Nifty 50 closed at 23,264.85 (5.7, 0.0%), BSE Sensex closed at 76,456.59 (-33.5, 0.0%) while the broader Nifty 500 closed at 21,852 (43.8, 0.2%). Market breadth is in the green. Of the 2,169 stocks traded today, 1,377 showed gains, and 764 showed losses.

Indian indices pared the gains from the afternoon session and closed flat. The volatility index, Nifty VIX, dropped by 9.8% and closed at 14.8 points. Raymond's real estate arm, Raymond Realty, bags a Rs 2,000 crore redevelopment project in Bandra (East), Mumbai. Raymond Realty had also signed three joint development agreements in Bandra, Sion, and Mahim, with an estimated revenue potential of over Rs 5,000 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher with the benchmark index closing flat. Nifty Realty and Nifty Media closed higher than Monday’s closing level. According to Trendlyne’s sector dashboard, telecommunications equipment emerged as the top-performing sector of the day, with a rise of over 4.1%.

Most European indices trade in the red. US indices futures trade lower, indicating a negative start. Global rating agency, Moody’s warned that France’s outlook could be cut to “negative” from “stable” due to potential political instability leading to credit risk. The warning comes after France announced snap elections later this month.

• GMR Airports Infrastructure sees a short buildup in its June 27 future series as its open interest rises 16.5% with a put-call ratio of 0.6.

• Edelweiss retains its 'Buy' call on Royal Orchid Hotels with an upgraded target price of Rs 477 per share. This indicates a potential upside of 30.6%. The brokerage anticipates revenue growth driven by improved occupancy, the addition of rooms, expansion in the restaurant & banquet portfolio, and a revival in large-scale weddings. It expects the company's revenue to grow at a CAGR of 16.3% over FY25-26.

• NBCC (India) surges as it wins multiple orders worth Rs 878.2 crore. The orders include the development of land parcels for Kochi Metro Rail, the construction of a Boys College for Hindu College, an office and training institute for ICSI, and a centralized core repository for Oil India.

• Persistent Systems enters a partnership with Google Cloud to expand its presence in the US, India, UK, and Australia. The companies will develop industry-specific solutions to promote the adoption of generative AI using Google Cloud's Gemini models and other technologies.

• Sameer Khetarpal, CEO and MD of Jubilant Foodworks, notes that India has the highest number of Domino's outlets (2,000 outlets) in a country outside of the US. He adds that the company's margins have bottomed out and expects like-for-like growth momentum to continue in Q1. He adds that Jubilant has extended the free delivery option to the World Cup season as well.

  #OnCNBCTV18 | India has the highest number of #Dominos outlets in a country outside of the US, extended free delivery from #IPL to World Cup as well
  
  Margins have bottomed out, see like-for-like growth momentum to continue in Q1
  
  Sameer Khetarpal, Jubilant Foods to CNBC-TV18 pic.twitter.com/VsVH3OgDdt

  — CNBC-TV18 (@CNBCTV18Live) June 11, 2024

• LE Travenues Technology's Rs 740.1 crore IPO gets bids for 5.9X the available 4.4 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 14.4X the available 79.6 lakh shares on offer.

• Adani Enterprises rises as its subsidiary, Adani Defence & Aerospace, signs an agreement with EDGE Group to set up research & development (R&D) facilities in India, UAE and other global markets. As per the agreement, the companies will develop missiles, weapons, unmanned platforms and cyber systems.

• IRB Infrastructure Developers falls sharply as 41.2 crore shares (6.8% stake), amounting to Rs 2,656 crore, reportedly change hands in a block deal. Cintra Investments, an infra subsidiary of Dutch major Ferrovial, is the likely seller in the transaction.

• According to a poll of economists, India’s retail inflation is expected to remain flat at 4.8% in May. Economists expect food inflation to remain elevated due to higher prices of vegetables, cereals, and pulses.

  Food #inflation has consistently been above 8% since November and could see an uptick in May due to higher prices of pulses, milk and sugar.
  
  (@_pragyaa reports) https://t.co/PUbqlzecs9

  — Mint (@livemint) June 11, 2024

• HG Infra Engineering hits an all-time high of Rs 1,768.7 as its arm HG Solar Projects, incorporates a subsidiary HG Jaipur Solar Project to carry out solar power business.

• PNC Infratech falls as the Central Bureau of Investigation (CBI) conducts searches at the company's corporate office, other offices, and the residences of MD Yogesh Kurnar Jain and Whole-time Director Talluri Raghupati Rao. Jain is also summoned before the CBI Office, details of which are pending.

• JBM Auto inks an agreement with MUON India (a Macquarie Group company) to deploy over 2,000 electric buses over the next few years.

• Sanjai Kumar, the Chief Managing Director of RailTel Corp of India, highlights the company's total orderbook of Rs 24,700 crore at the FY24 end, of which Rs 2,000 crore will be executed in FY25. He projects revenue growth of more than 30% for FY25, with margins of around 16%. He adds that the company's Kavach system (a cab signaling train control system with anti-collision features) has a revenue potential of Rs 24,000-5,000 crore over 3-4 years.

  RailTel says
  
  Tremendous scope for growth as Rs.1 lakh crore of signaling systems will be implemented by Indian Railways over the years ????
  
  FY25 Guidance
  ???? Revenue +30%
  ???? Margins around 16%
  
  Target 10% of revenue from exports in a few years @RailTel @RailMinIndia…

  — Nigel D'Souza (@Nigel__DSouza) June 11, 2024

• Raymond's real estate arm, Raymond Realty, bags a Rs 2,000 crore redevelopment project in Bandra (East), Mumbai. Raymond Realty had also signed three joint development agreements in Bandra, Sion, and Mahim, with an estimated revenue potential of over Rs 5,000 crore.

