Stock Market Today: Nifty, Sensex Gain For Third Consecutive Week; Record Highest Weekly Close

-The local currency strengthened by 11 paise to close at 83.54 against the US dollar.

-It closed at 83.65 on Thursday.

Source: Bloomberg

Benchmark equity indices rose for three weeks in a row to record their highest weekly close even as they fell on Friday. Today's fall was due to losses in the shares of heavyweights.

Today, the Nifty fell 111.15 points or 0.47% to close at 23,455.85, its highest weekly close and the Sensex fell 269.03 points or 0.35% to close the week at its highest level of 77,209.90.

"The domestic market witnessed minor profit booking amid concerns over the slow progress of the monsoon, resulting in underperformance in the FMCG sector," said Vinod Nair, head of research of Geojit Financial Services.

He added, "Attention is now focused on the upcoming GST meeting, where the potential rationalization of GST rates in certain sectors is under discussion."

In Friday's session shares of Reliance Industries Ltd., Larsen & Toubro Ltd., HDFC Bank Ltd., State Bank Of India, and Mahindra & Mahindra Ltd dragged the Nifty lower.

While those of Bharti Airtel Ltd., Infosys Ltd., Tata Consultancy Services Ltd., Hindalco Industries Ltd. cushioned the fall.

Broader markets ended on a mixed note on Friday. The S&P BSE Midcap ended 0.26% lower, and Smallcap settled 0.06% higher.

On BSE, 13 sectors declined and seven advanced out of 20. The S&P BSE Telecommunication rose the most, and the S&P BSE Oil & Gas declined the most.

Market breadth was skewed in favour of sellers, Around 2,081 stocks declined, 1,786 stocks rose, and 120 stocks remained unchanged on BSE.

On a weekly basis, the Nifty gained 0.15%.

Most sectoral indices ended with weekly losses. Nifty Auto and Nifty FMCG were the top losers while Nifty Bank gained the most.

• Management outlined strong FY24 operating performance, 27% 5-Yr CAGR,

• Adani Portfolio achieved USD10bn EBITDA in FY24, growing 40%+ YoY

• Management does not see a refinancing risk at the group level

• Views its leverage position as strong enough for the next leg of growth

• Hopes to capitalise on large consumer base with Adani's Infra platform businesses

• Adani's core Infra platform already clocking 350mn users.

• Group is eyeing $100 billion of capex over the next decade towards energy transition and digital infra

• Buy on ACC Ltd: a target price Rs 3,045, which implied an upside 17%

• Adani Energy Solutions Ltd.: target price Rs 1,365, which implied an upside of 35%

• Adani Enterprises Ltd.: target price Rs 3,800, which implied an upside of 19%

• Ambuja Cements Ltd.: target price Rs 735, which implied an upside of 12%

• AstraZeneca Pharma India has unsuccessfully completes exploration phase for search of buyer to act as a Contract Manufacturing Organisation.

• The company will now explore a buyer for its manufacturing site and exit in due course.

Source: Exchange filing

• GRM Overseas has approved raising up to Rs 136.5 crore via warrants.

Source: Exchange filing

Shares of Bharat Petroleum Corp. gained nearly 2% on Friday after turning ex-date for the bonus issue.

Shares of BPCL rose as much as 1.88% to Rs 319 apiece, the highest level since May 29. It erased gains to trade 1.32% lower at Rs 309.00 apiece as of 12:34 p.m. This compares to a 0.20% decline in the NSE Nifty 50 Index.

The stock has risen by 65.77% in the last 12 months. The total traded volume so far today was 3.0 times its 30-day average. The relative strength index was 49.91.

Out of 33 analysts tracking the company, 18 maintain a 'buy' rating, five recommend a 'hold,' and 10 suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 75.5%.

• Piramal Enterprises Ltd. has its 4.8% equity change hands in a bunch.

• The company's 1.09 crore shares were traded in a bunch trade.

• Buyers and sellers are unknown as of now.

Source: Bloomberg

• Kirloskar Pneumatic Ltd. has signed a MoU to acquire 54.55% stake in Systems & Components India for Rs 15 crore.

