Closing Bell | Sensex ends above 78000 mark, Nifty over 23700; Axis Bank, ICICI Bank, HDFC Bank top gainers

After a last few range bound sessions, investors placed bullish bets on banking and select frontline IT stocks which helped benchmark indices scale fresh highs even as the majority of the sectors ended in red. Most of the private banking stocks had missed the upsurge seen in recent weeks and hence there was a flurry of activity in the financial space ahead of the monthly expiry on Thursday.

After showing a sustainable upside recovery from near the lower supports of around 23500 levels on Monday, Nifty witnessed a sharp upmove on Tuesday and closed at the day higher by 183 points. After opening with a positive note, Nifty shifted into intraday range movement till mid part of the session. The upside momentum got strengthened in the afternoon to later part and Nifty registered new highs of 23754 and closed near the highs.

A long bull candle was formed on the daily chart, which is indicating a possibility of decisive upside breakout of broader range movement at 23600-23700 levels. Hence, one may expect upside momentum to pick up in the short term.

The short-term trend of Nifty remains positive. The market is now showing early signs of upside breakout in the near term. The next upside levels to be watched around 24000. Immediate support is placed at 23550.

The Bank Nifty index broke above the resistance of 52,000, where the highest open interest was built up on the call side. The index is trading in a strong uptrend with higher highs and higher lows intact on the daily chart. The support now stands at 52,000, and intraday dips should be viewed as a buying opportunity for targets of 53,000/53,500.

The domestic market experienced a financial sector-driven rally today, primarily led by private banks, with the Nifty Bank reaching a new high and the Sensex surpassing 78,000. However, profit booking was evident in sectors such as realty, power, metals, and midcaps. Amidst moderate consolidations and sector rotations, the market is moving upwards due to expectations from the upcoming budget. Additionally, the progress of the monsoon is being watched for insights into the consumption outlook.

Today, the benchmark indices registered a fresh all time high of 23754.15/78164.71. The Nifty ends 183 points higher while the Sensex was up by 712 points.

Among Sectors, Banking and Financial indices outperformed. Both the indices rallied over 1 percent whereas Realty index shed nearly 2 percent. Technically, after a strong opening the market held the positive momentum throughout the day. A bullish candle on daily charts and higher bottom formation on intraday charts indicating continuation of uptrend wave in the near future.

For the trend following traders now, 23600/77500 would act as a trend decider level. As long as the index is trading above the same, positive sentiment is likely to continue. On the higher side, 23835-23900/78500-78700 would be the immediate resistance zones for the bulls. However, below 23600/77500 uptrend would be vulnerable. Below the same, trades may prefer to exit out from the trading long positions.

The markets edged higher, gaining over half a percent, signaling a resumption of the uptrend after a brief pause. Following an initial uptick, Nifty traded within a range during the first half, but selective buying in heavyweight stocks, particularly from the banking sector, spurred a sharp surge as the day progressed. Besides banking, the IT sector also performed well, whereas the realty, metal, and energy sectors ended in the red. Amidst all this, the broader indices were slightly on the back foot, closing flat to marginally lower.

Closing Bell | Sensex ends above 78000 mark, Nifty over 23700; Axis Bank, ICICI Bank, HDFC Bank top gainers

At 15:00 hrs IST, the Sensex was up 611.48 points or 0.79 percent at 77,952.56, and the Nifty was up 151.10 points or 0.64 percent at 23,688.90. About 1570 shares advanced, 1812 shares declined, and 89 shares unchanged.

China's stock markets closed lower, primarily impacted by a decline in semiconductor stocks, in anticipation of forthcoming economic data from the country. The blue-chip CSI300 Index and the Shanghai Composite Index fell by 0.4% and 0.5%, respectively. This downturn was influenced by a 4% slump in semiconductor shares on the onshore market, following extended losses by Nvidia in its New York session.

In contrast, Hong Kong's Hang Seng Index managed a slight increase, edging up by 0.3%.

