Closing Bell: Nifty above 23,300, Sensex up 150 pts; mid, smallcaps shine

Indian benchmark indices ended higher on June 12 with Nifty above 23,300. The Sensex was up 149.98 points or 0.20 percent at 76,606.57, and the Nifty was up 58.20 points or 0.25 percent at 23,323.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

Nifty witnessed yet another day of consolidation. It opened with gains however as the day progressed it witnessed profit booking at higher levels though managed to close in the green up ~58 points. On the daily charts, we can observe that the Nifty has been broadly trading in the range of 23450 – 23200 since the last three trading sessions. The hourly momentum indicator has a negative crossover and thus the rallies are fizzling out at higher levels. The ideal strategy would be to buy on a dip around 23150 – 23100 where support in the form of the 40 hour moving average is placed. On the upside, 23400 – 23450 remains the target zone. The broader market witnessed outperformance continues for the second consecutive day with the Mid and Small Cap Index was up by 1.04% and 1.23% respectively.

Bank Nifty tried to breakout above 50300 however fizzled out though managed to close in the green up ~190 points. Ideally, dips towards 49600 - 49500 should be used as a buying interest for target of 50500 – 50600.

Nifty may consolidate within 23,300-23,500: Rupak De, Senior Technical Analyst, LKP Securities

The Nifty closed flat after a strong initial hour of trading, encountering resistance around 23,400. However, the short-term trend remains positive as the index stayed above 23,300. In the near term, the index might continue consolidating within the 23,300-23,500 range. A decisive breakout above 23,500 could trigger a rally towards 23,800.

Nifty has support at 23,150, says Aditya Gaggar Director of Progressive Shares

Indian bourses began the session on a strong note and registered a new high in the opening trade itself but due to a lack of follow-through, the Index remained rangebound and a reversal in last hour of trade dragged the Nifty50 lower to settle at 23,322.95 with gains of 58.10 points.

Broader indices continued to dominate the markets as Mid and Smallcaps advanced over 1% each.

Among the sectors, Media and PSU Banking outshined while FMCG was the major laggard.

Shooting Star candlestick pattern at the record levels suggests weakening of a bullish momentum at the higher end. A firm close above 23,400 is a must to extend its northward journey while on the lower side, the support is placed at 23,150.

Currency Check | Rupee closes flat

Indian rupee ended flat at 83.54 per dollar on Wednesday versus Tuesday's close of 83.57.

Market Close | Sensex, Nifty end higher; mid, smallcaps shine

Indian benchmark indices ended higher on June 12 with Nifty above 23,300.

The Sensex was up 149.98 points or 0.20 percent at 76,606.57, and the Nifty was up 58.20 points or 0.25 percent at 23,323. About 2284 shares advanced, 1159 shares declined, and 74 shares unchanged.

Coal India, Power Grid, SBI Life Insurance, Tech Mahindra and Eicher Motors are among the top gainers on the Nifty, while losers are Britannia, HUL, M&M, Titan Company and Tata Consumer.

On the sectoral front, except FMCG and Realty, all other indices ended in the green with telecom, media, capital goods, metal, oil & gas and power up 1 percent each.

BSE Midcap and Smallcap index gained 1 percent each.

Sensex Today | ICRA reaffirms credit ratings to LGB Forge' bank facilities

ICRA has reaffirmed the long-term rating of [ICRA]BB+ and the short-term rating of [ICRA]A4+ assigned earlier to the Rs 27 crore bank facilities of the company, and has assigned a long term rating of [ICRA]BB+ and the short-term rating of [ICRA]A4+ to the enhanced captioned limits of Rs 21 crore.

Sensex Today | GTL Infrastructure receives letter from Serious Fraud Investigation Office for investigation into affairs of the company

Brokerage Call | UBS picks CG Power, HAL, ABB

#1 Expect most of policy initiatives to continue which should augur well for sustained growth momentum around focused themes including defence manufacturing, electrification
#2 Expect 19/18/18 percent CAGRs in orders/top-line/EBITDA across coverage over FY24-28
#3 CAGR led by continued momentum on urban infra, defence, mobility
#4 Top pick pecking order: CG Power, HAL, ABB

Stock Market LIVE Updates | LTIMindtree in collaboration with SNP launches MELD

LTIMindtree in collaboration with SNP has launched its latest platform ‘MELD’ for accelerated and reliable realisation of mergers, acquisitions and divestitures that accelerates data integrations and process harmonizations for customers.

