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Nifty 50 closed at 22,821.40 (201.1, 0.9%), BSE Sensex closed at 75,074.51 (692.3, 0.9%) while the broader Nifty 500 closed at 21,365 (310.6, 1.5%). Market breadth is highly positive. Of the 2,152 stocks traded today, 1,829 showed gains, and 287 showed losses.

Indian indices maintained the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 11.1% and closed at 16.8 points. Zee Entertainment Enterprises board approved raising Rs 2,000 crore through the issue of equity shares.

Nifty Midcap 100 and Nifty Smallcap 100 closed sharply higher following the benchmark index.Nifty Realty and Nifty Media closed higher than Wednesday’s closing level. According to Trendlyne’s sector dashboard, telecommunication equipment emerged as the top-performing sector of the day, with a rise of over 5%.

Most European indices trade in the green. US indices futures trade flat, indicating a cautious start. German factory orders in April contract by 0.2% MoM against estimates of 0.6% growth.

• Aditya Birla Fashion and Retail sees a short buildup in its June 27 future series as its open interest rises 16.9% with a put-call ratio of 0.8.

• Indoco Remedies is rising as it receives US FDA approval for an abbreviated new drug application for Canagliflozin and Metformin Hydrochloride tablets. The tablets, a generic equivalent of Ivokamet, are used to treat type 2 diabetes.

• Realty stocks like Brigade Enterprises, Macrotech Developers, Sobha and Mahindra Lifespace Developers rise more than 4% in trade. All constituents of the the broader Nifty Realty index are also trading in the green, helping it to touch its 52-week high of Rs 1,085.6.

• Zee Entertainment Enterprises rises as its board approves raising Rs 2,000 crore through the issue of equity shares or any other eligible securities.

• According to Morgan Stanley, the Indian equity market is experiencing its longest and most robust bull market in history. The brokerage anticipates the S&P BSE Sensex to reach 82,000 by June 2025. It believes the election outcome will likely lead to further structural reforms, supporting its 20% annual earnings growth projection over the next five years.

  #MorganStanley expects the S&P #BSE#Sensex to hit the 82,000 mark by June 2025.
  
  Read more: https://t.co/WAAQZRxjv5pic.twitter.com/rTwZO3BDXI

  — NDTV Profit (@NDTVProfitIndia) June 6, 2024

• Ventura retains its 'Buy' call on Piramal Pharma with an upgraded target price of Rs 248 per share. This indicates a potential upside of 68.1%. The brokerage believes the company's strategic position across business verticals will drive robust revenue growth and enhance profitability. It expects the company's revenue to grow at a CAGR of 10.2% over FY25-27.

• Torrent Pharmaceuticals surges to its new all-time high of Rs 2,830.9 per share as it enters a patent licensing agreement with Takeda Pharmaceuticals to commercialize Vonoprazan, a novel gastrointestinal drug, in India.

• Vedanta surges after the State Bank of India approves its demerger plan, allowing the separation of its existing businesses into six independent entities. The majority of lenders have agreed, with approval pending from a few.

• According to a poll of economists, the RBI’s monetary policy committee is expected to maintain its status quo on the repo rate at 6.5%, given the recent inflation data and the outlook for food and commodity prices. They believe the central bank will likely start cutting interest rates in the October-December quarter or by H1CY25.

  #RBI MPC Meet Day 2: Economists expect status quo on rate; inflation outlook crucial@RBI | #MPCMeet#Economistshttps://t.co/Fz2sCa3XFC

  — Financial Express (@FinancialXpress) June 6, 2024

• Nazara Technologies surges as its arm, Absolute Sports, acquires all assets of SoapCentral for $1.4 million with plans to expand in the entertainment publishing sector in the US.

• Reports suggest that 33 lakh shares (0.7% equity) of PB Fintech, worth Rs 428.1 crore, change hands in a block deal. The transaction was executed at an average of Rs 1,297 per share.

• ICIC Securities upgrades Indian Hotels to 'Buy' and sets a higher target price of Rs 640 per share. This indicates a potential upside of 10.6%. The brokerage expects revenue growth driven by an improvement in the new businesses, and an increase in profitability, helped by product premiumisation and cost optimisation. It expects the company's revenue to grow at a CAGR of 10.2% over FY25-27.

• According to data from Grid India, India's gas-fired power generation experiences a YoY doubling in April and May, reaching 8.9 billion kilowatt-hours (kWh). The data indicates a decline in the share of coal in May to 74% YoY from 75.2%, while the share of gas nearly doubled to 3.1% from 1.6%. Independent Commodity Intelligence Services (ICIS) predicts a 19% increase in LNG demand in India for 2024, with imports projected to surpass 28 million metric tons by 2025.

  Scorching heat drives India's gas-fired power use to multi-year highs in May https://t.co/6jHAFB4hmNpic.twitter.com/xp5zjNmypc

  — Reuters Asia (@ReutersAsia) June 6, 2024

• Century Textiles & Industries rises sharply as its subsidiary, Birla Estates, enters into a joint venture with Barmalt India for a luxury residential housing development in Gurugram. The project has a potential development area of 2.4 million sq. ft., with a revenue potential of approx Rs 5,000 crore.

• Aurionpro Solutions rises as its arm, Integro Technologies, partners with Yoma Bank in Myanmar to explore SME lending operations.

• Power stocks like NTPC, Adani Power, Power Grid Corp, ABB India, Tata Power, and JSW Energy are surging in trade. All constituents of the broader sectoral index BSE Power are also trading in the green, helping it to rise more than 4%.

• CK Venkataraman, the Managing Director of Titan Co, notes that the company holds an 8% market share in the jewellery business. However, he anticipates that the margin within this segment will not exceed 12% in the medium term. Venkataraman projects double-digit growth in the wearables segment, with the overall watch portfolio expected to expand by 15-20%. He adds that Titan's emerging businesses will turn EBIT break-even by the end of FY27.

  #OnCNBCTV18 | Don’t see jewellery biz margin growing beyond 12% in the medium-term; expect good double-digit growth in wearables vs weakness in the industry, says CK Venkataraman of Titan Company pic.twitter.com/gCmLqi13lF

  — CNBC-TV18 (@CNBCTV18Live) June 6, 2024

• UNO Minda surges to its all-time high of Rs 1,016 per share as it signs a technical license agreement (TLA) with China's Suzhou lnovance Automotive. The agreement is to manufacture and supply high-voltage category electric vehicle products for passenger and commercial vehicles in India.

• Indian Energy Exchange rises as its volumes grow 28.9% YoY to 10,633 MU in May. The company's electricity volumes increase by 21% YoY to 9,568 MU, and the renewable energy certificates surge by 640.3% YoY to 1,055 MU.

• Rail Vikas Nigam rises sharply as it bags a Rs 391 crore order from the Eastern Railway to construct the Sitarampur bypass line under the Ansol Division.

• Citigroup lists Hindustan Unilever, Godrej Consumer Products, Britannia, and Honasa Consumer as its ‘Top Buys’, and Colgate, Dabur, and United Breweries as ‘Top Sells’ in the consumer staples space. The brokerage expects volume growth for these companies driven by improvement in consumption and self-help initiatives.

  Brokerage Radar | Citi on consumer staples says, "Top Buys are HUL (replaces TCPL), GCPL, Britannia and Honasa"@Citipic.twitter.com/6YzHyBsAjC

  — ET NOW (@ETNOWlive) June 6, 2024

• KPI Green Energy rises as its arm, Sun Drops Energia, wins orders of 26.2 MW for executing solar power projects.

• NBCC India rises sharply as it wins multiple orders worth Rs 491.5 crore from the government for construction work.

