Closing Bell: Sensex down 210 pts, Nifty at 24,000; banks drag, metal, pharma shine

Indian benchmark indices ended lower in the volatile session on June 28. At close, the Sensex was down 210.45 points or 0.27 percent at 79,032.73, and the Nifty was down 33.90 points or 0.14 percent at 24,010.60.

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

The markets traded within a narrow range throughout the day, closing nearly unchanged after a recent surge. Initially positive, the session saw profit-taking in key heavyweights that offset early gains, resulting in the Nifty settling around 24,009.30 levels, down by 0.15%. Despite this, sectors like energy, pharma, and metal ended in positive territory, contributing to gains of around 0.5%-0.9% in broader indices.

Looking ahead, there's a possibility of consolidation in the benchmark index following recent upward movement, with support expected around the 23,700-23,900 range on any declines. Banking stocks are currently consolidating, while sectors such as IT, energy, and FMCG are buoying the index higher. Similar market dynamics are anticipated in the upcoming session, so traders should strategize accordingly.

Market This Week

#1 Market gains for 4th straight week, Sensex & Nifty up over 2% each
#2 Nifty Banks posts gains of nearly 2% & Midcap Index 1% this week
#3 Energy & IT are best performing indices, up 3% each

Vinod Nair, Head of Research, Geojit Financial Services

India’s optimism about the upcoming budget and upgrade in GDP forecasts continues to provide momentum in the market. Large caps are in favour due to the come back of FIIs. However, profit booking ensued at the end of the week, at higher levels, in financials especially private banks, which dragged the market down after the recent rally.

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The BankNifty index experienced its first meaningful correction after a nonstop rally in the past week. For the selling pressure to continue, there needs to be follow-up selling; otherwise, the index may get stuck in a consolidation range.

The immediate support is at 52000, where the highest open interest is built up on the put side, while the immediate resistance lies in the 52700-53000 zone.

Rupak De, Senior Technical Analyst, LKP Securities

The index formed a small-bodied red candle, breaking a four-day winning streak. The sentiment continues to remain strong as the index closed significantly above the critical moving average.

However, after a continuous rally, the index looks a bit heavy and might attract profit booking if Nifty sustains below 24,000.

On the lower end, the index might fall towards 23,850/23,700 in the short term upon a decisive fall below 24,000. On the higher end, resistance is visible at 24,20

Currency Check | Rupee closes higher

Indian rupee ended higher at 83.39 per dollar on Friday against Thursday's close of 83.46.

Sensex Today | Cochin Shipyard arm bags international order

Udupi Cochin Shipyard Limited (UCSL), a wholly owned subsidiary of Cochin Shipyard Limited (CSL), wins a prestigious international order from Wilson ASA, Norway, for Design and Construction of 4 nos. of 6300 TDW Dry Cargo Vessels.

Market Close | Sensex down 210 pts, Nifty at 24,000; banks drag, metal, pharma shine

Indian benchmark indices ended lower in the volatile session on June 28.

At close, the Sensex was down 210.45 points or 0.27 percent at 79,032.73, and the Nifty was down 33.90 points or 0.14 percent at 24,010.60. About 1929 shares advanced, 1449 shares declined, and 80 shares unchanged.

Biggest Nifty gainers included ONGC, Dr Reddy's Labs, Reliance Industries, SBI Life Insurance and Tata Motors, while losers were IndusInd Bank, Bharti Airtel, Axis Bank, ICICI Bank and Kotak Mahindra Bank.

On the sectoral front, healthcare, metal, PSU Bank, oil & gas, realty up 0.5-1 percent, while bank index down 1 percent and capital goods index shed 0.4 percent.

The BSE midcap and smallcap index added 0.5 percent each.

Stock Market LIVE Updates | Bharat Electronics gets order worth Rs 3,172 crore

Bharat Electronics has signed a contract valued at Rs 3,172 crore with Armoured Vehicles Nigam Limited (AVNL) on June 28, 2024, at AVNL Headquarters in Chennai. The project entails the supply and installation of an advanced, indigenously designed and developed Sighting and Fire Control System (FCS) for the upgrade of BMP 2/2K Tanks of the Indian Army, along with a comprehensive Engineering Support Package.

