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Sensex Closes Flat, Smallcap And Midcap Stocks Gain

5 July 2024
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New Delhi: Indian equity indices closed flat on Friday following a volatile session. At closing, Sensex was at 79,996, down 53 points and Nifty was up 21 points or 0.09 per cent, at 24,323. Buying is seen in midcap and smallcap stocks. The Nifty midcap 100 index was up 470 points or 0.83 per cent, at 57,089 and the Nifty smallcap 100 index was up 148 points or 0.79 per cent, at 18,941

HDFC Bank, the leading private lender was down by 4.58 per cent at closing, which primarily influenced the Nifty Bank adversely by 0.83 per cent at closing. In the Sensex, Reliance, SBI, NTPC, HUL, L&T, Nestle, Power Grid, ITC, JSW Steel, Wipro, Sun Pharma, Kotak Mahindra and Bajaj Finance were the gainers. HDFC Bank, Titan, Tata Steel, M&M, IndusInd Bank, and UltraTech Cement were the losers.

Vaibhav Vidwani, Research Analyst, Bonanza Portfolio, said that today the Asian stock markets reached new highs, buoyed by expectations of U.S. interest rate cuts in September.

“10-year US treasury yield fell as the US market awaits the jobs data that is due on Friday. Many investors are hoping that Friday’s jobs data will indicate that the labour market and economy are cooling, as this could support the case for Federal Reserve interest rate cuts,” he added.

Among the sectoral indices, PSU Bank, Pharma, FMCG, Metal, Energy, Infra, and PSE closed in the green, and Private Bank and Fin Services in the red.

Science & Environment

Top Stocks On D-Street: Inox Wind, Tata Motors And…

4 July 2024
by admin

New Delhi: Indian equities reached record highs on Thursday boosted by buying in IT and Pharma stocks. The Nifty 50 Index rose by 0.06 per cent to close at 24,302.15 while the sensex increased by 0.08 per cent or 62.88 points to finish at 80,049.67. Meanwhile, the Bank Nifty which hit new highs during intra-day trading ended flat but with a slight positive bias at 53,103.7.

The markets traded within a narrow range and ended nearly unchanged, pausing after Wednesday’s gains. After an initial rise, the Nifty fluctuated throughout the day and settled near its lowest point at 24,306.55. Sector-wise, there was a mixed trend with pharmaceuticals, IT, and automotive sectors seeing moderate gains, while FMCG and metals remained subdued. The broader indices performed better than the benchmark, each gaining about half a percent,” said Ajit Mishra, Senior Vice President of Research at Religare Broking Ltd. (Also Read: Budget 2024: Nirmala Sitharaman’s Budget May Bring Relief For India’s Senior Citizens)

He further added, “The Nifty has approached its immediate target of 24,500 and appears slightly overextended. It would be prudent to take some profits and wait for a potential dip before considering new long positions in the index. Meanwhile, the broader market strength and specific sectoral buying opportunities suggest that traders should focus more on stock selection and utilize dip/consolidation to add quality names.” (Also Read: Finance Ministry Announces Interest Rates For GPF, Other Provident Funds For July-Sept 2024 Quarter)

In today’s trading session on Dalal Street several stocks drew significant attention. Inox Wind, Tata Motors, and Bajaj Finance were among the prominent names along with seven other notable stocks. According to Zeebiz, these are the stocks that stood out today:

– Tata Motors

Shares of Tata Motors rose by over 2 per cent, closing at Rs 999.05, following a more than 5 per cent year-on-year increase in Jaguar Land Rover (JLR) registrations in the UK for June.

– Wockhardt

The pharmaceutical company’s shares jumped by over 5 per cent, ending at Rs 933.9, as it prepares to launch two new antibiotics in India.

– Sun Pharma

Sun Pharma shares gained nearly 2 per cent, closing at Rs 1,560.55, after the EMA validated its marketing authorization application (MAA) for Nidlegy.

– Bajaj Finance

Bajaj Finance shares fell by nearly 2 per cent, finishing at Rs 7,108.6, as brokerages gave mixed outlooks on the stock following its Q1 business update.

– Inox Wind

Inox Wind shares surged by over 10 per cent, ending at Rs 157, after the company announced that its promoter entity, Inox Wind Energy, had infused Rs 900 crore.

– L&T Finance

L&T Finance shares saw a slight dip, closing at Rs 188.1, despite a 33 per cent year-on-year growth in retail disbursements for the June quarter.

– Mazagon Dock Shipbuilders

Shares of the PSU surged nearly 20 per cent, closing at Rs 5600.8. During today’s trading, the company’s market capitalization exceeded Rs 1 lakh crore.