• Radhakishan Damani buys a 3.5% stake in Bhagiradha Chemicals & Industries for approx Rs 81.2 crore in a bulk deal on Wednesday.

• Bharat Heavy Electricals rises sharply as it bags an order worth more than Rs 3,500 crore from Mirzapur Thermal Energy (UP) to set up two 800 MW thermal power projects. As per the contract, BHEL will supply equipment, and set up and commission the projects.

• Upbeat trading today, as Nifty 50 was trading at 22,719.65 (99.3, 0.4%), BSE Sensex was trading at 75,078.70 (696.5, 0.9%) while the broader Nifty 500 was trading at 21,262.90 (208.5, 1.0%).

• Market breadth is highly positive. Of the 1,878 stocks traded today, 1,672 were gainers and 169 were losers.

Riding High:

Largecap and midcap gainers today include UNO Minda Ltd. (974.20, 13.1%), Biocon Ltd. (332.75, 9.0%) and Bharat Heavy Electricals Ltd. (277.95, 8.9%).

Downers:

Largecap and midcap losers today include Avenue Supermarts Ltd. (4,687.05, -3.6%), Hindalco Industries Ltd. (677.50, -2.6%) and Pidilite Industries Ltd. (3,089.20, -2.4%).

Movers and Shakers

11 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Century Textiles & Industries Ltd. (2,105.70, 14.3%), UNO Minda Ltd. (974.20, 13.1%) and Aegis Logistics Ltd. (791.15, 12.2%).

Top high volume loser on BSE was Anupam Rasayan India Ltd. (771.70, -0.4%).

Elgi Equipments Ltd. (609.90, 3.4%) was trading at 8.4 times of weekly average. Avanti Feeds Ltd. (565.35, 8.1%) and Eris Lifesciences Ltd. (977.85, 6.6%) were trading with volumes 6.6 and 4.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

33 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Aegis Logistics Ltd. (791.15, 12.2%), Amara Raja Energy & Mobility Ltd. (1,277.50, 4.9%) and Bajaj Auto Ltd. (9,701.45, 1.0%).

65 stocks climbed above their 200 day SMA including CreditAccess Grameen Ltd. (1,500.30, 6.8%) and APL Apollo Tubes Ltd. (1,572.10, 6.8%). 1 stock slipped below their 200 SMA including IndusInd Bank Ltd. (1,481.10, -1.3%).

Nifty 50 closed at 22,620.35 (735.9, 3.4%), BSE Sensex closed at 74,382.24 (2303.2, 3.2%) while the broader Nifty 500 closed at 21,054.40 (730.6, 3.6%). Of the 2,153 stocks traded today, 1,693 were on the uptick, and 431 were down.

Indian indices extended the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 29.4% and closed at 18.9 points. CARE Ratings upgrades Vodafone’s long-term bank facilities to BB+ from B+ and short-term bank facilities to A4+.

Nifty Smallcap 100 and Nifty Midcap 100 closed sharply higher following the benchmark index. All major sectoral indices closed higher than Tuesday’s closing level. According to Trendlyne’s sector dashboard, retailing emerged as the top-performing sector of the day, with a rise of over 7%.

Most European indices trade in the green, except for England’s FTSE 100 trading flat. US indices futures trade higher, indicating a positive start. Eurozone’s composite PMI for May expands to 52.2 against estimates of 52.3.

• Money flow index (MFI) indicates that stocks like GMM Pfaudler, PCBL, Ipca Laboratories, and Gujarat Ambuja Exports are in the oversold zone.

• Motilal Oswal maintains its 'Neutral' rating on Max Financial Services with a lower target price of Rs 1,020. This indicates a potential upside of 13%. The brokerage expects the surrender charges regulation can adversely impact margins but suggests insurers can adjust product prices and commissions to soften this impact. It expects a revenue CAGR of 10.1% over FY25-26.

• Bharat Forge is rising as orders for its Class 8 trucks grow by 39% YoY to 18,900 units in North America.

• Vodafone Idea rises sharply after CARE Ratings upgrades its long-term bank facilities to BB+ from B+ and short-term bank facilities to A4+.

• Indian Oil Corp rises as it forms a 50:50 joint venture (JV) with Sun Mobility, Singapore, to set up a battery swapping business.

  #JustIN | Indian Oil signs agreement for 50:50 JV with Singapore-based Sun Mobility for battery swapping business pic.twitter.com/U8MUERacly

  — CNBC-TV18 (@CNBCTV18Live) June 5, 2024

• Kotak Mahindra Bank rises sharply as the Reserve Bank of India (RBI) approves the acquisition of a 70% stake in Kotak Mahindra General Insurance for Rs 5,560 crore by Zurich Insurance.

• Kronox Lab Sciences' Rs 130.2 crore IPO gets bids for 59.8X the available 67 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 39.6X the available 33.5 lakh shares on offer.

• Tata Motors is rising as its subsidiary, Tata Motors Finance, is set to merge with Tata Capital following approval from the National Company Law Tribunal (NCLT), with completion expected in 9-12 months.

• The Centre for Aviation (CAPA) projects widening losses for Indian airline companies in FY25 due to increased expenses surpassing growing demand and pricier tickets. CAPA estimates losses between $400-600 million for the year, with overall airline costs expected to rise by 3.8%. CAPA's CEO Kapil Kaul anticipates relief with an addition of 84 aircraft this year, bringing the total fleet, including grounded jets to 812.

  Indian airlines' FY25 loss to widen, capacity crunch to ease, says CAPA https://t.co/FbioDyFgPfpic.twitter.com/qsWOcMydiO

  — Reuters (@Reuters) June 5, 2024

• Lupin rises as its European arm acquires Aarane in Germany and Nalcrom in Canada and the Netherlands from Sanofi.

• GPT Infraprojects bags an order worth Rs 547 crore from Rail Vikas Nigam to construct a six-lane Kona expressway in West Bengal on an engineering, procurement, and construction (EPC) basis.

• Shilpa Medicare rises sharply as its subsidiary, Shilpa Biologicals, submits its first drug master file (DMF) for a patented recombinant Human Albumin 20% with the US FDA.

• Indian Railways' freight loading surges 9% MoM in May to 139.2 million tonnes. The freight revenue also rises significantly, reaching Rs 15,230.9 crore, up 8.2% MoM. Coal and cement loading rose MoM by 9% and 12%, respectively. However, iron ore loading remains flat MoM at 14.6 million tonnes.

  Indian Railways freight loading surges by 9% in May 2024.https://t.co/1G6PwvIBZv

  — businessline (@businessline) June 5, 2024

• Auto stocks like Maruti Suzuki India, Mahindra & Mahindra, Bajaj Auto, Eicher Motors, Hero MotoCorp, and TVS Motor surge more than 2% in trade. All constituents of the broader Nifty Auto index are trading in the green, helping it to touch its all-time high of 24,213.6.

• Container Corp of India rises sharply as it signs a memorandum of understanding (MoU) with Shipping Corp of India to provide end-to-end logistics solutions.

• Garden Reach Shipbuilders & Engineers inks a contract worth $16.6 million with Bangladesh Inland Water Transport Authority to procure a trailing suction hopper dredger (hopper capacity 1,000 cubic meters).

• India’s services PMI moderates to a 5-month low of 60.2 in May, from 60.8 in April, due to a slightly slower growth in new domestic orders. The PMI reading, however, stays above the 50 mark for the 34th consecutive month.

