Stock Market Today: Sensex, Nifty End Volatile Poll Result Week At Record

The local currency strengthened by 10 paise to 83.37 against the US dollar.

It closed at 83.47 on Thursday.

Source: Cogencis

Benchmark equity indices recovered from their losses on the counting day and recorded their highest close as heavyweights led the rally.

Sensex also hit an intraday high of 76,795.31. The Nifty closed at 23,290.15, up by 468.75 points or 2.05% and the Sensex closed at 76,693.36, higher by 1,618.85 points or 2.16%.

On a weekly basis, the Nifty gained 3.37% and the Sensex gained 3.69%.

Aditya Agarwala, Head of Research And Investments called Monday's high as the area of resistance. He said that the markets will see profit booking when they reach that level.

Shares of Reliance Industries Ltd., Infosys Ltd., Mahindra & Mahindra Ltd., Bharti Airtel Ltd., and HDFC Bank Ltd. contributed the most to the gains.

While those of State Bank Of India and Tata Consumer Products weighed on them.

Most sectoral indices ended the week higher. Nifty IT gained nearly 9% and Nifty PSU Bank was the only index that ended with weekly losses.

All 20 sectoral indices on the BSE rose. S&P BSE Telecommunication rose the most.

Broader markets underperformed. The S&P BSE Midcap closed 1.28% higher and the S&P BSE Smallcap ended 2.18% higher.

The market breadth was skewed in the favour of buyers. Around 2,889 stocks rose, 970 fell, and 93 remained unchanged on the BSE.

India's benchmark equity indices were up in trade for the third consecutive session on a day the central bank's monetary policy committee kept the key lending rates unchanged for the eighth time.

At 11:47 a.m. on Friday, the Nifty was 358 points or 1.57% up at 23,179.5, while the Sensex was 1,243 points or 1.66% higher at 76,317. Both the Nifty and the Sensex rose over 1.5% during the day to reclaim 23,000 and 76,500 respectively.

In the near term, the market is likely to be weighed down by the huge selling by the foreign institutional investors, which has touched Rs 24,960 crore cumulatively during the last three days, according to VK Vijayakumar, chief investment strategist at Geojit Financial Services.

Therefore, the large caps in sectors like financials and IT, where the FIIs have huge assets under management, may underperform, he said. "This trend will change when the FIIs turn buyers, which is inevitable." 

There is excessive speculative activity in stocks where the floating stock is very low, Vijayakumar said. "Retail investors venturing into these speculative activities is highly risky."

Shares of One97 Communications Ltd. recorded their best session since August 7 2023 and were locked in it's upper circuit of 10% to hit their highest level in June.

• To sell Bajaj Housing Finance shares worth Rs 3,000 crore via OFS

• Bajaj Housing Finance has approved IPO with fresh issue component worth Rs 4,000 crore

Source: Exchange filing

Shares of Tata Chemicals Ltd. fell over 4% on Friday after Chester Crown Court of the United Kingdom issued a penalty to its subsidiary, Tata Chemicals Europe Ltd.

Tata Chemicals stock fell as much as 4.27%, before paring loss to trade 3.24% lower at Rs 1,028.9 apiece, compared to a 0.98% advance in the benchmark Nifty 50 as of 11:04 a.m.

It has risen 5.06% in the last 12 months. Total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 46.1.

Out of eight analysts tracking the company, one had a 'hold' rating and seven suggested a 'sell', according to Bloomberg data. The average of 12-month analysts' consensus price targets implies a potential downside of 16.2%.

The scrip rose as much as 8.73% to hit its record high of Rs 1,432.60.

Introduces industry-first GenAI aggregation platform ‘WisdomNext'

Source : Exchange filing

The index rose as much as 1.09% to hit a lifetime high of 19441.70 with all its constituents but Glenmark Pharmaceutical and Torrent Pharmaceutical rising.

Shares of Dixon Technologies (India) Ltd. hit an all-time high on Friday after forming a joint venture with HKC Corporation LtdShares of Dixon Technologies (India) Ltd. hit an all-time high on Friday after forming a joint venture with HKC Corporation Ltd

Dixon's stock rose as much as 3.34% during the day to Rs 10,088.10 apiece on the NSE. It was trading 2.39% higher at Rs 10,000 per share, compared to a 0.96% advance in the benchmark Nifty as of 10:48 a.m.

