Nifty 50 closed at 23,259.20 (-31.0, -0.1%), BSE Sensex closed at 76,490.08 (-203.3, -0.3%) while the broader Nifty 500 closed at 21,808.25 (44.1, 0.2%). Market breadth is ticking up strongly. Of the 2,181 stocks traded today, 1,452 were in the positive territory and 713 were negative.
Indian indices pared the gains from the afternoon session and closed in the red. The volatility index, Nifty VIX, dropped by 2.8% and closed at 16.4 points. Adani Green Energy plans to invest over $1 billion in Sri Lanka, making it the country's largest renewable energy project and foreign direct investment to date.
Nifty Smallcap 100 closed sharply higher, while Nifty Midcap 100 closed flat with the benchmark index closing lower. Nifty Realty and Nifty Media closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, Fertilizers emerged as the top-performing sector of the day, with a rise of over 8%.
Most European indices trade in the red. US indices futures trade lower, indicating a negative start. France’s CAC 40 plunges 2.2% after the incumbent French President, Emmanuel Macron announced elections as early as later this month. The far-right parties gaining significant vote share in the European Parliamentary Elections has reportedly led to Macron’s decision.
Money flow index (MFI) indicates that stocks like KNR Constructions, Avanti Feeds, Emami, and UNO Minda are in the overbought zone.
aGAIL (India) plans to set up a 1,500 KTA ethane cracker project in Madhya Pradesh with an estimated capex of Rs 60,000 crore.
Havells India partners with UAE-based Jumbo Group to expand its market presence in the United Arab Emirates. The partnership will enable Havells to launch its premier kitchen appliances, starting with online availability on Jumbo’s e-commerce website, followed by retail store distribution.
Shyam Metalics and Energy's stainless steel sales rise 34.1% YoY to 4,949 tonnes in May. However, aluminium foil sales decline by 2.7% YoY to 2,058 tonnes. The company's speciality alloys sales fall 0.8% YoY, and carbon sales decrease by 6.5% YoY, while that of pellets increase by 0.3% YoY.
According to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), cooling appliance sales rose by 25% YoY in the March to May period, driven by air conditioner and cooler sales. The association projects AC sales of around 1.4 crore in 2024. It states that AC segment sales grew by 25-30% YoY, while refrigerator sales increased by 20% YoY.
Axis Direct keeps its 'Buy' call on Pitti Engineering with a higher target price of Rs 1,180 per share. This indicates a potential upside of 24.7%. The brokerage remains confident in the stock due to strong order inflow, improvement in the value-added products segment, and the upcoming merger with Pitti Castings. It expects the company's revenue to grow at a CAGR of 20.1% over FY25-26.
Adani Green Energy reportedly plans to invest over $1 billion (approx. Rs 8,351 crore) in Sri Lanka, making it the country's largest renewable energy project and foreign direct investment to date. The company will set up two wind farms in Sri Lanka's Mannar town and Pooneryn village.
LE Travenues Technology's Rs 740.1 crore IPO gets bids for 1X the available 4.4 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 3.8X the available 79.6 lakh shares on offer.
Oil prices stabilize as the market awaits the Federal Reserve's interest rate decision and the International Energy Agency report. Brent hovers around $80 per barrel, recovering from a 2.5% decline last week, after OPEC+ announced plans to increase supply gradually from the third quarter this year. West Texas Intermediate closed near $76 last week.
JSW Steel's crude steel production falls 4% YoY to 21 lakh tonnes In May due to a planned maintenance shutdown at one of its blast furnaces in Dolvi.
Jubilant Pharmova falls as the US FDA issues Form 483 with three observations after inspecting its US subsidiary, Jubilant HollisterStier LLC's, contract manufacturing facility in Washington.
KEC International rises sharply as it receives orders worth Rs 1,061 crore across its transmission & distribution, railways, and cables businesses. The transmission & distribution (T&D) business secures orders for projects in India, East Asia Pacific, and America.
Mutual Funds' net equity inflows surge 83.4% YoY to Rs 34,697 crore in May, according to data released by the Association of Mutual Funds in India (AMFI). The industry's total AUM currently stands at Rs 58.9 lakh crore, with equity AUM at Rs 25.4 lakh crore.
Dr Reddy's Laboratories receives Form 483 with four observations from the US FDA after conducting a good manufacturing practices (GMP) inspection at the company's API manufacturing facility in Andhra Pradesh.
