Closing Bell: Sensex gains 131 pts, Nifty above 23,500; autos gain

Indian benchmark indices ended marginally higher in the volatile session on June 24. At close, the Sensex was up 131.18 points or 0.17 percent at 77,341.08, and the Nifty was up 36.70 points or 0.16 percent at 23,537.80.

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.

Nifty opened gap down however recovered during the day and closed with gains of ~37 points. On the daily charts we can observe that the Nifty has been broadly trading in the range 23200 – 23700 since the last ten trading sessions. Dips towards the lower boundary should be used as a buying opportunity with a Trailing stoploss of 23200. The hourly momentum indicator has triggered a positive crossover which is a buy signal. Thus, we shall continue to ride the upmove till there is weakness on the price front.

Bank Nifty has been consolidating after a ~1700 points rally. We expect this consolidation to breakout on the upside and hence dips towards 51350 – 51300 should be used as a buying opportunity. Immediate hurdle on the upside is placed at 52500.

Nifty slipped lower in early trades, but bulls were able to defend around the 55 EMA on the hourly chart. The trend remains positive for the short term as long as it remains above 23,300, where a buy-on-dips strategy might favor traders.

On the higher end, resistance is seen at 23,600. A decisive move above 23,600 might lead call writers to unwind their positions.

Right from the beginning, a recovery was seen in the markets but in the absence of a follow-through, the Index stuck in the range to settle trade at 23,537.85 with gains of 36.75 points. On a sectoral front, Auto and FMCG were the star performers while Media and PSU Banking corrected the most. A mixed trend was observed in the Broader markets where Midcaps outperformed the Frontline Index while Smallcaps ended in the red.

The Index reversed from the lower end of the consolidation to form a green candle with the downside being protected at 23,400 while the higher side is also capped at 23,660. A precise close on either side will provide a clear picture.

The BankNifty index continued to remain strong and, after testing the support zone of 51,200-51,000, bounced back sharply. The immediate resistance is placed at 52,000, where the highest open interest is built up on the call side. Once the index surpasses this mark, it will likely witness a further upmove towards the 52,400-52,800 range.

Despite the market being on a consolidative path, sectoral churning is visible in FMCG and consumer durables in anticipation of the budget expectations. Better tax collection and dividends from the RBI will encourage GoI on rural spending and tax benefits. In mid- and small caps, though the margin of safety in terms of valuation remains lacking, investors are keener on the growth story in capital goods, infra, auto, etc.

Indian rupee ended higher at 83.46 per dollar on Monday versus Friday's close of 83.54

Indian benchmark indices ended marginally higher in the volatile session on June 24.

At close, the Sensex was up 131.18 points or 0.17 percent at 77,341.08, and the Nifty was up 36.70 points or 0.16 percent at 23,537.80. About 1800 shares advanced, 1696 shares declined, and 126 shares unchanged.

Top Nifty gainers included M&M, Shriram Finance, Power Grid Corporation, Sun Pharma and Grasim Industries, while losers were Cipla, IndusInd Bank, Adani Ports, Coal India and Tata Steel.

Among sectors, capital goods, auto, FMCG, telecom and power indices up 0.5-1 percent, while metal, oil & gas, PSU Bank and media down 0.5-1 percent.

The BSE midcap and Smallcap indices added 0.3 percent each.

#1 Target Rs 1,970
#2 Expect FCF to PAT ratio to stay higher than 100 percent
#3 Operating leverage to drive a 30 percent/33 percent EBITDA/net income CAGR during FY24-30

Cipla share price shed 2 percent in the early trade on June 24 after the company received six observations from USFDA.

The USFDA has conducted an inspection at the company’s manufacturing facility in Goa, India from June 10-21, 2024.

On conclusion of the inspection, the company received 6 (six) inspectional observations in Form 483.

The company will work closely with the USFDA and is committed to address these comprehensively within stipulated time.

