Closing Bell: Sensex gains 569 pts, Nifty above 24,000 on expiry day; IT stocks gain

Indian equities extended their positive momentum by commencing the monthly expiry day on a strong note. Banking counters continued to surge higher but a sudden fall in the Mid and Smallcap segments dragged the Index lower; however, the IT counters came to the rescue and helped the Index surpass the psychological barrier of 24,000. With gains of 175.70 points, Nifty50 settled the trade at 24,044.50. Apart from IT, Energy segment outperformed while Media and PSU Banks were the laggards.

Once again Mid and Smallcaps underperformed the Frontline Index. On the daily chart, Nifty50 has formed 4th consecutive strong bullish candle which indicates overstretched upmove; buying on dips will be an ideal strategy. Now, the immediate hurdle is placed at 24,240 while a level of 23,800 will act as strong support.

The importance of an undercurrent is only felt when the tide turns. Index heavy constituents are doing well, but the broader market is starting to bleed. Staying extremely stock-specific and nimble is the current requirement as a trader. For today, it looks like IT stocks will lead the pack. Bajaj twins also look promising. The IT Index is breaking out today ahead of earnings season.

Indian benchmark indices ended at record high on June 27 with Nifty crossing 24,000 for the first time.

At close, the Sensex was up 568.93 points or 0.72 percent at 79,243.18, and the Nifty was up 175.70 points or 0.74 percent at 24,044.50. About 1128 shares advanced, 2240 shares declined, and 93 shares unchanged.

UltraTech Cement, Grasim Industries, LTIMindtree, Wipro and NTPC were among the top gainers on the Nifty, while losers were Shriram Finance, L&T, Eicher Motors, Bajaj Auto and Divis Lab.

Among sectors, IT and Power indices rose 1.7 percent each, while PSU Bank index down 1 percent.

The BSE midcap index ended flat, while smallcap index shed 0.5 percent.

#1 FY24 saw further market share gains in organized C&W to 25-26 percent, up 2-3 percent YoY
#2 Timely capex (total Rs 23bn in last 5-Y) aided +30-40 percent domestic volume growth
#3 Select peers cited capacity constraints
#4 95 percent in-house production helped sustain 29 percent gross margin, despite raw material volatility
#5 The FMEG is yet to post positive EBIT
#6 Estimate C&W to drive +25 percent PAT CAGR in FY24-27

#1 Company has unexpectedly acquired spectrum worth Rs 1,000 crore in current auctions
#2 The unexpected acquisition should help to augment its data services
#3 Maintain 17 percent/23 percent revenue/EBITDA CAGRS over FY24-27
#4 Cut earnings estimates by 4 percent to factor in spectrum spends
#5 After more than doubling since its IPO in April, stock trades at 16x EV/EBITDA
#6 Stock trades at EV/EBITDA of 20 percent + prem to Bharti Airtel's India ops, limits upside

Markets@3 | Sensex up 570 pts, Nifty above 24,000

The Sensex was up 569.60 points or 0.72 percent at 79,243.85, and the Nifty was up 172.00 points or 0.72 percent at 24,040.80. About 1103 shares advanced, 2267 shares declined, and 88 shares unchanged.

The RPG Group company has secured new orders of Rs 1,025 crore in transmission and distribution, and cables businesses.

Sensex Today | Nifty Media index down 1%; Zee Entertainment, Network18, Dish TV among major losers

The company has received a Letter of Acceptance (LOA) from Indian Oil Corporation for the supply of 10 kg composite LPG cylinders worth Rs 55 crore.

Stock Market LIVE Updates | Nifty SmallCap 100 Index down 1 percent
 

Sensex Today | Nifty IT index outperforms

#1 Demand environment remains healthy
#2 Yields are also steady, though YoY & QoQ trends are impacted by high base effect
#3 Management maintained guidance of early double-digit YoY growth in FY25, addition of 1 aircraft per week (on an average)
#4 There is some inflation in airport fees & maintenance costs
#5 Aircraft-on ground stay at mid-70s

The board has approved the appointment of Varun Gupta as Chief Financial Officer of the company effective August 12. He will also be designated as the key managerial personnel of the company.

#1 PHC is a leading provider of novel patent-protected biological products to global markets
#2 Core patented products act as ‘vaccines for plants’, improving crop yield & quality
#3 Believe PI would also be able to transfer tech to manufacture biological products
#4 Biological products TAM could be of more than USD 10 billion

The Sensex was up 382 points or 0.49 percent at 79,056.39, and the Nifty was up 81.1 points or 0.34 percent at 23,949.90.

