Stock Market Today: Nifty Extends Record Run On Weekly Expiry Day; Sensex Ends 200 Points Up

-The local currency closed flat against the US dollar at 83.55. 

Source: Cogencis

Benchmark equity indices extended their rally for third consecutive session to close at their highest levels as macro data uplifted the sentiment. The markets rose tracking various data points including one-year low domestic inflation in May, April IIP at 5% as well as softer-than-expected US inflation.

Both the indices recorded their highest close as well. The Nifty closed at 23398.90, up 0.33% or 75.95 points and Sensex closed at 76810.90, up 0.27% or 204.33 points.

Intraday, the Nifty recorded a new high of 23,481.05 points and Sensex also hit its record high of 23,481.05.

Rajesh Palviya, SVP - Technical and Derivatives Research at Axis Securities said that he expects short covering to set in once the Nifty crosses 23,500, and it will take the Nifty to 23,700.

"For Bank Nifty, the major support zone is placed at 50,000 mark," said Palviya. "It may remain in consolidation until it takes out that level."

Shares of Larsen & Toubro Ltd., HDFC Bank Ltd., Mahindra & Mahindra Ltd., Tata Consultancy Services Ltd., and Titan Co. Ltd. contributed the most to the gains.

While those of ICICI Bank Ltd., Hindustan Unilever Ltd., Axis Bank Ltd., Bharti Airtel Ltd., and ITC Ltd. capped the upside.

Seven sectoral indices on the NSE ended higher with Nifty Realty rising the most.

Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap settled 0.79% and 0.89% higher, respectively.

On BSE, 15 sectors advanced, and five declined out of 20. The S&P BSE Realty rose the most among sectors, and the S&P BSE Utilities fell the most.

Market breadth was skewed in favour of buyers. Around 2,353 stocks rose, 1,536 stocks fall, and 95 stocks remained unchanged on BSE.

Rajib Kumar Mishra ceases to be Chairman after SEBI announced restrictions due to lax corporate governance

Source: Exchange filing

• Indian ship recycling industry to see 15% revenue growth in FY25

• Growth on rising number of ageing vessels, competition

• Increased availability to bring company input costs down

• Higher capacity utilization to improve profitability by 75bps

• Higher cash generation, lack of capex, to keep credit profiles stable

• Expect Indian ship recyclers to see 20-23% volume growth

• Key competitors: Bangladesh, Pakistan face severe foreign currency crisis

Shriram Finance Ltd. rose as much as 4.31% to Rs 2,677.70 apiece, the highest level since its listing on Dec 11, 1996. It was trading 4.11% higher at Rs 2,672.30 apiece, as of 2:59 p.m. This compares to a 0.33% advance in the NSE Nifty 50 Index.

The market cap of the stock rose Rs 4,122.16 crore to Rs 1 lakh crore as of 3:02 p.m.

It has risen 85.29% in 12 months, and 30.15% on year to date basis. Total traded volume so far in the day stood at 1.3 times its 30-day average. The relative strength index was at 65.33.

Out of 38 analysts tracking the company, 36 maintain a 'buy' rating, one recommends a 'hold,' and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 9.1%.