Science & Environment

Stock Market Updates: Sensex Tops 80,300, Nifty Nears 24,400;…

4 July 2024
by admin

Last Updated: July 04, 2024, 09:33 IST

The Sensex topped the 80,300-mark in opening trade on Thursday, while the Nifty50 surpassed 24,350 levels, extending their record hitting run amid supportive global cues.

The BSE benchmark hit a record high of 80,331, and was trading at 80,212, up 225 points in early deals. The Nifty50, on the other hand, hit a fresh lifetime high of 24,372, and was trading at 24,356 levels, up 69 points.

HCL Tech, ICICI Bank, Tata Motors, M&M, TCS, Bajaj Finance, Tata Steel, and Tech M were the leading large-cap stocks on the frontline indices, rising up to 1.35 per cent.

In the broader markets, the BSE MidCap, and SmallCap indices advanced 0.36 per cent and 0.57 per cent, respectively.

Sectorally, the Nifty IT index was the highest gaining index (up 1 per cent), while the Nifty FMCG index was the top laggard (down 0.06 per cent).

Aparna Deb

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious abo…Read More

Science & Environment

Stocks In Spotlight 04 July 2024: Five Stocks To…

4 July 2024
by admin

New Delhi: Markets rose to all-time highs on Wednesday, led by HDFC Bank, which jumped to a new high amid hopes of a rise in its weightage in a major global index.

Sensex Finished higher at 79,986.80 points while Nifty settled the day at a record high of 24,286.50.

“Technically, the Nifty index has broken the 24,200 barrier and formed a doji candlestick pattern. Furthermore, the index is forming a higher-top, higher bottom pattern, indicating an uptrend. As long as index holds support of 23,990, it may attempt to test the levels of 24,500-24,600. Nifty Bank also reached a record high of 53,256.70 in the morning trade, driven by HDFC Bank, and then witnessed some profit booking on higher levels. Finally, Nifty Bank settled the day on record high at 53,089 levels. From a technical standpoint, the index is consolidating in the band of 52,000-53,200. If the index sustains above 53,200, then rally could extend towards 54,000-54,200 levels,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Meanwhile, ahead of the market opening today, as per Zeebiz are Bajaj Finance, Vedanta, Vodafone Idea, Tata Power, Marico likely be in focus today.

1. Tata Power

Tata Power shares are scheduled to trade ex-dividend on Thursday. The Board of Directors of the Company had at its meeting held on May 8, 2024, recommended a dividend of 200 percent at Rs 2 per Equity Share of Re 1 each for the financial year ended March 31, 2024.

2. Vodafone Idea

Shares of Vodafone Idea is likely to be in focus as the telecom operator has hiked its mobile tariff which is effective from today.

3. Vedanta

Vedanta group has announced its production release for 1st quarter ended June 30, 2024. It said, “The cast metal aluminum production at our smelters at 596 kt, up 3% YoY on account of better operational performance. Alumina production at Lanjigarh refinery at 539 kt, up 36% YoY driven by new capacity, and up 11% QoQ”.

4. Bajaj Finance

Bajaj Finance has in a business update said that it has seen a deposit hike of 26 percent YoY. “Deposits book stood at approximately ₹ 62,750 crore as of 30 June 2024 as compared to ₹ 49,944 crore as of 30 June 2023, a YoY growth of 26%,” the company informed regulators.

5. Marico

Marico has announced that it has collaborated with Kaya to scale up play in advanced science-backed personal care.

Science & Environment

Stocks In Spotlight 27 June 2024: Five Stocks To…

27 June 2024
by admin

New Delhi: Markets settled at their fresh all-time high levels on Wednesday. Sensex rallied 620.73 points or 0.80 percent to end at new closing peak of 78,674.25 while Nifty surged 147.50 points or 0.62 percent to close at 23,868.80.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd said, “The domestic benchmark index, Nifty, opened on a flat note and after initial dip index has witnessed strong buying interest. Consequently, the index achieved a new record high of 23,889.90, ultimately concluding the day positively at 23,868.80. Technically, the index broke out of the short-term consolidation zone of 23,330-23,670 in yesterday’s session, and today it found support near the breakout point of 22,670. Based on this breakout, the rally may extend towards the 24,000 level. Therefore, it is advisable to adopt a buy-on-dips strategy for Nifty. On the downside, 23,670 will serve as immediate support for the index”.

Meanwhile, ahead of the market opening today, as per Zeebiz Bharti Airtel, Titan, LTIMindtree, LTTS, Bharti Hexacom, are a couple of stocks that will likely be in focus today.