  #India’s services #PMI cools to 5-month low in May; composite PMI index falls toohttps://t.co/i5Ean0h80i

  — Business Today (@business_today) June 5, 2024

• Heritage Foods surges to touch its 52-week high of Rs 538.7 per share, boosted by Founder Chandrababu Naidu's fourth term as Andhra Pradesh Chief Minister. The stock has risen by 34% in three days and 63% in a month.

• NLC India falls sharply as it plans to raise a foreign currency loan of $600 million (approx. Rs 5,007.1 crore) through external commercial borrowings (ECB) in its board meeting scheduled for June 10. The loan will fund upcoming renewable power projects.

• Small Cap World Fund sells a 0.9% stake in NCC for Rs 143.2 crore in a bulk deal on Tuesday.

• Le Travenues Technology, the parent company of Ixigo, sets the price band for its IPO at Rs 88-93 per share. The issue, valued at Rs 740 crore, consists of a fresh issue worth Rs 120 crore and an offer for sale of around Rs 620 crore. The issue opens on June 10.

  #IXIGO's #IPO to open on June 10, close on June 12, for retail investors.
  
  For the latest news and updates, visit: https://t.co/by4FF5oyu4pic.twitter.com/YIrjtdzjsM

  — NDTV Profit (@NDTVProfitIndia) June 5, 2024

• Angel One's client base rises 63.3% YoY to 2.4 crore in May. The number of orders increase 75.2% YoY to 15.9 crore during the same period.

• FMCG stocks like Hindustan Unilever, United Spirits, Dabur India and Britannia Industries rise more than 6% in trade. All constituents of the broader Nifty FMCG index are also trading in the green, helping it to surge more than 4%.

• KEC International rises sharply as it bags multiple orders worth Rs 1,002 crore for residential projects and construction of official residences and facilities for senior defence officials in India.

• Hindalco Industries falls sharply as its US subsidiary, Novelis, postpones its $945 million (approx. Rs 7,887.1 crore) IPO due to unfavourable market conditions.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (14.85, 12.5%), Adani Green Energy Ltd. (1,828.85, 11.1%) and JSW Energy Ltd. (608.55, 10.0%).

Downers:

Largecap and midcap losers today include One97 Communications Ltd. (339.85, -4.9%), Adani Energy Solutions Ltd. (951.70, -2.7%) and Schaeffler India Ltd. (4,144.45, -2.4%).

Crowd Puller Stocks

15 stocks in BSE 500 are trading on high volumes today.

Top high-volume gainers on BSE included Jyothy Labs Ltd. (447, 13.6%), Zydus Wellness Ltd. (1,895.35, 10.3%) and V-Mart Retail Ltd. (2,414.30, 9.8%).

Top high volume losers on BSE were Star Health and Allied Insurance Company Ltd. (499.25, -0.1%) and Nippon Life India Asset Management Ltd. (545.95, -0.1%).

Radico Khaitan Ltd. (1,710.10, 8.8%) was trading at 5.6 times of weekly average. Procter & Gamble Hygiene & Healthcare Ltd. (16425.05, 1.5%) and Godrej Consumer Products Ltd. (1,426.80, 5.8%) were trading with volumes 5.6 and 5.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

29 stocks took off, crossing 52-week highs, while 3 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Aurobindo Pharma Ltd. (1,266.40, 5.8%), Bajaj Auto Ltd. (9,602.25, 3.8%) and Britannia Industries Ltd. (5,486.65, 3.0%).

Stocks making new 52-week lows included - GMM Pfaudler Ltd. (1,194.40, 0.0%) and EPL Ltd. (179, 2.6%).

45 stocks climbed above their 200 day SMA including Jyothy Labs Ltd. (447, 13.6%) and Godrej Agrovet Ltd. (540.20, 8.2%). 40 stocks slipped below their 200 SMA including RHI Magnesita India Ltd. (659, -3.1%) and Rites Ltd. (607.45, -2.7%).

Nifty 50 closed at 21,884.50 (-1,379.4, -5.9%), BSE Sensex closed at 72,079.05 (-4,389.7, -5.7%) while the broader Nifty 500 closed at 20,323.85 (-1,473.6, -6.8%). Market breadth is overwhelmingly negative. Of the 2,148 stocks traded today, 113 were in the positive territory and 2,022 were negative.

Indian indices closed deep in the red as investors looked ahead to the outcome of the general elections. The Indian volatility index, Nifty VIX, surged by 25.7% and closed at 26.3 points. Defence stocks like Bharat Electronics, Hindustan Aeronautics, Mishra Dhatu Nigam, and Mazagon Dock Shipbuilders fell sharply. The fall in defence stocks is due to the expectation that a coalition government may have less consensus on border issues and the China threat as the BJP falls short of a single party majority in the Lok Sabha elections.

Nifty Smallcap 100 and Nifty Midcap 100 close sharply lower, taking cues from the benchmark index. Nifty FMCG was the only sectoral Nifty index to close in the green. Nifty Infra and Nifty Bank closed sharply lower. According to Trendlyne’s sector dashboard, FMCG emerged as the best-performing sector of the day, with a rise of 3.5% in a weak market.

Major Asian indices trade in the red, except for Hong Kong’s Hang Seng index closing higher. European indices traded in the red, amid weak global cues. US index futures traded lower, indicating a cautious start to the trading session. Brent crude oil futures traded in the red for a fifth trading session.

• Relative strength index (RSI) indicates that stocks like Rail Vikas Nigam, Adani Power, Bharat Electronics, and KNR Constructions are in the overbought zone.

• Canara Bank's board approves diluting its 14.5% stake in its subsidiary Canara HSBC Life Insurance Co through an IPO.

• KR Choksey downgrades Ashok Leyland to 'Accumulate' with a higher target price of Rs 243 per share. This indicates a potential upside of 15.3%. The brokerage revises its rating on the stock due to the recent run-up in the share price and a modest upside from current levels. It expects the company's revenue to grow at a CAGR of 10.5% over FY25-26.

• Reliance Industries' subsidiaries complete the registration of sub-lease agreements for roughly 3,750 acres of land, including development rights, for 43 years. The deal, valued at Rs 13,400 crore, involves land obtained from Navi Mumbai IIA, in which City and Industrial Development Corporation (CIDCO) holds a 26% stake. The sub-leased land will be used to develop an integrated industrial area.

  Reliance Ind’s wholly owned subsidiaries completes registration of sub-lease deeds for about 3,750 acres of land along with the associated development rights for a period of 43 years for an aggregate consideration of ?13,400 crore from Navi Mumbai IIA Private Limited, in which… pic.twitter.com/XYHMMPUEh1

  — CNBC-TV18 (@CNBCTV18Live) June 4, 2024

• Kalyan Jewellers India is set to acquire the remaining 15% stake in its arm Enovate Lifestyles (Candere) for Rs 42 crore. The company acquired a majority stake in Candere in 2017 to enter the online jewellery market.

• Defence stocks like Bharat Electronics, Hindustan Aeronautics, Mishra Dhatu Nigam, and Mazagon Dock Shipbuilders are falling in trade. The fall is due to the expectation that a coalition government may have less consensus on border issues and the China threat as the BJP falls short of a single party majority in the Lok Sabha elections.

• Kronox Lab Sciences' Rs 130.2 crore IPO gets bids for 19.1X the available 67 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 20.8X the available 33.5 lakh shares on offer.

• Amber Enterprises reportedly plans to invest Rs 2,000 crore to set up a printed circuit board manufacturing facility in India.

  Amber Enterprises is likely to invest ?2,000 crore to set up a printed circuit board (PCB) manufacturing facility in the country, according to two people aware of the development.
  
