Closing Bell: Market extends gains; Nifty around 19,200, Sensex jumps 803 pts

Amol Athawale, Technical Analyst (DVP), Kotak Securities

There is a clear picture emerging that India has been showing strong resilience in all the growth parameters and are poised to do well going ahead. With most global economies, including China, witnessing degrowth, India has emerged as a green shot in a bleak scenario, hence investors are reposing strong faith in local stocks.

Technically, a breakout continuation formation on daily charts and a long bullish candle on weekly charts support further uptrend. For bulls, 19050 and 19000 would act as key support zones while 19300-19400 would be crucial resistance areas. However, below 19000, traders may prefer to exit from the long positions. For Bank Nifty, as long as it is trading above 44300 the breakout texture is likely to continue and could move up till 45000-45300.

Rupak De, Senior Technical analyst at LKP Securities:

The bulls continued to dominate the market as the Nifty, reached a new all-time high. This surge in the Nifty followed a breakout from a period of consolidation, indicating strong bullish reversal. The overall trend appears positive in the near term as the index has consistently remained above its moving average.

Furthermore, the momentum indicator RSI has shown a bullish crossover on the daily timeframe, suggesting strong momentum.

Looking ahead, there is potential for the index to move towards 19450 in the short term, indicating further upward movement. However, on the downside, there is support at 19000. Overall, the market is currently exhibiting bullish characteristics, with the Nifty reaching new highs as long as it sustains above 19000.

Ajit Mishra, SVP - Technical Research, Religare Broking

Markets extended the momentum on Friday and gained over a percent, in continuation of the trend. After the initial uptick, Nifty gradually inched higher as the day progressed and finally settled around the day’s high at 19189.05 levels. All sectors, barring metals, participated in the surge wherein recovery in the IT majors combined with continued buoyancy in banking, financial and auto heavyweights played a crucial role. The broader indices also followed suit and gained nearly half a percent each.

Participants are taking comfort from stability in global markets amid mixed cues and we expect the prevailing tone to continue. We are now eyeing the 19350+ zone in Nifty. Since all sectors are now contributing to the move, the focus should be on stock selection and the same holds for the midcap and smallcap pack as well.

Vinod Nair, Head of Research at Geojit Financial Services

The lack of global support had restrained the Indian indices from pursuing their record highs earlier, despite the presence of a resilient domestic macroeconomic background. With positive surprises assisting buoyancy in the global market and the advance of the southwest monsoon, the domestic market succeeded in marching to new highs with renewed strength.

Global investor sentiments were uplifted by a favourable revision in Q1 GDP, a fall in jobless claims, and the positive outcome of the Fed’s US bank stress test.

Rupee Close:

Indian rupee ended flat at 82.04 per dollar on Friday against Wednesday's close of 82.05.

Market Close:

Benchmark indices ended higher on June 30 with Nifty around 19,200.

At close, the Sensex was up 803.14 points or 1.26 percentat 64,718.56, and the Nifty was up 216.90 points or 1.14percentat 19,189. About 1,865 shares advanced, 1,543 shares declined, and 132 shares were unchanged.

The biggest gainers for the day on Nifty were M&M, Infosys, IndusInd Bank, Hero MotoCorp and Sun Pharma, while losers included Adani Ports, Divis Laboratories, Adani Enterprises, Apollo Hospitals and Bajaj Auto.

All the sectoral indices ended in the green with Information Technology index up 2.5 percent and PSU Bank index up 2 percent. Auto, and capital goods indices rosenearly 2 percent each.

The BSE midcap and smallcap indices gained 0.5 percent each.

Stock Market Live Updates | Jubilant Food postpones completion deadline to restructure overseas arms to June 2024

Jubilant FoodWorks informed that the proposed internal restructuring of certain overseas subsidiaries of the company is now likely to be completed on or before June 30, 2024 due to certain regulatory requirements.

Bharat Electronics Limited (BEL) has received new Defence and non-Defence orders worth Rs.2,191 crore

Sesnex Today Live Updates | Dollar firm ahead of PCE numbers, briefly pokes head above 145 yen

The yen weakened past the closely-watched 145 per dollar level on Friday although traders' fears of intervention by Japanese authorities kept it in check, while the dollar was also strong more broadly ahead of U.S. inflation data.

