Stock Market Today: Nifty, Sensex End Mixed After Final-Hour Decline; RIL, L&T Drag

• The local currency weakened 4 paise to close at 83.45 against the US dollar.

• It closed at 83.41 on Tuesday.

Source: Bloomberg

Indian benchmarks shed their early gains to settle mixed on bank futures expiry day as Larsen & Toubro Ltd., Reliance Industries dragged, while banks' stocks supported.

The NSE Nifty 50 settled 36.30 points or 0.15% lower at 23,521.60. The S&P BSE Sensex ended 36.45 points or 0.05% higher at 77,337.59, marking the highest closing level since its inception.

Intraday, the Nifty 50 index rose 0.45% to fresh high of 23,664.00, and the Sensex rose 0.71% to a fresh high of 77,851.63.

Meanwhile, the NSE Nifty Bank index retained its gains to settled at historic level of 51,398.05 on Wednesday. The index scaled a high of 51,957.00 in the morning.

India Volatility index settled 5.77% higher at 13.71 after falling to over one month low. The index slumped 10.30% to 11.63, the lowest level since April 29 in the morning.

“There has been a likely chase towards sectors which can be potential budget beneficiaries - with buying seen across Agriculture, Power, Cap Goods and Infra sectors. Expectations of order announcement in defence sector raised investor interest with shares like HAL, Mazgaon Dock, Garden Reach shipbuilders, Paras Defence up double digit over the last one week. We expect markets to remain at elevated levels and believe some rotation could be seen in Reliance, IT, Pharma and Banking sector," said Jaykrishna Gandhi, head, Business Development, Institutional Equities, Emkay Global Financial Services on markets.

Reliance Industries Ltd., Larsen & Toubro Ltd., Bharti Airtel Ltd., Titan Co., and ITC Ltd. weighed on the benchmark index.

HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Infosys Ltd., and Kotak Mahindra Bank Ltd. added to the index.

On NSE, six sectors declined, and four rose out of 12. The NSE Nifty Realty declined the most, and the NSE Nifty Bank rose the most.

"Mid and Smallcap led correction dragged the Index lower in the morning session to trade lower by over 100 points, but a strong dominance of the Banking counters helped the Index to recoup its losses and register a fresh high of 23,664 but another round of selling in the last hour of trade pulled the Index lower once again to settle the day at 23,516.00 with a loss of 41.90 points. Apart from Bank Nifty, the IT sector performed well while Energy and Realty corrected the most. On the daily timeframe, the Index has formed a Bearish Engulfing candle with a probable bearish divergence in RSI which indicates a temporary pause in its uptrend with the lower side being protected at 23,340 while today's high i.e. 23,660 will be considered as resistance," said Aditya Gaggar, director, Progressive Shares.

Broader markets underperformed. The S&P BSE Midcap and Smallcap settled 0.91% and 0.58% lower, respectively.

On BSE, 17 sectors declined, three rose out of 20. The S&P BSE Realty was the top loser and S&P BSE Bankex rose the most.

Market breadth was skewed in favour of sellers. Around 2,223 stocks declined, 1,647 stocks advanced, and 104 stocks remained unchanged on BSE.

• ZF Commercial Vehicle Control Systems India Ltd.'s Promoter WABCO Asia sells 7.5% stake in the company.

Source: Exchange filing

• Coal India Ltd. is to tap coal from abandoned underground mines mines through private operators.

• Cumulative peak rated capacity of 23 selected underground mines is 34.14 million ton per annum.

• Underground mines have total extractable reserves estimated at 635 million ton.

Source: Exchange filing

• Escorts Kubota withdrew interest to set up plant in Rajasthan.

• The company is exploring alternate options for new plant.

Source: Exchange filing

India's banking gauge added nearly Rs 85,000 crore in investors wealth on Wednesday. HDFC Bank Ltd., Axis Bank Ltd., and ICICI Bank Ltd. led the gains in the index.

• Axis Bank Ltd. has approved increasing stake in Max Life Insurance Co. to 19.99% from 19.02% for Rs 336 crore.

Source: Exchange filing

• State Bank of India's Central Board approves raising Rs 20,000 cr via long term bonds during FY25.

Source: Exchange filing

Shares of Tata Motors Ltd. fell on Wednesday after it increased the prices of its commercial vehicles by 2%, effective July 1. The price increase is to offset the impact of rising commodity prices.

Shares of the company fell as much as 0.91% to Rs 994.90 apiece. It pared losses to trade 0.29% lower at Rs 983.15 apiece as of 12:20 p.m. This compares to a 0.04 decline in the NSE Nifty 50 Index.