Sensex Today | VAT reduces on petrol, diesel in Mumbai, Navi Mumbai, Thane: CNBC Awaaz

Brokerage Call | Nomura prefers Shree Cement, Ultratech, Ramco Cements

#1 Aggressive expansion targets, stronger balancesheet of large players provide impetus for consolidation
#2 Aggressive expansion targets & stronger balancesheet should result in better pricing discipline
#3 Current dynamics reminiscent of FY14-17; Ambuja & Ultratech to lead the pack
#4 Plant-based acquisition to increase due to de minimis exemption of CCI
#5 Minimis exemption of CCI enables larger companies to keep acquiring asset
#6 Succession issue provides another reason for promoters to exit a non-stressed business
#7 Prefer buys – Shree Cement, Ultratech, Ramco Cements & Nuvoco

Brokerage Call | Morgan Stanley keeps 'overweight' call on Avenue Supermarts, target Rs 5,123

#1 Competitive intensity in online grocery space remains sharp
#2 Amazon fresh to expand to 130 cities from 60 cities
#3 For the first time, JioMart leads DMart Ready on product discounting
#4 Big basket leads DMart ready on SKU availability
#5 JioMart and DMart Ready seem to be piloting faster delivery

Brokerage Call | Jefferies maintains 'underperform' rating on SRF, target Rs 2,125

#1 Company’s specialty chemicals segment faces headwinds from price erosion in key products
#2 Price erosion in key products due to Chinese competition, due to negative operating leverage on recently commissioned capacities
#3 Refgas outlook is muted on persistent high US inventories & Chinese competition in row
#5 Cut FY25/26 EPS 9 percent/4 percent on sustained headwinds and are 15 percent/14 percent below consensus

Sensex Today | BSE Midcap index rises 0.6%; Star Health, Persistent Systems, IGL up 4-5%

USDINR spot to trade between 83.20-83.80.: Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas

Indian Rupee gained slightly by 0.02% on positive domestic markets and a FII inflows. Rupee gained to 83.3750 earlier in the day on boost from inclusion of Indian bonds in the JP Morgan’s emerging markets bond index. However, a positive US Dollar and a rise in crude oil prices capped sharp gains.

We expect Rupee to trade with a slight negative bias on strong US Dollar and surge in crude oil prices. Dollar demand from OMCs and importers may also weigh on the Rupee. However, fresh foreign inflows and positive tone in the domestic equities may support the Rupee. Traders may take cues from India’s fiscal deficit data. Traders may also take cues from core PCE price index, personal income and Chicago PMI data from the US data from the US. USDINR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80.

Sensex Today | BSE Realty index up 0.8%; Godrej Properties, Prestige Estate, DLF major contributors

Will launch Zaynich in India early next year: Wockhardt Chairman

Stock Market LIVE Updates | Oil India appoints Rupam Barua as CFO

Brokerage Call | Jefferies On Telecom

#1 Maintain buy on Bharti Airtel, target Rs 1,720
#2 Reliance Jio has raised tariffs by 13-25 percent.
#3 Leaving out feature phone users suggests that Jio continues to focus on subscriber additions
#4 Reliance Jio’s initiative to raise tariffs reflects rising focus on monetisation
#5 Cut Reliance Jio’s FY25-27 estimates by up to 3 percent
#6 Expect Jio to deliver 18 percent/26 percent revenue/PAT CAGRs over FY24-27
#7 Reliance Jio's willingness to raise tariffs bodes well for bharti/jio's revenue/margin outlooks

Sensex Today | Nifty Private Bank index down 1%; IndusInd Bank, ICICI Bank, Axis Bank top losers

Sensex Today | Axis Securities initiates coverage on Inox Wind to buy; sets price band of Rs 185 a share

Axis Securities initiates coverage on Inox Wind with a BUY rating and a target price of Rs 185 per share. They cite the elimination of interest-bearing debt, a strong order book, technological advancements, and enhanced execution capabilities as key factors. The target price, based on a 30x P/E multiple of FY26 EPS, implies a 33% upside from the current market price. Inox Wind is well-positioned for growth and profitability in India's wind energy sector with its integrated solutions and sound financials, it said.

Sensex Today | Nifty Midcap is trading at a record high, crosses earlier level of 55,922.9

Sensex Today | Hudco names Reva Sethi as chief financial officer

Sensex Today | Giriraj Civil wins Rs 181 crore order

Sensex Today | Rupee may rise up to 82.50 against dollar on global bond index inflows: Experts

The rupee is likely to appreciate in the coming days and trade in the range of 82.50 to 83.50 against the US dollar, currency experts told Moneycontrol on June 28.

This is because inflows from foreign portfolio investors (FPI) in Indian bonds through global bond index will lead to appreciation of the Indian currency from the current levels, the experts said. (Read more)

Markets@2 | Sensex, Nifty marginally higher

The Sensex was up 121.43 points or 0.15 percent at 79,364.61, and the Nifty was up 46.60 points or 0.19 percent at 24,091.10.

Stock Market LIVE Updates | Bank of Baroda trades ex-dividend

Stock Market LIVE Updates | Rail Vikas Nigam incorporats subsidiary RVNL Middle East Contracting LLC in Dubai

Sensex Today | BSE FMCG index gains 0.4%; Bombay Burmah, Patanjali Foods, Jyothy Labs up 3-8%

Sensex Today | Airtel revises mobile tariffs

Bharti Airtel revised its mobile tariffs from July 3rd, 2024 with a very modest price increase (less than 70p per day) on the entry level plans, in order to eliminate any burden on budget challenged consumers.