  (@gulveenaulakh_ reports)https://t.co/ZfPxNJ2Rh9

  — Mint (@livemint) June 4, 2024

• FMCG stocks like Hindustan Unilever, Nestle India, Godrej Consumer Products, Britannia Industries, and Dabur India are rising in trade. The rise is due to an expectation of a more welfare-oriented populist government, which will boost demand for FMCG products in rural areas.

• Adani group stocks like Adani Enterprises, Adani Ports & SEZ, Adani Energy Solutions, and Adani Green Energy plunge more than 15% in trade as the BJP falls short of a single party majority in the Lok Sabha elections.

• Porinju Veliyath sells a 0.2% stake in Kaya on Friday. He now holds a 10.9% stake in the company.

• Punjab National Bank signs an agreement with Indian Infrastructure Finance Co (IIFCL) to provide long-term financial assistance for infrastructure projects.

• Crude oil prices fall as the market projects a potential rise in global supply towards the end of 2024. July crude oil futures on WTI (West Texas Intermediate) stand at $73.56, down by 0.9%, and August Brent oil futures at $77.75, down by 0.8%. In addition, OPEC+ announces a production output cut of approx 5.8 million barrels per day until 2025.

  Crude oil futures traded lower on Tuesday morning as the market felt that global supply could increase by the end of the year.https://t.co/pAHY8h4Eqg

  — businessline (@businessline) June 4, 2024

• Sasken Technologies' CEO Abhijit Kabra tenders his resignation, effective from June 3. The company appoints CMD Rajiv C. Mody as his successor.

• Zee Entertainment Enterprises' board is set to meet on June 6 to consider raising funds by issuing equity shares and any other eligible securities through permissible modes like private placement, qualified institution placement, preferential issue, etc.

• Infosys enters a partnership with Nihon Chouzai, a Japanese dispensing pharmacy chain, to expand healthcare access in Japan with enhanced online medication guidance services and payment solutions.

• Bajaj Finance’s wholly-owned subsidiary, Bajaj Housing Finance’s board is set to meet on Thursday to approve an initial public offer, consisting of a fresh issue and an offer for sale.

  #BajajHousingFinance's board to meet on June 6 to approve #IPO via fresh issue and #OFS.
  
  For the latest news and updates, visit: https://t.co/by4FF5oyu4pic.twitter.com/SuAV2ACzNf

  — NDTV Profit (@NDTVProfitIndia) June 4, 2024

• MOIL's manganese ore sales rise 41% YoY in May, reaching a record 2.1 lakh tonnes.

• Prabhudas Lilladher retains its 'Buy' call on Apollo Hospitals Enterprises with a target price of Rs 7,050 per share. This indicates a potential upside of 19.5%. The brokerage believes that the stake sale in HealthCo to Advent and the merger with Keimed will create an integrated pharmacy distribution business, boosted by a fast-growing omni-channel digital health business. It expects the company's revenue to grow at a CAGR of 9.7% over FY25-26.

• MphasiS is rising as it enters a partnership with Classiq to commercialise industry solutions powered by Quantum. The company aims to speed up the adoption of quantum solutions for enterprises by integrating them into its operations.

• JM Financial expects telecom companies’ ARPU (average revenue per user) to grow at 10-12% CAGR, and reach Rs 270-300 in the next 3-4 years. The brokerage has a ‘Buy’ rating on Bharti Airtel and Bharti Hexacom, and a 'Sell' rating on Vodafone Idea.

  Brokerage Radar | JM on Telecom, 'Expect telcos’ ARPU to grow at 10-12% CAGR' pic.twitter.com/9o13AwGm4p

  — ET NOW (@ETNOWlive) June 4, 2024

• PSU bank stocks like Bank of Baroda, Indian Bank, Canara Bank and Central Bank of India fall more than 6% in trade. All constituents of the broader Nifty PSU Bank index are also trading in the red, causing the index to plunge more than 5%.

• Biocon gets US FDA approval for Micafungin, used as an antifungal medication to treat fungal or yeast infections. The drug has an approximate market size of $330 million annually in the US.

• Mahindra & Mahindra Financial Services' total disbursements grow 7% YoY to Rs 4,430 crore in May 2024. Business assets improve 23% YoY to Rs 1.1 lakh crore with a coefficient efficiency of 96%.

• Rail Vikas Nigam bags an order worth Rs 440 crore from South Central Railway for the engineering, procurement, and construction of a doubling track for the Aurangabad-Ankai Doubling Project.

• Indian markets slumped today. Nifty 50 was trading at 22,851.35 (-412.6, -1.8%), BSE Sensex was trading at 75,026.85 (-1,441.9, -1.9%) while the broader Nifty 500 was trading at 21,434.15 (-363.3, -1.7%).

• Market breadth is highly negative. Of the 1,933 stocks traded today, 234 were on the uptick, and 1,647 were down.

Riding High:

Largecap and midcap gainers today include Dabur India Ltd. (578.20, 6.1%), Hindustan Unilever Ltd. (2,496.30, 6.0%) and Avenue Supermarts Ltd. (4,548.75, 4.6%).

Downers:

Largecap and midcap losers today include REC Ltd. (452.20, -25.2%), Power Finance Corporation Ltd. (426.75, -23.1%) and Adani Ports & Special Economic Zone Ltd. (1,248.95, -21.2%).

Volume Rockets

48 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Dabur India Ltd. (578.20, 6.1%), Hindustan Unilever Ltd. (2,496.30, 6.0%) and Avenue Supermarts Ltd. (4,548.75, 4.6%).

Top high volume losers on BSE were REC Ltd. (452.20, -25.2%), Power Finance Corporation Ltd. (426.75, -23.1%) and Adani Ports & Special Economic Zone Ltd. (1,248.95, -21.2%).

Gujarat Fluorochemicals Ltd. (2,800, -9.1%) was trading at 7.2 times of weekly average. Vaibhav Global Ltd. (277.90, -15.4%) and Bharat Electronics Ltd. (255.55, -19.8%) were trading with volumes 7.2 and 5.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

11 stocks overperformed with 52 week highs, while 46 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Blue Star Ltd. (1,601.65, 0.1%), Britannia Industries Ltd. (5,339.90, 3.3%) and Container Corporation of India Ltd. (948.75, -19.2%).

Stocks making new 52 weeks lows included - Atul Ltd. (5,486.05, -4.6%) and Bajaj Finserv Ltd. (1,489.40, -5.5%).

3 stocks climbed above their 200 day SMA including Hindustan Unilever Ltd. (2,496.30, 6.0%) and Ceat Ltd. (2,352.10, -1.7%). 111 stocks slipped below their 200 SMA including HFCL Ltd. (83.45, -19.4%) and Adani Enterprises Ltd. (2,941.25, -19.3%).

Nifty 50 closed at 23,263.90 (733.2, 3.3%), BSE Sensex closed at 76,468.78 (2507.5, 3.4%) while the broader Nifty 500 closed at 21,797.40 (694.1, 3.3%). Market breadth is in the green. Of the 2,180 stocks traded today, 1,397 showed gains, and 744 showed losses.

Indian indices maintained the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 14.9% and closed at 20.9 points. Welspun Corp’s associate, East Pipes Integrated Company for Industry (EPIC), bagged orders worth Rs 3,670 crore from Saudi Arabian Oil Company. The order is to manufacture and supply steel pipes in the next 19 months. 

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. All major sectoral indices closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, utilities emerged as the top-performing sector of the day, with a rise of over 7.9%.

Most European indices trade in the green. US indices futures trade higher, indicating a positive start. China’s manufacturing PMI for May expands to 51.7 against estimates of 51.6.