Sensex Today | PT TVS Motor Company showcases TVS iQube electric scooter at the Jakarta fair in Indonesia

Brokerage Call | Morgan Stanley keeps 'overweight' rating on Page Industries

#1 Target Rs 41,222
#2 Medium-term aspiration is to deliver double-digit volume
#3 Management hopeful that end consumer demand improves in the next two quarters
#4 Management focused on maintaining margins even in a weak demand period
#5 Company is currently focusing more on back-end efficiencies & cost savings to maintain margin

Markets@3 | Sensex gains 280 pts, Nifty above 23,350

The Sensex was up 282.85 points or 0.37 percent at 76,739.44, and the Nifty was up 96.70 points or 0.42 percent at 23,361.50. About 2299 shares advanced, 1137 shares declined, and 76 shares unchanged.

BSE Midcap and Smallcap index gained 1 percent each.

On the sectoral front, except FMCG and Realty, all other indices were trading in the green with capital goods, metal, oil & gas and power up 1 percent each.

Sensex Today | India may grow 6.7% on average from FY25-FY27: World Bank

The World Bank on June 11 retained its GDP growth projection for India at 6.6 percent in FY25.

Back in April, the World Bank had raised its GDP growth projection for India by 20 basis points to 6.6 percent for the ongoing financial year.

The global agency said that India will remain the fastest-growing of the world’s largest economies, although its pace of expansion is expected to moderate. After a high growth rate in 2023-24, steady growth of 6.7 percent per year, on average, is projected for the three fiscal years beginning in 2024-25, according it its Global Economic Prospects for June 2024.

World Bank see India's GDP growth at 6.7 percent in FY26 and 6.8 percent in FY27.

Sensex Today | USDINR spot to between 83.20-84: Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas

Indian Rupee appreciated marginally by 0.03% today on positive domestic markets. Nifty touched a fresh all-time high. However, a positive US Dollar and surge in crude oil prices capped sharp gains. US Dollar gained on expectations of further delay in first interest rate cut by the US Federal Reserve.

We expect Rupee to trade with a slight negative bias on as US Dollar is expected to strengthen amid expectations of a no change in FOMC meeting. However, investors would watch out for Fed Chair Jerome Powell’s speech for cues on rate cut. Traders may take cues from India’s CPI and IIP data. Traders may also take cues from CPI data from the US. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 84.

Sensex Today | Cement stocks in focus; Saurashtra Cement up 11%

Sensex Today | Minor fire accident takes place at Indo Amines' Dombivli, Thane unit on June 12

Brokerage Call | Citi keeps 'buy' on IndusInd Bank, target Rs 2,010

#1 Deposits to gather pace; estimates liability growth of 16-18 percent
#2 NIMs guidance of 4.2-4.3 percent, favourably positioned when interest rate cycle turns
#3 Will contain slippages at <2.0 percent & credit cost at 1.1-1.3 percent
#4 Estimates 2.5 percent/4 percent/0.5 percent slippage in VF/MFI/corporate banking in the near term
#5 Continue to invest into distribution, digital, human capital

Commodity Corner | Mohammed Imran – Research Analyst, Sharekhan by BNP Paribas

WTI Crude oil has kept the bullish momentum alive in the first three sessions of the week, supported by a strong demand outlook by OPEC’’s monthly report along with EIA revising up demand outlook from 0.9mbpd to 1.1mbpd. OPEC kept its demand outlook unchanged at 2.25 mbpd for 2024.

Traders should look for the US CPI numbers, while the street expects a 0.1% on month rise, any reading above could put pressure on oil prices.

WTI prices are up 2% for the week, but we expect some moderation in prices, the counter will face resistance at $80 and we expect prices to fall back to $76.50 levels. We advise shorting the rallies.

Brokerage Call | Emkay Institutional Equities sees prolonged discretionary spending pressures to persist in IT

Pressures on discretionary spending are likely to persist in the near term amid a weak macro environment, according to Emkay Global's analysis of Q4 FY24 results from 26 global information technology (IT) companies. While some positive signals are emerging in select geographies and verticals, the overall environment remains soft. Hyperscalers and SaaS-based players have experienced stronger demand driven by cloud services.

Emkay Global suggests that an interest rate cut could potentially trigger clients to reinitiate their spending cycles and increase discretionary spending. If rate-cut expectations materialize, earnings downgrades could bottom out by the first half of FY25. Recent actions by the European Central Bank (ECB) and the Bank of Canada indicate a trend towards rate reductions. Read More

Stock Market LIVE Updates | Paytm stock sees sudden surge, up over 6%

Despite the surge, volumes were still lower than the 1-week, 20-day and one-month averages.