Welspun Specialty Solutions has been notified as L1 bidder by Bharat Heavy Electricals Limited (BHEL, Trichy) for supply of Seamless stainless steel Boiler Tubes for National Thermal Power Corporation (NTPC) Talcher 2 x 660 MW Super critical Thermal Power Project.

The total supply contract value will be Rs 117 crores (including GST).

Subhash Chand Agrawal, Chief Financial Officer (CFO) and Key Managerial Person (KMP) of the company has tendered his resignation as CFO & KMP, on 28 May, 2024, to pursue professional goals outside the organisation.

The board of directors of Swan Energy at its meeting held on June 24, 2024, have approved the acquisition of 26,21,50,000 equity shares of Rs 10 each of TOPL (representing 49% of total equity of TOPL) from Indian Farmers Fertiliser Cooperative Limited (IFFCO) at a total price of Rs 440 crore, as per duly executed Share Purchase Agreement.

With the above acquisition, TOPL shall become 100% subsidiary of the company.

RPP Infra Projects has been received a letter of acceptance for a new projects viz execution of design, engineering, procurement for construction of new district jail 1026 capacity at District Hathras Uttar Pradesh, India, on EPC Mode at contract price of Rs 152.11 crore including GST, by this total work order Rs 3300 crore.

Route Mobile has partnered with Billeasy E Solutions and enabled whatsApp-based ticket booking for Pune, Hyderabad, and Nagpur metros in addition to Delhi.

#1 Target Rs 235
#2 Zepto raising funding round further raises relevance of quick commerce channel
#3 There is probability of competitive intensity increasing in business in near-term
#4 Believe a push out of profitability for QC business Vs current assumptions is possible
#5 Believe any correction could be a buying opportunity for long-term investors

Religare has received an Order-In-Appeal for the period FY 2007-08 to 2014-15, issued by the Commissioner of Central Tax (Appeal-II), New Delhi, for a penalty of Rs 15.64 crore. The company is in the process of determining further steps.

Indian Rupee appreciated by 0.08% today on positive domestic markets and softness in crude oil prices. A decline in US Dollar today also supported the Rupee. However, weak Asian markets and renewed geopolitical tensions in the Middle East capped sharp gains.

We expect Rupee to trade with a slight positive bias as strength in the domestic markets and expectations of fresh foreign inflows may support the Rupee. However, any bounce back in the US Dollar on rising expectations of a further delay in rate cut and safe haven demand amid geopolitical tensions in the Red Sea region may cap sharp upside.

Investors may remain cautious ahead of core PCE data from the US this week. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80.

Markets@3 | Sensex, Nifty off day's high

The Sensex was up 55.03 points or 0.07 percent at 77,264.93, and the Nifty was up 18.20 points or 0.08 percent at 23,519.30.

Top Nifty gainers included M&M, Shriram Finance, Power Grid Corporation, Sun Pharma and Grasim Industries, while losers were Cipla, IndusInd Bank, Adani Ports, Coal India and SBI Life Insurance.

The BSE midcap and Smallcap indices added 0.3 percent each.

The company has received a demand notice from the Department of Registration and Stamps, Government of Maharashtra, for a reduced penalty of Rs 1.67 lakh. The company says that there will be no material impact on the financials or operations and is in the process of evaluating the demand to take appropriate actions.

#1 Target Rs 575
#2 Amid global gas outages & decreasing APM gas allocation, IGL hiked CNG prices
#3 As CNG remains attractive vs alternate fuels, hike should support margin normalisation
#4 Investor confidence on growth should return as the EV policy overhang unwinds
#5 GAIL is our top pick

The company allotted 5,000 rated, listed, senior, secured, redeemable, transferable, taxable, non-convertible debentures of an aggregate face value of Rs 50 crore on a private placement basis.

Rally comes after last week's SEBI announcement on framework for special call auctions with no price bands

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The company approved the purchase of 100 percent equity shares of Starmangalsutra and Sparkling Chains held by existing shareholders of the company.

This will result in 100 percent acquisition of the paid-up equity share capital of both the companies by way of share swap.

