Indian benchmark indices reached record closing highs on June 26, with the Nifty surpassing 23,850. At the close, the Sensex rose by 620.73 points, or 0.80%, to 78,674.25, while the Nifty climbed 147.50 points, or 0.62%, to 23,868.80. Market breadth was mixed with 1,634 shares advancing, 1,763 shares declining, and 85 shares remaining unchanged.
Top gainers on the Nifty included Reliance Industries, UltraTech Cement, Bharti Airtel, ICICI Bank, and Grasim Industries. On the flip side, the biggest losers were Apollo Hospitals, Bajaj Auto, M&M, Tata Steel, and Hindalco Industries.
Sector-wise, banking, oil & gas, telecom, media, and FMCG sectors saw gains ranging from 0.3% to 2%. Conversely, the auto, metal, and realty sectors witnessed declines of 0.7% to 1.5%. The BSE midcap index fell by 0.30%, while the smallcap index ended the day flat.
On the currency front, the Indian rupee closed 14 paise lower at 83.57 per dollar compared to the previous day's close of 83.43.
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Jun 26, 2024, 3:40 pm IST
Market Ends At Record Levels
Indian benchmark indices reached record closing highs on June 26, with the Nifty surpassing 23,850. At the close, the Sensex rose by 620.73 points, or 0.80%, to 78,674.25, while the Nifty climbed 147.50 points, or 0.62%, to 23,868.80. Market breadth was mixed with 1,634 shares advancing, 1,763 shares declining, and 85 shares remaining unchanged. Top gainers on the Nifty included Reliance Industries, UltraTech Cement, Bharti Airtel, ICICI Bank, and Grasim Industries. On the flip side, the biggest losers were Apollo Hospitals, Bajaj Auto, M&M, Tata Steel, and Hindalco Industries.
Jun 26, 2024, 3:30 pm IST
Reliance At Record High
Reliance Industries hits fresh record high, stock surges nearly 5%. In the last one year, the stock has delivered returns of nearly 30%.
Jun 26, 2024, 3:14 pm IST
Telecom Spectrum Auction Ends, Giants Bid Over Rs 11,000 Crore
Bharti Airtel Limited, Vodafone Idea, and Reliance Jio Infocomm have collectively bid over Rs 11,000 crore in the government’s telecom spectrum auction, which concluded on June 26 after six rounds over two days. The telecom companies are required to deposit the amount with the government within 10 days. According to the government’s statement on June 25, the spectrum, used for carrying voice and data signals for mobile phones, will be assigned for 20 years. Successful bidders will be allowed to make payments in 20 equal annual installments, with the net present value (NPV) protected at an interest rate of 8.65%.
Jun 26, 2024, 3:09 pm IST
JK Cement Begins Operations At Prayagraj Unit
JK Cement Works, Prayagraj, a division of JK Cement, has successfully commenced commercial production with a cement grinding capacity of 2 MnTPA as of June 25, 2024, at its newly established manufacturing facilities in Prayagraj, Uttar Pradesh. This addition brings the company's total grey cement installed capacity to 24.34 MnTPA.
Jun 26, 2024, 2:40 pm IST
Market Extends Gains; Sensex & Nifty At Record High
The Sensex surged by 542.80 points, marking a gain of 0.70% to reach 78,596.32, while the Nifty rose by 130.50 points, a 0.55% increase, reaching 23,851.80. Market dynamics showed 1710 shares advancing, 1646 shares declining, and 94 shares remaining unchanged.
Jun 26, 2024, 2:22 pm IST
Zee Media Board Greenlights Fundraising Options
On June 26, 2024, the board of directors of Zee Media Corporation Limited convened to deliberate on strategic initiatives, culminating in the approval to explore various avenues for raising funds. The company has authorized the exploration of permissible instruments, including equity shares, preference shares, and other eligible securities, through private placement, qualified institutions placement (QIP), preferential issue, or other permissible modes. This initiative aims to secure funds up to Rs 200 crores, to be executed in one or more tranches, subject to requisite approvals, including those from shareholders and regulatory authorities.