Brokerage Call | Jefferies keeps '`buy' call on Tata Motors, price target at Rs 1,250

#1 Reiterated focus on strengthening franchise
#2 Focus on improving profitability in both PVs and CVs
#3 In PVs, co intends to raise its market share to 16% in FY27 and 18-20% by FY30
#4 In CVs, co aims to raise the share of non-vehicle rev to 20% in medium term to reduce volatility
#5 Targets double-digit EBITDA margin in CV & PV (ICE), and breakeven in EV by FY26

Stock Market LIVE Updates | PSU stocks continue to roar; BSE PSU index gains over 1% led by MMTC, CONCOR and Engineers India

Brokerage Call | Morgan Stanley keeps 'equal-weight' call on Tata Motors, target Rs 1,100

#1 Individual businesses are now self-sustaining
#2 Demergers are next logical step to further empower the business
#3 Supportive macro to aid a longer CV cycle
#4 CV business margin target of 'strong double-digits'
#5 PVs target 16 percent market share target by FY27; 18-20 percent by FY30
#6 EV penetration target of 30 percent
#7 Growth supported by new nameplate launches & channel expansion
#8 ICE margin target in the double-digits & EV business EBITDA break-even target by FY26

Sensex Today | BSE Metal index rises 1%; Coal India, NMDC, Jindal Steel up 2% each

Brokerage Call | Jefferies keeps ‘buy’ rating on Tata Motors, target Rs 1,250

#1 Reiterated focus on strengthening franchise
#2 Focus on improving profitability in both PVs and CVs
#3 In PVs, co intends to raise its market share to 16 percent in FY27 18-20 percent by FY30
#4 In CVs, co aims to raise share of non-vehicle rev to 20 percent in medium-term to reduce volatility
#5 Targets double-digit EBITDA margin in CV & PV (ICE), & breakeven in EV by FY26

Stock Market LIVE Updates | Wipro introduces Lab45 AI Platform

Wipro announced the launch of the Lab45 Artificial Intelligence (AI) Platform, which leverages Generative AI (GenAI) machine learning (ML), and deep learning technologies to enable companies to realize enhanced efficiencies, transform business functions, and enable industry-specific solutions.

Lab45 is Wipro’s Innovation Lab and the Lab45 AI platform is available to all Wipro employees and clients.

Sensex Today | Nifty PSU Bank index jumps 1.3%; Central Bank of India, IOB, Bank of Baroda top contributors

Stock Market LIVE Updates | Sree Rayalaseema Hi Strength's CMD resigns

T.G. Bharath has resigned from the post of chairman and managing director of the company/board vide his letter dated 12.06.2024.

Sensex Today | Ircon International and HCC settle dispute under scheme notified by MoF

Sensex Today | GP Petroleums' IT infrastructure targeted by a ransomware attack

The comapny informed that an attack on its cyber-security system occurred on 10th June, 2024, wherein company's IT infrastructure was targeted by a ransomware attack.

However, the incident has not impacted the core systems and operations of the company.

Sensex Today | DCB Bank appoints Krishnan Sridhar Seshadri as an additional director

Stock Market LIVE Updates | LTI Mindtree inaugurates its regional headquarters in Riyadh, Saudi Arabia

Sensex Today | BSE PSU index gains 1.4%; Container Corporation, MMTC up 5% each

Brokerage Call | Jefferies keeps 'buy' rating on GMR Airports, target Rs 100

#1 Expansion at Delhi/Hyderabad airports to aid traffic growth and non-aero revenues
#2 Merger of GIL & GAL targeted to complete in this quarter
#3 Company filed new tariff application for Dial, may be implemented by Q4FY25
#4 Management’s focus is on developing airport platform strategy
#5 Management’s focus is on consolidating the non-aero businesses and reducing complexity
#6 Focus on managing leverage in FY25

Sensex Today | Nifty Media index rises 1.6%; Dish TV, Network 18 Media, Sun TV Network up 3-10%

Sensex Today | 1.28 million shares of Indian Hotels traded in a bunch: Bloomberg

Sensex Today | BSE Capital Goods index up 1%; Praj Industries, Suzlon Energy gain 4% each

Sensex Today | TCS launches new IoT Engineering Lab in Ohio to accelerate innovation for clients

Markets@1 | Sensex, Nifty trade near day's high

The Sensex was up 417.82 points or 0.55 percent at 76,874.41, and the Nifty was up 140.20 points or 0.60 percent at 23,405.