• PI Industries sees a short buildup in its June 27 future series as its open interest rises 15.1% with a put-call ratio of 0.8.

• Navin Fluorine International appoints Nitin G Kulkarni as Managing Director of the company for five years, effective from June 24, 2024.

• IRB Infrastructure Developers rises more than 9% as the National Highways Authority of India (NHAI) announces a hike in toll prices by 5% starting today. The hike is part of the yearly revision based on changes in wholesale price index inflation.

• NMDC's total sales fall by 22% YoY to 2.8 million tonnes in May as its production declines 37% YoY to 2.3 million tonnes.

• According to ICRA, domestic steel consumption grows by 11.3% between February and April 2024. The firm revises its FY25 steel demand growth target to 9-10% YoY compared to the earlier estimate of 7-8%, as it expects better realizations and higher deliveries in FY25.

  Domestic steel consumption growth projection: ICRA revises FY2025 estimates - Check numbershttps://t.co/VJFNStDSW4

  — ET NOW (@ETNOWlive) June 3, 2024

• Axis Direct downgrades Ahluwalia Contracts to 'Hold' from 'Buy' with a higher target price of Rs 1,160 per share. This indicates a potential downside of 4.1%. The brokerage notes the company’s quarterly performance was backed by robust execution but anticipates a softer Q1FY25 due to election-related disruptions. It expects the company's revenue to grow at a CAGR of 12.9% over FY25-26.

• Kronox Lab Sciences' Rs 130.2 crore IPO gets bids for 5.9X the available 67 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 8X the available 33.5 lakh shares on offer.

• Foreign investor CMDB II sells 18.8 lakh shares (4% stake) of CarTrade Tech, amounting to Rs 168.8 crore, in a bulk deal on Friday. Meanwhile, TT Emerging Markets picks a 1.2% stake in the company.

• India’s manufacturing PMI moderates to a three-month low of 57.5 in May, from 58.8 in April, due to a slightly slower growth in new orders and output. The PMI missed estimates of 58.4 as some companies reduced working hours due to intense heatwaves, impacting volumes.

  India's May factory growth slips to 3-month low, but remains sturdy: PMI#PMI#IndianEconomy#Manufacturing#EconomicGrowth#ManufacturingPMIhttps://t.co/PfPbQObC6t

  — Business Standard (@bsindia) June 3, 2024

• Shriram Finance rises sharply as it secures $425 million (approx. Rs 3,530.9 crore) and EUR 40 million (approx. Rs 360.7 crore) through a syndicated term loan transaction.

• PSU bank stocks like Bank of Baroda, State Bank of India, Central Bank of India, and Canara Bank are rising in trade. The broader sectoral index, Nifty PSU Bank, is also trading in the green.

• JSW Steel launches JSW Magsure, a new patented zinc, magnesium, and aluminium alloy-coated steel product, designed for use in highly corrosive environments.

• According to data from the National Payments Corp of India, UPI (unified payments interface) transactions rise 49% YoY to a record 14 billion in May, up from 13.3 billion in April.

  ???? UPI hits a record 14.04 billion transactions in May, marking a 49% year-on-year growth! ????????
  
  Here's more about the latest UPI milestone?https://t.co/COTSKYF9Yr#UPI#FinTech#DigitalPayment@UPI_NPCI

  — Moneycontrol (@moneycontrolcom) June 2, 2024

• Ashoka Buildcon hits an all-time high of Rs 200 per share as it bags orders worth Rs 2,153 crore from MSRDC for bridge construction projects in Maharashtra.

• Bajaj Auto’s wholesales rise marginally around 0.1% to 3.5 lakh units in May. Two-wheeler wholesales decline by 0.7% YoY, while commercial vehicle wholesales improved by 5%.

• REC surges as its board approves raising the foreign borrowing limit to $24 billion. However, the overall borrowing limit in Indian rupees remains at Rs 6 lakh crore. The board also approves raising up to Rs 1.5 lakh crore through the private placement of non-convertible bonds.

• According to data from the Finance Ministry, India's GST collections rise by 10% YoY to Rs 1.7 lakh crore in May, driven by an increase in revenues from domestic transactions and lower imports. The net GST revenue stands at Rs 1.4 lakh crore.

  India's #GST collections rose to ?1.73 lakh crore in May, growing 10% YoY driven by increased revenues from domestic transactions, the finance ministry said on Saturday, June 1.https://t.co/qGwc3J8peN

  — Mint (@livemint) June 2, 2024

• PNC Infratech rises sharply as its subsidiary, PNC Kanpur Highways, receives a Rs 398.6 crore settlement from the National Highways Authority of India (NHAI) under the Vivad Se Vishlvas Il (Contractual Disputes) scheme.

• General Atlantic Singapore Fund, promoter of KFIN Technologies, sells a 5.8% stake in the company on Friday.

• Suzlon Energy rises sharply as Morgan Stanley initiates coverage with an 'Overweight' rating and a target price of Rs 58.5 per share, indicating a potential upside of 17%. The brokerage believes the stock is stronger post-deleveraging and well-positioned to benefit from improving macro conditions.

• India’s GDP grows by 7.8% in Q4FY24, surpassing the estimated 6.9%. For FY24, GDP growth rate stood at 8.2%, up from 7% in FY23.

  India's economy grew 7.8% in the March quarter, pushing up the annual growth rate to 8.2%, according to official data released on May 31.https://t.co/5XSNdqyQJ9

  — The Hindu (@the_hindu) May 31, 2024

• Adani Ports & Special Economic Zone surges as its arm, Adani International Ports Holdings (AIPH), inks a concession agreement with the Tanzania Ports Authority to operate and manage a terminal at Dar es Salaam Port, Tanzania. AIPH has also entered into a share purchase agreement to acquire a 95% stake in Tanzania International Container Terminal Services for $39.5 million.

• Inox Wind is rising as its board of directors approves the issuance of preference shares worth up to Rs 1,000 crore in multiple tranches on a private placement basis.

• Welspun Corp rises as its associate, East Pipes Integrated Company for Industry (EPIC), bags orders worth SAR 1.7 billion (approx. Rs 3,670 crore) from Saudi Arabian Oil Co. The order is to manufacture and supply steel pipes in the next 19 months.

• Aurobindo Pharma's subsidiary, TheraNym Biologics, enters a master service agreement (MSA) with Merck Sharp & Dohme Singapore Trading Pte (MSD) to expand its biologics manufacturing facilities. The company plans to invest Rs 1,000 crore for the expansion, which will help the company venture into the contract manufacturing operations (CMO) business.

• Markets opened high. Nifty 50 was trading at 23,147.20 (616.5, 2.7%), BSE Sensex was trading at 76,583.29 (2,622.0, 3.6%) while the broader Nifty 500 was trading at 21,706.20 (602.9, 2.9%).

• Market breadth is ticking up strongly. Of the 1994 stocks traded today, 1,866 were in the positive territory and 99 were negative.

Riding High:

Largecap and midcap gainers today include Adani Power Ltd. (874.50, 15.7%), GAIL (India) Ltd. (230.80, 13.0%) and Power Finance Corporation Ltd. (554.80, 12.7%).

Downers:

Largecap and midcap losers today include GlaxoSmithKline Pharmaceuticals Ltd. (2,494.70, -4.8%), Ipca Laboratories Ltd. (1,127.30, -2.2%) and Zomato Ltd. (175.45, -2.1%).

Movers and Shakers

32 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Adani Power Ltd. (874.50, 15.7%), GAIL (India) Ltd. (230.80, 13.0%) and Bank of Baroda (296.95, 12.1%).

