Taking Stock: Market At Fresh Record Closing Highs; Realty Stocks Shine
Among sectors, selling saw in the Nifty pharma and Nifty PSU Bank stocks. BSE Midcap and Smallcap indices rose 0.6 percent and 0.4 percent, respectively.... Read More
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 85,712.37 | 447.05 | +0.52% |
| Nifty 50 | 26,186.45 | 152.70 | +0.59% |
| Nifty Bank | 59,777.20 | 488.50 | +0.82% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Shriram Finance | 854.90 | 26.75 | +3.23% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Interglobe Avi | 5,370.50 | -66.00 | -1.21% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 8381.75 | 125.05 | +1.51% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Pharma | 22947.20 | -11.80 | -0.05% |
Markets edged marginally higher in a range-bound session, taking cues from stable global indices. After the initial uptick, the benchmark hovered in a narrow band however movement on the stock-specific front kept the participants busy till the end. Finally, the Nifty index ended higher by 0.4% at 15,869 levels. Amongst the sectoral indices, except healthcare and metal, all the other indices ended in the green wherein banking, realty, and oil & gas were the top gainers. The broader markets too witnessed healthy buying interest as both midcap and small cap ended higher by 0.4% and 0.6% respectively.
Nifty has been trading in an uptrend channel on the intraday chart and currently hovering around the upper band of the same. We’re seeing an early sign of a rebound in the banking index which could trigger a further surge. Traders should continue their focus on the selection of stocks and avoid contrarian bets.
The market witnessed a lackluster movement and an attempt to overcome the resistance level around the Nifty 50 Index level of 15900. While a breakout above 15900 is the key factor from a short-term perspective, anything above this level is important for the market to gain momentum, which could lead to an upside projection till 16200 levels.
The momentum indicators like RSI, MACD to further strengthen in favor of a positive outlook and advise the traders to consider a breakout above 15900 as an opportunity to build fresh long position.
The Nifty finally managed to hit the 15900 level but ended up closing a tad below. The zone of 15900-16100 is a resistance block and traders should be cautious around these levels.
A buy on dips approach would be a prudent form of trading this patch. 15700-15750 is a good support for the index and as long as that does not break, we are in the territory of the bulls.
Indian rupee erased early gains andendedlower at 73.31per dollar, amid buying saw in the domestic equity market.It opened marginally higher at 73.19 per dollar against previous close of 73.27 and traded in the range of 72.16-73.34.
Rupee traded weak on the back of higher Crude prices and firmer Dollar index above USD 90. FOMC meeting will be keenly watched for next two days which shall give further clarification on spending by Fed. The range for rupee weakens between 73.10-73.60 in coming sessions.
Benchmark indices extended the winning streak for the fourth consecutive day on June 15 and ended at fresh record closing levels.
At close, the Sensex was up 221.52 points or 0.42% at 52773.05, and the Nifty was up 57.40 points or 0.36% at 15869.30. About 1894 shares have advanced, 1256 shares declined, and 139 shares are unchanged.
Among sectors, selling saw in the pharma, metal, PSU Bank and power stocks, while oil & gas, bank, IT and realty indices ended in the green.
Asian Paints, Axis Bank, ICICI Bank, HDFC Life and HUL were among the top gainers, while losers included Divis Labs, Coal India, Bajaj Finserv, Hindalco Industries and Dr Reddy’s Labs.
The public issue of Shyam Metalics and Energy has subscribed 2.45 times on June 15, the second day of bidding, amid strong interest from retail investors.
The offer has received bids for 5.16 crore equity shares against the IPO size of 2.1 crore equity shares, the subscription data available on exchanges showed.
The portion set aside for retail investors witnessed a subscription of 4.33 times and that of employees 50 percent. The reserved portion of qualified institutional buyers was subscribed 7 percent and non-institutional investors 1.37 times.
We recommend ‘SUBSCRIBE’ for long term on Sona Comstar’s IPO given i) huge addressable market considering strong growth potential of EV/hybrid products (~41% of revenue), ii) diversification across geographies (~75% revenue from exports) and iii) market share gains in key products.
The company is one amongst limited number of players who is well placed to integrate 3 constituents of electric powertrain (differential assembly, high voltage traction and high voltage inverters) into a single matched unit offering an efficient and compact solution to EV OEMs.
The issues around mobile banking app is now resolved. Customers can now use NetBanking and mobile banking app for transactions. We regret the inconvenience and thank you for your patience, in a statement, the private lender HDFC Bank said.
The public offer of Sona BLW Precision Forgings (Sona Comstar) witnessed a 20 percent subscription on June 15, the second day of bidding, amid interest across investor classes.
The retail portion has been booked 82 percent, while the portion set aside for qualified institutional buyers has subscribed 9 percent and non-institutional investors 2 percent.