Barring unexpected interventions, the day's main event for FX markets is the U.S. personal consumption expenditure price index, which will be released at 0830 EST (1230 GMT) and will give the latest indicator of whether prices are slowing in the world's largest economy.

Stock Market Live Updates | Kotak Institutional Equities View On Voltas 

-Sell rating, target cut to Rs 710 per share
-Cut FY24 EPS estimate by 8 percent to factor in summer season washout for room AC business
-Cut FY25 EPS estimate by 9 percent to reflect continued intense competition & margin pressures

Voltas was quoting at Rs 760.15, down Rs 1.40, or 0.18 percent.

Stock Market Live Updates | Aurobindo Pharma subsidiary in Puerto Rico undertakes restructuring of facility to enhance production volume

Aurobindo Pharma's subsidiary Auro PR Inc based at Caguas, Puerto Rico, is undertaking a restructuring of its facility to enhance production volume, after completion of commitment for product supply to third party by early July 2023. As a result, Auro PR will not be conducting any manufacturing activity until the repairs / restructuring is complete. During the previous year, Auro PR Inc contributed 1.76% to the consolidated turnover of the company.

Aurobindo Pharma was quoting at Rs 727.50, down Rs 10.25, or 1.39 percent.

Stock Market Live Updates | Canara Bank gains on board nod to Rs 7,500-crore fund-raising plan

Canara Bank shares were trading around 2 percent higher in the afternoon trade after its board of directors approved Rs 7,500-crore fund-raising plan for the current financial year.

Of the Rs 7,500 crore, Rs 3,500 crore will be raised through additional Tier I bonds and the remaining Rs 4,000 crore through Tier II bonds, the bank said in an exchange filing. The board met on June 28.

Additional Tier I (ATI) bonds are unsecured bonds with no pre-determined maturity rate and issued to raise long-term capital. These bonds typically carry a higher coupon but are considered risky instruments in the event of a bank collapse. Tier II bonds are perpetual in nature and used by banks for subordinate debt.

Sensex Today Live Updates | Gold faces quarterly decline as rate hike bets grow

Gold prices are set for their first quarterly decline in three on Friday as expectations of more interest rate hikes by the U.S. Federal Reserve and its global peers dimmed the outlook for bullion.

Spot gold was down 0.3 percentto $1,901.99 per ounce by 0849 GMT, down 3.4percentfor the quarter ending June 30.

U.S. gold futures shed 0.4percentto $1,909.80.

Stock Market LIve Updates | PKH Ventures IPO subscribed 3% on first day of bidding

The initial public offering of PKH Ventures got a muted response from investors, as the offer was subscribed 3 percent after bids were received for 8.27 lakh equity shares against an IPO size of 2.56 crore by the afternoon on June 30, the first day of the bidding.

Retail investors and high networth individuals had bought 8 percent and 2 percent of the shares set aside for them. Up to 15 percent of the IPO is reserved for HNIs and 35 percent for retail.

Qualified institutional investors, who have 50 percent reservation, are yet to show their interest in the offer, which is the fourth IPO to hit the market in 10 days.

The Sensex was up 768.37 points or 1.20percentat 64,683.79, and the Nifty was up 206.70 points or 1.09percentat 19,178.80. About 1,746 shares advanced, 1,477 shares declined, and 123 shares were unchanged.

Sensex Today Live Updates | Oil heads for fourth straight quarterly decline 

-Oil prices rose above $75 a barrel on Friday but were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand.

Benchmark Brent crude futures for September delivery rose 78 cents or 1.05percentto stand at $75.29 at 0912 GMT. The less-traded front-month contract, which expires on Friday, was up 91 cents at $75.25.

The contract was on track for a 6percentdecline in the three months to the end of June, marking a fourth straight quarterly decline. Prices are at their lowest in 2 years.

U.S. West Texas Intermediate crude (WTI) rose 65 cents or 0.9percentto $70.51. The contract is down 7percenton a quarterly basis, its second consecutive quarterly drop.

Stock Market Live Updates | IdeaForge Technology IPO closes today, issue subscribed 84 times

The maiden public issue of IdeaForge Technology saw a robust demand among investors as the Rs 567-crore offer received bids for 39.04 crore equity shares against the IPO size of 0.46 crore shares. The offer was subscribed 84 times on June 30, the final day of bidding.
READ MORE

The Securities and Exchange Board of India (Sebi) extended the subscription period by a day to June 30 as the market was closed on June 29. The issue opened on June 26.

