Nifty 50 closed at 23,501.10 (-65.9, -0.3%), BSE Sensex closed at 77,209.90 (-269.0, -0.4%) while the broader Nifty 500 closed at 22,236.20 (-68.9, -0.3%). Of the 2,130 stocks traded today, 938 were gainers and 1,167 were losers.
Indian indices saw losses in the afternoon session and closed in the red. Markets had opened in the green amid good news for IT stocks, with US company Accenture seeing a higher than expected revenue growth forecast. But the mood turned.
The Indian volatility index, Nifty VIX, fell by 1.27% and closed at 13.2 points.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, taking cues from the benchmark index. However, Nifty IT held on to its gains and closed higher. According to Trendlyne’s Sector dashboard, Telecom services emerged as the best-performing sector of the day, with a rise of 2.1%.
Major Asian indices closed in the red, except for Taiwan’s Weighted index closing in the green. US index futures traded in the green, indicating a positive start to the session. Brent crude oil futures traded lower after gains earlier in the week. Tesla's share price has continued to struggle amid signs of an increasingly distracted CEO, with Elon Musk reportedly hiring former Tesla employees for his new AI startup.
Relative strength index (RSI) indicates that stocks like Coromandel International, Samvardhana Motherson International, The Fertilisers and Chemicals Travancore, and C.E. Info Systems are in the overbought zone.
Vodafone Idea rises as it completes its 5G rollout obligation across all 17 circles, according to the Department of Telecommunications.
Time Technoplast rises sharply as it receives final approval from the Petroleum and Explosives Safety Organization (PESO) to manufacture and supply high-pressure type-IV composite cylinders for hydrogen.
Sun Pharmaceuticals rises as it enters a licensing agreement with Japan-based Takeda Pharma to market Vonoprazan tablets in India. The tablets are used to treat gastrointestinal issues.
Anil Gupta, CMD of KEI Industries says, the labour strikes at the company’s plants in Rakholi and Chinchpada are withdrawn, and highlights a production loss of Rs 10 crore. He says KEI targets a double-digit market share in the wires business. Gupta projects revenue growth of 15-16%, with margins at 11% in FY25.
Stanley Lifestyles' Rs 418 crore IPO gets bids for 0.8X the available 1 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 1.1X the available 51.9 lakh shares on offer.
Akme Fintrade (India)'s Rs 132 crore IPO gets bids for 32.1X the available 78.7 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 30.7X the available 36.6 lakh shares on offer.
DEE Development Engineers' Rs 418 crore IPO gets bids for 28.6X the available 1.5 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 15.3X the available 74.8 lakh shares on offer.
Reports suggest that 1.7 crore shares (0.6% equity) of Axis Bank, amounting to Rs 2,088.2 crore, have changed hands in a large deal.
Bernstein Research maintains its 'Outperform' rating on Zomato, but upgrades the target price to Rs 230, implying a potential upside of 16%. The brokerage expects the quick commerce business' margins to improve along with its asset-light model.
Mrs. Bectors Food Specialities' board approves raising up to Rs 400 crore by issuing any instrument or security including equity shares, debenture, warrants, and any other equity-based instruments or securities.
Bajaj Consumer Care rises as it sets July 2, 2024, as the record date for the buyback of shares worth Rs 166.5 crore.
India’s flash manufacturing PMI rises to 58.5 in June, compared to 57.5 in May. The flash services PMI stands at 60.4 during the same period.
Tata Consultancy Services rises as it signs a deal with Xerox for cloud and GenAI-driven innovation. The agreement also includes developing an ERP (enterprise resource planning) system and an operating model for enhanced business outcomes.
Amara Raja Energy & Mobility invests 20 million euros to acquire an additional 4.5% stake in Norwegian firm InoBat AS, bringing its total holding to 9.3%. InoBat AS specializes in research and development and produces batteries for custom electric vehicle designs.
Bikaji Foods rises sharply after Nuvama Institutional Equities initiates a 'Buy' call with a target price of Rs 885 per share. This indicates a potential upside of 22.1%. The brokerage remains positive on the stock due to its strong regional presence, customer loyalty, and snack sector expansion plans. Nuvama expects revenue to grow at a CAGR of 18% over FY25-27.