Source: Exchange filing

European shares declined Friday after data showed the manufacturing activity in the region declined more than expected raising concern about its economic recovery.

Eurozone's flash manufacturing Purchasing Manager's Index declined to 45.6 in June compared to 47.9 estimated by a Bloomberg survey. The number is also lower than 47.3 reading in May, Bloomberg reported.

• Marathon Nextgen Realty Ltd. approved fundraising proposal up to aggregate amount of Rs 500 crore.

• The company's board has also appointed Suyash Bhise as CFO.

Source: Exchange filing

• Accenture narrows FY24 guidance

• Expects revenue growth from the consulting business to turn positive in 4Q

• Client cautiousness due to macro uncertainties is weighing on tech spending Clients continue to prioritise cost take-out projects

• Discretionary spends remain weak

• Accenture is focusing on investments in its Gen AI team

• It plans to increase data and AI workforce to 80k by 2026-end (currently 55,000)

• Believes discretionary demand is unlikely to recover meaningfully in FY25F for India IT

• Maintains our cautious stance.

• Revenue growth for large-caps should improve in FY25, driven by cost take-out deals

• Buy: Cognizant and TechM, Coforge, Birlasoft and eClerx

• Reduce: TCS, Wipro, LTIMindtree, LTTS and Mphasis

• Stock is not rated

• Narrows FY24 guidance but maintain the midpoint of 2% growth

• Strong booking throw positive impact on Indian IT

• Demand of Indian IT though does not appear to be improved

• Slowdown in discretionary spends, emphasis on cost takeout deals continue

• Japan and consulting which was good for Accenture not relevant for Indian IT

• Reaffirmed its commitment to the highest priority states of Uttar Pradesh and Uttarakhand.

• Will soon add L900 layer to its spectrum to enhance indoor network experience.

• Will be beneficial in areas with dense building infrastructure.

• Better network in areas where signal penetration is a challenge.

Source: Vodafone Idea Press release

• JM Financial Ltd. has clarified SEBI order doesn't relate to any other activities other than those mentioned, including acting as lead manager to public issues.

• Quantifiable financial impact of SEBI order can't be ascertained yet.

• Committed to cooperate with SEBI for resolution of the matter.

Source: Exchange filing

• Axis Bank Ltd. had its 0.6% equity change hands in a bunch trade.

• Buyers and sellers are unknown.

Source: Bloomberg

• Power Grid Corp Ltd. has approved forming a joint venture with Rajasthan Rajya Vidyut Prasaran Nigam for intra-state transmission system.

Source: Exchange filing

India's benchmark stock indices fell by midday on Friday, erasing earlier gains as heavyweights Reliance Industries Ltd. and HDFC Bank Ltd. dragged. Indices fell on likely profit booking after they hit fresh record high.

At 11:39 a.m., the NSE Nifty 50 was trading 19.00 points, or 0.1%, lower at 23,548.00, and the S&P BSE Sensex was trading 161.87 points, or 0.21%, down at 77,317.06.

Intraday, the Nifty rose 0.42% to hit a fresh record high of 23,667.10. The S&P BSE Sensex rose 0.43% to 77,808.45.

"It's more of a consolidation. The Nifty 50 is oscillating in a rising channel," said Aditya Agarwala, head of research and investments at Invest4edu. "On the upside, (for Nifty) 23,700–23,750 is the resistance and 23,500 is the support. Till the time the index doesn't break 23,500, a massive fall is not expected. Similarly, if the resistance level is not broken, no massive gain is expected."

"More or less, it will be a time-wise correction. Markets can continue to make new highs by a few marginal points. We prefer not to read too much into such highs," he told NDTV Profit.

On the flipside, the Nifty Bank index, which had outperformed significantly on Thursday, is seeing some cooling off on Friday, Agarwala said. "The cool-off may extend by 200–300 points in this session or maybe next week. From there, markets may see another round of buying," he said.

HDFC Bank Ltd., Reliance Industries Ltd., Axis Bank Ltd., Larsen & Toubro Ltd., and Hindustan Unilever Ltd. weighed on the Nifty 50.