The share price has risen 52.59% on a year-to-date basis and 128.32% in the last 12 months. The total traded volume on the NSE so far in the day was times 0.63 its 30-day average. The relative strength index was at 65.93.

Seventeen out of the 29 analysts tracking the company have a 'buy' rating on the stock, four recommend 'hold' and eight suggest 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 15%.

• The local currency strengthened by 2 paise to 83.45 against the US dollar.

• It closed at 83.47 on Thursday.

Source: Bloomberg

-The yield on the 10-year bond rose 2 bps higher to 7.03%.

-It closed at 7.01% on Thursday.

Source: Cogencis

India's Monetary Policy Committee, led by RBI Governor Shaktikanta Das, kept the benchmark repo rate unchanged for the eight straight meet.

-The local currency was flat at 83.46 against the US dollar.

-It closed at 83.47 on Thursday.

Source: Bloomberg

The company has been awarded a $500-million deal by a leading US communication service. The contract value is around Rs 4,175 crore.

Key Levels To Watch 

Resistance: Rs. 2987.9 (1-month high)

Support: Rs. 2460 (20-day moving average)

Out of the 5 recommendations on Bloomberg, four analysts have a Buy call while one has a hold recommendation on Mastek. The return potential from the consensus target price implies a 3.7% upside.

The company introduced the icxPro platform with NVIDIA AI. icxPro is a cloud-native platform designed for building scalable AI apps.

India's Monetary Policy Committee is anticipated to maintain the status quo on the Reserve Bank of India's key lending rate amid the ongoing efforts to reduce inflation, despite robust economic activity.

All economists surveyed by Bloomberg anticipate the MPC to retain the RBI's repo rate at 6.5% during its upcoming meeting on Friday.

Since the previous policy announcement in February, the MPC will assess several factors including moderating inflation, strong economic activity, onset of monsoon, international oil prices, and global geopolitical developments.

Benchmark equity indices saw a muted opening after two consecutive sessions of gains as shares of ITC, ICICI Bank, and Larsen & Toubro weighed on them.

At pre-open, the Nifty was flat at 22,821.85 and the Sensex was at 75,031.79.

According to Shrikant Chouhan, Head Equity Research, Kotak Securities, the market is still showing mixed signs. He said, "It has formed a star formation at a resistance level, which could turn the sentiment volatile."

"For day traders, 22650/74475 is a crucial support level," Chouhan said. "As long as the market trades above this level, the positive sentiment is likely to continue."

Shares of HDFC Bank Ltd., Larsen & Toubro Ltd., ITC Ltd., State Bank Of India, and Bharti Airtel Ltd. dragged the Nifty.

While those of Infosys Ltd., Tata Consultancy Services Ltd., Wipro Ltd., Tech Mahindra Ltd., and Bajaj Finance capped the downside.

Sectoral indices were mixed at open. Nifty IT was the top gainer while Nifty Bank lost the most.

At pre-open, the Nifty was flat at 22,821.85 and the Sensex was at 75,031.79.

• The yield on the 10-year bond opened flat at 7.0%.

• It closed at 7.01% on Thursday.

Source: Cogencis

• The local currency opened flat at 83.47 against the US dollar.

• It closed at 83.47 on Thursday.

Source: Bloomberg

• Price target of Rs 5,700 (from Rs 5,100) with 32% upside

• Could make new highs on spreads, a key upside risk

• Most challengers to Indigo could see another year of stiff losses

• Don't see meaningful boost to challengers' aggregate supply in FY25

• Key challenger suggests current pricing levels not taking into account cost inflation

• Sees 2% higher yields over FY25-27 despite 6% decline in crude prices versus FY24

• Sees profitability improving from FY26 as cost effects of P&W issues wane

Unit incorporates new subsidiary in Kuwait for wholesale and retail sales of BPC products

Source: Exchange filing

• BJP is down but not out; expect some fiscal slack in response to this result

• Special status for Andhra pradesh & Bihar is unlikely

• Coalition politics will reduce the BJP’s dominance and lead to more compromises than in the past

• BJP’s loss could be attributed to two large factors--lower turnout by core voters due to complacency along with higher anti-incumbency and shift of voters at the bottom of the pyramid

• Expenditure mix to shift toward revenue expenditure for rural and overall consumption