Nifty Today | Banks lead gains

Shares of Rail Vikas Nigam Ltd (RVNL) fell up to 5 percent, pausing their sharp two-day upward run. Despite the recent drop, the multibagger stock has gained over 125 percent on a year-to-date (YTD) basis. The rail PSU has been securing significant order wins lately, garnering investors' interest.

Based on historical market trends during election years and traditional charts, ICICI Securities' technical analysis forecasts that the Nifty could reach 25,200 by December 2024, with robust support anticipated around the 22,200 level.

Adani Group plans to deploy approximately Rs 1.3 lakh crore across its portfolio companies in the current fiscal year, as part of its strategy to amplify its $100 billion investment target over the next 7-10 years to expand its businesses.

The group's CFO, in a statement, said the investment will span sectors including ports, energy, airports, commodities, cement, and media. About 70% of this investment will be funded through internal cash generation, with the remainder financed through debt.

ICICI Bank's market capitalisation rose to $100 billion after the stock gained over 2 percent on Tuesday. This made ICICI Bank the fifth Indian entity to have a market capitalisation above $100 billion.

Benchmark indices touched new milestones with Sensex crossing 78,000 and Nifty surpassing 23,700 for the first time ever.

We expect Rupee to trade with a slight positive bias as positive domestic markets and a soft US Dollar may support the Rupee. However, a rise in crude oil prices and geopolitical tensions 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 83.65.

Shares of HDFC Bank Ltd. erased all the losses to turn positive for the year after the stock rallied up to 12 percent in the last one month. The stock was up 2.3 percent and contributed 64 points to the Nifty's 120-point rally today.

US FDA issues form 483 with zero observations for Shilpa Medicare's Bio Analytical Lab, Unit 7, Nacharam, Hyderabad. The regulatory authority classified Unit 7, Nacharam, Hyderabad as ‘no action indicated’, issues EIR.

Aditya Birla Sun Life AMC has re-appoints A Balasubramanian as MD & CEO of the company for a period of 3 years effective from July 25, 2024.

Several Indian railway stocks experienced notable declines. Rail Vikas Nigam Ltd. saw a drop of 2.09 percent. Ircon International fell 2.13 percent. RailTel Corporation fell 3.46 percent. Indian Railway Catering & Tourism Corporation Ltd. (IRCTC) also declined 2.11 percent.

Tata Motors today announced a partnership with Bajaj Finance Ltd to provide financing solutions across its complete commercial vehicle range. According to a statement by Tata Motors, the company has entered into a MoU with Bajaj Finance Ltd, a division of Bajaj Finserv Ltd, for this purpose. Customers will benefit from Bajaj Finance's extensive network, competitive interest rates, flexible loan options, and digitally-enabled loan processing.

Bino Pathiparampil, Pharma Analyst and Head of Research at Elara Securities maintains a constructive outlook on Sun Pharma. New products, such as Deuruxolitinib for alopecia, are anticipated to enter the market later this financial year or early next year, further boosting Sun’s speciality business, he said.

Adani Enterprises will look to list its airport business by the financial year 2028, reported CNBC-TV18 citing senior officials. At the group level, there is also a plan to raise between $2 billion to $3 billion via equity in the current financial year. Adani Enterprises owns eight airports in the country, seven of which are operational and the Navi Mumbai International Airport is likely to be completed by the end of the year.

Nifty Today

Shares of Olectra Greentech Ltd rose sharply by 9 percent as domestic brokerage Geojit has given a 'Buy' call on the counter with a 12-month target price of Rs 2,086. "Q4FY24 revenue de-grew by 23 percent (YoY) owing to new battery norms and delays in execution owing to pending government approvals. Margin contracted by –137 basis points (bps) owing to lower operating leverage and an increase in other expenses. However, for the full year, the margin expanded by 127 bps and came at 14.2 per cent," the brokerage stated.

Muthoot Microfin received Corporate Agent Licence from the Insurance Regulatory and Development Authority of India (IRDAI).