Retail investors, who have 10 percent reservation in the issue size, have bought 81.34 times the portion set aside for them, while employees have bid 90.19 times the allotted quota of share.

A total of 13,112 equity shares are being reserved for company's employees who will get the said shares at a discount of Rs 32 per share to the final issue price.

Stock Market Live Updates | KNR Constructions subsidiary signs concession agreement with NHAI for four laning road project in Karnataka

KNR Constructions' subsidiary KNR Kaveri Infra has signed concession agreement for construction of access controlled four laning road project with National Highways Authority of India (NHAI).

KNR Kaveri Infra has been incorporated for implementation of construction of access controlled four laning with paved shoulder from Mysore to Kushalnagara section, on Hybrid Annuity Mode under NH(O) in Karnataka.

Stock Market Live Updates | Cyient DLM IPO subscribed 32.95 times on final day

The initial public offer (IPO) of Cyient DLM was subscribed 32.95 times on the last day of bidding on June 30 as investors subscribed for 43.93 crore equity shares against the issue size of 1.33 crore shares.

Retail investors and high networth individuals bid 42.47 times and 35.02 times their allotted quota of share, while the portion set aside for qualified institutional investors was subscribed 31.58 percent. Click To Read More

Stock Market Live Updates | Zim Laboratories to make strategic investment in Australia, MENA region to expand presence

Zim Laboratories announced strategic investments in Australia and the MENA region to expand its presence in developed and pharmerging markets. For Australia and New Zealand markets, ZIM approved an investment in a local startup company for new innovative products (NIP) and oral thin films (OTF). In the MENA region, ZIM's subsidiary, ZIM Laboratories FZE, Sharjah, will invest and partner with a local experienced business entrepreneur.

Stock Market Live Updates | Morgan Stanley View On HDFC Asset Management Company

-Equal-weight call, target at Rs 1,840 per share
-SEBI to release a revised consultation paper on TERs, likely positive
-Regulator expects the industry to be ‘quite happy’ with the proposal
-At the margin, this appears to be positive for AMCs

Stock Market Live Updates | 

AdityaBirlaCapital shares rose 1 percent after huge blockdeal

Shares of Aditya Birla Capital rose 1 percent after a huge block deal. Around 1.35 million shares of the stocks changed hands in the first bunch while around 1.2 million shares changed hands in the second bunch. However, details of the buyers and sellers were not known.

Foreign brokerages raise target price for these stocks. Do you own any of them?

Stock Market Live Updates | 

IT stocks are trading higher after recent data releases have revealed unexpected strength in various sectors of the US economy, indicating resilience and pushing back the possibility of a recession.

Infosys Ltd rose 2.8 percent,Tata Consultancy Services gained 2.4 percent,LTIMindtree jumped 2.3 percent,Wipro climbed 1.3 percent,Tech Mahindra 1.8 percent,HCL Technologies 1.1 percent, BSE IT Index jumped 2 percent.

According to reports on Tuesday, there was a notable increase in the annual rate of new home purchases, surpassing expectations. Durable goods orders also exceeded estimates, and consumer confidence reached its highest level since the beginning of 2022. Housing prices in the US have experienced a consecutive monthly rise for the third month in a row. Data also showed that the first quarter economic growth was higher than estimated while initial jobless claims were lower than forecasts. Overall, these developments depict a positive outlook for the US economy and suggest a delay in any imminent recession.

Stock Market Live Updates | IdeaForge Technology IPO closes today, issue subscribed 70.6 times

The maiden public issue of IdeaForge Technology saw a robust demand among investors as the Rs 567-crore offer received bids for 32.82 crore equity shares against the IPO size of 0.46 crore shares. The offer was subscribed 70.6 times on June 30, the final day of bidding.

The Securities and Exchange Board of India (Sebi) extended the subscription period by a day to June 30 as the market was closed on June 29. The issue opened on June 26.

Retail investors, who have 10 percent reservation in the issue size, have bought 78.68 times the portion set aside for them, while employees have bid 87.52 times the allotted quota of share.