1. LTIMindtree

LTIMindtree has informed the regulator that AM Naik, Non-Executive Chairman of the Company will relinquish his office. Further, the Board of Directors at its meeting has approved appointment of SN Subrahmanyan, Non-Executive Vice-Chairman, as the Non-Executive Chairman of the Company with effect from June 27, 2024.

2. Titan

Titan stock will trade ex-dividend today. The Board of Directors at its meeting held on 3rd May 2024 recommended a Dividend of 1100 percent at Rs 11.00 per Equity Share of Rs 1 each for the Financial Year ended 31st March, 2024.

3. Bharti Airtel

Airtel has said that it has acquired 97 MHz spectrum in 900 MHz, 1800 MHz and 2100MHz frequency bands through the auction for Rs 6857 crore Spectrum secured for 20 Years. Airtel added that it has successfully renewed spectrum that was expiring in 2024 along with additional spectrum purchase to bolster its mid band holding across the key circles.

4. Telecom Stocks: Bharti Hexacom

Bharti Hexacom Ltd, a subsidiary of Bharti Airtel, has acquired 15 MHz with an outlay of Rs 1,001 crore.

5. Supreme Petrochem

Supreme Petrochem shares are slated to trade ex-dividend on Thursday. The company has recommended final dividend rate of Rs 7.

Science & Environment

Stock Market Updates: Sensex Down 400 Points, Nifty Below…

24 June 2024
by admin

Last Updated: June 24, 2024, 09:35 IST

Sensex Today: Indian shares opened lower on Monday, influenced by mixed global signals.

BSE Sensex dropped 394 points or 0.51 per cent to 76,816.22 levels. NSE’s Nifty50, on the other hand, slipped 122 points or 0.52 per cent to 23,379.45 levels.

Sun Pharma, ITC were the top gainers while IndusInd Bank, Tata Steel were the top laggards on BSE.

Similarly, on NSE, Sun Pharma, Wipro were the top gainers while IndusInd Bank, Cipla were the top laggards.

Broader markets also slipped in trade. Nifty SmallCap dropped 0.32 per cent while MidCap slipped 0.47 per cent.

Sectorally, PSU Bank fell the most, down 1.19 per cent, followed by Meta (down 1.04 per cent). FMCG was the only gainer, up 0.09 per cent.

Market View: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

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.

Global Cues

Asian shares were quiet on Monday as investors awaited US price data, anticipating signs of easing inflation. Meanwhile, markets were attentive to potential Japanese intervention as the dollar approached the 160 yen threshold. Geopolitical tensions were also prominent, with the upcoming US presidential debate on Thursday and the first round of voting in the French election over the weekend.

Aparna Deb

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious abo…Read More

Science & Environment

Stocks In Spotlight 21 June 2024: Five Stocks To…

21 June 2024
by admin

New Delhi: Markets rallied for the sixth straight session on Thursday, with benchmark equity indices Sensex and Nifty zooming to all time fresh peaks. Sensex surged 141.34 points or 0.18 percent to finish at a new record closing of 77,478.93 while Nifty scaled 51 points or 0.22 percent to close at 23,567.

Ajit Mishra – SVP, Research, Religare Broking Ltd said, “On the benchmark front, the Nifty index closed at 23,581, up 0.30%. Sectorally, realty, metal, and private banking finished in the green, while Pharma, PSU Bank, and Auto sectors lagged. Broader indices also edged higher, both gaining over half a percent.”

“Looking ahead, a decisive close above 23,600 in Nifty could trigger fresh upward momentum, potentially pushing the index to 24,000 levels. On the downside, 23,400 is expected to act as strong support. Besides banking and IT, themes like sugar, fertilizers and chemical are showing good traction on the expected lines. Traders should align their positions accordingly,” he added.

Meanwhile, ahead of the market opening today, as per Zeebiz, HDFC Life, Tata Motors, JM Financial, HPCL, BPCL are a couple of stocks that will likely be in focus today.

HDFC Life

HDFC Life Insurance shares are set to trade ex-dividend today. In the company’s Board meeting held on April 18, 2024, it had recommended a final dividend of Rs 2 per equity share of face value of Rs 10 each for FY 2023-24, subject to approval of the shareholders. The record date for payment of final dividend is Friday, 21 June 2024.

Tata Motors

Tata Motors has announced the launch of Tata Motors Fleet Verse – a comprehensive and innovative digital marketplace for Tata Motors Commercial Vehicles. The platform offers features like new vehicle discovery, configuration, acquisition, financing, and is future-proofed to include a range of additional services and features, making Fleet Verse a one-stop digital destination for all commercial vehicle needs.