Top high volume losers on BSE were Jyothy Labs Ltd. (393.90, -1.7%), GMM Pfaudler Ltd. (1,214.90, -1.5%) and Ratnamani Metals & Tubes Ltd. (3,359.55, -1.3%).

AIA Engineering Ltd. (3,684, 0.2%) was trading at 9.5 times of weekly average. RBL Bank Ltd. (261.25, 6.3%) and Cera Sanitaryware Ltd. (7,159.90, 2.2%) were trading with volumes 5.8 and 5.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

73 stocks hit their 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (1,583.95, 10.2%), Adani Power Ltd. (874.50, 15.7%) and Ambuja Cements Ltd. (670.80, 5.8%).

Stock making new 52 weeks lows included - Eureka Forbes Ltd. (425, -2.0%).

36 stocks climbed above their 200 day SMA including Esab India Ltd. (5,830, 9.7%) and Ramkrishna Forgings Ltd. (709.30, 6.5%). 6 stocks slipped below their 200 SMA including Vinati Organics Ltd. (1,707.95, -1.8%) and Mahindra Holidays & Resorts India Ltd. (399.25, -0.9%).

Nifty 50 closed at 22,530.70 (42.1, 0.2%), BSE Sensex closed at 73,961.31 (75.7, 0.1%) while the broader Nifty 500 closed at 21,103.30 (64.8, 0.3%). Of the 2,113 stocks traded today, 959 were gainers and 1,109 were losers.

Indian indices fell from their day highs but closed in the green. The Indian volatility index, Nifty VIX, rose 1.7% and closed at 24.6 points. Swan Energy closed sharply lower after its net profit declined by 57.2% YoY to Rs 26.6 crore in Q4FY24 due to higher raw material, inventory, and employee benefits expenses.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. Nifty Realty and Nifty Infra trade higher than their Thursday close. According to Trendlyne’s sector dashboard, Commercial Services & Supplies emerged as the best-performing sector of the day, with a rise of 3.5%.

Asian indices closed in the green, with China’s FTSE China 50 and Japan’s  Nikkei 225 index closing in the red. European indices traded flat or lower amid mixed global cues. US index futures traded lower, indicating a negative start to the trading session. Brent crude oil futures traded flat after falling 1.7% on Thursday.

• Relative strength index (RSI) indicates that stocks like Finolex Cables, Balkrishna Industries, Bharat Dynamics, and Rail Vikas Nigam are in the overbought zone.

• Orient Electric appoints R S Negi as Chief Executive Officer and Managing Director of the company for five years, effective May 31.

• Apollo Hospitals' Q4FY24 net profit misses Forecaster estimates by 33% despite growing 75.6% YoY to Rs 253 crore, driven by lower expenses. Its revenue rises 15% YoY to Rs 4,943.9 crore during the quarter. The company appears in a screener of stocks where mutual funds increased shareholding over the past two months.

• Reports suggest that 75.2 lakh shares (1.2% equity) of One97 Communications (Paytm), worth approx. Rs 296.3 crore, change hands in a large deal.

  #MarketsWithMC | A block deal involving 75.20 lakh shares of Paytm, representing a 1.2% stake in the company, took place on the exchanges on May 31.
  
  Know more ????https://t.co/Gjx36E7BJK#Paytm#BlockDeal#Markets

  — Moneycontrol (@moneycontrolcom) May 31, 2024

• Metal stocks like Jindal Stainless, Adani Enterprises, NMDC, and Hindustan Zinc are rising in trade. The broader sectoral index, Nifty Metal, is also trading in the green.

• Waaree Renewable Technologies rises as it wins an engineering, procurement, and construction order for a solar power project of 26.4 MW DC capacity on a turnkey basis.

• Kewal Kiran Clothing's net profit grows by 20.2% YoY to Rs 37.9 crore in Q4FY24, helped by a reduction in inventory and finance costs. Revenue increases by 10.2% YoY to Rs 228 crore. The company's board approves the acquisition of a 50% stake in Kraus Casuals for Rs 166.5 crore to venture into the women's denim and casual wear segment.

• TV Narendran, MD and CEO of Tata Steel, highlights the company’s plans to invest Rs 16,000 crore in capex, with 75% allocated to projects in India. He adds that the company is focusing on expanding its Kalinganagar plant and decarbonising its operations in the UK.

  #TataSteel plans to invest Rs 16,000 crore capex in FY25, says CEO TV Narendran.
  
  Read more ??https://t.co/dqT7Hax7O5

  — NDTV Profit (@NDTVProfitIndia) May 31, 2024

• Zomato shares drop over 5% as Macquarie reportedly retains an 'Underperform' rating on the stock with a lower target price of Rs 96 per share. The brokerage warns of a nearly 50% decline in share price in the next year due to rising competition in the quick commerce sector. It shows up in a screener of stocks where mutual funds decreased their shareholding last quarter.

• Dr. Reddy's Laboratories invests Rs 650 crore in its arm, Aurigene Oncology. Aurigene Oncology will make a similar investment in its arm, Aurigene Pharmaceutical Services, to support its capex and working capital requirements.

• Foreign institutional investors divest Rs 2,417.8 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 38,231.5 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, injecting Rs 7,760.9 crore during the same period.

• Gunjan Shah, MD and CEO of Bata India, highlights the company’s focus on premiumisation, casualisation, and store expansion. He adds that the company targets 100-150 store openings each year, with 80% through the franchise route. Shah projects double-digit revenue growth in FY25.

  BATA
  
  ????Management Interview ????
  
  Key Takeaways:
  
  Double digit growth in FY25 possible
  
  Target 100-150 Store openings every year
  
  Renovated stores do 500-1000 bps extra growth vs other stores
  
  See scope for margin improvement@BATA_India#FMCGisLifehttps://t.co/dxIGNlW1Jh

  — Mangalam Maloo (@blitzkreigm) May 31, 2024

• Tube Investments of India's subsidiary, TI Clean Mobility, acquires a 23.7% stake in IPLTech Electric for Rs 185 crore. With this, the company's stake increases to 89.4% from 65.7%.

• ICICI Direct upgrades Natco Pharma to 'Buy' with a higher target price of Rs 1,250 per share. This indicates a potential upside of 24.3%. The brokerage believes that the company's strategy of niche products, geographical expansion, and acquisitions will drive growth. It expects the company's revenue to grow at a CAGR of 22.1% over FY25-26.

• Sunteck Realty's board approves raising funds worth Rs 2,250 crore. The company plans to raise Rs 1,500 crore through private placements and Rs 750 crore via equity shares or other equity convertible securities.

• Rajiv Kaul, CEO of CMS Info Systems, projects revenue growth of Rs 2,500-2,700 crore in FY25, and ROCE in the range of 25-27%. He says, AIoT (Artificial Intelligence of Things) offers growth opportunities, and anticipates the revenue contribution to increase to 7-8% in the next three years.

  CMS Info Systems says
  
  ???? FY25 Revenue guidance at Rs.2500-2700cr, will hit upper end
  
  ???? ROCE range at 25% to 27%
  
  ???? AIOT is a big growth opportunity
  AIOT contribution will move from 5% to 7-8% in 3 yrs#stockmarkethttps://t.co/0qLSRrxYhs

  — Nigel D'Souza (@Nigel__DSouza) May 31, 2024

• Muthoot Finance rises sharply as its net profit surges 17% YoY to Rs 1,139.1 crore in Q4FY24. Revenue grows by 26.7% YoY to Rs 4179.4 crore, driven by an improvement in the gold loan segment. The company shows up in a screener of stocks where mutual funds increased their shareholding last quarter.

