~USD 445mn. Our current estimates have baked in incremental USD 370mn sales over FY24-27E. Moreover, our margin estimate for the chemicals division is not factoring in benefit from forward integration and positive operating leverage. Hence, there is unlikely to be downward revisions to our specialty chemicals estimates. In fact, there remains an upside risk if the reversal is as profound as the down-cycle. We reiterate BUY with unchanged estimates and Sep’25 TP of INR 2,795 (SoTP based).”
Jun 28, 2024, 1:07 pm IST
Company Update: Dr Reddys Laboratories | A lucrative Acquisition
Amey Chalke of JM Financial Institutional Securities said, “In line with its strategic intent, DRRD acquired Haleon’s global Nicotine Replacement Therapy (‘NRT’) OTC brands for GBP 500mn (2.3x sales) of which GBP 42mn is contingent consideration payable in CY25/26. This acquisition will help leverage customer relationships and give an opportunity to cross-sell. The management guided for better growth by reinvesting excess margins (beyond 25%). While the current growth trajectory is modest (mid-to-high single digit), it adds 8% to FY26 revenue and is EPS accretive (+4% to FY26e) for DRRD, in our view. The acquisition alleviates concerns around managing gRevlimid cliff. Recent initiatives like Nestle JV, biosimilars, innovation, licensing deals, etc. pinpoint towards DRRD’s focus on growing its new businesses. With domestic growth catching up with market growth and Haleon brand acquisitions enhancing ex-Revlimid EPS, we believe there is an opportunity to unlock value here. We maintain BUY with a revised Jun’25 TP of INR 7390.”
Jun 28, 2024, 12:48 pm IST
Sector Update: Metals And Mining | Steady Quarter Ahead; Outlook Positive
Ashutosh Somani of JM Financial Institutional Securities said, “Indian steel markets witnessed a divergent price trend with long products prices moving up by INR4k/t QoQ while flat product prices declined marginally. Global steel making raw materials witnessed a sharp correction – spot coking coal down at ~US6/t (down sharply by US/t from peak), iron ore at US/t (down US/t from recent peak) driven by subdued Chinese demand outlook. Gross margin of India steel players are likely to expand by INR1.3k-1.5k/t in 1QFY25, driven by marginally higher realizations and lower coking coal consumption cost (~US/t). However, EBITDA/t expansion may be limited with the lack of scale, given the high volume base in 4Q seasonally. Working capital requirements is likely to offer some relief as steel / raw material prices trend down leading to better chances of net debt reduction. Spot spreads for steel players witness expansion (higher than 4Q) given sharp recent fall in coking coal prices. Aluminium prices averaged USD2,572/t in 1Q25 driven by the ban on Russian Metal in LME. Hindalco expected to post strong quarterly earnings given higher realization and subdued coal prices (CoP expected to be down 1-2%). JSPL (lowest leverage, highest volume growth over next few years) and Hindalco (Novelis delivering record margins) remain our top picks in the space.”
Jun 28, 2024, 12:20 pm IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
Under the leadership of IT counters, Indian bourses settled the monthly expiry day at yet another record level of 24,045. The overall trend of Nifty50 is strong but buying on dips will be an ideal strategy. Now, the immediate hurdle is placed at 24,240 while the level of 23,800 will act as strong support. The IT sector has convincingly surpassed its previous resistance which indicates a continuation of the current upmove and to validate the momentum, some of the components have given a strong breakout. We continue to hold our bullish stance on the Agro/Specialty Chemicals counters. Mid and Smallcaps have been oscillating in a well-maintained range, awaiting a strong breakout.
Share Price of India's largest company in terms of market cap touched a new all-time high of Rs 3,129 apiece on June 28, contributing heavily to the market. The company's m-cap also crossed Rs 21 lakh crore mark.
Jun 28, 2024, 11:23 am IST
Oil And Gas Stocks On Bull Run
BSE Oil & Gas index jumped 480 points or 1.7% to trade at 29,513.46. Stocks like IGL, Oil India, ONGC, Reliance and Petronet LNG witnessed heavy buying, rising by 2% to 5%.
Jun 28, 2024, 10:50 am IST
Airtel, Vodafone Idea Slips After RJio's Tariff Hike
After Jio's hike, share prices of Vodafone Idea and Airtel are trading on a bearish note. Bharti Airtel share price is down by 1% to Rs 1,456.60 apiece, which is near its intraday lows of Rs 1,451.30 apiece. Further, Vodafone Idea has slipped by 1.40% to Rs 18.26 apiece, after touching an intraday low of Rs 17.90 apiece.