• Certain surprise stock market has not fallen more in recent days

• Most particularly given market driven by surging retail investor inflows

• Jefferies’ India estimates domestic retail inflows into equities running at more than $7 billion a month from Jan-Apr

• Major concern going into election was potential action on capital gains tax front

• Foreign investors will view any significant correction as an opportunity

• Obvious risk of further corrections remains greatest in the mid-cap space

• Temptation for investors to tilt portfolio more towards consumption plays vs investment plays

• Weightings in ICICI Bank, SBI, REC and Coal India will be reduced by 1% each in Long Only Portfolio

• Investment in PolicyBazaar will be introduced with a 4% weighting

• Maintains 'Buy' with target Rs 310, upside 13%

• Expects upcoming government’s policy focus on capex, defense to continue

• Defense will continue to be a key focus area for the government

• Focus on indigenization, higher private sector participation, & increasing defense exports

• Expects similar focus to continue going forward too

• BEL ideally positioned to benefit from continued defence spending

• Company’s FY24 order inflows far ahead of its guidance

• Like BEL's strong order book, stable gross margin and efficient control over working capital

• Move intends to increase regulatory oversight on LNG terminals operation

• Move creates uncertainty of Petronet LNG's current strong pricing power

• Maintain cautious view on Petronet LNG, preference for GAIL, IGL, MGL

• Potential LNG terminal oversight to lead to better transparency

• Regulatory oversight to improve bargaining power of PLNG’s offtakers (GAIL, IOCL, BPCL)

• US Dollar Index at 104.1.

• US 10-year bond yield at 4.29%.

• Brent crude down 0.06% at $79.82 per barrel.

• Nymex crude up 0.05% at $75.50 per barrel.

• Bitcoin was up 0.14% at $70,784.31

• The GIFT Nifty was 19 points, or 0.08% higher at 22,910.00 as of 7:45 a.m.

• Nifty June futures up by 1.28% to 22,899.5 at a premium of 78.1 points.

• Nifty June futures open interest up by 4.15%.

• Nifty Bank June futures up by 0.64% to 49,435.75 at a premium of 143.85 points.

• Nifty Bank June futures open interest down by 7.5%.

• Nifty Options June 13 Expiry: Maximum Call open interest at 24,000 and Maximum Put open interest at 20,200.

• Bank Nifty Options June 12 Expiry: Maximum Call Open Interest at 55,000 and Maximum Put open interest at 45,000.

• Securities in ban period: Zee Entertainment Enterprises.

• Price Band revised from 10% to 20%: BEML Land Assets, Crest Ventures, Dynamic Cables, G R Infraprojects, Garden Reach Shipbuilders and Engineers, Hindustan Construction Company, HPL Electric and Power, IFCI, Inox Wind, India Pesticides, India Tourism Development, JAI Corp, Kalyan Forge, Kamdhenu Ventures, Kesoram Industries, Kirloskar Pneumatic, Mankind Pharma, MMTC, MTNL, NBCC, Prakash Pipes, Premier Explosives, Shipping Corp, Tejas Networks, Dredging Corporation of India.

• Price band revised from 10% to 5%: Techno Electric.

• Price band revised from 5% to 10%: Century Extrusions, Dredging Corporation of India, Dhunseri Ventures, Ganesh Housing Corporation, Indowind Energy.

• Ex/record Dividend: Indiamart Intermesh, Home First Finance, Himadri Speciality Chemical, ICICI Lombard General Insurance, The Indian Hotels, JM Financials, SMC Global Securities, and UNO Minda.

• Ex/record AGM: Himadri Speciality Chemical, SMC Global Securities, Indian Bank.

• Moved in short-term Framework: Emami, Heritage Foods, Johnson Controls - Hitachi Air Conditioning India, and PTC Industries.

• Lloyds Metals and Energy: Promoter Thriveni Earthmovers created a pledge for 29.28 lakh shares on June.

• India Cements: Promoter EWS Finance and Investments revoked a pledge for 33,000 shares on June 4.

• Omaxe: Promoter Guild Builders Private revoked a pledge for 2.98 shares between May 31 to June 4.

• Arman Financial Services: Elevation Capital V sold 1.29 lakh shares (1.48%) at Rs 2,290.62 apiece.

• B.L. Kashyap and Sons: Embassy Property Developments Private Limited sold 18.25 lakh shares (0.8%) at Rs 78.34 apiece.