A board meeting is scheduled to be held on July 5 to consider and approve the raising of long-term bonds for financing infrastructure and affordable housing.

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The company has received an order from the Deputy Commissioner, State Tax, Dehradun, for a penalty of Rs 14.19 lakh for the financial year 2017-18, under the Value Added Tax Act, 2005.

The company has stated that based on their assessment, they believe that the demand is not maintainable, and they are in the process of preparing an appeal against the order.

#1 Loan growth to remain robust, focusing on quality underwriting
#2 Liability momentum healthy, superior tech to aid customer acquisition
#3NIMs to remain rangebound in near-term
#4 Fee growth steady
#5 Operating leverage emerging as a key lever with focus on ‘return on effort’
#6 Asset quality remains robust, credit cost to normalise gradually

Satin Creditcare Network (SCNL) marked its presence in Nagaland with the opening of its first branch in Dimapur, taking its total count of states and union territories to 27.

The company signed an agreement with CSC Grameen eStores for its commercial vehicle range of 3-wheelers. The partnership will enable CSC village level entrepreneurs to serve as a touchpoint for TVS Motor’s commercial vehicles.

Sensex Today | BSE Realty index sheds 0.5%; Swan Energy, DLF among major losers

Birla Estates, a 100% wholly owned subsidiary of Century Textiles and Industries and the real estate venture of the Aditya Birla Group, is all set to expand its presence in Pune with a land acquisition in Manjri, Pune.

The land parcel is spread across 16.5 acres with a development potential of approximately 32 lakh sq ft and an estimated revenue potential of Rs 2,500 crore.

Company’s plant situated at Anjar, Gujarat, has recently obtained CE Certification (Certificate No. N CE-PED-MM-MAN 001- 24-IND) from Bureau Veritas, France.

This certification, granted by Bureau Veritas, France, validates the adherence to stringent safety and quality standards outlined by the European Union for API 5L SAW and ERW Lines for Oil & Gas applications which is further supported by ISO 3834-2 welding certification issued by TUV-NORD as a mandatory requirement of European market.

Markets@1 | Sensex, Nifty trade with marginal gains

The Sensex was up 104.92 points or 0.14 percent at 77,314.82, and the Nifty was up 22.20 points or 0.09 percent at 23,523.30. About 1876 shares advanced, 1558 shares declined, and 124 shares unchanged.

Sensex Today | Mazagon Dock shares soar 4% on report of likely Rs 35,000-crore deal with Indian Navy

Mazagon Dock shares surged by 4 percent following advanced talks on acquiring additional Kalvari-class (Scorpene) submarines for the Navy, potentially sealing a Rs 35,000-crore deal that promises to bolster India's submarine fleet.

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Sensex Today | Nifty Media index down 1%; TV Today Network, Sun TV, ZEE top losers

Hindalco reported muted revenue growth during the quarter. However, its EBITDA improved across the business, aided by higher volume and cost optimisation.

Moreover, a strong recovery in Novelis’s business, robust balance sheet, improved leverage ratio, sustained focus on expansion, resilient cash generation plan and strategic capex are expected to support the company’s performance in the future.

Inox Green Energy shares sank over five percent in early trade on June 24 after the clean energy player's board of directors announced they will consider raising funds.

On June 21, the management announced via an exchange filing that they will schedule a board meeting to consider a proposal for raising of funds on Wednesday, June 26.

Click Here For Stock Info

Sensex Today | BSE Power index up 1.2%; CG Power, Suzlon Energy, Siemens top contributors

#1 Target Rs 1,970
#2 Expect FCF to PAT ratio to stay higher than 100 percent
#3 Operating leverage to drive a 30 percent/33 percent EBITDA/net income CAGR during FY24-30

Bharti Airtel is talks with Vodafone Plc to buy 3 percent stake in telecom towers company Indus Towers, reported CNBC TV18, citing unidentified sources. Bharti Airtel stock was little changed. It was trading at Rs 1,414.3, marginally down from the previous close.