JP Morgan notes a slow recovery in demand for staples and mass discretionary products, but expects the pace to pick up in FY25. The brokerage highlights the capex trend across packaged foods, QSR, and paints segments. It recommends ‘Buy’ on Asian Paints, Tata Consumer, Jubilant Foodworks, and United Spirits.
Hindustan Zinc rises as it signs an agreement with US-based AEsir Technologies to jointly develop zinc batteries.
Equity stake of 9.3% stake in Aster DM Healthcare reportedly changes hands in block deals today. Private equity firm Olympus is the likely seller in the transaction.
Axis Direct maintains its 'Buy' call on Dalmia Bharat and raises its target price to Rs 2,140, indicating an upside of 16%. The brokerage is optimistic about the company's ongoing expansion plan to become a pan-India player and sustained demand due to the government’s infrastructure spending. It expects volume and profit to grow at a CAGR of 9% and 26%, respectively, over FY25-FY26.
- Allied Blenders and Distillers, sets the price band for its IPO at Rs 267-281 per share. The issue, valued at Rs 1,500 crore, consists of a fresh issue worth Rs 1,000 crore and an offer for sale of around Rs 500 crore. The issue opens on June 25.
Stanley Lifestyles raises Rs 161.1 crore from anchor investors ahead of its IPO by allotting around 43.7 lakh shares at Rs 369 each. Investors include East Spring Investments India, Quant Mutual Fund, Meru Investment Fund, Franklin India, and HDFC Mutual Fund.
Porinju Veliyath buys a 0.5% stake in Indiabulls Real Estate for approx Rs 49.9 crore in a bulk deal on Thursday.
GE Power India rises as it wins a Rs 243.5 crore order from NTPC GE Power Services for the repair and maintenance of steam turbines.
Avataar Holdings sells around 2% stake (21.6 lakh shares) in RateGain Travel Technologies, worth approx Rs 160.6 crore, in a block deal on Thursday. Meanwhile, Axis Mutual Fund, ICICI Prudential Mutual Fund, and Morgan Stanley Asia pick 0.8%, 0.6%, and 0.2% stakes, respectively, in the company.
Riding High:
Largecap and midcap gainers today include General Insurance Corporation of India (406.30, 4.8%), Bayer Cropscience Ltd. (6,482.95, 4.4%) and APL Apollo Tubes Ltd. (1,646.60, 4.2%).
Downers:
Largecap and midcap losers today include Torrent Power Ltd. (1,503.45, -5.8%), Coromandel International Ltd. (1,549.90, -5.7%) and Tube Investments of India Ltd. (3,983.25, -5.5%).
Volume Rockets
48 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Cera Sanitaryware Ltd. (9,090.30, 9.6%), HLE Glascoat Ltd. (481.60, 6.8%) and Rail Vikas Nigam Ltd. (409.75, 5.8%).
Top high volume losers on BSE were Torrent Power Ltd. (1,503.45, -5.8%), Tube Investments of India Ltd. (3,983.25, -5.5%) and Pfizer Ltd. (4,612.05, -3.6%).
Aster DM Healthcare Ltd. (367.55, 3.2%) was trading at 32.9 times of weekly average. Poly Medicure Ltd. (2,067.80, 3.3%) and Raymond Ltd. (2,527.90, 5.1%) were trading with volumes 21.0 and 18.2 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
38 stocks hit their 52-week highs,
Stocks touching their year highs included - Axis Bank Ltd. (1,237.45, -0.2%), BASF India Ltd. (5,196.90, -0.7%) and Bayer Cropscience Ltd. (6,482.95, 4.4%).
11 stocks climbed above their 200 day SMA including IndiaMART InterMESH Ltd. (2,658, 1.7%) and EPL Ltd. (194.07, 1.1%). 8 stocks slipped below their 200 SMA including Narayana Hrudayalaya Ltd. (1,200.30, -2.6%) and Vedant Fashions Ltd. (1,129.40, -2.2%).