Jun 26, 2024, 2:00 pm IST
Market Forecast By Sameet Chavan, Head Research, Technical and Derivative - Angel One
After several days of sluggish activity, there was finally some momentum within the key indices, rekindling enthusiasm among index traders. This surge was driven by strategic buying in key heavyweights, particularly in the banking sector, propelling Nifty into new territory. Given the range breakout visible on daily and intraday charts, further upward movement and new milestones for Nifty are anticipated in the coming sessions as eventful June draws to a close. The next target is 23900, representing the 127% retracement of the election result day panic fall, followed by the psychological level of 24000. On the downside, immediate support is at 23650, with strong support around the bullish gap at 23550. Traders should monitor these levels closely to plan their trades. While midcap stocks had been outperforming in recent sessions, they took a backseat as heavyweights led the charge. This pattern of sector rotation is expected to continue ahead of the monthly expiry and in anticipation of the upcoming budget. Traders must stay agile, shifting focus between themes to capitalize on sector rotations.
Jun 26, 2024, 1:45 pm IST
Technical & Alternative Research of Nifty
Neeraj Agarwal of JM Financial Institutional Securities said, “Globally, markets deal with a deceptively simple concept: Seasonality. In our analysis, it pertains to the consistent pattern of price returns that the underlying asset demonstrates throughout the calendar month. Our analysis for the month of July indicates that the Nifty has shown a strong positive price seasonality, except the years of Indian general election i.e. 2014 and 2019. In the last 10 years, the index has closed in the green on 9 occasions with an average return of 3.3%. The only negative return of 5.7% stood in the year 2019. Further, the year 2014 ended on a relatively subdued note, up by 1.4% as against an average of 3.3%. Historically, the Nifty Mid-cap index too has exhibited a strong seasonality (barring the general election years), closing in the green on 8 occasions with an average return of 3.4%. During the year 2014 and 2019, the index declined by 2.4% and 9.8% respectively. In the last 10 years, in the month of July, the index has outperformed the Nifty on 5 occasions, however with an average outperformance of minuscule 0.1%.”
Jun 26, 2024, 1:30 pm IST
Company Update: Bandhan Bank | RBI Appoints Additional Director To The Board of The Bank
Sameer Bhise of JM Financial Institutional Securities Ltd said, “Bandhan Bank has announced that RBI has appointed Shri Arun Kumar Singh as an additional director (exercise of powers conferred under Section 36AB of the Banking Regulation Act, 1949) to the Board of Directors of the bank for a period of 1 year beginning June 24th, 2024. In our view, as the bank undergoes leadership transition (current MD&CEO Mr. Ghosh's term ends in July 2024 and board is yet to finalize potential candidates for the MD&CEO position), this move should see a smooth functioning especially in light of the fact the "relatively new" management team (2 Executive Directors have joined post March2023 and CFO in Feb, 2024) at the helm.We do not think this should result into renewed worries on asset quality outcomes for the bank. However, we still await the outcome of the CGFMU forensic audit. While investors will remain in wait and watch mode until clarity on the new CEO emerges. In past instances of RBI appointing additional directors (Exhibit 1), experience suggests that RBI directors have exited their positions even prior to completion of the term when leadership transition has been achieved or desired stability at the bank has been achieved. Also, in Bandhan’s case the appointment is for a period of 1 year (vs 2 years in case of other banks). Hence, we do not view the current event necessarily as a negative development and would closely monitor delivery on asset quality and look forward to update on CGFMU outcome and MD&CEO appointment. Current valuations (1.1x FY26E P/BV) remain attractive in our view. Maintain BUY with a TP of 260.”
