Nifty 50 closed at 24,010.60 (-33.9, -0.1%), BSE Sensex closed at 79,032.73 (-210.5, -0.3%) while the broader Nifty 500 closed at 22,559.70 (22.3, 0.1%). Market breadth is in the green. Of the 2,147 stocks traded today, 1,131 were in the positive territory and 995 were negative.
Indian indices pared their gains during the last hour of the trading session and closed marginally lower. The Indian volatility index, Nifty VIX, fell 2.5% and closed at 13.8 points. JPMorgan Chase added India’s government bonds to its emerging markets index, starting today, opening up a $1.3 trillion market to a broader range of investors.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Energy and Nifty Pharma closed higher than their Thursday close. According to Trendlyne’s Sector dashboard, Hardware Technology & Equipment emerged as the best-performing sector of the day, with a rise of 2.6%.
Major Asian indices closed flat or higher. European indices traded in the green, except for France’s CAC 40 trading lower. US index futures traded flat or higher, indicating a positive start to the trading session. Nike’s shares fell nearly 15% in the pre-market after the sportswear group warned that sales would decline in the current quarter. Brent crude oil futures traded in the green for a third straight trading session.
Relative strength index (RSI) indicates that stocks like Samvardhana Motherson International, Craftsman Automation, Whirlpool of India, and India Cements are in the overbought zone.
Healthcare Global Enterprises plans to acquire a 51% stake in Vizag Hospital upfront for Rs 207.6 crore. It will further acquire the remaining 49% stake in multiple tranches.
ICIC Direct retains its 'Buy' call on Sansera Engineering with an upgraded target price of Rs 1,570 per share. This indicates a potential upside of 21.2%. The brokerage remains positive on the stock due to its strong order book and healthy return on capital employed (RoCE). It expects the company's revenue to grow at a CAGR of 15.1% over FY25-26.
Brigade Enterprises rises sharply as it launches 'Brigade Insignia' in Yelahanka, Bengaluru. The residential project offers 3, 4, and 5 BHK apartments, with a revenue potential of Rs 1,100 crore.
Delhi Court grants relief to Samir Modi, Executive Director of Godfrey Phillips India in a dispute against his mother Bina Modi, the Chairperson, over the distribution of the late KK Modi’s Rs 11,000 crore inheritance. The court directs both parties to maintain a 'Status Quo and restricts the discontinuation of the retail chain, 24Seven.
Polycab India falls as 40.5 lakh shares (2.7% stake), amounting to Rs 2,716.5 crore, reportedly change hands in a block deal. The company's promoters are the likely sellers in the transaction.
Vraj Iron & Steel's Rs 171 crore IPO gets bids for 63.4X the available 61.5 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 40.8X the available 30.7 lakh shares on offer.
Foreign institutional investors invest Rs 6,636.3 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest inflow of Rs 71,179.6 crore from FIIs.
Praveen Jaipuriar, CEO of CCL Products, notes the increase in coffee prices in the past few months, and expects higher revenue growth. He highlights the robust demand for Indian coffee in overseas markets. Jaipuriar expects volume growth of around 12-13% in FY25, similar to the previous year.
Alembic Pharmaceuticals gets US FDA approval for its Doxycycline Capsules, used to treat inflammatory lesions of rosacea in adult patients. The capsules have an estimated annual sales of $ 123 million in the US.
The EU court upholds a fine totaling Rs 125.6 crore (14 million euros) against IPCA Laboratories' subsidiaries, Unichem Laboratories, and Niche Generics for a patent dispute settlement agreement.
KPI Green rises sharply as it secures a final sanction letter for Rs 686 crore credit facilities to develop a large-scale solar photovoltaic power project in Kutch to generate 200 MWAC of electricity.
Reports suggest that 1.2 crore shares (0.5% equity) of HCL Technologies, amounting to Rs 1,788.3 crore, have changed hands in the pre-market session.
Nazara Technologies' step-down subsidiary, NODWIN Gaming International, enters an agreement to acquire an additional 86.5% stake in Freaks 4U Gaming for Rs 271 crore.
Stanley Lifestyles’ shares debut on the bourses at a 34.1% premium to the issue price of Rs 369. The Rs 418 crore IPO has received bids for 97 times the total shares on offer.