JM Financial

Securities Exchange SEBI has directed the Company to not take any new mandate as lead manager in public issue of debt securities up to March 31, 2025 or such further date as may be specified by SEBI.

HPCL

HPCL’s shares are scheduled to trade ex-bonus today. The company has recommended Bonus Issue Proportion @ 1 share for every 2 Shares held.

BPCL

BPCL’s shares are scheduled to trade ex-bonus tomorrow (June 22). The Board has recommended issue of Bonus Shares in the ratio of 1:1 i.e. one new bonus equity share of Rs 10 each for every one existing equity shares of Rs 10.

It has recommended a final dividend of Rs 21 per equity share of face value of Rs 10 each (pre-bonus), which translates into final dividend of Rs 10.5 per equity share of face value of Rs 10 per equity share) (post-bonus).

Science & Environment

Sensex, Nifty At All-Time High As Inflation Cools This…

15 June 2024
by admin

New Delhi: Indian stock markets closed at an all-time high in the last week. This is the second consecutive week when Indian frontline indices Sensex and Nifty made a new all-time high of 77,145 and 23,490 respectively.

In the last week that ended on June 14, Sensex closed at 76,992, up 299 points or 0.39 per cent, and Nifty settled at 23,465, up 175 or 0.75 per cent. Data released by the government on Wednesday showed that the retail inflation rate has fallen to 4.75 per cent in May, which was 4.83 per cent in April. (Also Read: Advance Tax First Instalment Payment: Find Out Who Has To Pay, Consequences Of Missing Payment)

During the week, Foreign institutional investors (FIIs) have invested Rs 2,030 crore and domestic institutional investors (DIIs) have invested Rs 6,293 crore. Smallcap and midcap shares have attracted more investors than largecap during this period. BSE Smallcap Index rallied 5 per cent and BSE Midcap Index surged 4.4 per cent during the week. (Also Read: EPF Withdrawal Update: EPFO Discontinues Covid-19 Advance Facility – Check Details)

In smallcap, EIH Associated Hotels, Reliance Power, PTC Industries, Avantel, HCC, GTL Infrastructure, Wardwizard Innovation and Mobility, Honda India Power Products, Home First Finance Company India, Paras Defense and Space Technology, and Asian Granito India gained more than 25 per cent.

In midcap, Endurance Technologies, LIC Housing Finance, Scheffler India, Oil India, Max Healthcare Institute, Samvardhan Motherson International, Honeywell Automation, Oracle Financial Services Software, and New India Assurance were top gainers. Among the sector indices, the Capital Goods Index surged 6.4 per cent, the Realty Index rallied 5.4 per cent, the Telecom Index shot up by 4 per cent and the Oil and Gas Index gained 3.5 per cent.

Science & Environment

Sensex Touches All-Time High, Nifty Up 2% On Announcement…

7 June 2024
by admin

New Delhi: Indian markets continued their upward trend and Sensex touched all-time high after the Reserve Bank of India (RBI) announced on Friday that it would keep policy rates unchanged at 6.5 percent and it became clear that Narendra Modi will again take oath as Prime Minister of India.

The BSE Sensex touched an all-time high, while the Nifty 50 index closed positively at 23,267.75, marking a gain of 446.35 points or 1.96 percent, and hitting a high of 23,320.20. The Sensex followed suit, closing at 76,693.36, up by 1,618.85 points or 2.16 percent. (Also Read: India’s Forex Reserves At Historic High Of $651.5 Bn, CAD To Dip: RBI)

“At the RBI MPC meeting earlier today, the benchmark interest rate was left unchanged, as expected, with a continued focus on inflation. U.S. jobless claims data came in at 229,000, slightly above the expected 220,000. Later today, investors will focus on the U.S. Non-Farm Payrolls and Unemployment Rate data for further insights into Federal Reserve actions” said Shrikant Chouhan, Head equity Research, Kotak Securities (Also Read: RBI Announces UPI Lite Integration With E-Mandate Framework; Now You Can Autofill Your UPI Lite Balance)

Top performers in the Nifty 50 included M&M, Wipro, Tech Mahindra, Bharti Airtel, and Infosys, whereas SBI Life Insurance and Tata Consumer Products experienced losses. Across sectors, all indices showed gains, with the IT sector leading with a 3.37% increase, followed by the Auto, Oil & Gas, Metal, and Realty sectors, each up by more than 2 percent.

During the Monetary Policy announcement, the RBI also revised upwards its FY25 gross domestic product (GDP) forecast to 7.2 percent from the previous 7 percent, boosting investor confidence in Indian markets.