A total of 13,112 equity shares are being reserved for company's employees who will get the said shares at a discount of Rs 32 per share to the final issue price. Read More

Daily Voice | Financial sector to see moderation in earnings, JM Financial's Vinay Jaising

Market at 2 PM

The Sensex was up 672.11 points or 1.05percentat 64,587.53, and the Nifty was up 184.00 points or 0.97percentat 19,156.10. About 1,811 shares advanced, 1,397 shares declined, and 114 shares were unchanged.

Stock Market Live Updates | Suzlon Energy gains 3%, trades at 5-year-high levels

Shares of Suzlon Energy gained over 3 percent on June 30, extending the rise for the fourth session in a row as sentiment for the stock ran high, especially after positive earnings and large orders.

The stock is trading at a five-year high, with a 43 percent 6-month return and 143.24 percent annual return.

India has amended its wind energy policy and has introduced a series of policy initiatives, including discontinuing reverse auctions, introducing wind-specific renewables purchase obligations (RPOs), and planning to auction 10GW per annum. These policies are expected to generate tailwinds for the industry. Read More

Sensex Today Live Updates | PKH Ventures IPO off to a slow start, subscribed 3%

The initial public offering of PKH Ventures got a muted response from investors, as the offer was subscribed 3 percent after bids were received for 6.93 lakh equity shares against an IPO size of 2.56 crore by the afternoon on June 30, the first day of the bidding.

Retail investors and high networth individuals had bought 7 percent and 2 percent of the shares set aside for them. Up to 15 percent of the IPO is reserved for HNIs and 35 percent for retail.

Qualified institutional investors, who have 50 percent reservation, are yet to show their interest in the offer, which is the fourth IPO to hit the market in 10 days.

The construction and development company, which did not have any anchor portion, is looking to raise Rs 379.35 crore. The price band for the offer is Rs 140-148 a share.

European equity markets opened in slightly positive territory Friday, after making marginal gains throughout the week, with investors keeping an eye on upcoming euro zone inflation data.

Sensex Today Live Updates | IdeaForge Technology IPO closes today, issue subscribed 53.63 times

The maiden public issue of IdeaForge Technology saw a robust demand among investors as the Rs 567-crore offer received bids for 24.93 crore equity shares against the IPO size of 0.46 crore shares. The offer was subscribed 53.63 times on June 30, the final day of bidding.

The Securities and Exchange Board of India (Sebi) extended the subscription period by a day to June 30 as the market was closed on June 29. The issue opened on June 26.

Retail investors, who have 10 percent reservation in the issue size, have bought 70.54 times the portion set aside for them, while employees have bid 75.19 times the allotted quota of share.

A total of 13,112 equity shares are being reserved for company's employees who will get the said shares at a discount of Rs 32 per share to the final issue price. Read More

F&O Manual: Even as bulls charge ahead, struggle lies beyond 19,200 for Nifty

Stock Market Live Updates | M&M hits 52-week high after receiving PLI eligibility certificate

Mahindra and Mahindra Ltd (M&M) shares gained over 3 percent on June 30 and hit a 52-week high of Rs 1,450, a day after becoming the first company to receive the eligibility certificate under the production-linked incentive (PLI) scheme for automobiles.

This will enable the company to avail subsidies from the government under the Rs 25,938 crore scheme encouraging companies to increase domestic production, create jobs and boost economic growth.

Stock Market Live Updates | Bandhan Bank Large Trade | 48.43 lakh shares (0.30% equity) worth Rs 113.81 crore change hands at average of Rs 234.40 per share, reported CNBC-TV18.

Mixed June for auto sales: PVs, tractors to race ahead, CVs and two-wheelers may skid

Morgan Stanley View On Multi Commodity Exchange of India

-Underweight call, target at Rs 1,125 per share
-Transition of technology platform to TCS is further delayed
-Extension of its contract with 63 Moons will wipe out most of its F24 profit
-FY25 profit forecasts are unlikely to be affected if implementation happens by December 2023

Stock Market Live Updates | Sanghi Industries resumes operations at Gujarat-based cement plant

Sanghi Industries has resumed its operations at cement plant in Kutch, Gujarat. The operations at plant were halted due to cyclone Biparjoy.