• Welspun Corp's net profit rises 13.8% YoY to Rs 268.5 crore in Q4FY24. Revenue rises 10% YoY to Rs 4,543.7 crore, helped by growth in the steel products segment. The board approves the expansion of its DI pipes capacity by 100 KMTPA in Anjar, with an investment of Rs 300 crore.

• Swan Energy plunges to its 5% lower circuit as its net profit declines by 57.2% YoY to Rs 26.6 crore in Q4FY24 due to higher raw material, inventory, and employee benefits expenses. However, revenue grows 50.1% YoY to Rs 1,407.1 crore helped by improvements in the construction and distribution & development segments. It shows up in a screener of stocks with high interest payments compared to earnings.

• Mahindra & Mahindra is rising as BofA Securities upgrades its rating to ‘Buy’, and raises the target price to Rs 3,050. The brokerage believes the company has multiple growth catalysts, which will playout in the next 12-18 months. It anticipates market share gains in the SUV segment and a potential turnaround in the tractor business.

  Brokerage Radar | BofA ON M&M : Upgrades to Buy from Neutral; raises target to ?3,050/sh from ?2,480/sh pic.twitter.com/w27jD8yK39

  — ET NOW (@ETNOWlive) May 31, 2024

• Suzlon Energy secures an order from Oyster Green Hybrid One to develop an 81.9 MW wind energy project. Suzlon will install 26 wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 3.2 MW each at the client’s site in Agar, Madhya Pradesh.

• Krishna Institute of Medical Sciences announces expansion by setting up a 350 bed specialty hospital in Bengaluru.

• Aarti Industries appoints Suyog Kotecha as the new Chief Executive Officer (CEO) and Executive Director of the company, effective June 17.

• Bharat Dynamics is rising as its net profit surges by 89% YoY to Rs 288.8 crore in Q4FY24, helped by sales of inventory. Revenue increases by 12.8% YoY to Rs 942.6 crore. It features in a screener of stocks with rising operating profit with expanding operating margins (YoY).

Riding High:

Largecap and midcap gainers today include Adani Total Gas Ltd. (1,039.30, 8.8%), PB Fintech Ltd. (1,294.40, 8.8%) and Adani Power Ltd. (755.80, 8.2%).

Downers:

Largecap and midcap losers today include Ipca Laboratories Ltd. (1,152.15, -7.8%), Page Industries Ltd. (35,954.70, -5.3%) and Linde India Ltd. (8,709.55, -4.8%).

Volume Shockers

81 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Jindal Stainless Ltd. (793.50, 12.1%), Bikaji Foods International Ltd. (593.85, 9.3%) and Adani Total Gas Ltd. (1,039.30, 8.8%).

Top high volume losers on BSE were Welspun Corp Ltd. (548.95, -8.7%), Ipca Laboratories Ltd. (1,152.15, -7.8%) and One97 Communications Ltd. (360.75, -4.4%).

Berger Paints (India) Ltd. (460, -3.7%) was trading at 25.9 times of weekly average. Torrent Power Ltd. (1,501.80, 4.3%) and Praj Industries Ltd. (522.05, 4.2%) were trading with volumes 18.2 and 18.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

16 stocks hit their 52-week highs, while 8 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Adani Power Ltd. (755.80, 8.2%), Blue Star Ltd. (1576.45, 5.1%) and Coromandel International Ltd. (1,304, 0.3%).

Stocks making new 52-week lows included - Atul Ltd. (5,635, -0.8%) and Berger Paints (India) Ltd. (460, -3.7%).

17 stocks climbed above their 200 day SMA including Five-Star Business Finance Ltd. (757.05, 6.5%) and Adani Wilmar Ltd. (355.75, 3.3%). 24 stocks slipped below their 200 SMA including Page Industries Ltd. (35,954.70, -5.3%) and Persistent Systems Ltd. (3,410.50, -3.0%).

Nifty 50 closed at 22,488.65 (-216.1, -1.0%), BSE Sensex closed at 73,885.60 (-617.3, -0.8%) while the broader Nifty 500 closed at 21,038.55 (-217.8, -1.0%). Market breadth is highly negative. Of the 2,116 stocks traded today, 495 were on the uptrend, and 1,582 went down.

Indian indices extended the losses from the afternoon session and closed in the red. The volatility index, Nifty VIX, rose by 0.1% and closed at 24.2 points. Alembic Pharmaceuticals received US FDA approval for its Sacubitril and Valsartan tablets, used for cardiovascular disease. The tablets have an estimated market size of $ 5.3 billion in the US. 

Nifty Midcap 100 closed and Nifty Smallcap 100 closed lower following the benchmark index. Nifty Media and Nifty Bank closed higher than Wednesday’s closing levels. According to Trendlyne’s sector dashboard, telecommunication equipment emerged as the top-performing sector of the day, with a rise of over 1.4%.

Most European indices trade in the green, except for Germany’s DAX and Switzerland’s SMI index trading lower. US indices futures trade lower, indicating a negative start. Fitch downgrades China's outlook to negative due to a steady rise in debt. The unemployment rate in the Eurozone for April increases by 6.4% YoY against estimates of 6.5% growth.

• Money flow index (MFI) indicates that stocks like Sumitomo Chemical India, Jupiter Wagons, 3M India and Finolex Cables are in the overbought zone.

• Metal stocks like Hindustan Zinc, Hindustan Copper, Tata Steel and APL Apollo Tubes fall more than 3% in trade. All constituents of the broader BSE Metal index are also trading in the red, causing it to plunge almost 3%.

• Marksans Pharma plunges more than 10% as its net profit declines by 4.4% YoY to Rs 78.3 crore in Q4FY24 due to higher employee benefits and finance costs. However, revenue grows by 16% YoY to Rs 576.5 crore, helped by an improvement in the US & North American and UK & European markets. It appears in a screener of stocks with declining return on equity (RoE) over the past two years.

• The Reserve Bank of India projects India’s GDP growth at 7% for FY25. The central bank highlights that the outlook for the Indian economy remains bright, driven by robust growth in the financial and corporate sectors.

  #RBI projects real #GDP#growth at 7% in FY25, says outlook for #Indian#economy remains #brighthttps://t.co/o7qDSzlQIv

  — Economic Times (@EconomicTimes) May 30, 2024

• KFIN Technologies plunges as General Atlantic Singapore reportedly sells up to 6.8% stake at an estimated price of Rs 712.5 per share, worth Rs 733 crore.

• Lemon Tree Hotels is rising as its net profit surges by 52.3% YoY to Rs 67 crore in Q4FY24, helped by a deferred tax credit of Rs 13.7 crore. Revenue grows by 30% YoY to Rs 331.2 crore, on account of an improvement in occupancy rate and revenue per available room (RevPAR). It appears in a screener of stocks with rising net cash flow and cash from operating activities.

• Avantel surges as it wins an order worth Rs 109.8 crore from Ministry of Defence for the supply of SATCOM equipment.

• Reports suggest that 56 lakh shares (5% equity) of RR Kabel, worth approx. over Rs 950 crore, change hands in a large trade. TPG Asia is the likely seller in this transaction.

  #RRKabel Block Deal: 5% equity or 56 lakh shares change hands; TPG Asia likely sellerhttps://t.co/TgCcEPpArs

  — CNBC-TV18 (@CNBCTV18Live) May 30, 2024

• Alembic Pharmaceuticals receives US FDA approval for its Sacubitril and Valsartan tablets, used to reduce the risk of cardiovascular death and hospitalization for heart failure in adult patients with chronic heart failure. The tablets have an estimated market size of $ 5.3 billion in the US.