Jun 28, 2024, 10:29 am IST
HCL Tech Falls On Block Deal
HCL Tech shares tumble on buzz of approximately Rs 1,757 crore block deal. HCL Tech stock dipped nearly 1% to trade at Rs 1445.70 apiece, which was near its intraday low of Rs 1442.70 apiece.
Jun 28, 2024, 10:01 am IST
Top Picks Today
Amidst record rallies in the Indian stock market, brokerage Prabhudas Lilladher has recommended buying top heavyweight stocks in diverse segments like automobile, oil and gas and power. These stocks can potentially give intraday gains as the brokerage sets target prices. They are Maharatna PSU oil and gas giant GAIL (India), coupled with Tata Group-backed auto major Tata Motors and power giant Tata Power. The stocks are trading higher by 1-2% in the early trade.
Jun 28, 2024, 9:35 am IST
Market Opening Bell
Indian stock market opened at yet another record high on Friday with Sensex hitting fresh lifetime high of 79546.19, and Nifty 50 clocking new all-time high as well to 24,137.50. Bank Nifty touched a new record of 52,977.05, and was shy of 60,000 mark. While BSE Bankex was near its high after hitting an intraday high of 60,399.32.
Jun 28, 2024, 9:19 am IST
Rupee At 83.43 Against US Dollar As India Debuts On JP Morgan Bond Index
Indian rupee mildly appreciated to 83.43 against US dollar in the early trade of forex market as India debuted on JP Morgan's Bond Index. Indian GSecs will be included in JP Morgan's GBI-EM Global index suite, effective from June 28, 2024. It is expected to reach the maximum weight of 10% in the GBI-EM Global Diversified Index (GBI-EM GD). This move is expected to lift Indian currency over the medium to long term.
Jun 28, 2024, 9:16 am IST
Bullish Stocks Today?
Prashanth Tapse, Senior VP (Research), Mehta Equities: Nifty and Sensex are climbing steadily, with Nifty hitting an all-time high of 24,087.45. As fund managers prepare for the second half of 2024, the market shows resilience, brushing off negative headwinds swiftly. The outlook remains optimistic, hinging on FM Nirmala Sitharaman’s upcoming Union Budget and potential dovish signals from the Federal Reserve amid easing inflation. Key resistance for Nifty is at 24,100, with a trading range of 23,500-24,100. Recommended trades include buying Nifty between 23,850-23,900 and Bank Nifty between 52,400-52,700. Notable bullish stocks are Reliance Industries, Britannia, Tata Motors, and RBL Bank, with RBL Bank poised as a strong momentum play.
Jun 28, 2024, 9:07 am IST
Will Sensex Hit 80K Today?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: The market momentum has the potential to take the Sensex to 80000 level. The healthy trend in the recent rally is that it is driven by fundamentally strong largecaps like RIl, Bharti and the leading private sector banks. However, corrections can happen any time since the market is in the overbought zone and DIIs are booking profits. It is interesting to note that in the tug-of-war between the FIIs and DIIs, the latter has emerged victorious whenever this happened during the last 3 years. The elevated valuations in the market continue to be a concern. But the market is not yet in bubble valuation territory. The weak trend in the broader market is likely to continue. Investors can consider booking partial profits in the mid and smallcaps and move the money to fixed income.
Jun 28, 2024, 8:32 am IST
Stanley IPO Listing
Stanley Lifestyles IPO that will be debuting on BSE and NSE on June 28. The IPO's issue price is at Rs 369 per share. The company opened its Rs 537.02 crore IPO from June 21 to June 25, and received massive demand across investors. Stanley IPO oversubscribed by 97.16 times.
Jun 28, 2024, 8:20 am IST
Indian Bonds Inclusion In JP Morgan Index
JP Morgan Chase & Co's inclusion of Indian government securities (GSecs) will come into effect from June 28, 2024. This is likely to attract billions of dollars inflow in Indian bond market. From foreign investors participation to driving flows in debt market and even lift currency over the medium term, the move is well in favour of India. As much as Rs 2.5 lakh crore flows is expected in FY25, while some experts believe foreign inflows could be around 20-25 billion dollars in the months to come.
Jun 28, 2024, 8:05 am IST
Market Wrap Previous Day
Earlier, the Indian stock markets continued their record-setting streak, with the Nifty 50 crossing the 24,000 mark and the Sensex surpassing 79,000 for the first time in history. Thursday's session saw the benchmark indices reaching record high levels, fueled by robust buying in heavyweight stocks and a notable recovery in the IT sector. The Nifty 50 hit an intra-day high of 24,088, while the Sensex reached 79,396, with the Nifty Bank peaking at 53,181.
Click it and Unblock the Notifications
Sign in with Google