The stock has risen 26.04% on a year-to-date basis and 65.06% in the last 12 months, according to NSE data. Total traded volume so far in the day stood at 0.39 times its 30-day average. The relative strength index was at 54.57.

Out of 33 analysts tracking the company, 21 maintain a 'buy' rating, eight recommend a 'hold,' and four suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 11.3%.

Shares of Delta Corp Ltd. jumped 17.13% to Rs 154.90, the highest level since Jan 12. It pared gains to trade 11.76% to Rs 147.80 as of 1:27 p.m., as compared to 0.09% decline in the NSE Nifty 50 index.

The stock gained amid a chatter that the Goods and Service Tax Council may review the decision to levy 28% tax on online gaming services on its meeting on Saturday.

The scrip gained 41.72% in 12 months, and 1.4% on year to date basis. Total traded volume so far in the day on NSE stood at 19.30 times its 30-day average. The relative strength index was at 78.37, which implied the stock is overbought.

• The Appointment Committee of Cabinet has approves appointment of Rajesh Dwivedi as CFO of Bharat Heavy Electricals Ltd.

• The company received the intimation from the Ministry of Heavy Industries.

Source: Exchange filing

• Sandhar Technologies Ltd. has detected cyber-incident which affected a few systems

• Technical team has initiated necessary precautions and protocols.

• No confidential information or data has been breached.

Source: Exchange filing

Shares of Kalyan Jewellers India Ltd. surged over 5% on Wednesday after Motilal Oswal initiated coverage on the stock with a 'buy' rating, citing an average profitability of 41% over the next two fiscal year due to enhanced market footprint, cash flow and reduce debt.

• Exicom Tele-Systems is in pact with Hubject to set up regional EV charging platform in India.

Source: Exchange filing

• Bharti Airtel Ltd. has acquired 2.69 crore Indus Towers Ltd.'s shares worth 1% equity via 'on-market' transaction.

Source: Exchange filing

• Aditya Birla Fashion and Retail Ltd. will buy 16% stake in Universal Sportsbiz with option for path to majority stake acquisition.

• Alert: Universal Sportsbiz markets apparel and accessories under the WROGN brand

Source: Exchange filing

• HCL Technologies Ltd. is in pact with Tecnotree to co-develop 5G-led genAI solutions for telecom industry.

Source: Exchange filing

• Tata Motors Ltd. will increase price of commercial vehicles by up to 2% from July due to rising commodity costs.

Source: Exchange filing

The scrip fell as much as 9.62% to Rs 311.40 apiece, the lowest level since April 4, 2024. It pared losses to trade 4.27% lower at Rs 328.95 apiece, as of 10:15 a.m. This compares to a 0.08% advance in the NSE Nifty 50 Index.

It has risen 65.26% on a year-to-date basis, and has risen to 164.70% in the last 12 months, according to NSE data. Total traded volume so far in the day stood at 41.18 times its 30-day average. The relative strength index was at 44.65.

Out of 20 analysts tracking the company, 8 maintain a 'buy' rating, 7 recommend a 'hold,' and 5 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 8%.

Shares of Gland Pharma fell for the sixth consecutive session today after a Bloomberg reported Fosun Pharma will reduce its stake in the company by 5%.

Bajaj Finance's stock fell as much as 1.09% during the day to Rs 7,255 apiece on the NSE. It was trading 0.73% lower at Rs 7,281.3 apiece, compared to a 0.01% decline in the benchmark Nifty 50 as of 9:44 a.m.

It has declined by 1.37% in the last 12 months and 0.54% on a year-to-date basis. The relative strength index was at 50.

Twenty-eight out of the 36 analysts tracking the company have a 'buy' rating on the stock, five recommend a 'hold' and three suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 15%.

The NSE Nifty Bank rose 1.54% to record high of 51,215.50 as ICICI Bank Ltd., and HDFC Bank led gains. The index was trading 1.43% higher at 51,164.15.

The NSE Nifty Financial Services index rose 0.66% to fresh high of 22,660.05. The index was trading 0.60% higher at 22,720.25 as of 09:39 a.m.

Indian benchmarks touched fresh highs at open for second session in a row as ICICI Bank Ltd., Infosys Ltd. rose.

As of 09:18 a.m., the NSE Nifty 50 was trading 37.95 points or 0.16% higher at 23,595.85, and the S&P BSE Sensex was trading 158.78 points or 0.21% higher at 77,459.92.

Shortly after opening, the Nifty 50 index rose 0.31% to fresh high of 23,630.85, and the S&P BSE Sensex rose 0.36% to 77,581.46.