• Emami surges to its 52-week high of Rs 619 per share as its net profit rises 3% YoY to Rs 148.9 crore in Q4FY24. Revenue grows 6.6% YoY to Rs 891 crore during the quarter. The company appears in a screener of stocks with new 52-week highs today.

• KR Choksey downgrades Balkrishna Industries to 'Reduce' from 'Hold' with a higher target price of Rs 2,998 per share. This indicates a potential upside of 3.5%. The brokerage notes the company's top-line growth and efficient cost management strategies. However, it remains cautious on the stock due to geopolitical uncertainties and a surge in the stock price. It expects the company's revenue to grow at a CAGR of 15% over FY25-26.

• Parmod Sagar, MD and CEO of RHI Magnesita, expects the company’s volumes to grow by more than 8% YoY, and margins of around 14-15% in FY25. He highlights that the firm’s exports growth was down to 10% in FY24, and expects it to improve by 20-23% in the next 2-3 years.

  RHI Magnesita India
  
  Guidance for FY25
  ???? Overall volumes +8% with Margins at 14% -15%
  ????Acquired Dalmia asset volumes will +15% with margins at 12%-13%
  ???? No indications that Dalmia Group wants to sell its stakehttps://t.co/mh2Fts8yiK

  — Nigel D'Souza (@Nigel__DSouza) May 30, 2024

• ISGEC Heavy Engineerings' net profit declines by 17.2% YoY to Rs 71.3 crore in Q4FY24. Revenue falls by 8.6% YoY to Rs 1,872 crore, impacted by the manufacturing and construction segments. The company features in a screener of stocks with falling quarterly revenue and net profit (YoY).

• GMR Airports Infrastructure's net loss narrows by 72.6% YoY to Rs 121 crore in Q4FY24, driven by lower expenses. Its revenue rises 29.1% YoY to Rs 2,446.8 crore during the quarter. The company appears in a screener of stocks where mutual funds increased shareholding over the past two months.

• Aditya Birla Capital invests Rs 300 crore on a rights basis in the equity shares of its arm, Aditya Birla Housing Finance.

• Awfis Space Solutions’ shares debut on the bourses at a 13.6% premium to the issue price of Rs 383. The Rs 598.9 crore IPO has received bids for 108.6 times the total shares on offer.

• Rahul Mithal, CMD of Rites, highlights the company’s target to increase revenue contribution from exports to 20-25% by FY26. He states that Rites is bidding for tenders for rolling stock supplies, consultancy operations, and quality assurance businesses across Southeast Asia, Africa, West Asia, and Latin America.

  RITES chairman and managing director Rahul Mithal said the firm is looking to scale up the share of exports in its revenue to 20-25% by FY26.
  
  (@narayan_subhash reports) https://t.co/ufsbL3o4Qd

  — Mint (@livemint) May 30, 2024

• Ahluwalia Contracts' net profit surges by 176.9% YoY to Rs 199.8 crore in Q4FY24, helped by an exceptional gain of Rs 195 crore. Revenue grows by 34.9% YoY to Rs 1,176 crore owing to an improvement in the contract work segment. It features in a screener of stocks with improving return on equity (RoE) over the past two years.

• Hero MotoCorp's associate company, Hero FinCorp, approves an initial public offering comprising a fresh issue of equity shares aggregating up to Rs 4,000 crore and an offer for sale by certain existing and eligible shareholders.

• Edelweiss Financial Services plunges more than 10% as the Reserve Bank of India (RBI) orders the company to cease operations of its subsidiaries, ECL Finance and Edelweiss Asset Reconstruction. The RBI instructs ECL Finance to stop any structured transactions related to its wholesale exposures, while Edelweiss Asset Reconstruction is ordered to stop acquiring financial assets.

• Jefferies maintains its ‘Underperform’ rating on Alkem Laboratories, and lowers the target price to Rs 4,200. The brokerage highlights that the company's Q4 results missed estimates, with sales declining across all major regions. It notes Alkem’s plans for M&As in India, compared to the earlier focus on organic growth.

  Brokerage Radar | Jefferies on Alkem Labs maintains underperform; cuts target price to Rs 4,200 from Rs 4,470@Jefferies@Alkem_Labpic.twitter.com/zu1JWU2MwU

  — ET NOW (@ETNOWlive) May 30, 2024

• SJVN falls sharply as its revenue misses Forecaster estimates by 12% after falling 1.6% YoY to Rs 573.2 crore in Q4FY24. However, net profit surges by 3.6x YoY to Rs 61.1 crore, helped by an exceptional gain of Rs 103.8 crore during the quarter. It shows up in a screener of stocks underperforming their industries over the last quarter.

• IRB Infrastructure Developers falls as reports suggest promoters are likely to sell a 4% stake in the company to raise Rs 1,512 crore.

• Welspun Corp's Saudi Arabia-based arm East Pipes signs a contract worth Rs 316 crore with Alrawaf Contracting for the coating and supply of steel pipes.

• Tata Steel is falling as its net profit plunges 64.1% YoY to Rs 611.5 crore in Q4FY24 due to higher employee benefits and finance costs. Revenue declines by 6.8% YoY to Rs 58,863.2 crore, caused by a decrease in the Indian, European, and Asian markets. The company's board also approves plans to invest up to Rs 17,407.5 crore in its subsidiary, T Steel Holdings Pte, to repay the external debt at offshore entities and to support restructuring costs at Tata Steel UK.

• Nifty 50 was trading at 22,670.30 (-34.4, -0.2%), BSE Sensex was trading at 74,365.88 (-137.0, -0.2%) while the broader Nifty 500 was trading at 21,241.30 (-15, -0.1%).

• Market breadth is in the green. Of the 1,875 stocks traded today, 1,018 were on the uptrend, and 794 went down.

Riding High:

Largecap and midcap gainers today include Linde India Ltd. (9,144.85, 8.7%), One97 Communications Ltd. (377.40, 5.0%) and Page Industries Ltd. (37,964.75, 4.1%).

Downers:

Largecap and midcap losers today include Hindustan Zinc Ltd. (666.50, -6.4%), Cummins India Ltd. (3,596.80, -6.2%) and Alkem Laboratories Ltd. (4,946.80, -6%).

Volume Shockers

21 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Emami Ltd. (611.85, 16.8%), RHI Magnesita India Ltd. (736.35, 10.6%) and Linde India Ltd. (9,144.85, 8.7%).

Top high volume losers on BSE were IRB Infrastructure Developers Ltd. (65.20, -10.3%), Cummins India Ltd. (3,596.80, -6.2%) and Alkem Laboratories Ltd. (4,946.80, -6%).

KNR Constructions Ltd. (302.60, 8.1%) was trading at 18.7 times of weekly average. Bata India Ltd. (1,372.20, -0.1%) and Poly Medicure Ltd. (1,778.35, -3.0%) were trading with volumes 8.8 and 7.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

14 stocks hit their 52 week highs, while 6 stocks tanked below their 52 week lows.

Stocks touching their year highs included - Coromandel International Ltd. (1,300.20, 1.0%), Cummins India Ltd. (3,596.80, -6.2%) and EID Parry (India) Ltd. (676.75, -1.5%).

Stocks making new 52 weeks lows included - Atul Ltd. (5,711, -2.7%) and Berger Paints (India) Ltd. (477.55, -3.1%).

9 stocks climbed above their 200 day SMA including RHI Magnesita India Ltd. (736.35, 10.6%) and Page Industries Ltd. (37,964.75, 4.1%). 25 stocks slipped below their 200 SMA including Max Financial Services Ltd. (926.70, -4.6%) and APL Apollo Tubes Ltd. (1,533.25, -4.1%).