Earlier, last week, Bharti Airtel had bought 1 percent additional stake in Indus Towers, whereas Vodafone group had sold stake in block deals that saw 20 percent equity in the company change hands.

Post the additional stake acquisition, Bhari Airtel plans to merge Indus Towers with its data centre business Nxtra, which would give exit to the private equity investor Carlyle, reported CNBC TV18.

First order is a turnkey customised solution for an eminent Independent Power Producers (IPP) in the renewable energy sector.

The scope includes project monitoring and engineering solutions while delivering complete mechanical (cranes, trailers, and installation and commissioning services), civil, electrical, and site management activities.

The duration of this order is ten months and the majority of this order (>95%) will be executed in FY 2024-25.

Second, is a new business offering, for above ground piping work, fabrication, painting and erection which includes supply of skilled manpower and tools and tackles specifically for the hydrocarbons sector.

The order has been received from a diversified global EPC player and the duration is for six months, to be executed in this financial year.

The IT support and consulting services provider will launch its maiden public issue worth Rs 22.08 crore next week on June 26.

The book-built issue will close on June 28, with a price band of Rs 95-100 per share.

Market Update | Sensex, Nifty trades higher

The Sensex was up 128.21 points or 0.17 percent at 77,338.11, and the Nifty was up 35.60 points or 0.15 percent at 23,536.70. About 1912 shares advanced, 1476 shares declined, and 131 shares unchanged.

The company's board has approved raising funds by issuance of equity shares for an aggregate amount not exceeding Rs 5,000 crore.

The public issue of Petro Carbon and Chemicals will open for subscription during i.e. June 25-27. The calcined petroleum coke producer is planning to mobilise Rs 113.16 crore through its IPO, comprising only an OFS, at the upper end of the price band of Rs 162-171 per share. In fact, this is the largest IPO amongst SME companies after KP Green Engineering IPO launched in March this year.

Sensex Today | BSE Auto index gained 0.8%; Cummins, M&M, Tube Investment, among major gainers

Route Mobile has partnered with Billeasy E Solutions and enabled whatsApp-based ticket booking for Pune, Hyderabad, and Nagpur metros in addition to Delhi.

Click Here For Stock Info

RPP Infra Projects has been received a letter of acceptance for a new projects viz execution of design, engineering, procurement for construction of new district jail 1026 capacity at District Hathras Uttar Pradesh, India, on EPC Mode at contract price of Rs 152.11 crore including GST, by this total work order Rs 3300 crore.

Click to View Stock Info

The fiberglass-covered wires/strips manufacturer will open its Rs 22.76-crore book built issue on June 25, with a price band at Rs 36-40 per share. The IPO, consisting of a fresh issue of 56.9 lakh shares will close on June 27.

Sensex Tdoay | Nifty Bank underperforms main indices

Moneycontrol reported on June 23 that Sebi has conducted a search and seizure operation on Quant Mutual Fund on suspected front-running.

Stocks where Quant Mutual Fund holds significant stakes in are likely to be under pressure after the report on the search and seizure operation. Quant runs the third largest small-cap fund in the country with assets under management of Rs 20,000 crore. It has been the fastest growing mutual fund in the country with total assets under management growing from Rs 50,000 crore to nearly Rs 90,000 crore this calendar alone. (Read more)

The Power Transmission & Distribution (PT&D) vertical of Larsen & Toubro (L&T) has won a domestic order to build a grid-connected 185MW Solar PV Plant along with a Battery Energy Storage System (BESS) having multitudes of MWh capacity.

#1 Hindenburg incident was very different from a normal short selling incident

#2 We returned all proceeds from FPO despite it being successful

#3 We raised an additional Rs 40,000 crore to cover next 2 years of debt repayment

#4 SC has affirmed Aadani’s actions

#5 We brought debt-to-EBITDA down to 2.5x in 6 months

Fertiliser stocks fell into the red in the opening trade on June 24, despite the GST Council proposing to exempt the fertiliser sector from GST.