Infosys Ltd., Bharti Airtel Ltd., Tata Consultancy Services Ltd., Hindalco Industries Ltd., and NTPC Ltd. contributed to the index.

On the NSE, seven sectors declined and five sectors advanced. The NSE Nifty PSU Bank was the worst performer, and the NSE Nifty Media was the best performer.

Broader markets outperformed benchmark indices, with both the S&P BSE Midcap and Smallcap rising 0.3% each during midday trade on Friday. 

On BSE, nine sectors declined and 11 sectors advanced. The S&P BSE IT rose the most among its peers. The S&P BSE Bankex declined the most.

Market breadth was split between buyers and sellers. Around 1,876 stocks rose, 1,775 declined, and 155 stocks remained unchanged on BSE.

• The brokerage maintained a 'Sell' with a target price Rs 3,950 which implied downside 28%.

• The company continues to focus on strengthening its core business by:

Growing core segments

Gaining share in premium segments

Building differentiated EV products

• Intends to maintain EBITDA margins at 14-16% over the medium term

• Focus on expanding the category and fortify brands,

• Recover lost market share in 125 cc with Xtreme and Xoom

• Expect 2W industry’s demand trends to remain steady

• Will be led by growth in premium motorcycles segment and rural recovery

• All positives priced in, maintain sell on valuations

• MRS Bectors Food Specilities Ltd. has approved raising up to Rs 400 crore via multiple instruments.

Source: Exchange filing

• Avanse Financial Services has filed draft papers for Rs 3,500 crore IPO

• IPO to have fresh issue worth Rs 1,000 crore and OFS of up to Rs 2,500 crore

• Promoter Olive Vine to sell shares worth up to Rs 1,758 crore

• International Finance Corp to sell shares worth up to Rs 342 crore

• Kedaara Capital to sell shares worth up to Rs 400 crore

Source: DRHP

• Hindustan Zinc Ltd. has signed a MoU with US-based AEsir Technologies for developing Zinc batteries.

• The company is to be preferred supplier of zinc for AEsir.

Source: Exchange filing

• Zerodha screen frozen again for a lot of users

• Users posting their trouble on social media handle "X"

• Zerodha faced this glitch just about 15 days back

• No official statement from the company yet

• Tata Consultancy Services Ltd. is to develop new cloud-first operating model for Xerox.

• The tech giant will also build AI-first enterprise platform for Xerox.

Source: Exchange filing

• Bernstein maintained an 'Outperform' with a target price Rs 230 which implied an upside 15%

• Market leader in a two player market with 55% share.

• Costs are moderating, contribution margin is 7.1%, highest vs peers

• Improvement in platform fee expected to have 30 to 50 bps positive impact on margin

• Expect benefits from lower delivery costs, lower discounts & improving delivery partner utilization.

• Asset-light model to push higher ROIC

• Expect Zomato to expand ROIC from 9% in FY25 to 35% in FY30

• Flash services PMI at 60.4 in June vs 60.2 in May

• Flash manufacturing PMI at 58.5 in June vs 57.5 in May

• Flash composite PMI at 60.9 in June vs 60.5 in May

Source: S&P Global

Amara Raja Energy & Mobility Ltd. rose to three-week high on Friday as it has invested Euro 20 million to acquire additional stakes in InoBat AS, a Norwegian battery technology company.

Amara Raja Energy & Mobility Ltd. rose as much as 4.60% to Rs 1,465.50 apiece, the highest level since May 31. It pared gains to trade 1.28% higher at Rs 1,419.00 apiece, as of 10:30 a.m. This compares to a 0.18% advance in the NSE Nifty 50 Index.

It has risen 122.14% in 12 months, and 74.69% on year to date basis. Total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 69.67.

Out of 17 analysts tracking the company, eight maintain a 'buy' rating, four recommend a 'hold,' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 19.2%.

Shares of Bikaji Foods International Ltd. hit a life high on Friday after Nuvama initiated coverage on the company with a 'buy' rating.

The brokerage has a set target price of Rs 885 apiece, implying a potential upside of 28% from the previous close. Nuvama said in its report that the company is set to outgrow savoury snack industry growth at 18% CAGR over FY24-27.