Stock Market Live Updates | South Asia Growth Fund II Holdings reduces stake in Syrma SGS Technology

South Asia Growth Fund II Holdings LLC has offloaded 10.37 lakh shares or 0.58percentstake in Syrma SGS Technology. The average selling price was Rs 460.47 per share. As of March 2023, South Asia Growth Fund held 1.06 crore shares or 6.02percentshareholding in Syrma SGS.

Syrma SGS Technology was quoting at Rs 441.45, down Rs 1.50, or 0.34 percent.

Sensex Today

Benchmark indices extended the gains and traded at the day's high with Nifty around 19150.

The Sensex was up 611.32 points or 0.96percentat 64,526.74, and the Nifty was up 169.60 points or 0.89percentat 19,141.70. About 1,859 shares advanced, 1,328 shares declined, and 113 shares were unchanged.

Stock Market Live Updates | Leading Light Fund VCC the Triumph Fund sells 1.47% stake in Global Surfaces

Leading Light Fund VCC the Triumph Fund sold 6.25 lakh shares or 1.47percentshareholding in Global Surfaces at an average price of Rs 204.16 per share. Leading Light Fund VCC the Triumph Fund had held 4.57percentstake or 19.36 lakh shares in Global Surfaces as of March 2023.

Stock Market Live Updates | Kalpataru Projects International bags 2 orders worth Rs 1,008 crore

Kalpataru Projects International & its international subsidiaries have secured new orders/ notification of awards of Rs 1,008 crores.

The T&D business got order of Rs 635 Crores in India and overseas markets and other order is for civil works for buildings in India of Rs 373 crores.

On a consolidated basis, the company’s order inflows stand at Rs 5,122 crores in Q1 FY24.

Mcap of BSE-listed firms at all-time high of Rs 295.72 lakh crore

Sensex Today Live Updates | Tridhya Tech plans to raise up to Rs 26.41 crores from IPO; opens on June 30, 2023

Ahmedabad-based leading software development company, Tridhya Tech Ltd plans to raise up to Rs. 26.41 crore from its SME public issue which opens for subscription on June 30.

The company plans to use the proceeds of the public issue for the repayment of unsecured and secured loans and general corporate purposes for the company’s business activities. Following the IPO, company’s shares will be listed on the SME Emerge Platform of the National Stock Exchange. Interactive
Financial Services Ltd is the lead manager of the issue. The public issue will close on July 5.

Sensex Today Live Updates | Cyient DLM IPO subscribed 14.72 times on final day

The initial public offer (IPO) of Cyient DLM was subscribed 14.72 times on the last day of bidding on June 30 as investors subscribed for 19.61 crore equity shares against the issue size of 1.33 crore shares.

Retail investors and high networth individuals bid 37.73 times and 24.16 times their allotted quota of share, while the portion set aside for qualified institutional investors was subscribed 3.49 percent.

Employees portion received bids of 1.99 times the allotted quota of share. Read More

Stock Market Live Updates | Goldman Sachs picks additional shares worth Rs 1,099.8 crore in Adani Green Energy

Goldman Sachs Trust II - Goldman Sachs GQG Partners International Opportunities Fund has bought additional 1.19 crore equity shares or 0.75 percentstake in Adani Green Energy via open market transactions at an average price of Rs 920.05 per share. However, promoter group entity Infinite Trade and Investment Ltd sold 4.6 crore shares or 2.9percentstake in the firm at an average price of Rs 920.03 per share.

Adani Green Energy Limited was quoting at Rs 947.00, down Rs 11.40, or 1.19 percent.

Stocks Market Live Updates | MT Educare has defaulted on payment of principal & interest amount of Rs 32.33 cr

MT Educare has defaulted on payment of principal & interest amount of Rs 32.33 crores due on June 30, 2021 to the lenders Asset Care & Reconstruction Enterprise Limited (ARCE) and Axis Bank.

Stock Market Live Updates | Bikaji Foods International trades lower on stake sale

Bikaji Foods International Ltd fell around a percent on June 30 after Maharaja Limited sold more than 60 lakh shares in the Indian snack maker.

The Mauritius-incorporated company sold 60,55,483 shares, or a 2.43 percent stake, in Bikaji Foods at an average price of Rs 422.67 a share, the India firms said on an after-market-hours filing on June 28. Read More