On June 22, the GST Council has referred a proposal to exempt the fertiliser sector from the current 5 percent GST to the Group of Ministers on rate rationalisation.

On June 22, the committee suggested lowering GST rates on fertilizers and their raw materials to aid manufacturers and farmers. Currently, fertilizers are taxed at 5 percent, while raw materials like Sulphuric Acid and Ammonia are taxed at 18 percent. Read More

Shares of Indian Renewable Energy Development Agency (IREDA) gained over 4 percent on June 24. The rise comes after the company informed that it has raised Rs 1,500 crore through issuance of bonds.

The bond issuance by the state-run company consisted of a base issue of Rs 500 crore and a green shoe option of Rs 1,000 crore.

According to an exchange filing by IREDA, the issue was oversubscribed at 2.65 times. The funds have been raised at an annual interest rate of 7.44 percent for a tenure of 10 years and two months.

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Stock Market LIVE Updates | Nifty recovers 100 pts from day's low

Infibeam Avenues has entered into collaboration with academic institutions to extend and enhance AI adoption and growth in India. The company has signed a Memorandum of Understanding (MoU) with the prestigious Entrepreneurship Development Institute of India (EDII), Ahmedabad, aimed at fostering AI adoption among enterprises, start-ups, and MSMEs.

Sensex Today | Nifty Bank index down 0.7%; IndusInd Bank, AU Small Finance Bank, Federal Bank among major losers

A meeting of the board of directors of Sprayking is scheduled to be held on July 01, 2024, to recommend and approve issue of bonus shares to the equity shareholders of the company.

The board of directors of Titan, based on the recommendation of the board nomination and remuneration committee considered, and approved the appointment of Mr. N.S Raghavan, currently serving as the chief sales & marketing officer of Eyecare Division of the company, as the chief executive officer (CEO) of EyeCare Division.

Mr. Saumen Bhaumik, currently the CEO of EyeCare Division of the company will take over the position of managing director of CaratLane Trading, subsidiary of the company where Titan holds 99.99%.

Markets@10 | Sensex, Nifty off day's low

The Sensex was down 227.74 points or 0.29 percent at 76,982.16, and the Nifty was down 84.30 points or 0.36 percent at 23,416.80. About 1542 shares advanced, 1639 shares declined, and 125 shares unchanged.

MAS Financial Services announced the successful completion of Rs 500 crore of Qualified Institutional Placement (QIP).

Sensex Today | Fertilisers stocks under pressure

Even though internet stocks have seen a sharp re-rating, foreign brokerage Morgan Stanley remains constructive on internet stocks.

The brokerage noted that all the macro and micro factors are currently aligned for India's internet stocks.

As the dispersion in the stock returns rises, there is heightened focus on being stock specific and selecting stocks carefully. The way to select stocks is to take into account the operating environment, track record, outlook and valuation. Read More

Welspun Specialty Solutions has been notified as L1 bidder by Bharat Heavy Electricals Limited (BHEL, Trichy) for supply of Seamless stainless steel Boiler Tubes for National Thermal Power Corporation (NTPC) Talcher 2 x 660 MW Super critical Thermal Power Project.

The total supply contract value will be Rs 117 crores (including GST).

Click Here For Stock Info

Cipla share price shed 2 percent in the early trade on June 24 after the company received six observations from USFDA.

The USFDA has conducted an inspection at the company’s manufacturing facility in Goa, India from June 10-21, 2024.

On conclusion of the inspection, the company received 6 (six) inspectional observations in Form 483.

The company will work closely with the USFDA and is committed to address these comprehensively within stipulated time.

Click Here For Stock Info

Lupin has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for its manufacturing facility in Somerset, New Jersey, with a Voluntary Action Indicated (VAI) status.

The facility was inspected from May 7 to May 17, 2024.