• KEI Industries Ltd.'s operations at Rakholi & Chinchpada plants normalised after labour strike called off.

• Lost production of about Rs 10 crore due to the strike.

Source: Exchange filing

The NSE Nifty IT rose as much as 2.69% to 35,686.45, marking the highest level in three months. The index was trading 72.80 points or 0.31% higher at 23,639.80 as of 09:38 a.m.

Indian benchmark indices opened higher with the NSE Nifty 50 scaling a new high tracking gains in information technology stocks.

As of 09:19 a.m., the Nifty 50 was 52.50 points or 0.22% higher at 23,619.50, and the S&P BSE Sensex was 119.51 points or 0.15% higher at 77,598.44.

Shortly after open, the benchmark Nifty 50 gained 0.42% and scaled a fresh high of 23,667.10. Meanwhile the Sensex opened at highest level since its inception.

"Technically, after a muted opening entire day the market hovered between 23,450 to 23,620/77,100-77,600 levels. From last couple of days market witnessing narrow range activity which indicates indecisiveness between the bulls and the bears," said Shrikant Chouhan, head, equity research, Kotak Securities.

Chouhan is of the view that, the current market texture is non-directional perhaps traders are waiting for either side breakout. On the higher side, 23,680/77,800 would be the immediate breakout level while below 23,450/77,100 the selling pressure is likely to accelerate. Above 23,650/77,700, the market could move up till 23,750-23,850/78,000-78,200. However, below 23,450/77,100 the market is likely to retest level of 23,350-23,300/76,800-76,700, he said.

Infosys Ltd., Tata Consultancy Services Ltd., ICICI Bank Ltd., HCL Technologies Ltd., and Tech Mahindra Ltd. added to the benchmark index.

HDFC Bank Ltd., Reliance Industries Ltd., Tata Steel Ltd., Mahindra & Mahindra Ltd., and Kotak Mahindra Bank Ltd. weighed on the benchmark.

On NSE, six sectors advanced, and six declined out of 12. The NSE Nifty IT rose the most among its peer sectors, and the NSE Nifty Oil and Gas declined the most.

Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap rose 0.44% and 0.63%, respectively.

On BSE, 13 sectors advanced, and seven declined out of 20. The S&P BSE IT and TECK were the best performing sector in the morning trade. The S&P BSE Oil & Gas and Bankex were the top loser.

Market breadth was skewed in favour of buyers and sellers. Around 2,054 stocks rose, 844 stocks declined, and 109 stocks remained unchanged on BSE.

At pre-open, the NSE Nifty 50 was trading 94.15 points or 0.40% higher at 23,661.15, and the S&P BSE Sensex 141.34 points or 0.18% higher at 77,478.93

• The yield on the 10-year bond opened flat at 6.98%.

• It closed at 6.98% on Wednesday.

Source: Cogencis

• The local currency strengthened 5 paise to open at 83.60 against the U.S dollar.

• The level is the Indian currency's lowest opening against the greenback.

• It closed at 83.65 on Thursday.

Source: Bloomberg

• Sun Pharmaceutical Industries Ltd. has signed a non-exclusive patent licensing pact with Takeda Pharma to commercialise Vonoprazan tablets in India

Source: Exchange filing

• Prefer Shree Cement, UltraTech Cement, Dalmia Bharat, Ramco Cements, Nuvoco Vistas Corporation, all rated BUY

• Maintain REDUCE on Ambuja Cements, ACC

• Average Q1FY25 cement spread at Rs 2857/t, down Rs 9/t QoQ

• Estimate lower industry cement realization in Q1 at Rs 5013/t

• Average Q1FY25 imported pet coke prices down 4% QoQ

• Expect industry to keep benefiting from low-cost fuel in H1FY25

• Cement prices moderate marginally MoM in June’24

• Dealers expect subdued demand in monsoon quarter

• Remain largely positive on sector on long term tailwinds: higher volumes, lower operating costs

• Cipla Ltd. has signed a pact with Takeda to bring Vonoprazan in India.