The Sensex was up 495.09 points or 0.64 percent at 77,836.17, and the Nifty was up 116.90 points or 0.50 percent at 23,654.70. About 1,737 shares advanced, 1,603 declined, and 87 were unchanged.

Nifty Today | Index hits new record high

Nifty rose half a percent to hit a fresh record high of ​23,668.65.

Nuvama Institutional Equities predicts a strong comeback for PVR Inox after a slow April and May, citing a robust upcoming film lineup. Analysts highlight the anticipated blockbuster 'Kalki 2898 AD,' projected to earn Rs 100 crore on its opening day this Thursday, June 27. Additionally, 'Munjya' has already grossed over Rs 100 crore in June. It reiterated buy rating and increased its target price to Rs 1995 a share, up 39 percent.

Shares of Computer Age Management Services (CAMS) surged 5% to hit a 52-week high of Rs 3,838 on June 25. Motilal Oswal Financial Services has reiterated its 'Buy' rating on CAMS with a target price of Rs 4,200, citing robust growth prospects in both its mutual fund (MF) and non-MF businesses.

John Cockerill India Limited (JCIL) hit a record high of Rs 6,443, rallying 18% on the BSE amid strong trading. In the past two days alone, the stock of the industrial products company has surged 42 percent and nearly doubled since June 5, jumping 100 percent from Rs 3,250.

The initial share sale of Allied Blenders and Distillers subscribed 0.15 times at 12.15pm with investors buying 58.35 lakh equity shares against the offer size of 3.94 crore equity shares, the subscription data of exchanges showed.

Non-institutional investors portion fully subscribed to 0.17 times the allotted quota, followed by retail investors who have bought 0.22 times the reserved portion. The portion set aside for qualified institutional buyers yet to see subscription.

Sensex Today | Nifty MidCap 100 Index fell 0.2%; Oberoi Realty, Lodha top losers

#1 Baddi inspection classified voluntary action indicated

#1 FDA 'voluntary action indicated' for Patalganga facility

The IPO has been valued below leading IMFL players (USL and Radico), which is rightly so (on EV/EBITDA), given the higher mass volumes in ABD. Also, if we adjust the PAT based on the debt repayment from the IPO proceedings (assuming the IPO gets fully subscribed), the PE ratio falls to 56-59 levels. The company is planning to focus on the premium segment which will lead to margin expansion, along with that the company expects a margin-driven volume expansion in Officer’s Choice, the brokerage said.

As per the management, the company can also take a JV route to develop its premiumisation journey with International players. "Given the expected long growth runway for liquor players, dominance of whiskey in liquor segment, limited pan-India players in the segment and growing premiumization play in the economy, we assign Subscribe rating to the IPO," it said.

Intellect Design Arena has won a large multimillion-dollar deal with Vancity, Canada's largest community credit union. Vancity has selected Intellect Design Arena for their digital transformation project, involving http://emach.ai.

​Nuvama Institutional Equities has initiated coverage on Krystal Integrated Services with a target price of Rs 1,369 per share, implying a massive upside of 80 percent from current levels. Krystal is a leading integrated facilities management services company with 77.6 percent of its revenue sourced from government contracts.

"The firm's successful track record in executing large, multi-location government contracts allows it to benefit from the increasing outsourcing of facility management services by the government", noted Nuvama.

WTI Crude oil futures rose more than 1% on Tuesday as heightened tensions in the Middle East and Europe raised supply concerns. Ukraine said on Monday that it recently hit more than 30 Russian oil processing and storage facilities, while Russia blamed the US for a Ukrainian missile strike on occupied Crimea and warned of unspecified consequences.

Meanwhile, Israeli tanks pushed deeper into Rafah in the south and fought their way back into areas in the north. Talks and preparations of the Israeli invasion of southern Lebanon and prospects of another war front opening with Hezbollah might add to more tensions. Markets also eye key US PCE price index data this week to gauge the Fed’s policy path and rate outlook.s.