Krishna Institute of Medical Sciences' board approves the proposal for the sub-division of one equity share of the company into five equity shares.
JPMorgan Chase adds India’s government bonds to its emerging markets index, starting today, opening up a $1.3 trillion market to a broader range of investors. Global funds have infused around $11 billion into index-eligible bonds since JPMorgan’s announcement in September 2023. The US bank expects an inflow of $20-25 billion over the next ten months, raising foreign ownership to 4.4% from the current 2.5%.
JSW Infrastructure rises as it inks an agreement to acquire a 70.4% stake in Navkar Corp for approx Rs 1,012.7 crore. This acquisition enables the company to foray into logistics and other value-added services.
RBL Bank rises as its board of directors approves a fundraising of Rs 6,500 crore. The company plans to raise Rs 3,500 crore through a qualified institutional placement (QIP) or other modes, while the remaining Rs 3,000 crore via the issuance of debt instruments.
Bharti Airtel surges to its all-time high of Rs 1,536.3 per share as it hikes its prepaid and postpaid plan rates by 10-20% and 11-21%, respectively.
Emcure Pharmaceuticals sets the price band for its IPO at Rs 960-1,008 per share. The issue, valued at Rs 1,951 crore, consists of a fresh issue worth Rs 800 crore and an offer for sale of around Rs 1,151 crore. The issue opens on July 3.
Radhakishan Damani sells an 11.3% stake in India Cements for approx Rs 931.2 crore in a bulk deal on Thursday.
Ashish Kacholia buys a 1.1% stake in SG Mart for approx Rs 40 crore in a bulk deal on Thursday.
Au Small Finance Bank rises sharply as its board of directors approves a fundraising of Rs 11,000 crore. The company plans to raise Rs 5,000 crore through a qualified institutional placement or other modes, while the remaining Rs 6,000 crore via the issuance of debt instruments.
Bharat Heavy Electricals rises sharply as it reportedly bags an order worth Rs 13,300 crore from Damodar Valley Corp (DVC) to set up two 800 MW thermal power plants in Jharkhand. This will take DVC's total thermal capacity to 8,140 MW by 2030.
Nifty 50 was trading at 24,113.50 (69, 0.3%), BSE Sensex was trading at 79,397.67 (154.5, 0.2%) while the broader Nifty 500 was trading at 22,620.85 (83.5, 0.4%).
Market breadth is highly positive. Of the 1,897 stocks traded today, 1,489 were on the uptrend, and 376 went down.
Riding High:
Largecap and midcap gainers today include Star Health and Allied Insurance Company Ltd. (558.65, 5.7%), Persistent Systems Ltd. (4,241.45, 5.2%) and Patanjali Foods Ltd. (1,591.40, 5.1%).
Downers:
Largecap and midcap losers today include Samvardhana Motherson International Ltd. (190.31, -4.2%), Avenue Supermarts Ltd. (4,716.75, -3.7%) and Polycab India Ltd. (6,739.50, -3.6%).
Volume Shockers
16 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Cholamandalam Financial Holdings Ltd. (1,453.50, 13%), Ceat Ltd. (2,821.85, 8.6%) and Praj Industries Ltd. (728.65, 7.4%).
Top high volume losers on BSE were Polycab India Ltd. (6,739.50, -3.6%), Sobha Ltd. (1,956.65, -2.8%) and Carborundum Universal Ltd. (1,685, -0.8%).
Mahanagar Gas Ltd. (1,596.90, 6.2%) was trading at 7.0 times of weekly average. Star Health and Allied Insurance Company Ltd. (558.65, 5.7%) and Bata India Ltd. (1,513.75, 5.0%) were trading with volumes 6.2 and 6.0 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
38 stocks took off, crossing 52 week highs,
Stocks touching their year highs included - Aegis Logistics Ltd. (872.85, 2.2%), Bharti Airtel Ltd. (1,444.05, -2.2%) and Indus Towers Ltd. (375.30, 2.8%).
14 stocks climbed above their 200 day SMA including Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (710.50, 5.7%) and Bata India Ltd. (1,513.75, 5.0%). 7 stocks slipped below their 200 SMA including IndusInd Bank Ltd. (1,464.50, -2.6%) and Procter & Gamble Hygiene & Healthcare Ltd. (16,601, -1.3%).