The company has secured a new marine contract for constructing the Third Berth (Jetty) and specified additional works at Dahej LNG terminal in Gujarat, worth Rs 1,082 crore.

#1 Target Rs 4,750
#2 Offer for acquisition of an aim-listed biologics co is in-line with its stated growth focus
#3 Acquisition would give access to a product portfolio for major crops across key global market
#4 Acquisition would give annual revenue potential of USD 75 million
#5 Valuation is attractive based on new product traction
#6 Likely relocation of production to India could move business towards profitability

JSW Neo Energy, a wholly-owned subsidiary of the company, through its subsidiaries, has signed Power Purchase Agreements for wind and solar projects with a cumulative capacity of 1,325 MW comprising of 1,025 MW with Solar Energy Corporation of India and 300 MW with Gujarat Urja Vikas Nigam.

The Sensex was up 307.17 points or 0.39 percent at 78,981.66, and the Nifty was up 81.7 points or 0.34 percent at 23,950.50.

The company has received a letter of award for survey, investigation, design, build, operate, and transfer of interception & diversion and treatment works including a 15-year O&M period at Hathras Town, UP under the Namami Gange Programme on DBOT mode. The estimated order value is Rs 119.05 crore, wherein EMS has a 26% share with the other two JV partners.

The initial public offering of Allied Blenders and Distillers was subscribed 2 times on the final day of bidding, with investors bidding for nearly 8 crore equity shares against the offer size of 3.93 crore shares, according to exchange data. The Officer's Choice whisky maker intends to raise Rs 1,500 crore through its public issue which consists of a fresh issuance of shares worth Rs 1,000 crore, and an offer-for-sale (OFS) of shares worth Rs 500 crore by promoters. READ MORE

Vraj Iron and Steel's public issue received good response on the second day of bidding, June 27, backed by retail and non-institutional investors. The Rs 171-crore IPO received bids for 2.8 crore equity shares, which were 4.6 times higher than the offer size of 61.4 lakh equity shares, the subscription data on the exchanges showed.

Retail investors took the lead amongst all kinds of investors, buying 6.5 times the allotted quota, while non-institutional investors jumped to second spot, picking 5.2 times the reserved portion. Qualified institutional buyers bid 61 percent shares of its portion.

The initial public offering of Allied Blenders and Distillers was subscribed 2 times on the final day of bidding, with investors bidding for nearly 8 crore equity shares against the offer size of 3.93 crore shares, according to exchange data.

The Officer's Choice whisky maker intends to raise Rs 1,500 crore through its public issue which consists of a fresh issuance of shares worth Rs 1,000 crore, and an offer-for-sale (OFS) of shares worth Rs 500 crore by promoters.

Non-institutional investors were at the forefront to support the issue, buying 4.4 times their reserved portion, followed by retail investors who picked 2 times the allotted quota. Qualified institutional buyers are also gradually increasing their bids, subscribing 15 percent of its portion.

Sensex Today | Nifty PSU Bank index down nearly 1%; PNB, UCO Bank, Bank of India among major losers

SJVN, through its wholly owned subsidiary SJVN Green Energy (SGEL), has signed a Memorandum of Understanding (MoU) with AM Green Ammonia (India) for green ammonia plants.

The telecom operator has acquired 30 MHz spectrum in 900 MHz, 1800 MHz & 2500 MHz frequency bands for Rs 3,510 crore.

KEC International's share price rose 5 percent in the opening trade on June 27 after the company secured new orders of Rs 1,025 crore in T&D and Cables businesses.

The Transmission & Distribution (T&D) business has recently secured several significant projects across India, Africa, and the Americas. These include a 765 kV GIS Substation project in India awarded by Power Grid Corporation of India Limited (PGCIL), a comprehensive 225 kV Composite project involving Transmission lines, Substations, and Underground cabling in West Africa, and contracts for supplying towers, hardware, and poles in the Americas.

Additionally, the cables business has also received orders for various types of cables, catering to both domestic and international markets. Read More

Bharti Airtel has acquired 97 MHz spectrum in 900 MHz, 1,800 MHz, and 2,100 MHz frequency bands through the auction for Rs 6,857 crore.

Bharti Airtel, Dialog Axiata PLC and Axiata Group, Berhad have successfully completed the share swap transaction of Bharti Airtel Lanka with Dialog.

Upon completion of the transaction, Dialog holds 100% shareholding of Airtel Lanka and Bharti Airtel holds 10.355% shareholding of Dialog.

Markets@10 | Sensex, Nifty at record high

The Sensex was up 245.81 points or 0.31 percent at 78,920.06, and the Nifty was up 67.90 points or 0.28 percent at 23,936.70. About 2005 shares advanced, 1032 shares declined, and 108 shares unchanged.