• NCC: Smallcap World Fund sold 31.69 lakh shares (0.5%) at Rs 308.13 apiece.

• PB Fintech: Tencent Cloud Europe B.V. sold 33 lakh shares (0.73%) at Rs 1259.71 apiece.

• Polyplex Corporation: Wisdomtree Trust A/c Wisdom Tree India Investment Portfolio sold 1.81 lakh shares (0.57%) at Rs 777.02 apiece.

• ICICI Bank: SEBI has issued an administrative warning to the bank regarding the outreach by bank employees to influence votes for delisting equity shares of ICICI Securities.

• Hero MotoCorp: India’s largest two-wheeler maker picked up an additional 2.2% stake in the Bengaluru-based electric mobility startup Ather Energy for Rs 125 crore.

• Wipro: The company has been awarded a $500 million deal by a leading US communication service. The contract value is around Rs 4,175 crore.

• Rail Vikas Nigam: The company received a letter of acceptance from NTPC for a project worth Rs 495 crore.

• Hindustan Unilever: The company appointed Arun Neelakantan as Executive Director, effective July 1.

• Mastek: The company introduced the icxPro platform with NVIDIA AI. icxPro is a cloud-native platform designed for building scalable AI apps.

• Bajaj Finserv: The board of Bajaj Housing Finance has approved an IPO of Rs 4,000 crore.

• PB Fintech: SEBI issues show cause notice to CEO Yashish Dahiya and it sent a notice over the investment of $2 million by the Dubai unit for a 26.7% stake in YKNP Marketing Management. The company is seeking legal advice on the SEBI notice.

• Tata Steel: NCLT approved the Scheme of Amalgamation of Bhubaneshwar Power with the company.

• Alkem Laboratories: The company will make an investment of Rs 30 crore in compulsorily convertible preference shares of HaystackAnalytics.

• Rites: The company has received an order from Tata Steel for Loco Hiring, along with operation and maintenance.

• Tata Chemicals: The UK Court orders Tata Chemicals Europe to pay a GBP 1.1 million fine. The order relates to a safety incident that occurred in 2016.

• Dixon Technologies: The company signed a term sheet with HKC Corp. for a prospective joint venture.

• Muthoot Microfin: The company entered into a co-lending agreement with SBI to empower women entrepreneurs.

• Welspun Enterprises: IOCL shall pay Rs 23.7 crore to the company towards the full and final settlement of claims relating to the Panipat Naphtha Cracker Project. The company filed a suit before the Delhi High Court against IOCL in 2018.

The GIFT Nifty was trading 28.5 points, or 0.12% lower at 22,919.5 as of 06:43 a.m.

Most stocks in the Asia-Pacific region were trading higher on Friday after a mixed session in the US, ahead of the release of the key jobs data.

The Nikkei 225 was 17 points or 0.05% up at 38,730, and the KOSPI was 19 points, or 0.68% higher at 2,070 as of 06:40 a.m.

US stocks and bonds passed their rally and ended mixed ahead of the key US jobs reading, that will help shape the outlook for the Federal Reserve’s next steps.

The S&P 500 fell 0.02% and the Nasdaq Composite declined 0.09% as of Thursday. The Dow Jones Industrial Average advanced by 0.20%.

Brent crude was trading 0.26% higher at $80.08 a barrel. Gold fell 0.05% to $2,374.92 an ounce.

The Reserve Bank of India's Monetary Policy Committee will announce their key lending rate decision on Friday. MPC is likely to maintain status quo amid the continuing need to bring down inflation further, even as economic activity remains strong.

Indian benchmark equity indices extended their recovery for a second consecutive session after the steep fall they witnessed on counting day. The Nifty closed around 400 points lower than its highest ever close on Monday and the Sensex was nearly 1,400 points below its highest close.

The NSE Nifty 50 closed 231.40 points, or 1.02% higher at 22,851.75, and the S&P BSE Sensex ended up 692.27 points, or 0.93% at 75,074.51.

Overseas investors stayed net sellers of Indian equities on Thursday for the third consecutive session. Foreign portfolio investors offloaded stocks worth Rs 6,867.7 crore, while domestic institutional investors stayed net buyers for the second straight session and bought equities worth Rs 3,718.4 crore, according to provisional data from the National Stock Exchange.

The Indian currency weakened 10 paise to close at 83.47 against the US dollar.