Nifty 50 closed at 22,666.30 (152.6, 0.7%), BSE Sensex closed at 74,742.50 (494.3, 0.7%) while the broader Nifty 500 closed at 20,819.10 (104, 0.5%). Of the 2,098 stocks traded today, 899 were gainers and 1,151 were losers.
Indian indices maintained their gains from the afternoon session and closed at all-time highs. The volatility index, Nifty VIX, rose by 2.4% and closed at 11.6 points. Exide Industries partnered with Hyundai Motor and Kia Corp via its subsidiary Exide Energy Solutions to localise electric vehicle battery production in India.
Nifty Midcap 100 closed flat, while Nifty Smallcap 100 closed higher following the benchmark index closing flat. Nifty Auto and Nifty Realty closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, automobile and auto components emerged as the top-performing sector of the day, with a rise of over 1.6%.
Most European indices trade in the green. US indices futures trade flat, indicating a cautious start. US Treasury Secretary Janet Yellen has stated that the US will not accept Chinese imports decimating new industries. While she did not talk about any new restrictions, she stressed the issue of China's surplus industrial capacity surpassing domestic demand.
Money flow index (MFI) indicates that stocks like Siemens, City Union Bank, Thermax and ABB India are in the overbought zone.
NIIT appoints Pankaj Prabhakar Jathar as its Chief Executive Officer, effective July 1, 2024.
KRChoksey upgrades its rating on Glenmark Pharmaceuticals to 'Buy' and raises the target price to Rs 1,266 per share. This indicates a potential upside of 22.2%. The brokerage highlights the company’s continued focus on core therapeutic areas such as dermatology, respiratory, and oncology. It forecasts a revenue CAGR of 11.2% for FY23-26E.
Gland Pharma receives US FDA approval for Eribulin Mesylate Injection used in the treatment of breast cancer. The product has US sales worth $92 million over the 12 months ending in February 2024.
Canara Robeco Mutual Fund sells a 0.7% stake in Vijaya Diagnostic Centre for approx Rs 46 crore in a bulk deal.
Realty stocks like DLF, Macrotech Developers, Godrej Properties, and Sunteck Realty are rising in trade. The broader Nifty Realty index touches its 52-week high of 963.8.
Jammu & Kashmir Bank is falling despite its total deposits rising by 10.4% YoY to Rs 1.3 lakh crore in Q4FY24. During the quarter, its gross advances increase by 12.7% YoY to Rs 97,072.5 crore
Morgan Stanley upgrades its rating on GAIL (India) to 'Overweight' with a target price of Rs 254. The brokerage anticipates the company's market cap to double by 2026 as its significance in India's energy transition grows.
Godrej Properties hits its all-time high of Rs 2692 as it sells homes worth Rs 3,000 crore following the recent launch of its project, Godrej Zenith, in Gurugram.
Adani Total Gas’ arm Adani Total Energies E-Mobility signs a memorandum of understanding (MoU) with MG Motor India to set up charging stations at upcoming MG dealerships
REC’s loan sanctions rise by 33.7% YoY to Rs 3.6 lakh crore in FY24, of which renewable sanctions grow 6x YoY to Rs 1.4 lakh crore. Its disbursements jump 66.7% YoY to Rs 1.6 lakh crore during the year.
BSE-listed companies register a record high market capitalization of Rs 400 lakh crore in nine months, up from Rs 300 lakh crore. Since 2014, market capitalization has jumped by 300%.
Aster DM Healthcare rises as its board considers declaring a special dividend on account of the segregation of the GCC business through the sale by its arm, Affinity Holdings.
Exide Industries surges as Hyundai Motor and Kia Corp reportedly partner with Exide Energy Solutions to localise electric vehicle battery production in India.
Auto stocks like Maruti Suzuki, Tata Motors, Mahindra & Mahindra, and Bajaj Auto are rising in trade. The broader Nifty Auto index is also trading in the green, touching its all-time high of Rs 21,980.