Source: Bloomberg

• Insurance companies cannot advertise unit linked or index linked products as investment products

• Advertisement of Linked products and Annuity products with variable payout to disclose risk disclosure

• Advertisements cannot compare product of other insurers

• Advertisement of new ULIPs to be allowed as only existing insurance products or new insurance products

• Insurers to comply with the prescribed standards of Advertising Standards Council of India

• U.S. Dollar Index at 105.60

• U.S. 10-year bond yield at 4.27%

• Brent crude down 0.13% at $85.60 per barrel

• Nymex crude up 0.74% at $82.17 per barrel 

• Bitcoin was down 0.26% at $64,892.65

• The GIFT Nifty was trading 29 points or 0.12% lower at 23,598.50 as of 07:59 a.m.

• Nifty June futures up by 0.4% to 23,582.5 at a premium of 15.5 points.

• Nifty June futures open interest up by 0.35%.

• Nifty Bank June futures up by 0.82% to 51,755.1 at a discount of 28.15 points.

• Nifty Bank June futures open interest down by 7.2%.

• Nifty Options June 27 Expiry: Maximum call open interest at 24,000 and Maximum Put open interest at 23,000.

• Bank Nifty Options June 26 Expiry: Maximum call open interest at 55,000 and maximum put open interest at 50,000.

• Securities in ban period: Balrampur Chini Mills, Birlasoft, GNFC, Hindustan Aeronautics, Hindustan Copper, Indus Tower, PEL.

The Indian currency weakened 20 paise to close at an all-time low of 83.65 against the US dollar.

• Greenply Industries: Promoter Karuna Investment bought 15,750 shares on June 18.

• Paisalo Digital: Promoter Equilibrated Venture Cflow bought 6.6 lakh shares between June 19 and 20.

• Omaxe: Promoter Guild Builders revoked a pledge for 6.85 lakh shares; Promoter Dream Home Developers (revised) revoked a pledge for 19.75 lakh shares; Promoter Rohtas Goel (revised) revoked a pledge for 12.14 lakh shares; Promoter Mohit Goel (revised) revoked a pledge for 15.33 lakh shares; and Promoter Jatin Goel (revised) revoked a pledge for 15.33 lakh shares.

• Quick Heal Technologies: Promoter Anupama Kailash Katkar created a pledge for 34.5 lakh shares on June 14.

• Price Band revised from 20% to 10%: Fertilizers and Chemicals Travancore.

• Ex/record Dividend: Supreme Industries, Torrent Pharma, Greenlam Industries, Tata Steel, Punjab National Bank, Cyient, Kansai Nerolac Paints, Concord Biotech, Care Ratings, Bajaj Finance, Archean Chemical Industries, Bajaj Finserv, Bhansali Engineering Polymers.

• Ex/record AGM: Supreme Industries, Wockhardt, Cyient, Punjab National Bank, Bhansali Engineering Polymers, Dwarikesh Sugar Industries.

• Ex/record Bonus: Bharat Petroleum Corp., Hindustan Petroleum Corp.

• Ex/record Stock Split: Premier Explosives.

• Moved out short-term Framework: IFB Industries.

• Deepak Fertilizers and Petrochemicals Corp: To meet analysts and investors on June 27 ,28.

• Container Corp.: To meet analysts and Investors on June 25, 26.

• Rhi Magnesita India: To meet analysts and Investors on June 24.

• Computer Age Management Services: To meet analysts and investors on June 28.

• Chalet Hotels: To meet analysts and investors on June 26.

• Astral: To meet analysts and investors on June 25,26.

• VST Industries: To meet analysts and investors on June 25.

• Crompton Greaves Consumer Electricals: To meet analysts and investors on June 27.

• DEE Development Engineers: The public issue was subscribed to nine times on day 2. The bids were led by institutional investors (0.16 times), non-institutional investors (21.73), retail investors (8.43 times), and employees reserved (18.79 times).

• Akme Fintrade India: The public issue was subscribed to 11.63 times on day 2. The bids were led by institutional investors (0.17 times), non-institutional investors (22.22 times), retail investors (15.16 times), and employees (1.56 times).