Jun 26, 2024, 1:16 pm IST
Company Update: Coal India | Sustained Production; Stable Prices; Strengthening Story
Sudhanshu Bansal of JM Financial Institutional Securities Ltd said, “Sustained growth in production (83.91MT in May’24 vs. 76MT in May’23, +10% YoY) in response to surging energy/ peak power demand (12.5% YoY/13% YoY during 2MFY25) and commensurate increase in thermal power generation (+11.4% YoY Apr-May’24) is likely to enable Coal India (CIL) to achieve its production target of 838MT in FY25, +8.5% YoY. Taking cues from global markets and domestic demand, e-auction prices remains range-bound, INR 2300-2600/t during Nov’23-Apr’24 vs. INR 3431/t in Apr’23. Given the continued momentum in production, stable e-auction prices, new initiatives (3GW Solar/ 2260MW thermal power capacity addition, venturing into coal-to-chemicals business) and improving long-term visibility (‘King Coal’ is coming back), we maintain our BUY rating on the stock with a revised TP of INR 540.”
Jun 26, 2024, 1:00 pm IST
Shivalik Bimetal Controls | A Niche Player Geared Up To Capture Mfg. Opportunities
Deepak Agarwal of JM Financial Institutional Securities Ltd said, “Shivalik Bimetal Controls Ltd (SBCL), predominantly a bimetal / electrical contacts manufacturer, has from 2014-15 also ventured into the shunt resistor business. It has gained dominance in the domestic market and is now ready to further expand the export opportunity with capex already done and capacity in place. Shivalik is a simultaneous play in three opportunities – switchgear industry, smart metering and EVs. It also aims to increase its rev. contribution from electrical contacts from current c.10/11% by inorganic expansion and opening up of the global opportunity. Additionally, SBCL has PLI (product linked incentive) in shunts and is constantly exploring newer industries for its shunt applications, which may include mobile, telecom, renewables, etc. Overall, we expect Revenue/EBITDA/PAT CAGR of 25%/29%/29% over FY24-26E, with RoCE/RoE 30.4%/24.1% in FY26E. We initiate BUY coverage on SBCL with TP of INR 730, valuing it at 30x FY26E (currently trading at 22x FY26).”
Jun 26, 2024, 12:45 pm IST
Bank Nifty Option Outlook For The Week By Axis Securities
Bank Nifty has seen a decrease in Open Interest of 35.42% with an increase in price of 2.48% indicating Short Covering. Nifty has seen a decrease in Open Interest of 27.33% with an increase in price of 0.97% indicating Short Covering. Option data indicates a probable trading range of Bank Nifty for the day between 52,000 to 53,000 & that for Nifty current weekly expiry at 23,400 to 24,000. Traders could initiate this spread strategy to make modest returns with limited risk and reward. The spread suggested consists of buying one lot of 52,500 strike CALL Option and simultaneously selling one lot of 53,000 strike CALL Option.
Jun 26, 2024, 12:30 pm IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
A sharp upsurge in the Banking counters helped the Index to end the session at a record level of 23,721. With a strong bullish candle, Nifty50 has breached its well-maintained range of 23,400-23,660 which suggests an extension of the current upmove, and as per the pattern, the approximate target comes to 23,920 while on the lower side, the immediate support is placed at 23,660. BankNifty surpassed its previous high by forming a strong green candle and opening the gate to rally to 53,400 while 52,000 will be considered strong support. From the Auto segment, Ancillary counters regained momentum especially the Tyre segment (Apollo Tyre- Pennant and Pole Breakout). Selective buying was seen in the IT sector, and one should keep an eye on it. Despite the rangebound trade in the Mid and Smallcap segments, some stocks have experienced a strong breakout: Banco Products (Range Breakout) and Gabriel (Rounding Bottom Breakout).
Jun 26, 2024, 12:08 pm IST
Adani Total Gas Gets PNGRB Approval For Gas Distribution Network In Jalandhar
The Petroleum and Natural Gas Regulatory Board (PNGRB) has granted approval for Adani Total Gas to establish and operate a City Gas Distribution Network in Jalandhar. This approval marks Adani Total Gas's expansion into Punjab, bolstering its presence in the gas distribution sector with a total of 34 gas distribution networks across the country.