Voltas reaches a new 52-week high of Rs 1,392 after achieving the sales milestone of 2 million ACs in FY24, marking a volume growth of 35%. The company's volume growth stands at 72% in AC sales during Q4. Analysts attribute this success to Voltas' focus on expanding its geographical reach, increasing penetration in South and East India, and utilizing e-commerce channels.
Force Motors rises as its March 2024 domestic wholesales rise 33.8% YoY to 3,248 units, while exports grow almost 4X YoY to 420 units.
JSW Steel’s India crude steel production increases by 3% YoY to 6.5 million tonnes in Q4FY24. Capacity utilisation at its Indian operations stands at 93% during the quarter.
Muthoot Microfin is rising as its AUM grows 32% YoY to Rs 12,194 crore in FY24. The company’s disbursements also rise 32% YoY to Rs 10,662 crore.
Retail sales in the automotive industry rise 3.1% YoY to 21.2 lakh units in March, according to data from the Federation of Automotive Dealers' Association (FADA). Two-wheeler retail sales are up 5.4% YoY, while car sales see a 6% YoY decline. FADA notes that the two-wheeler segment displays resilience amid economic uncertainty.
Bandhan Bank is falling as its Managing Director (MD) and Chief Executive Officer (CEO) Chandra Shekhar Ghosh is retiring, effective July 9, 2024. Reports suggest that an external candidate may be appointed as the new MD and CEO.
Ashish Kacholia sells a 0.2% stake in Vaibhav Global in Q4FY24. He now holds a 1.1% stake in the company.
Rakesh Jhunjhunwala's portfolio sells a 0.6% stake in Canara Bank in Q4FY24. It now holds a 1.5% stake in the company.
Wipro's Chief Executive Officer (CEO) and Managing Director (MD) Thierry Delaporte resigns on Saturday and Srinivas Pallia is appointed as his successor, effective May 31, 2024.
Riding High:
Largecap and midcap gainers today include Info Edge (India) Ltd. (6,225.40, 9.7%), FSN E-Commerce Ventures Ltd. (179.30, 6.4%) and Voltas Ltd. (1,306.85, 6.1%).
Downers:
Largecap and midcap losers today include Bandhan Bank Ltd. (184.95, -6.3%), REC Ltd. (453.50, -3.8%) and Union Bank of India (155, -3.3%).
Crowd Puller Stocks
19 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Exide Industries Ltd. (377.15, 17.2%), Info Edge (India) Ltd. (6,225.40, 9.7%) and PNC Infratech Ltd. (464.30, 8.1%).
Top high volume losers on BSE were Bandhan Bank Ltd. (184.95, -6.3%), MphasiS Ltd. (2,454.20, -2.3%) and Adani Ports & Special Economic Zone Ltd. (1,348.65, -2.0%).
Amara Raja Energy & Mobility Ltd. (869.05, 7.2%) was trading at 15.3 times of weekly average. Godrej Industries Ltd. (857.30, 5.3%) and Gland Pharma Ltd. (1,859.60, 6.0%) were trading with volumes 11.2 and 7.7 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
49 stocks hit their 52-week highs, while 2 stocks hit their 52-week lows.
Stocks touching their year highs included - BASF India Ltd. (3,620.65, -0.2%), Indus Towers Ltd. (327.80, 4.4%) and Blue Star Ltd. (1,407.25, 3.2%).
Stocks making new 52-week lows included - Bata India Ltd. (1,346.15, -1.0%) and Dabur India Ltd. (503.05, -1.0%).
11 stocks climbed above their 200 day SMA including Tejas Networks Ltd. (799.25, 4.1%) and IDFC Ltd. (121.45, 3.4%). 6 stocks slipped below their 200 SMA including Balaji Amines Ltd. (2,182.10, -2.5%) and Esab India Ltd. (5,211, -1.8%).