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Closing Bell: Sensex up 204 pts, Nifty at 23,400; capital goods, realty, IT rally
Indian benchmark indices ended higher for the third straight session on June 13. The Sensex was up 204.33 points or 0.27 percent at 76,810.90, and the Nifty was up 75.90 points or 0.33 percent at 23,398.90.
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.
Ajit Mishra – SVP, Research, Religare Broking
Markets remained range-bound for yet another day, closing marginally higher in line with the ongoing trend. After an initial gap-up, the Nifty fluctuated within a narrow band, ultimately settling at 23,399.95. Sector-wise, a mixed trend persisted, with realty and IT sectors leading gains while FMCG and energy sectors lagged. Broader indices outperformed, each rising over half a percent.
We are seeing a time-wise correction in the Nifty index, with indications suggesting the current trend will continue. We reiterate our recommendation to focus on stock-specific trading, particularly in themes such as agriculture-related, sugar, chemicals, and select defense stocks for long positions.
Aditya Gaggar Director of Progressive Shares
After commencing the weekly expiry day at record levels, the Index quickly wiped off part of its gains in the opening trade itself and oscillated in a thin range throughout the day to settle at 23,398.90 with gains of 75.95 points.
Realty space held its morning gains to become the top performer of the day followed by IT; and on the flip side, the Media segment witnessed profit booking correction after its recent rally.
Defense and Sugar counters were the day's flavor as they regained their lost momentum. Mid and Smallcaps advanced by ~0.60% each and extended their streak of outperformance.
Higher levels played their part well as once again, the Index formed a Bearish candle at record levels, and on the hourly timeframe, a bearish divergence was spotted which suggests the loss of its positive momentum. The levels of 23,480 and 23,300 will be considered as resistance and support respectively.
Currency Check | Rupee ends flat
Indian rupee ended flat at 83.54 per dollar on Thursday versus Wednesday's close of 83.54.
Market Close | Sensex, Nifty end higher
Indian benchmark indices ended higher for the third straight session on June 13.
The Sensex was up 204.33 points or 0.27 percent at 76,810.90, and the Nifty was up 75.90 points or 0.33 percent at 23,398.90. About 2048 shares advanced, 1371 shares declined, and 80 shares unchanged.
Shriram Finance, HDFC Life, Divis Labs, M&M and Titan Company were among the top gainers on the Nifty, while losers included HUL, Power Grid Corp, Axis Bank, Britannia Industries and Eicher Motors.
On the sectoral front, Capital Goods and Realty were up 2 percent each, and Information Technology index rose 1 percent, while Media index shed 1 percent and FMCG index fell 0.6 percent
BSE Midcap and Smallcap indices up nearly 1 percent each.
Sensex Today | Nifty Pharma index up 0.5%; Divis Labs up 3%
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Divis Labs | 4,583.70 | 2.95 | 1.13m |
| Dr Reddys Labs | 6,090.50 | 0.5 | 342.01k |
| Sun Pharma | 1,510.65 | 0.25 | 1.07m |
| Aurobindo Pharm | 1,251.00 | 0.16 | 402.70k |
| Alkem Lab | 5,081.45 | 0.07 | 92.78k |
Brokerage Call | Morgan Stanley keeps 'equal-weight' call on HDFC AMC, target Rs 3,325
#1 Management aims for flows under monthly sips to form 1 percent of its AUM
#2 SIP flow would lend further stability to AUM growth
#3 Per Management, competition remains intense
#5 Company has focused on delivering fund performance to drive sales
Brokerage Call | Morgan Stanley keeps 'equal-weight' call on Aditya Birla Capital, target Rs 200
#1 Reiterated its guidance for doubling AUM in next three years
#2 Growth will be driven by secured/unsecured business loans (SME)
#3 Consumer loans to return to growth in 1-2 quarters
#4 On merger, management expects to complete necessary approvals process over next 6-9 months
Sensex Today | Rajib Kumar Mishra ceases to be chairman, non-executive director of PTC India Financial
Sensex Today | Bartronics India renews contracts with Aryavart Bank
Bartronics India has announced the renewal of its current contract on financial inclusion project with Aryavart Bank for an additional one year.