Jun 26, 2024, 11:56 am IST
NCLT Grants Zee Permission To Withdraw Application For Sony Composite Scheme
The National Company Law Tribunal (NCLT) has approved Zee's request to withdraw the implementation application for its composite scheme of arrangement with Sony.
Jun 26, 2024, 11:39 am IST
Nifty Bank At Record High
Nifty Bank reaches a new record high, surpassing the previous level of 52,746.5.
Jun 26, 2024, 11:22 am IST
S&P Upgrades Adani Ports Outlook Due To Improved Scale, Diversification
Ratings agency S&P has upgraded the outlook for Adani Ports & Special Economic Zone (APSEZ) from neutral to positive, while maintaining its long-term issuer credit rating at BBB-. The rating for senior unsecured notes has also been reaffirmed at BBB-.
Jun 26, 2024, 11:13 am IST
NIFTY Updates
Stock Market Live Updates
Jun 26, 2024, 11:12 am IST
Market At All-Time High
The stock market saw a significant upturn as both the Nifty and Sensex reached record highs. The Nifty surpassed its previous high of 23,754.2, closing at 23,766.30, up 45.00 points or 0.19%. The Sensex also hit a new peak, crossing its earlier level of 78,164 and finishing at 78,244.14, an increase of 190.62 points or 0.24%. The market rebounded from earlier lows, with the Sensex and Nifty recovering 0.3%. Reliance Industries was a standout performer, trading at its highest level of the day and rising by more than 1%. Market breadth was positive with 1,833 shares advancing, 1,385 shares declining, and 98 shares remaining unchanged.
Jun 26, 2024, 11:12 am IST
SENSEX Updates
Stock Market Live Updates
Jun 26, 2024, 10:59 am IST
NTPC Board To Discuss Issuance Of Rs 12,000 Crore In NCDs
The Board of Directors of NTPC will meet on June 29 to consider the issuance of non-convertible debentures (NCDs) worth up to Rs 12,000 crore. This decision is subject to the approval of shareholders at the upcoming Annual General Meeting.
Jun 26, 2024, 10:30 am IST
UltraTech Cement Adjusts Purchase To 25% Stake In Ras Al Khaimah Company
UltraTech Cement Middle East Investments Limited, the wholly-owned subsidiary of UltraTech Cement in the UAE, has revised its offer to acquire 1,25,039,250 shares of Ras Al Khaimah Co. for White Cement and Construction Materials PSC (RAKWCT). This new offer represents 25% of RAKWCT's share capital, down from the earlier offer of 1,58,049,610 shares, which would have constituted a 31.6% stake.
Jun 26, 2024, 10:09 am IST
DEE Development Lists At 67% Premium
DEE Development Engineers stock opened at Rs 339 per share on the National Stock Exchange (NSE), representing a 67% increase from the issue price of Rs 203 per share.
Jun 26, 2024, 9:35 am IST
Nifty Price
The 50-scrip benchmark opened at 23,723.10, and touched an intraday high of 23,749.50 which was slightly shy of its record high 23,754.15. However, Nifty pulled back as sentiments are volatile, and touched an intraday low of 23,673.30.
Jun 26, 2024, 9:35 am IST
Sensex Price
The 30-scrip benchmark opened at 78,094.02 and shot up to new lifetime high of 78,188.16 before correcting. Sensex is struggling to hold 78,000 levels, and has touched an intray low of 77,945.94.
Jun 26, 2024, 9:15 am IST
Rupee Opens At 83.44 Against US Dollar
The Indian rupee opened at 83.44 against the US dollar in the early trade at forex interbank market, compared to previous day's print of Rs 83.42 per dollar. This performance comes at a time when there is mixed global trends.