“The anticipation of stability within the coalition government at the center, coupled with the RBI’s upward revision of its growth forecast for FY25 to 7.2%, fuelled a broad-based rally in the domestic market. The Indian market surpassed its previous record high set on exit-poll day and reached a fresh peak. Though the last mile towards the inflation target remains sticky, investors are expecting the MPC to be one step closer to the easing cycle” said Vinod Nair, Head of Research, Geojit Financial Services.

In the broader market, the BSE SmallCap rose by 2.16 per cent, while the BSE MidCap climbed by 1.20 per cent. European shares, on the other hand, opened slightly lower, with the Stoxx 600 index down by 0.1 per cent. Despite this, technology stocks saw gains, while real estate and insurance stocks faced losses due to the European Central Bank’s cautious approach towards rate cuts.

Science & Environment

Bloodbath in India Stocks As Trends Show Below Par…

4 June 2024
by admin

New Delhi: Indian stock indices witnessed a bloodbath on the day the Lok Sabha results were announced, where incumbent BJP performed below par and seems it may fall short of exit poll predictions and the majority mark on its own.

The BJP-led National Democratic Alliance is leading in nearly 300 seats while the INDIA alliance is leading in 229 seats, as per data from the Election Commission of India. The idea of a coalition government lead by BJP at the centre has led to widespread market anxiety and a sharp decline in stock indices.

The BJP, which has been the dominant force in Indian politics for the past decade, is seen as a pro-Industry party whose policies have generally favoured economic growth and market stability. The failure to secure a clear majority to BJP of its own raises concerns about the formation of a stable government and the continuation of economic reforms.

At the closing bell, Sensex closed at 72,079.05 points, down 4,389.73 points or 5.74 per cent, while Nifty closed at 21,884.50 points, down 1,379.40 points or 5.93 per cent. All Nifty sectoral indices, barring Nifty FMCG, were deep in the red today. Nifty metal, Nifty bank, Nifty financial services, Nifty PSU bank, Nifty private bank, Nifty realty, Nifty oil and gas, slumped the most, NSE data showed.

“The steep fall is due to the results so far falling short of the exit polls which the market had discounted yesterday. If BJP doesn’t get a majority on its own there will be disappointment and this is getting reflected in the market. Also it is possible that Modi 3.O may not be as reform-oriented as the market expected and may turn more welfare- oriented,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

At one point during the afternoon, Indian equity indices plummeted over 8 per cent on Tuesday, as poll trends indicated a closer than anticipated fight for the incumbent Narendra Modi-led NDA government.

Sensex logged it worst session in over four years, it witnessed back during Covid days.

“Markets rallied 3-3.5 per cent on expectation of a Modi led NDA win on Monday. PSU (especially banks) led the rally. Today polls were not in line with exit poll outcome. Markets move more than 4-5 per cent down today,” said Jaykrishna Gandhi, Head – Business Development, Institutional Equities, Emkay Global Financial Services.

“We expect 7-10 per cent downside for broader markets from current levels. We recommend positioning to move from alpha stocks to defensives – add FMCG, IT, Pharma vs short on ABB, Siemens, Cummins, Coal India, NTPC, PFC, REC, PNB, Canara bank,” Gandhi suggested.

The Rupee closed weaker against the US dollar on Tuesday, depreciating by 38 paise to close at 83.53. It closed at 83.15 on Monday. The Rupee had been largely steady for the past year, largely due to RBI’s intervention.

“This uncertainty triggered a panic sell-off across various asset classes, impacting economic growth. The Dollar-Rupee exchange rate may continue to rise, potentially reaching 83.90, with 83.40 serving as the immediate support level,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.

Manish Chowdhury, Head of Research, StoxBox, asserted that markets have reacted sharply to the initial trends of the NDA leading on around 290 seats, way less than as projected. “With the NDA still looking to form a government, though with the important support of coalition partners, markets look jittery about the prospects of strong decision making.

Markets believe that the reformistic approach, which was a hallmark of the previous two terms, might take a backseat in the third term. However, our sense is that it is still early to jump to conclusions and should ideally wait for a clearer picture,” said Chowdhury. Shrikant Chouhan, Head Equity Research, Kotak Securities, noted that the current market texture is extremely volatile and uncertain; hence, it is advisable that traders should remain cautious for the next few trading sessions.

On Monday, Indian benchmark indices closed at record highs, driven by fresh buying from investors after exit polls indicated a comfortable majority for the NDA government. The Nifty 50 index gained 733.20 points, closing at 23,263.90, while the BSE Sensex surged 2507.47 points to close at 76,468.78.