• Suzlon Energy rises sharply as it bags an order to supply 33 wind turbines with a rated capacity of 3 MW each for a 104 MW wind energy project by AMPIN Energy Transition in Rajasthan.

• Mahindra & Mahindra's overall auto wholesales rise 16.7% YoY to 71,682 units in May. Domestic passenger vehicle wholesales grow by 17.4% YoY and total exports improve by 2.1% YoY.

• Monthly net inflows through SIPs surge to a new peak of Rs 20,904 crore in May, marking the 11th consecutive month of record highs, as per data from the Association of Mutual Funds in India (AMFI). However, new SIP accounts registered stood at 49.7 lakh, down from 63.6 lakh recorded the previous month.

  #SIPs hit another record in May at Rs 20,904 crore – 11th successive month of a new high
  
  But the SIP stoppage ratio has also hit an all-time high – an alarming trend, according to industry players.
  
  Here's what the data shows ????https://t.co/SnYquOxoDj@rravindia | #MutualFunds

  — Moneycontrol (@moneycontrolcom) June 11, 2024

• Realty stocks like Mahindra Lifespace Developers, Prestige Estates Projects, Oberoi Realty and DLF are rising in trade. All constituents of the broader Nifty Realty index are also trading in the green, helping it to touch its 52-week high of 1,104.2.

• InterGlobe Aviation falls as reports suggest that promoter entity InterGlobe Enterprises, is likely to sell a 2% stake at a minimum price of Rs 4,266 per share, amounting to Rs 3,293.3 crore.

• PTC Industries surges to its all-time high of Rs 11,753.9 per share as it joins the government's special purpose vehicle (SPV), Advanced Materials (Defence) Testing Foundation, under the Defence Testing Infrastructure Scheme (DTIS).

• The Indian unit of Hyundai Motor is likely to file a draft prospectus with SEBI in the next two weeks, say reports. The company aims to raise around $2.5 billion (approx. Rs 20,875 crore), with the launch planned for September-October this year.

  The Indian unit of Korea's #HyundaiMotor is likely to file a DRHP with market regulator Sebi over the next two weeks, initiating the process for an IPOhttps://t.co/90E4v8HDj4

  — ETMarkets (@ETMarkets) June 11, 2024

• Rail Vikas Nigam (RVNL) rises as its consortium with Siemens wins an order worth Rs 394.2 crore from Bangalore Metro Rail Corp to develop rail traction electrification, including traction substations, auxiliary substations, and SCADA systems. RVNL also gets a Rs 138.5 crore order from Central Railway to upgrade the electric traction system in the Amla-Nagpur section.

• The Reserve Bank of India (RBI) reportedly rejects Edelweiss Financial Services' proposal to reappoint Rajkumar Bansal as the Managing Director and Chief Executive Officer (CEO) of its subsidiary, Edelweiss ARC.

• Transformers & Rectifiers (India) rises as it launches a qualified institution placement to raise Rs 500 crore. The floor price of the issue is Rs 699.9 per share.

• NLC India rises sharply as its board of directors approves raising a foreign currency loan of $600 million (approx. Rs 5,007.1 crore) through external commercial borrowings (ECB). The board also approves investing Rs 994.5 crore in its subsidiary, NLC India Renewables, in exchange for equity shares.

• Nifty 50 was trading at 23,247.60 (-11.6, -0.1%), BSE Sensex was trading at 76,680.90 (190.8, 0.3%) while the broader Nifty 500 was trading at 21,824.30 (16.1, 0.1%).

• Market breadth is highly positive. Of the 1,924 stocks traded today, 1,380 were in the positive territory and 510 were negative.

Riding High:

Largecap and midcap gainers today include Oil India Ltd. (648.55, 6.8%), Linde India Ltd. (8,997.15, 6.6%) and Oil And Natural Gas Corporation Ltd. (273.55, 5.6%).

Downers:

Largecap and midcap losers today include InterGlobe Aviation Ltd. (4,369.50, -4.3%), One97 Communications Ltd. (380.55, -2.2%) and ICICI Lombard General Insurance Company Ltd. (1,645.35, -2.1%).

Volume Shockers

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

Top high volume gainers on BSE included NBCC (India) Ltd. (156.58, 9.5%), HFCL Ltd. (107.57, 9.4%) and Jindal Worldwide Ltd. (362.50, 7.3%).

Top high volume losers on BSE were IRB Infrastructure Developers Ltd. (66.12, -5.8%) and Poly Medicure Ltd. (1,831.60, -1.2%).

Varroc Engineering Ltd. (665.50, 7.2%) was trading at 13.7 times of weekly average. Home First Finance Company India Ltd. (924.50, 6.9%) and Aavas Financiers Ltd. (1,847.70, 6.5%) were trading with volumes 8.3 and 7.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

44 stocks hit their 52 week highs,

Stocks touching their year highs included - Ashok Leyland Ltd. (237.96, 2.8%), Balkrishna Industries Ltd. (3,231.20, -0.6%) and BASF India Ltd. (4,694.55, 3.0%).

26 stocks climbed above their 200 day SMA including Jindal Worldwide Ltd. (362.50, 7.3%) and Home First Finance Company India Ltd. (924.50, 6.9%). 7 stocks slipped below their 200 SMA including Cyient Ltd. (1,863.75, -1.3%) and Route Mobile Ltd. (1,564, -0.8%).