Jun 26, 2024, 9:14 am IST
Day Trade Guide
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: A constant refrain during the last few months from many experienced investment experts has been that financials, particularly largecap private banks, offer value buying opportunities. The expected breakout in some of these bluechips has happened during the last several days. These stocks are likely to remain resilient since their FY25 Q1 numbers will be very good. The 16% credit growth in the economy and improving asset quality of these stocks augur well for them. Slight pressure on margins due to slow deposit growth and higher costs of deposits are unlikely to impact the bottom line significantly. From the valuation perspective, PSU banks now provide buying opportunities. Q1 results of financials, oil and gas, capital goods, automobiles, select pharma and telecom will be good. FMCG and IT will post subdued numbers as expected. There are green shoots in IT and, therefore, it presents a contra buying opportunity for long-term investors.
Jun 26, 2024, 8:31 am IST
Bank Nifty, BANKEX Outlook On June 26
Prabhudas Lilladher: BankNifty witnessed a stellar performance with frontline private banks gaining strength to indicate a breakout above the 52000 zone and has opened the gates for further higher targets of 53500 and 55100 levels in the coming days. One can watch for ICICI Bank, Axis Bank and HDFC Bank which have indicated prominent strength to carry on with the positive move further ahead. Bankex has indicated a breakout above the 59000 zone and almost reached the 1.28% retracement retracement level of 62100 in the coming days, provided the important support of the 58000 zone is sustained. BankNifty would have the daily range of 52200-53300 levels with Bankex support at 59000 and resistance at 60500 levels.
Jun 26, 2024, 8:31 am IST
Sensex Forecast On June 26
Prabhudas Lilladher: Sensex surged ahead to make a new high once again, breaching above the 77900 zone during the intraday session, with the index positioned strongly with further rises anticipated in the coming days. The near-term target for the index would be 79000 levels, and with strength sustained, it can march ahead to the next target of 80700 levels with near-term support maintained at 76500 zones. The support for the day is seen at 77300 / 23550 levels while the resistance would be seen at 78600 / 23900 levels.
Jun 26, 2024, 8:31 am IST
Nifty Forecast On June 26
Praabhudas Lilladher: Nifty has indicated a series of strong positive candles formation on the daily chart to breach above the resistance zone of 23650 levels and with a breakout confirmed has strengthened the bias and sentiment to anticipate for further rise in the coming sessions. With the RSI on the rise and getting better, the Index has near-term target of 23800 levels and thereafter, can scale 24500 zone with strength sustaining.
Jun 26, 2024, 7:52 am IST
Stocks To Turn Ex-Dividend Today
Stocks like Alkyl Amines Chemicals, Cera Sanitaryware, Tata Elxsi, and Voltas will turn ex-dividend on June 26.
Jun 26, 2024, 7:52 am IST
Stocks In F&O Ban On June 26
There are no stocks added to the F&O ban list on June 26. However, stocks like GNFC, Indus Towers, Punjab National Bank, and SAIL are retained in the list, while Balrampur Chini Mills, Chambal Fertilisers and Chemicals, Granules India, Piramal Enterprises exited the list.
Jun 26, 2024, 7:52 am IST
Stocks To Buy
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher recommends buying in three stocks on June 26. They are: 1)BUY LARSEN & TOUBRO cmp 3587.80 Stop Loss 3515 Target 3740; 2) BUY CUB cmp 168.23 Stop Loss 165 Target 176; 3) BUY OLECTRA GREEN cmp 1808 Stop Loss 1770 Target 1880
Jun 26, 2024, 7:51 am IST
Stocks In Focus Today
Defence stocks like Mazagon Dock Shipbuilders, HAL, and Bharat Dynamics will be in focus on Wednesday. Other stocks that will trend are NTPC, M&M Financial Services, and Coforge among others.
Jun 26, 2024, 7:49 am IST
Market Previous Day
In the previous session, Sensex ended at 78,053.52, up by 712.44 points or 0.92% after touching new lifetime high of 78,164.71. Nifty 50 closed at 23,721.30, higher by 183.45 points or 0.78% after hitting historic high of 23,754.15 on June 25.
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