Artson Engineering surges as it bags a Rs 126 crore order from Guwahati International Airport for the engineering and construction of an ATF fuel farm and Hydrant system at Guwahati airport.
Mphasis falls sharply as 3 crore shares (15.6% stake), amounting to Rs 7,066 crore, reportedly change hands in a block deal. Blackstone is the likely seller in the transaction.
Heritage Foods rises more than 6% as reports suggest that 44 lakh shares (4.8% equity), amounting to Rs 319.6 crore, change hands in a large trade.
RailTel Corp of India is rising as it bags a Rs 81.4 crore order from National Informatics Centre Services (NICSI) to supply, install, configure, commission, integrate, operate, and maintain ICT (information & communication technologies) infrastructure in compliance with the service level agreement.
Wardwizard Innovations & Mobility surges to its 20% upper circuit as it bags an order worth $1.3 billion (approx. Rs 10,771 crore) from Phillipines-based Beulah International Development Corp. The order is to supply electric two-wheelers and three-wheelers in the commercial and passenger vehicles segment and develop four-wheelers for commercial vehicles for the Philippines market.
Gland Pharma is rising as it appoints Srinivas Sadu as the Executive Chairman and Chief Executive Officer (CEO), effective June 10.
Retail sales for the automotive industry rise 2.6% YoY to 20.9 lakh units in May, shows data from the Federation of Automotive Dealers' Association. Two-wheeler retail sales are up 2.5% YoY, while that of cars decrease by 1% YoY.
Kronox Lab Sciences’ shares debut on the bourses at a 21.3% premium to the issue price of Rs 136. The Rs 130.2 crore IPO has received bids for 118.2 times the total shares on offer.
Saranya Loka Reddy, promoter of MTAR Technologies, sells a 0.6% stake on Friday. She now holds a 2.6% stake in the company.
AXISCADES Technologies rises as it commences delivery of the Rs 100 crore advanced counter-drone systems order from the Indian Army.
Borosil Renewables is rising as its board of directors approves issuing equity shares worth Rs 450 crore via a rights issue.
Nifty 50 was trading at 23,395.20 (105.1, 0.5%), BSE Sensex was trading at 76,752.94 (59.6, 0.1%) while the broader Nifty 500 was trading at 21,896.90 (132.8, 0.6%)
Of the 1,961 stocks traded today, 1,652 were on the uptick, and 266 were down.
Riding High:
Largecap and midcap gainers today include Patanjali Foods Ltd. (1,476.30, 5.4%), Zee Entertainment Enterprises Ltd. (164.41, 5.2%) and Samvardhana Motherson International Ltd. (164.58, 5.0%).
Downers:
Largecap and midcap losers today include Coforge Ltd. (5,220.15, -3.9%), Vedanta Ltd. (444.10, -3.6%) and MphasiS Ltd. (2,394.60, -3.1%).
Volume Shockers
21 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Chemplast Sanmar Ltd. (544.80, 10.9%), Rashtriya Chemicals & Fertilizers Ltd. (168.10, 8.8%) and The New India Assurance Company Ltd. (239.58, 8.4%).
Top high volume losers on BSE were Poonawalla Fincorp Ltd. (426.35, -8.4%), MphasiS Ltd. (2,394.60, -3.1%) and Kajaria Ceramics Ltd. (1,238.55, -0.2%).
Caplin Point Laboratories Ltd. (1,475.90, 8.1%) was trading at 10.1 times of weekly average. Sanofi India Ltd. (9,967.20, 4.1%) and Sheela Foam Ltd. (941.05, 3.1%) were trading with volumes 8.0 and 7.2 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
57 stocks overperformed with 52 week highs, while 1 stock were underachiever and hit their 52 week lows.
Stocks touching their year highs included - Amara Raja Energy & Mobility Ltd. (1,400.25, -0.1%), Bajaj Auto Ltd. (9,733.05, 0.1%) and Balkrishna Industries Ltd. (3,250.55, 1.5%).
Stock making new 52 weeks lows included - Chemplast Sanmar Ltd. (544.80, 10.9%).
42 stocks climbed above their 200 day SMA including Happiest Minds Technologies Ltd. (908.40, 7.9%) and Gujarat State Fertilizer & Chemicals Ltd. (222.36, 6.0%). 9 stocks slipped below their 200 SMA including Poonawalla Fincorp Ltd. (426.35, -8.4%) and MphasiS Ltd. (2,394.60, -3.1%).