#1 Upgrades to Buy from Under Review; target of Rs 21/share
#2 Struggles of over a decade are easing.
#3 Network upgrades won't be constrained by funding.
#4 Subscriber declines to be arrested in FY25E followed by all-round growth.
#5 Government and investors to continue with equity support.

TVS Supply Chain Solutions is currently in talks with a large electric vehicle (EV) player for a contract, according to media reports.

Schaeffler has announced the launch of its innovative Planetary Gear System (PGS) from Schaeffler’s Hosur plant. This solution is specifically designed for Dedicated Hybrid Transmission (DHT) vehicles in India. This initiative by Schaeffler is a local boost for green technology, supporting sustainable mobility efforts in the region.

The initial public offering (IPO) of Allied Blenders and Distillers, renowned for its Officer's Choice whiskey, opened for subscription. The subscription period will conclude on June 27. The IPO comprises a combination of a fresh equity sale amounting to Rs 1,000 crore and an offer for sale (OFS) of 1.77 crore shares.

Citi has hiked the target price for Tech Mahindra's shares to Rs 1,150 from Rs 1,095 while also maintaining its 'Sell' rating. Although Citi expressed confidence in Tech Mahindra's goals for the coming years, it remains cautious.

Shares of Craftsman Automation Ltd. surged towards its record high after the company signed a memorandum of Understanding (MoU) with Sunbeam Lightweighting Solutions Private Ltd and Kedaara Capital Fund II LLP. The company signed the MoU to acquire the whole or part of the business of Sunbeam, excluding certain specific assets situated in Gurugram.

Stock Market LIVE Updates | Telecom stocks in focus ahead of 5G wave spectrum auction

The Sensex was up 148.53 points or 0.19 percent at 77,489.61, and the Nifty was up 36.00 points or 0.15 percent at 23,573.80. About 2,010 shares advanced, 1,109 declined, and 97 were unchanged.

#1 Goldman Sachs says Zomato's market share is now at 56-57%, which is a 200 bps expansion vs previous period

#2 CLSA has issued a buy call on Zomato with a target price of Rs 248 per share

#3 UBS has also recommended a buy rating on the food aggregator's stock with a target price of Rs 250

#1 The brokerage forecasts that the bank's Return on Assets (RoA) will increase from 1.8% to 2.1% over the next 4 years.

Moody’s warns of India’s escalating water stress due to rapid economic growth and climate change. This poses a risk to India's sovereign credit strength, with coal power generators and steel-makers identified as particularly vulnerable sectors. Long-term investments in water infrastructure and renewable energy could mitigate these risks.

Ahead of Bandhan Bank chief Chandra Shekhar Ghosh's retirement, the Reserve Bank of India (RBI) has appointed an additional director on the Board of the Kolkata-based lender.

The RBI appointed Arun Kumar Singh, Chief General Manager (retired), of Reserve Bank of India as an additional director on the Board of Bandhan Bank for a period of one year from June 24, 2024 to June 23, 2025, the bank said in a communication to exchanges on June 24.

Opening Bell | Sensex up 150 pts, Nifty at 23570; Ultratech Cement, HDFC Bank, SBI top gainers

India will begin this year's spectrum auction on June 25, selling airwaves worth Rs 96,317.65 crore. The auction, initially set for May 20, has been rescheduled twice.

The government aims to raise approximately Rs 10,000 crore from the auction, though brokerage reports estimate it could be between Rs 4,000 crore and Rs 16,600 crore. In the 2022 auction, the government achieved a record Rs 1.5 lakh crore.

Only about 17 percent of the spectrum value is expected to be sold, likely the lowest since 2014. Analysts predict that spectrum will be sold near reserve prices due to the lack of excess demand.