Sensex Today | BSE Midcap index up 0.7%; Whirlpool, Max Healthcare, Bayer CropScience up 3-10%

Sensex Today | BSE IT index down 0.5%; Tech Mahindra, R Systems, HCL Technologies among major gainers

Sensex Today | Nifty Auto Index down 0.5%; M&M, Eicher Motors, Maruti Suzuki down 1% each

Sadaf Sayeed, CEO of Muthoot Microfin, has been appointed as the Co-Chair of Sa-Dhan, the largest and oldest association of microfinance and impact finance institutions in India. The re-election took place during Sa-Dhan's 26th Annual General Body Meeting.

The company has announced an offer to acquire Plant Health Care Plc for £32.8 million, with a strategic objective to build a differentiated portfolio of integrated solutions for sustainable agriculture.

On the back of mixed global cues, the Indian indices opened lower on June 27.

The Sensex was down 129.38 points or 0.16 percent at 78,544.87, and the Nifty was down 37.60 points or 0.16 percent at 23,831.20. About 1405 shares advanced, 800 shares declined, and 124 shares unchanged.

The Sensex was down 124.05 points or 0.16 percent at 78,550.20, and the Nifty was down 34.00 points or 0.14 percent at 23,834.80. About 1593 shares advanced, 794 shares declined, and 107 shares unchanged.

UltraTech Cement, Grasim Industries, JSW Steel, Dr Reddy's Labs and Tata Steel were among major gainers on the Nifty, while losers were Shriram Finance, SBI Life Insurance, HCL Technologies, TCS and Tech Mahindra.

The Board of Directors of UltraTech Cement at its meeting held today approved making a financial investment to purchase up to 7.06 crores equity shares of The India Cements at a price of up to Rs 267 per share. This non-controlling financial investment constitutes around 23% of the equity share capital of ICL.

Select buying in heavyweight counters helped the Index to end the session at yet another record level of 23,869. The Index has been performing as per our expectations but a profit-booking correction can be seen because the ongoing rally is on a weak foot and is mainly driven by select heavyweights.

The same action is also anticipated in BankNifty where 52,000 will serve as a strong support.

With an extremely overbought reading in the Auto sector, we continue to hold our stance of correction in the form of profit booking (2W &3W); however, buying interest can be seen in the Ancillary stocks.

Heavyweight Reliance-led rally pushed the Energy sector higher, sustainability of the momentum will depend on follow-up buying.

Britannia (Falling Wedge Breakout) and GodrejCP (Channel Breakout) look strong in the FMCG segment. Some more downside is still left in the Metal and Realty sectors. Agro/Specialty Chemicals and Textile stocks are gaining momentum, so one should keep an eye on the same.

The unstoppable rally at Dalal Street has lifted Nifty and Sensex to new record highs at 23,889.90 and 78,759.40, respectively, with bulls revising their targets higher. The Nifty’s crucial support stands at 23,557. Anticipate high volatility due to the June derivative contracts expiry on June 27th, alongside key economic catalysts such as the US GDP figures for Q1, the May US PCE Price Index, and speeches from Fed’s Barkin and Bowman.

The preferred trades are to buy Nifty between 22,700-22,750 with a stop at 23,351, targeting 24,050-24,550, and Bank Nifty between 52,300-52,400 with a stop at 51,061, targeting 53,300-53,900.

Bullish stocks include Reliance Industries, Britannia, and RBL Bank, with RBL Bank being a top buy at CMP 258, aiming for targets of 371/385.

Finsider International Company, part of the promoter group, sold a 2.63% stake in Vedanta at an average price of Rs 427.2 per share.

#1 No significant impact expected in trading volume
#2 Kotak Bank, SBI, ICICI Bank and Axis Bank will see their weight go up, with an increase in passive flows
#3 HDFC Bank, IndusInd Bank, Bank of Baroda, AU Small Finance Bank, Punjab National Bank, IDFC First Bank, Bandhan Bank and Federal Bank to see their weight reduce, leading to outflows
#4 NTPC sole contender on CPSE index for an increase in weightage
#5 BEL, Coal India, ONGC, NHPC, Oil India, Power Grid, Cochin Shipyard, NBCC, SJVN, NLC India on CPSE index to see their weight fall; combined outflows seen at USD 60 million

Promoter Rashmi Chowdhary offloaded a 2% stake in Titagarh Rail at an average price of Rs 1,618 per share. However, Blackrock Global Emerging Markets Fund Inc picked 0.7% shares at the same price.