"A rangebound trade comes to an end on a positive note at 23,558. With bearish candles, the Index has been registering new highs; thus, we recommend remaining light on Index positions and focus on sector specific approach," said Aditya Gaggar, director, Progressive Shares.

ICICI Bank Ltd., Infosys Ltd., Reliance Industries Ltd., HDFC Bank Ltd., and Tata Consultancy Services Ltd. added to the benchmark index.

Titan Co., Shriram Finance Ltd., Bajaj Finance Ltd., Larsen & Toubro Ltd., and Mahindra & Mahindra Ltd. limited the gains in the index.

On NSE, nine sectors advanced, two remained flat, and one declined out of 12. The NSE Nifty Metal rose the most, and the NSE Nifty Realty fell the most.

"The IT sector is forming a bullish Pennant and Pole pattern, post the breakout, one can expect a sharp rally. With the buying frenzy in Defense stocks, we advocate booking partial profits in it as almost all of them are in the extremely overbought territory. Fertilizer stocks have shown some buying traction and some of them have given a strong breakout which indicates an extension of the current move," Gaggar said.

On BSE, broader markets underperformed. The S&P BSE Midcap fell 0.22% and the S&P BSE Smallcap declined 0.12%.

Out of 20 sectors, 17 sectors declined, and three advanced. The S&P BSE Realty declined the most, and the S&P BSE Financial services rose the most.

Market breadth was split between buyers and sellers. Around 1,480 stocks advanced, 1,489 stocks declined, and 111 stocks remained unchanged on BSE.

• Indian banking sector remains in good shape with strong credit growth, benign asset quality and still healthy margins

• Large private sector banks remain clean compounding stories

• Continuous deposit market share gains and emerging scale benefits aiding large pvt sector banks

• Niche lenders and Housing Finance Companies offer equally compelling compounding stories

• NBFCs have demonstrated strong growth with healthy credit demand not met by traditional products and innovative new products

• Bullish on the niche lenders that are going deeper into the mass market segments through well established and differentiated operating models

At pre-open, the NSE Nifty 50 was trading 0.31% higher at 23,629.85, and the S&P BSE Sensex was 0.31% higher at 77,543.22.

• The yield on the 10-year bond opened flat at 6.97%.

• It closed at 6.98% on Tuesday.

Source: Cogencis

• The local currency opened 3 paise higher at 83.38 against the US dollar.

• It closed at 83.41 on Tuesday.

Source: Cogencis

• JLR and Chery Automobile Co sign Letter of Intent to license Freelander brand to CJLR for making EVs in China

• Alert: CJLR is the 50-50 joint venture of JLR and Chery Automobile Company

Source: Exchange filing

• Pair trade: Overweight on Infosys, Underweight on Tata Consultancy Services Ltd.

• Infosys : Neutral, target price Rs 1,550, upside 3.4%

• TCS: Sell, target price: Rs.3,570, downside 6.5%

• Expect recovery in Infosys to playout in coming quarters by large deal ramp ups

• Any recovery in discretionary spend may help Infosys

• Initial head winds in margins due to deal ramp ups but Infosys has levers to set it off

• Infosys trades at 13% discount to TCS

• Gap will likely narrow as growth improves

• Risks to TCS estimates are higher given slow pace of improvement across the industry

• TCS has limited incremental margin levers

• Emkay Global Research retained a 'Reduce' on One97 Communication with target price Rs 300, which implied 28% downside.

• Strategy of focusing on the dwindling core business - distribution of products

• Transfer of high-margin (take rate: 5-8%) movies and event ticketing business to Zomato

• Transfer expected to hurt customer traffic for paytm

• Paytm has shelved plans to manufacture General Insurance products

• Zomato is reportedly offering higher deal value of Rs 2,000 crore (8x revenue), incl. receivable

• Deal will shore up cash reserves of Paytm Rs 5,300 crore.

• Cash could be used to scale-up rewards/cash-back program to revive its payment business

• Retain reduce given possibility of prolonged slowdown in business

• Zurich Insurance Company completed acquisition of 70% stake in Kotak General Insurance Ltd.

• Kotak General Insurance Ltd. ceases to be a wholly-owned subsidiary of the Bank

Source: Exchange filing

• PNB Housing Finance Ltd. has appointed Vikas Rana as Head of Construction Finance with effect from Tuesday.

Source: Exchange filing

• Ami Organics Ltd. has opened QIP, sets floor price at Rs 1,228.71 per share.

• Floor price indicates a discount of 6.2% to the stock's previous close.