Brokerage Call | Morgan Stanley keeps 'equal-weight' call on M&M Financial, target Rs 280
#1 Management expects ~20 percent loan growth in FY25
#2 Loan growth should result in achieving target of doubling FY22 loan book by FY25
#3 Management expects NIM to remain range-bound
#4 Expects Fee income to augment revenue growth in FY25
#5 Management guided for 1.2-1.4 percent credit cost in FY25, largely driven by lower write-offs
#6 Company expects 15-20 bps improvement in revenue (From Fee Income)
#7 Expects 15-20 Bps operating cost improvement (Productivity Led)
#8 Expects 15-20 Bps improvement in credit cost (Lower Write-Offs)
Brokerage Call | Morgan Stanley keeps 'equal-weight' call on Cholamandalam Financial Holdings
#1 Target Rs 1,350
#2 Management expects ~25 percent loan growth for vehicle finance as well as the overall loan book
#3 Expects NIM to remain stable if not improve in FY25
#4 Expects operating costs to be sustained at current levels
#5 Expanding in new geographies and new products
#6 Expects credit cost to be higher YoY in Q1FY25 owing to heat wave and elections
#7 Overall management expects to drive PBT growth in-line with AUM growth in FY25
#8 Sustain the 3.4 percent reported FY24 pre-tax ROA in FY25 as well
Sensex Today | USDINR spot to trade between 83.20-83.80: Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas
Indian Rupee appreciated by 0.04% today as domestic markets touched fresh all-time highs and upbeat macroeconomic data from India. India’s CPI rose 4.75% y-o-y in May 2024 versus 4.83% in April 2024. Industrial production increased by 5% in April 2024 versus 4.9% in March 2024. A soft US Dollar and FII inflows also supported the Rupee. US Dollar declined on Wednesday on lower-than-expected inflation. However, a no-change in FOMC monetary policy and hawkish commentary by the Fed helped recover initial losses. The dot plot showed just one rate hike in 2024.
We expect Rupee to trade with a slight positive bias on positive tone in the domestic markets and fresh foreign inflows. However, expectations of a recovery in the US Dollar amid rising odds of a further delay in rate cut may cap sharp upside. Traders may take cues from weekly unemployment claims and PPI data from the US. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80.
Brokerage Call | Morgan Stanley keeps 'equal-weight' rating on Astral, target Rs 2,016
#1 Pipe realisation to improve as PVC prices rise
#2 Pipe volume remains healthy
#3 Bathware to turn EBIT positive in FY25
Sensex Today | Shriram Finance market cap crosses Rs 1 lakh crore
Shriram Finance stock was trading 4% higher at Rs 2,670 apiece on BSE taking its market valuation to Rs 1 lakh crore for the first time ever. The scrip has jumped 30.39% in year-to-date basis.
The shares touched 52-week high of Rs 2,677.40 today.
Sensex Today | Fitch affirms Gail India at BBB-; outlook stable: Bloomberg
Sensex Today | BSE Midcap index gains 0.5%; Oracle Financial Services Software surges 9%
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Oracle Fin Serv | 9,564.00 | 9.41 | 57.71k |
| Godrej Ind | 832.00 | 3.97 | 37.04k |
| Tube Investment | 4,219.95 | 3.38 | 4.77k |
| Shriram Finance | 2,650.00 | 3.24 | 32.29k |
| Godrej Prop | 3,021.35 | 3.17 | 61.12k |
| L&T Finance | 175.95 | 3.14 | 89.45m |
| Max Healthcare | 893.25 | 2.63 | 55.36k |
| Max Financial | 989.95 | 2.59 | 30.80k |
| Voltas | 1,484.00 | 2.53 | 174.09k |
| Solar Ind | 9,618.95 | 2.35 | 2.10k |
Sensex Today | PNB Housing to consider raising of funds up to Rs 10,000 crore on June 18
PNB Housing said that its board will consider raising of funds up to Rs 10,000 crore via NCDs on private placement basis in one or more tranches on June 18.
Brokerage Call | Jefferies maintains 'hold' rating on IIFL Finance, target Rs 465
#1 RBI's special audit concluded sooner than expected
#2 Await RBI's response, but probability of earlier resolution of ban has increased
#3 With gold loan book unwinding fast, portfolio rebuild after ban is lifted could take time
#4 If ban is lifted by end-Q2, estimate muted FY24-26 EPS CAGR & RoE of 13-14 percent (FY24 20 percent)
#5 Liquidity concerns have eased post rights issue
#6 Downside risk to valuation is lower; faster normalisation of business key to re-rating
Stock Market LIVE Updates | Marico allots 23,800 equity shares under ESOP plan
Stock Market LIVE Updates | Rangarajan Sriram resigns as MD from Butterfly Gandhimathi
Bank Nifty in sideways momentum, traders say wait and watch to trade for next weekly expiry
Bank Nifty has been trading in a sideways to consolidative momentum for the past three sessions. At 1 pm on June 13, Bank Nifty was trading at Rs 49,960, up 65 points or 0.13 percent. "Bank Nifty seems to be in consolidation momentum over the past few trading sessions. One should wait and watch, as it has not given any hints of a strong directional move. Only when key supports or resistances are breached should one take a trade for this weekly expiry," said Shijumon Anthony, a derivatives trader. READ MORE
Stock Market LIVE Updates | Bank of Maharashtra hikes lending rates by 10 bps across tenures
Stock Market LIVE Updates | Nifty Bank index down nearly 300 points from day's high
Sensex Today | Sumit Bali, Group Executive – Retail Lending Of Axis Bank resigns
Axis Bank has informed that Sumit Bali, Group Executive – Retail Lending, wishes to pursue alternate career opportunities outside the bank and has resigned from the role on June 12, 2024.