The Department of Telecommunications (DoT) will auction frequencies in the 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz, and 26 GHz bands. (Read more)

The bull market's trajectory for the rest of 2024 hinges on two key factors: FM Nirmala Sitharaman’s upcoming Union Budget and the Federal Reserve’s potential dovish shift amid easing inflation and robust US economic growth. A favorable budget and a dovish Fed could boost confidence in corporate India's earnings, central to stock performance. Despite current challenges like net selling by FIIs and DIIs, slow monsoon progress, rising India VIX, and spiking oil prices, Nifty shows resilience and is poised to target its all-time high of 23,667. Key economic data releases later this week, including the US PCE Price Index and GDP figures, as well as India's fiscal deficit and infrastructure output, will be pivotal. Recommended trades include buying Nifty and Bank Nifty at current levels, with bullish picks on PI Industries, HDFC AMC, and Jindal Steel & Power.

Larsen & Toubro has received an 'Overweight' call from Morgan Stanley which set a target price of Rs 3,857 per share for the stock. Morgan Stanley highlighted L&T's commitment to sustainability and its ambitious targets for reducing greenhouse gas (GHG) emissions.

The target price set by Morgan Stanley indicates an upside of 9 percent from L&T's current market price.

CLSA On Zomato

#1 Buy Call, Target Rs248/Share

#2 Prosus’ Annual Report For FY24 Shows Swiggy’s Overall GOV Grew By 26% YoY

#3 Overall gross order value (GOV) Includes Food Delivery + Quick-Commerce

#4 Swiggy’s Overall GOV Growth Lagged Co’s Corresponding Growth Of 36% During The Same Period

#5 Swiggy’s Overall Rev Growth Was 24% YoY While Zomato’s Adj Rev Growth Was 55.9% YoY

#6 Swiggy’s Trading Losses Reduced To $158 m During FY24

#7 Co Reported A Positive EBITDA Of $5 m During FY24

UBS On Zomato

#1 Buy, TP Rs 250 a share

#2 Swiggy's GOV Grew 26% YoY As Of Dec’23 With 104 m Users Per Prosus

#3 Swiggy's Food Delivery GOV Grew ‘Double Digits’ With Improved Advertising & Platform Fees

#4 Q-Com Saw ‘Fast’ GOV Growth With 487 Darkstores In 26 Cities For Swiggy

#5 In Swiggy’s Comparison, Co’s GOV Grew 37% In FY24 & It Had 530 Darkstores As Of Mar’24

Ahead of Bandhan Bank chief Chandra Shekhar Ghosh's retirement, the Reserve Bank of India (RBI) has appointed an additional director on the Board of the Kolkata-based lender.

The RBI appointed Arun Kumar Singh, Chief General Manager (retired), of Reserve Bank of India as an additional director on the Board of Bandhan Bank for a period of one year from June 24, 2024 to June 23, 2025, the bank said in a communication to exchanges on June 24.

This comes ahead of Bandhan Bank managing director and chief executive officer Chandra Shekhar Ghosh's retirement. In April, the bank said Ghosh would retire from the services of Bandhan Bank at the end of his current tenure on July 9, 2024, and assume a larger strategic role at Bandhan group level. The bank is currently searching for a new CEO and has appointed recruitment firm Egon Zehnder to identify the candidates. (Read more)

#1 Shalby Hospitals terminates franchise agreement with Madhuban orthopedic & multispecialty hospital
#2 Amara Raja arm signs technical licensing agreement with Slovakian company GIB EnergyX
#3 Borosil QIP opens, floor price at Rs 331.75/share
#4 AU Small to consider fund raise via QIP/private placement/other modes on June 27
#5 RBL Bank to consider fund raising via QIP on June 27
#6 Muthoot Capital to initiate registration process as corporate agent with IRDAI
#7 Craftsman Automation signs MoU with Sunbeam Lightweighting Solutions & Kedaara Capital Fund
#8 Bandhan Bank: RBI appoints additional director on bank's board
#9 Happiest Minds promoter likely to sell 6% stake: Sources
#10 Allcargo Gati to raise up to Rs 200 cr via QIP, indicative price Rs 101 cr: Sources

#1 Opens today; closes on June 27
#2 Mops up Rs 449 crore from anchor investors
#3 Anchor investors: Nippon Life, JM Financial MF, LIC MF, BNP Paribas, Goldman Sachs, Societe Generale
#4 Aiming to raise Rs 1,500 crore through the IPO
#5 Fresh issue of Rs 1,000 crore; OFS of Rs 500 crore
#6 Issue price of Rs 267-281/share
#7 Proceeds to be used for debt repayment
#8 Proceeds to be used for general corporate purposes

The battered yen languished near the 160 per dollar level on Tuesday and kept traders on high alert for any intervention from Japanese authorities to prop up the currency, while the greenback edged a touch higher in the broader market.