Source: Exchange filing

• Vodafone Idea Ltd. raised stakes to sell in Indus Towers Ltd. to 17.98% from 9.94%.

• The telecom-giant will offload 48.47 crore shares worth Rs 16,528.3 crore.

• The shares are priced between Rs 310 - 341

• The sale is scheduled for Wednesday

• US Dollar Index at 105.29

• US 10-year bond yield at 4.22%

• Brent crude up 0.02% at $85.35 per barrel

• Nymex crude up 0.04% at $81.60 per barrel 

• Bitcoin was up 0.23% at $65,043.00

• The GIFT Nifty was 11 points or 0.05% lower at 23,662.50 as of 7:14 a.m.

The Indian rupee closed 15 paise higher at 83.41 against the US dollar.

• Nifty June futures up by 0.44% to 23,568.1 at a premium of 10.2 points.

• Nifty June futures open interest up by 1.8%.

• Nifty Bank June futures up by 0.78% to 50,417.35 at a discount of 23.55 points.

• Nifty Bank June futures open interest up by 3.88%.

• Nifty Options June 20 Expiry: Maximum call open interest at 24,000 and maximum put open interest at 23,000.

• Bank Nifty Options June 19 Expiry: Maximum call open interest at 52,000 and maximum put open interest at 50,000.

• Securities in ban period: Balrampur Chini Mills, Gujarat Narmada Valley Fertilizers & Chemicals, Hindustan Copper, India Cements, PEL, Sail, SUN TV network.

• Capri Global Capital: To meet analysts and investors on June 21.

• Engineers India: To meet analysts and investors on June 21.

• Sansera Engineering: To meet analysts and investors on June 24 and 25.

• Rhi Magnesita India: To meet analysts and investors on June 20.

• GPT Infraprojects: To meet analysts and investors on June 21.

• Polycab India: To meet analysts and investors on June 21, 25 and 28.

• Coal India: To meet analysts and investors on June 21.

• Life Insurance Corp: To meet analysts and investors on June 21.

• Price band revised from 20% to 10%: Paras Defence and Space Technologies.

• Ex/record Dividend: Sagar Cements, Dalmia Bharat, Andra Cements, LTIMindtree, Intellect Design Arena.

• Ex/record rights issue: Sobha

• Moved into a short-term framework: Bannari Amman Sugars, Chemplast Sanmar, and Home First Finance Co.

• Lloyds Metals and Energy: Promoter Thriveni Earthmovers revoked a pledge for 20.45 lakh shares on June 11.

• Kalpataru Projects International: Kalptaru Constructions sold 86.95 lakh shares (5.35%) at Rs 1,153.99 apiece. On Custody Bank of Japan Re Rb Amundi India Small Cap Equity Mother Fund bought 9.1 lakh shares (0.56%) at Rs 1,150 apiece.

• Alkem Laboratories: Rajesh Kumar sold 10 lakh shares (0.83%) at Rs 4,950.22 apiece and Rajeev Ranjan sold 10 lakh shares (0.83%) at Rs 4,950 apiece.

• One 97 Communications: Goldman Sachs (Singapore) Pte.- Odi sold 44.2 lakh shares (0.69%) at Rs 415.04 apiece.

• Agro Tech Foods: Pari Washington India Master Fund sold 10.97 lakh shares (4.5%) at Rs 666.28 apiece and Pari Washington Investment Fund sold 4.87 lakh shares (2%) at Rs 665.41 apiece. Ohm Core Investment Corp bought 5.94 lakh shares (2.44%) at Rs 665.85 apiece and Ohm Stockbroker bought 1.31 lakh shares (0.53%) at Rs 666.2 apiece.

• Amber Enterprises India: Ascent Investment Holdings sold 5 lakh shares (1.48%) at Rs 4003.91 apiece.

• Protean eGov Technologies: Equity Intelligence India bought 2.95 lakh shares (0.73%) at Rs 1,199.5 apiece.

• DCX Systems: Raghavendra Rao Hosakote Shamarao sold 7.5 lakh shares (0.77%) at Rs 358 apiece.

• Fiem Industries: Aanchal Jain sold 5 lakh shares (3.79%) at Rs 1,225.08 apiece and Rahul Jain sold 5 lakh shares (3.79%) at Rs 1225.21 apiece.

• Ideaforge Technology: Celesta Capital II Mauritius sold 3.57 lakh shares (0.85%) at Rs 768.08 apiece.

• Spandana Sphoorty Financial: Goldman Sachs Funds - Goldman Sachs India Equity Portfolio bought 10.34 lakh shares (1.45%) at Rs 760 apiece, while Padmaja Gangireddy sold 14 lakh shares (1.96%) at Rs 760.28 apiece.