Bimal Bhattacharyya, will be taking up another role within the Bank on completion of his tenure as Chief Compliance Officer of the Bank at close of business hours on June 13, 2024.
Anuranjan Kumar currently working as Head – Operational Health and Control at the bank has been appointed as Chief Compliance Officer of the Bank for a period of three years with effect from June 14, 2024 up to June 13, 2027
Markets@2 | Sensex, Nifty trade higher
The Sensex was up 272.35 points or 0.36 percent at 76,878.92, and the Nifty was up 84.20 points or 0.36 percent at 23,407.20.
HDFC Life, Divis Labs, Shriram Finance, Titan Company and M&M were among the top gainers on the Nifty, while losers were HUL, Eicher Motors, SBI Life Insurance, Britannia and Tata Consumer.
Top Sectoral Losers: Telecom, PSU Bank, FMCG, Media
Top Sectoral Gainers: Auto, Capital Goods, IT, Pharma, Realty
Sensex Today | 2.28 million shares of Marico traded in bunch: Bloomberg
Sensex Today | Oracle Financial stock up about 10% after US parent reports strong results
Oracle Financial Services stock jumped 10% to Rs 9,553.45 apiece on BSE after the company's US parent reported strong quarterly results.
Oracle’s revenue increased 3% year over year during the quarter, which ended on May 31, according to a statement. Net income, at $3.14 billion, or $1.11 per share, was down from $3.32 billion, or $1.19 per share, in the year-ago quarter.
The cloud services and license support segment generated $10.23 billion in revenue, up 9% and slightly below the Street Account consensus of $10.29 billion.
IPO Alert | ixigo IPO allotment to finalise today
The ixigo IPO share allotment will be finalised on June 13. Investors who applied for the issue can check the ixigo IPO allotment status on the registrar's portal, Link Intime India Pvt Ltd.
The subscription for the ixigo IPO began on June 10 and concluded on June 12. By the final day of bidding, the IPO was subscribed 98.34 times.
Non-institutional investors subscribed the IPO 110.53 times, institutional investors 106.73 times, and retail investors 54.85 times on the final day. It was the 10th most subscribed IPO of 2024. Read More
Brokerage Call | Jefferies maintains 'buy' rating on GMR Airports, target Rs 100
#1 NCLT approves merger of GMR Airport, existing airport platform, with GIL
#2 Merger will happen in step approach & GIL will continue as the listed entity
#3 Scheme will become effective upon certified copy of order is filed with Roc
#4 Followed by share issuance (to ADP) & then listing of new shares
#5 It may take 1-1.5 months to reflect on exchanges
Sensex Today | INDIA VIX down 4%
Sensex Today | Venus Remedies secures tender for its antibiotic product, Ceftriaxone 1gm, from UNICEF
Sensex Today | RedTape starts operational activity from its newly constructed warehouse situated in Howrah, West Bengal
Sensex Today | Exide Industries shares hit record high
Shares of Exide Industries gained over a percent to hit a fresh record high of Rs 549 on June 13 afternoon trade following the company's Rs 75 crore investment in Exide Energy Solutions Limited (EESL), an existing wholly subsidiary.
The latest capital infusion will amount to the the total investment made by the battery major at Rs 2,452 crore, the company said in a regulatory filing on June 12.
The subsidiary is involved in the manufacturing battery cells of advanced chemistry as well as assembling, selling battery modules, battery packs and other related activities. Read More
Sensex Today | BSE Auto index up 0.5%; Tube Investment, Bosch, Sundram Fasteners among top gainers
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Tube Investment | 4,225.00 | 3.5 | 3.98k |
| Bosch | 32,180.00 | 2.49 | 700 |
| Sundram | 1,305.70 | 1.94 | 5.20k |
| MOTHERSON | 167.85 | 1.3 | 919.16k |
| M&M | 2,821.95 | 1.22 | 35.98k |
| TVS Motor | 2,448.55 | 1.14 | 14.22k |
| Cummins | 3,710.80 | 1.06 | 4.76k |
| Hero Motocorp | 5,816.25 | 0.46 | 3.51k |
| Balkrishna Ind | 3,211.40 | 0.23 | 1.91k |
| Bajaj Auto | 9,906.50 | 0.03 | 3.46k |
Stock Market LIVE Updates | Saksoft to acquire 100% equity interest in Augmento Labs
The Company has executed a share purchase agreement to acquire 100 percent equity interest in Augmento Labs subject to the terms and conditions set out in the Agreement. Augmento Labs will become a wholly owned subsidiary of the Company on closure of the transaction.