Bitcoin was nursing losses after clocking its worst day in over two months at the start of the week, in part due to flows out of bitcoin exchange-traded funds (ETFs), analysts said.

The dollar was last 0.04% higher at 159.64 yen, just a whisker away from the 160 level that prompted a 9.79 trillion yen ($61.33 billion) currency intervention from Tokyo in late April and early May.

Oil prices were little changed on Tuesday as worries about China's economic recovery prospects offset supply concerns stemming from tensions in the Middle East and Ukrainian attacks on Russian refineries.

Brent futures for August delivery rose 7 cents, or 0.08%, to $86.06 a barrel at 0015 GMT, ahead of the contract's expiry later this week. The more actively traded September contract, rose 8 cents, or 0.09% to $85.23.

U.S. crude futures climbed 11 cents, or 0.13%, to $81.74 a barrel.

Borosil on June 24 said its board approved Qualified Institution Placement (QIP) at floor price of Rs 331.75 per share.

"The Board has at its meeting held today, i.e., June 24, 2024, inter-alia, considered the following: 1. Approved and authorised the opening of the Issue today, i.e. June 24, 2024; 2. Approved and adopted the preliminary placement document dated June 24, 2024; and 3. Approved the floor price for the Issue, being Rs. 331.75 per equity share based on the pricing formula as prescribed under SEBI ICDR Regulations," said Borosil in a stock exchange filing.

#1 Company lock-up period at 60 days subject to certain exceptions
#2 Promoter lock-up period at 60 days subject to certain exceptions

Promoter Ashok Soota to sell 6% stake of Happiest Minds worth Rs 754 crore via block at floor price Rs 826 per share, Sources to CNBC-TV18.

#1 Nasdaq Composite registers worst day since April
#2 Nasdaq slips over a percent as investors rotate out of semiconductors
#3 Nvidia sinks nearly 7%, leading Nasdaq lower
#4 Dow Jones bucks selloff, adds over 260 points
#5 Asian markets edge higher despite tech-led selloff on Wall Street
#6 US 10-year yield flat as investors gear up for inflation data
#7 US dollar dips from 8-week high vs yen as intervention fears intensify
#8 Oil prices steady as markets weigh supply tensions, China recovery
#9 Gold gains on dollar retreat, focus on US inflation data
#10 GIFT Nifty signals a positive start

Allied Blenders and Distillers, the manufacturer of Officer's Choice whisky, has raised Rs 449.1 crore from institutional investors via anchor book on June 24, a day before the issue is slated to open.

The IPO, comprising a fresh issue of shares worth Rs 1,000 crore and an offer-for-sale of shares worth Rs 500 crore by promoters, will open for subscription on June 25. The final day for bidding the issue will be June 27.

"......has finalised allocation of 1,59,82,206 equity shares to anchor investors at a price of Rs 281 per equity share," Allied Blenders said in a BSE filing.

Nippon Life India, JM Financial Mutual Fund, LIC Mutual Fund, Jupiter India Fund, Troo Capital, BNP Paribas, and 360 One Special Opportunities Fund were among the leading investors in the anchor book.

Asian market were trading mostly higher on Tuesday, even as US Big Tech stocks sold off in favor of other sectors such as banking and energy.

Trends on GIFT Nifty indicate a positive start for the broader index in India, with a gain of 37 points or 0.16 percent. The Nifty futures were trading around 23,573.50 level.