Axis Small Cap Fund, Axis India Manufacturing Fund, HDFC Mutual Fund - HDFC Manufacturing Fund, Nippon India Mutual Fund, ICICI Prudential Mutual Fund, and HSBC Mutual Fund bought a 6.2% stake in Sharda Motor at an average price of Rs 1,996.1 per share.

However, promoter Mala Relan offloaded 8.4% shares at the same price.

Aditya Birla Sun Life Insurance Company, ICICI Prudential Life Insurance Company, Morgan Stanley Asia Singapore Pte, and Samsung India 2.0 Equity Master Investment Trust bought a 9.22% stake in Hindustan Foods at an average price of Rs 502 per share.

However, Infinity Consumer Holdings, Sixth Sense India Opportunities II, Westbridge AIF I, and Jwalamukhi Investment Holdings sold 10.89% shares at the same price.

#1 Chairperson Madhabi Puri Buch to address media at 6 pm
#2 Tighter rules for stocks to be eligible for derivatives trade
#3 May ask brokers & MFs to stop enlisting unregistered financial influencers
#4 May consider easing delisting norms

The company has announced an offer to acquire Plant Health Care Plc for £32.8 million, with a strategic objective to build a differentiated portfolio of integrated solutions for sustainable agriculture.

India Cements, GNFC, Indus Towers, Punjab National Bank, SAIL

#1 US stocks ended slightly higher ahead of May’s PCE data on Friday
#2 Megacap tech stocks outperform; Amazon crosses $2 trillion in market cap
#3 Banking stocks were in focus after Fed’s stress test results
#4 Fed’s stress tests show banks 'well-positioned' to deal with 'severe' recession
#5 Asian markets open lower; Nikkei and Kospi down nearly 1% as yen hits near 38-year low against dollar
#6 US 10-year Treasury yields increased following Federal Reserve officials' comments on monetary policy
#7 Oil prices rose despite unexpected increases in US oil and gasoline inventories
#8 Gold at two-week low due to a stronger dollar, higher yields
#9 GIFT Nifty indicates subdued open

FIH Mauritius Investments Ltd, which currently holds a 49.72% stake in the Thrissur, Kerala-based private lender CSB Bank, is likely to sell 9.72 percent stake via block deal, sources told CNBC-Awaaz on June 26.

FIH Mauritius Investments is likely to raise 595 crore through block deal at floor price of Rs 352.4 per share, which implies 1 percent discount from current market price.

The promoter will sell 1.68 crore shares through the block deal for which IIFL is the broker, the channel reported. Read More

Asian shares fell and bond yields spiked on nervousness about inflation on Thursday, while the yen's slide past 160-per-dollar had currency traders bracing for Japan to step in and steady it.

The dollar made six-week highs on sterling and the kiwi and at 160.7 yen traded just shy of Thursday's 38-year peak. The jittery mood had frothy sectors of financial markets especially vulnerable and Nasdaq futures dropped 0.5%.

Oil prices slid in early Asian trade on Thursday as a surprise build in U.S. stockpiles fuelled fears about slow demand from the top oil consumer, though worries a potential expansion of the Gaza war may disrupt Middle East supplies capped declines.

Brent crude oil futures fell 30 cents, or 0.4%, to $84.17 a barrel by 0028 GMT. U.S. West Texas Intermediate crude futures lost 32 cents, or 0.4%, to $80.58 per barrel.

Both benchmarks had settled slightly higher on Wednesday.

Trends on GIFT Nifty indicate a weak start for the broader index in India, with a loss of 49 points or 0.21 percent. The Nifty futures were trading around 23812.5 level.

Indian benchmark indices continued their record run for a second consecutive session on June 26, with Nifty crossing 23,850 for the first time ever led by banks and heavyweights.

At close, the Sensex was up 620.73 points or 0.80 percent at 78,674.25, and the Nifty was up 147.50 points or 0.62 percent at 23,868.80.

BSE Sensex and Nfity50 indices hit new record highs of 78,759.40 and 23,889.90, respectively.

The Nifty Bank index also hit a fresh record high as it went closer to 53,000.

Biggest gainers on the Nifty included Reliance Industries, UltraTech Cement, Bharti Airtel, ICICI Bank and Grasim Industries, while losers were Apollo Hospitals, Bajaj Auto, M&M, Tata Steel and Hindalco Industries.

Among sectors, bank, oil & gas, telecom, media and FMCG were up 0.3-2 percent, while auto, metal and realty fell 0.7-1.5 percent.

The BSE midcap index was down 0.30 percent while the smallcap index ended on a flat note.