• TCNS Clothing: TA FDI Investors sold 13.4 lakh shares (2.11%) at Rs 550.42 apiece.

• Quick Heal Technologies: Anupama Kailash Katkar bought 58.17 lakh shares (10.95%) at Rs 489 apiece, and Kailash Sahebrao Katkar sold 58.17 lakh shares (10.95%) at Rs 489 apiece.

• One 97 Communications: BNP Paribas Financial Markets bought 5.85 lakh shares (0.09%) at Rs 425.05 apiece, and Marshall Wace Investment Strategies - Eureka Fund sold 5.85 lakh shares (0.09%) at Rs 425.05 apiece.

• Shriram Finance: BNP Paribas Financial Markets bought 14.67 lakh shares (0.39%) at Rs 2,732.15 apiece, and Marshall Wace Investment Strategies - Eureka Fund sold 14.67 lakh shares (0.39%) at Rs 2,732.15 apiece.

• DEE Development Engineers: The company will offer its shares for bidding on Wednesday. The price band is set from Rs 193 to Rs 203 per share. The Rs 418-crore IPO is a combination of a fresh issue of Rs 325 crore and the rest of the offer for sale. The company has raised Rs 125 crore from anchor investors.

• Akme Fintrade India: The company will offer its shares for bidding on Wednesday. The price band is set from Rs 114 to Rs 120 per share. The Rs 132 crore IPO is entirely a fresh issue. The company has raised Rs 37.6 crore from anchor investors.

• Vodafone Idea, Indus Tower: The Vodafone Group will likely divest about 9.94% of its stake in telecom tower operator Indus Towers Ltd. in a share sale on Wednesday—over one or more tranches on the exchanges. The carrier may sell 26.8 crore shares worth Rs 9,138.8 crore, according to the term sheet accessed by NDTV Profit, at Rs 310–341 per share.

• Zee Entertainment Enterprises: CFO Rohit Kumar Gupta steps down from the position for personal reasons. The company appointed Mukund Galgali as acting CFO.

• Gland Pharma: Fosun to sell a 5% stake in the company through a block deal. Fosun Pharma offers 8.2 million shares in the company, at a floor price set at Rs 1,750 per share. 

• Craftsman Automation: The board has approved raising up to Rs 1,200 crore through QIP.

• Tata Technologies: The company collaborated with Microsoft and Tata Motors for the InnoVent hackathon for engineering students.

• NMDC: The company opened a new R&D centre in Hyderabad at an investment of Rs 50 crore.

• Wipro: The company clarified that the report of the multi-million-dollar deal from Standard Chartered is based on rumour and is inaccurate.

• Electronics Mart India: The company commenced the commercial operations of a new multi-brand store under the brand name Bajaj Electronics on June 18 in Andhra Pradesh.

• Bharat Forge: The company makes an additional investment of $40 million in Bharat Forge America.

Most Asia-Pacific indices rose in early trade on Wednesday, taking cues from their Wall Street peers which reported new highs on gains in chipmakers' stocks.

The Nikkei 225 was 203.96 points or 0.53% higher at 38,686.07, and the S&P ASX 200 was 4.90 points or 0.06% lower at 7,773.20 as of 06:49 a.m. The Kospi was 30.32 points or 1.10% higher at 2,794.24.

A surge in Nvidia Corp's stocks propelled the market towards new records with the S&P 500 Index moving towards historic 5,500 level for the first time. The index settled 0.25% higher. The Nasdaq Composite and Dow Jones Industrial Average settled 0.03% and 0.15% higher, respectively on Tuesday.

Brent crude was trading 0.03% higher at $85.36 a barrel. Gold fell 0.08% to $2,327.64 an ounce.

Overseas investors stayed net buyers for the second day on Tuesday after a day of selling.

The GIFT Nifty was 16 points or 0.1% lower at 23,657.50 as of 6:56 a.m.

India's benchmark equity indices extended gains for the fourth straight session and closed at record highs on Tuesday, with the financial pack contributing the most. The NSE Nifty 50 ended 92.30 points or 0.39% higher at 23,557.90, while the S&P BSE Sensex closed 308.37 points or 0.40% up at 77,301.14.

Foreign portfolio investors bought stocks worth Rs 2,569.4 crore and domestic institutional investors stayed net buyers for the second day and mopped up equities worth Rs 1,555.7 crore, according to provisional data from the National Stock Exchange.

The Indian rupee closed 15 paise higher at 83.41 against the US dollar.