Coal India, Power Grid Corp, Eicher Motors, Shriram Finance and SBI Life Insurance were among the top gainers on the Nifty, while losers were HUL, Britannia Industries, Titan Company, Tata Consumer and Adani Ports.

Sensex Today | Haldiram’s mulls IPO as sale talks stall: Bloomberg

IPO Check | ixigo IPO issue subscribed 23x on day 3

The initial public offering (IPO) of Le Travenues Technology, which operates the travel booking platform ixigo, continued to witness robust investor interest on June 12, the final day of bidding. The offer was subscribed 23.3 times. Investors subscribed for 102.1 crore shares as against the offer size of 4.37 crore shares, according to subscription data.

Unlike the first two days, non-institutional investors (NIIs) or high networth individuals (HNIs) led, bidding 56.16 times the allotted quota, followed by retail investors who bought 33.5 times the reserved portion. The portion set aside for qualified institutional buyers (QIBs) was subscribed 3.52 times.

Sensex Today | Patanjali Foods clarifies on report of Patanjali Ayurved’s non-food business to merge with Patanjali Foods

The board of directors of Patanjali Foods at its meeting held on April 26, 2024 had discussed the initial proposal received from Patanjali Ayurved Limited (PAL) for a sale of PAL’s non-food business undertaking to the company.

A committee comprising of an independent director, CEO and CFO was formed to evaluate the proposal, carry out due diligence and valuations etc. which is in progress.

Sensex Today | Tata Steel target net debt-to-EBITDA below 2.5x across cycle

Stock Market LIVE Updates | Go Digit General Insurance Q4 profit at 53 crore

Go Digit General Insurance posted profit of Rs 53 core for the Q4FY24 against Rs 26 core in Q4FY23.

As of March 31, 2024, the asset under management stands at Rs 15,764 crore, compared to Rs 12,668 crore as at March 31, 2023, up 24.4 percent.

Sensex Today | Brigade Group to Invest Rs 8,000 crore in Chennai; to Launch 15 mn sqft by 2030

Brigade Group announced the launch of Brigade Icon Residences, part of an exquisite high-end mixed-use development located in the heart of Chennai’s historic Mount Road.

The company has planned an investment of over Rs 8,000 crores by 2030 in Chennai to expand its business in the city, with a strong pipeline of projects across the spectrum of residential, office, retail and hospitality for over 15 mn. sqft.

The Gross Development Value (GDV) of the residential projects alone is estimated to be over Rs 13,000 crore.

Sensex Today | Tata Communications signs broadcasting services deal with World Athletics

Tata Communications today announced a five-year global host broadcasting services deal covering the World Athletics Series of events. From 2025, Tata Communications will be a key strategic supplier for World Athletics, with a view to elevating innovation and audience engagement to new heights.

Sensex Today | 1.02 million shares of Hindalco Industries traded in a bunch: Bloomberg

Sensex Today | 1.3 million shares of Power Finance traded in a bunch: Bloomberg

Sensex Today | BPCL clarifies on media report

This is with reference to the news item published in the Economic Times on 11th June 2024 regarding ‘BPCL plans to set up new refinery for Rs 50,000 crore’, in this respect the company has clarified that at present no such formal proposal has been initiated. However, exploring various options for refinery expansion.

Sensex Today | 1.04 million shares of M&M traded in a bunch: Bloomberg

Stock Market LIVE Updates | Solara Active Pharma Sciences' right issue oversubscribes by 1.44 times

Solara Active Pharma Sciences announced the closure of its Rights Issue today for raising funds aggregating to Rs 449.95 crore.

The issue opened on May 28, 2024 and closed on June 11, 2024 for issue of 1,19,98,755 equity shares for raising Rs 449.95 crore, at an issue price of Rs 375.00 per equity share. The Issue was oversubscribed by ~1.44 times.

The funds proposed to be raised via rights issue are in multiple calls and will be used in the manner described in the letter of offer dated May 09, 2024, including repayment of debt. The application money per share is Rs 131.25 per equity share, aggregating to Rs 157.48 crore.

Sensex Today | Bhandari Hosiery Exports fixes June 19 as record date for right issue

Bhandari Hosiery Exports has fixed Wednesday, 19th June, 2024, as the record date for the purpose of determining names of the shareholders of the company eligible to apply for the equity shares in the rights issue of the company.