Sensex Today | Integra Essentia bags fresh orders worth Rs 2100 crore for its agro and infrastructure business segments
| Index | CMP Chg(%) | YTD(%) 1 Week(%) | 1 Month(%) 1 Year(%) |
|---|---|---|---|
| NIFTY 50 | 23410.75 0.38 | 7.73 2.58 | 5.91 25.08 |
| NIFTY BANK | 49963.95 0.14 | 3.46 1.36 | 4.63 13.35 |
| NIFTY Midcap 100 | 54629.00 0.74 | 18.29 4.23 | 9.84 57.16 |
| NIFTY Smallcap 100 | 17880.20 0.52 | 18.07 6.26 | 11.49 68.57 |
| NIFTY NEXT 50 | 70560.30 0.51 | 32.27 3.42 | 9.64 63.04 |
Stock Market LIVE Updates | AurionPro arm gets RBI nod to operate as an online payment aggregator
Sensex Today | NCLT approves merger of GMR Airports and GMR Infra Developers into GMR Airports Infrastructure
News Alert | 53rd meeting of the GST Council will be held on June 22 in New Delhi
Stock Market LIVE Updates | L&T bags order in the range of Rs 2,500-5,000 crore from ONGC
Sensex Today | Amber Enterprises acquires additional 4.6% stake in IL JIN Electronics
Expect consolidation to continue, says Shrey Jain Founder and CEO SAS Online
The Nifty index remained stable around the 23,300 level for the third consecutive day. We expect this consolidation to continue, and a significant directional move is expected only if the index surpasses the 23,400-23,500 range.
For today, Nifty faces strong resistance at 23,500, where the corresponding Call option strike has a notable open interest of approximately 75 lakhs shares. On the Put side, the 23,200 strike shows substantial open interest of around 63 lakhs shares. Regarding the Bank Nifty, there is resistance at 50,200, with the potential for a decline to 49,600. A breach of the 49,600 level could further lower the index to around 49,100.
Sensex Today | BLS International's subsidiary, BLS International FZE, will acquire 99% equity shares of Balozi Liaison Services
Sensex Today | Nifty Information Technology index up 1%; Coforge, LTIMindtree, Mphasis among top gainers
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| COFORGE LTD. | 5,303.50 | 2.4 | 362.62k |
| LTIMindtree | 5,040.40 | 1.8 | 519.42k |
| MphasiS | 2,435.30 | 1.56 | 1.07m |
| Tech Mahindra | 1,391.00 | 1.49 | 1.26m |
| Wipro | 482.95 | 1.27 | 4.19m |
| TCS | 3,875.45 | 1.14 | 976.15k |
| Persistent | 3,805.00 | 0.91 | 344.98k |
| Infosys | 1,494.45 | 0.62 | 3.23m |
| L&T Technology | 4,914.00 | 0.56 | 101.25k |
| HCL Tech | 1,443.95 | 0.36 | 2.32m |
Sensex Today | Kotak Life partners with Mahindra Finance
Kotak Mahindra Life Insurance Company announced its corporate agency partnership with Mahindra & Mahindra Financial Services. The partnership will benefit over 10 million customers of Mahindra Finance by offering a wide range of tailor-made life insurance solutions provided by Kotak Life.
Brokerage Call | Morgan Stanley keeps 'overweight' rating on Trent, target Rs 4,812
#1 Witnessed record footfall across stores
#2 Zudio is on its journey to becoming one of India's biggest lifestyle brands
#3 Star Bazaar will be the third engine of growth, 20-25 new stores in FY25
#4 No plans to demerge businesses given the back-end integration of the formats
#5 Will enter international markets by opening handful of stores
Surrender income could decrease by 55-70%: Shrikant Chouhan, Head Equity Research, Kotak Securities
The IRDA has issued the final master circular on life insurance products, significantly reducing surrender charges on traditional savings plans. We note that the final guidelines are somewhat more favorable than the earlier draft.
Based on our preliminary calculations, surrender income could decrease by approximately 55-70%. It's too early to quantify the impact on the Value of New Business (VNB) margin, as insurance companies might offset this by adjusting distributor terms or making changes to internal rate of return (IRR) calculations. While the valuation of the insurance sector remains supportive, investors are looking for stability and clearer visibility.
Sensex Today | CARE Ratings upgrades credit ratings of the bank facilities availed by Radico Khaitan