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Sensex Today | BSE FMCG index gains 0.4%; Bombay Burmah, Bannariamman Sugars, Flair Writing Industries up 2-6%

JSW Energy share price touched 52-week high of 740.65 in the opening trade on June 24 after the company won wind-solar hybrid power project from Solar Energy Corporation of India Limited (SECI).

JSW Neo Energy, a wholly owned subsidiary of JSW Energy has received letter of award (LoA) for setting up 300 MW ISTS connected wind-solar hybrid power project from Solar Energy Corporation of India (SECI) against tariff based competitive bid invited for setting 1,200 MW ISTS-connected wind-solar hybrid power projects (Tranche VIII).

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#1 Target Rs 1,970
#2 Expect FCF to PAT ratio to stay higher than 100 percent
#3 Operating leverage to drive a 30 percent/33 percent EBITDA/net income CAGR during FY24-30

Click To View Stock Info

The Indian indices opened lower on June 24 with Nifty below 23,400 amid mixed global cues.

The Sensex was down 350.86 points or 0.45 percent at 76,859.04, and the Nifty was down 117.60 points or 0.50 percent at 23,383.50. About 1450 shares advanced, 1233 shares declined, and 139 shares unchanged.

Sun Pharma, ICICI Bank, Wipro, ITC and Shriram Finance were among major gainers on the Nifty, while losers were IndusInd Bank, Cipla, SBI, Tata Steel and Bajaj Finance.

An early indication from GIFT Nifty suggests a tepid opening of the Indian equities and the Index will oscillate in a well-maintained range of 23,400-23,660. A clear breakout on either sides will provide a precise picture, until then we will remain status quo.

The Auto sector has formed a bearish engulfing pattern at record levels depicting a continuation of the corrective move.

For the past couple of weeks, Sugar stocks have been seen strengthening their upmove and we are positive on Andhra Sugar, Balrampur Chini, and Dalmia Bharat Sugar.

A bullish Flag and Pole formation breakout was witnessed in the IT space, but we will await confirmation.

From the Mid and Smallcap segments, some stocks have delivered strong breakouts namely Asahi India Glass and Ramky Infra (Symmetrical Triangle Breakout), BEPL and GHCL (Cup and Handle Breakout), IGPL (Range Breakout), S P Apparels Ltd (Flag and Pole Breakout).

The consolidation phase in the market is likely to continue. The near-term strength in the market is likely to come from Bank Nifty assisted by institutional buying notably from FIIs who have turned buyers last week. However, SEBI investigation in the Quant Mutual Fund is a slight sentiment negative for the market.

The sectoral churn happening in the market might accelerate since profit booking is happening in some overvalued sectors and money is flowing into fairly valued largecaps.

There is a likelihood of the rupee turning stable with a positive upward bias in the near term on expectations of big debt inflows after the inclusion of India in the Global Bond EM Index later this month. This can act as a trigger for more FII inflows into equity, going forward.

Gift Nifty wavered early, hinting at potential struggles for Nifty to hold intraday gains. Bullish traders are concerned about the slow monsoon progress and last Friday’s negative session. Key upcoming events include US PCE inflation data on June 28th, US GDP figures on June 27th, and India's fiscal deficit and infrastructure output on June 28th. High volatility is expected with June derivatives expiry on June 27th.

Technically, Nifty faces major resistance at 23,667 with crucial support at 23,257 and is likely to trade between 22,600-24,000.

Recommended trades are selling Nifty at 23,501 with targets of 23,371/23,257 and buying Bank Nifty on dips for targets of 52,100/52,500.

Bullish stocks include Jindal Steel & Power, MGL, and NALCO, while TVS Supply Chain Solutions is a buy at CMP 183, with a target of 205/223 and a stop at 137, holding for 12-15 months.

Indian rupee opened 7 paise higher at 83.47 per dollar on Monday versus Friday's close of 83.54.

Benchmark indices are trading lower in the pre-opening session.

The Sensex was down 139.43 points or 0.18 percent at 77,070.47, and the Nifty was down 2.90 points or 0.01 percent at 23,498.20.