Brokerage Call | Sun TV at 52-week high; Axis Capital maintains ‘add’ rating

#1 Target raised to Rs 810 vs Rs 600
#2 Muted ad growth over FY22-24 still better than Zee's 4 percent decline
#3 Despite high competitive intensity, market share stable in Tamil
#4 Lost significant share in Telugu, at 12 percent Vs 20 percent earlier
#5 Lost significant share in Kannada, at 20 percent Vs 25 percent earlier
#6 Market share in newer markets of Bangla and Marathi remains low at 2-3 percent
#7 Targets to foray in Hindi market (SUN Neo) but scale-up in content investments to be gradual
#8 Sports business sees healthy EBITDA surge, expected to sustain
#9 Improvement in performance in IPL 2024 will further aid revenue/profitability in FY25
#10 Valuation inexpensive at current levels
#11 There is optionality in share buyback or a one-time dividend payout
#12 There is optionality in possible demerger of its sports business
#13 If sports business demerger materialises, can potentially unlock value for shareholders
#14 Value broadcasting business at 13x P/E and IPL business at 25x P/E

Sensex Today | NHPTL ceases to be associate company of NHPC

The board of directors of NHPTL (National High Power Test laboratory Pvt. Ltd) in its meeting held on 10.06.2024 has approved the transfer of 1,31,63,750 shares from NHPC to Power Grid Corporation of India, in line with the supplementary JV agreement signed between JV partners of NHPTL.

The post-transaction equity holding of NHPC in NHPTL becomes 12.50 percent from 20 percent. Accordingly, NHPTL ceases to be an associate company of NHPC.

Sensex Today | AGS Transact starts deployment of 1,350 ATMs of SBI

AGS Transact Technologies has commenced the deployment of 1,350 ATMs, an order won from the State Bank of India (SBI) in FY24. The company is expected to complete the deployment by H1FY25.

Sensex Today | Honasa Consumer partners with Reliance Retail. Mamaearth products to be available at Reliance Retail stores: CNBC Awaaz

Markets@12 | Sensex gains 520 pts, Nifty above 23,400

The Sensex was up 526.06 points or 0.69 percent at 76,982.65, and the Nifty was up 166.50 points or 0.72 percent at 23,431.30. About 2399 shares advanced, 947 shares declined, and 73 shares unchanged.

Sensex Today | Muthoot Microfin’s USD 25 million greenshoe option oversubscribed

Muthoot Microfin has announced that the greenshoe portion of the ECB was oversubscribed from USD 25 million to USD 38 million and was participated by Union Bank of India (DIFC Branch), Bank of Bahrain and Kuwait B.S.C., Bank of India (DIFC Branch, Dubai), Mega International Commercial Bank Co. Ltd. (Labuan Branch).

Sensex Today | Home finance stocks surge in 6 days, but Morgan Stanley skeptical of PMAY impact

Shares of home financiers have been steadily rising since their drop on June 4, buoyed by expectations of more welfare schemes following the NDA-led coalition government's initiatives. Stocks like Aavas Financiers, Can Fin Homes, Home First Finance, Aptus Value, LIC Housing, and PNB Housing have surged up to 22 percent over six days, compared to a 7 percent rise in the Nifty 50 index.

To further boost sentiment, the newly formed government approved a proposal on June 10 to build 30 million additional homes for the urban and rural poor under the Pradhan Mantri Awas Yojana (PMAY). Over the past decade, 42.1 million houses have been completed under this scheme. Read More

Sensex Today | Three names submitted for Federal Bank MD & CEO post: Sources to CNBC-TV18

#1 Three names likely to have been submitted to RBI for MD & CEO post
#2 KVS Manian, Ex Dy MD, Kotak Mahindra Bank, is likely external candidate
#3 Likely internal candidates are Shalini Warrier & Harsh Dugar, EDs of the bank
#4 Federal Bank has not yet responded to CNBC-TV18’s query

Sensex Today | Nifty Bank index reclaims the psychological 50,000 mark; gains nearly a percent

Sensex Today | Castrol India appoints Kedar Lele as managing director

Castrol India has informed that Sandeep Sangwan will relinquish his office as managing director of the company with effect from close of business hours on 31 October 2024 to pursue another role within bp.

The board of directors has appointed Kedar Lele as an additional director and managing director of the company with effect from 1 November 2024, for a period of 5 years, subject to the approval of the shareholders of the company.

Brokerage Call | Morgan Stanley keeps ‘overweight’ rating on HCL Technologies, target Rs 1,650

#1 Announces large deal win in financial services vertical
#2 Total estimate contract value for this deal would be USD 278 million over 7.5 years
#3 Deal win shows continuing large deal win momentum in financial services vertical
#4 Significant expansion of an existing client relationship
#5 Large deals provide comfort on ability to achieve full-year revenue guidance