IPO Update | Bansal Wire Industries sets price band of Rs 243-256 a share for its Rs 745 crore IPO

Bansal Wire Industries Ltd has set a price band of Rs 243-256 a share for its Rs 745 crore initial public offering that will open for subscription on July 3.

The anchor bidding will start on 2 June and the issue will close on July 5. The allotment will be on July 8 and refunds will be made on July 9. The issue will close on July 10.

The IPO consists of a fresh issue of Rs 745 crore and the mcap after listing of the firm will be at Rs 3262 crore.

Brokerage Call | Morgan Stanley On Telecom

#1 Jio announces tariff hike, timing and quantum largely in-line
#2 Estimate blended ARPU would benefit in range of 16-18 percent for Bharti Airtel & Reliance Jio
#3 Estimate blended ARPU benefit for Bharti Airtel assuming it implements a similar hike like Jio
#4 For Bharti Airtel see a new floor of Rs 1,000-1,050 following tariff hike by Reliance Jio
#5 In terms of upside, assuming current multiple is sustained for next year on base case results
#6 Current multiple implies upside of 11-15 percent

Sensex Today | Nifty Healthcare index rises 1%; Ipca Labs, Dr Reddy's Lab, Lupin top gainers

Stock Market LIVE Updates | Bajaj Holdings & Investment trades ex-dividend

Brokerage Call | Morgan Stanley keeps 'overweight' call on Reliance Industries

#1 Target Rs 3,046
# RIL's announced telecom tariff increases in-line with our base case expectation
#3 Monetisation of investments remains in play
#4 Next catalyst to watch will be startup of new energy cashflow streams by end-2024
#5 Do not assume any further tariff hikes till FY27
#6 But another approximately 20 percent tariff hike next year can raise earnings by 10-15 percent

Stock Market LIVE Updates | Sagar Cements gets board approval to reappoint S Anand Reddy as MD

The company has received approval from the board for the re-appointment of S Anand Reddy as Managing Director, and S Sreekanth Reddy as Joint Managing Director, for three years, effective October 31.

Sensex Today | Nifty Pharma index gains 1%; Lupin, Dr Reddy's Labs, Biocon up 2% each

Sensex Today | Wockhardt to CNBC-TV18

#1 Should get DCGI approval for WCK 4873 (Nafithromycin) by the end of the year
#2 Leadership team has not changed for the past 25 years which has aided R&D program
#3 Used WCK 5222 for compassionate use in 30 patients in India

Stock Market LIVE Updates | Godrej Properties rises 2%, hits new record high on highest ever pre-sales in FY24

Shares of Godrej Properties surged over 2 percent to hit an all-time high of Rs 3,170 apiece on June 28 after it reported highest-ever pre-sales of Rs 22,500 crore in FY24.

With this, it has now become the largest developer in terms of bookings. Godrej Properties pre-sales rose by 84 percent year-on-year (YoY) in FY24, 61 percent higher than its guidance.

Following this, analysts at Motilal Oswal shared a 'buy' call for Godrej Properties and upped target price to Rs 3,600 per share, indicating an upside of 13 percent from current levels. Read More

Stock Market LIVE Updates | Ambuja Cements board approves merger with Adani Enterprises arm

Ambuja Cements said its board has approved merging with Adani Cementation, a subsidiary of Adani Enterprises. Through this proposed scheme, Adani Enterprises will get 8.7 million shares of Ambuja Cements.

The scheme will consolidate cement capacity within the group to bring synergistic benefits for all stakeholders.

Sensex Today | HealthCare Global to acquire stake in Vizag Hospital

HealthCare Global Enterprises has entered into a share purchase agreement on 28 June 2024, with Vizag Hospital and its selling shareholders and shareholders’ agreement with Vizag Hospital and its continuing shareholders in relation to the proposed upfront acquisition of 51% equity share capital by the Company and balance acquisition of 49% of equity share capital in Vizag Hospital in tranches.

Sensex Today | HDFC Life gets tax demand order worth Rs 1,495.1 crore with interest of Rs 592.4 crore for AY 21-22

Sensex Today | BSE Capital Goods index down 0.4%; GMR Airports, Polycab India, Siemns among top losers

Stock Market LIVE Updates | NHPC signs PPA with GUVNL for 200 MW capacity solar power project at Khavda

Stock Market LIVE Updates | Motilal Oswal reiterates 'buy' on Star Health with a target price of Rs 730

Stock Market LIVE Updates | Nifty Bank index down 0.4%; slips 430 points from day's high