• Stanley Lifestyles: The company will offer its shares for bidding on Friday. The price band is set from Rs 351 to Rs 369 per share. The Rs 537 crore IPO is a combination of a fresh issue of Rs 200 crore and the rest of the offer for sale. The company has raised Rs 161 crore from anchor investors.

• Piramal Enterprises: Anutham Realty Pvt. bought 1.07 crore shares (4.51%) at Rs 906 apiece, while the Srikrishna Trust sold 1.07 crore shares (4.51%) at Rs 906 apiece.

• RateGain Travel Technologies: Avataar Holdings sold 21.56 lakh shares (1.98%) at Rs 745 apiece. Axis Mutual Fund bought 9.48 lakh shares (0.87%) at Rs 745 apiece and ICICI Prudential Mutual Fund bought 6.04 lakh shares (0.55%) at Rs 745 apiece. Morgan Stanley Asia Singapore bought 2.68 lakh shares (0.24%) at Rs 745 apiece.

• Heubach Colorants India: Quant Mutual Fund bought 1.2 lakh shares (0.51%) at Rs 453.57 apiece.

• Indiabulls Real Estate: BoFA Securities Europe SA bought 34.37 lakh shares (0.63%) at Rs 154.92 apiece and Equity Intelligence India bought 33 lakh shares (0.6%) at Rs 151.28 apiece.

• PNB Housing Finance: Asia Opportunities V (Mauritius) and General Atlantic Singapore Fund FII PTE sold 63.79 lakh shares (2.45%) each at Rs 786.46 apiece. BNP Paribas Financial Markets bought 28.62 lakh shares (1.1%) at Rs 785 apiece and Morgan Stanley Asia Singapore Pte. – ODI bought 22.85 lakh shares (0.88%) at Rs 785 apiece.

• TCNS Clothing: TA FDI Investors sold 18 lakh shares (2.84%) at Rs 530.06 apiece, while Khazana Tradelinks Private bought 10 lakh shares (1.58%) at Rs 530 apiece.

• Oil and Natural Gas Corp.: The company appointed Devendra Kumar as chief financial officer and key managerial rersonnel of the company with immediate effect.

• GIC Housing Finance: The company has become aware of a malware attack affecting some of its end-user systems and isolated the affected systems from the network to stop its further impact. 

• Bank of Baroda: The company appointed Chayani Manoj Sundar as CFO effective tomorrow.

• Voltas: The company executed a share purchase agreement with Singapore-based step-down arm Universal MEP.

• IndiaMart InterMesh: The company reappointed Dinesh Chandra Agarwal as MD and CEO for five years, effective Jan. 8, 2025.

• JM Financial: SEBI said that the company will continue to face restrictions on acting as lead manager for public debt issues until March 31, 2025.

• Triveni Engineering and Industries: The company acquired an additional 36.34% stake in Sir Shadi Lal Enterprises for Rs 44.83 crore.

• Amara Raja Energy and Mobility: The company invested €20 million to raise a stake in Norway-based InoBat to 9.32%.

Benchmarks in the Asia-Pacific region declined in early trade on Friday, taking cues from overnight stock moves on Wall Street before Eurozone PMI data, and Federal Reserve official's speech.

The Nikkei 225 was 6.49 points or 0.02% higher at 38,639.51 and the Kospi was 21.62 points or 0.77% lower at 2,786.01 as of 06:48 a.m.

US Tech stocks had been lifted by the continued AI frenzy and resilient economic growth that should continue to support corporate earnings. However, the S&P 500 lost traction after briefly topping the 5,500 mark to set a new record.

The S&P 500 and Nasdaq Composite fell 0.25% and 0.79%, respectively, as of Thursday. The Dow Jones Industrial Average rose 0.77%.

Brent crude was trading 0.09% lower at $85.62 a barrel. Gold rose 0.02% to $2,360.62 an ounce.

The GIFT Nifty was trading 34.5 points or 0.15% lower at 23,593.00 as of 06:49 a.m.

The NSE Nifty 50 recovered from the previous session's fall and the S&P BSE Sensex logged its best winning streak in four months to close at its highest levels as Reliance Industries Ltd. and private banks led the gains.

The Nifty ended 51 points or 0.22%, up at 23,567, while the Sensex closed 141.34 points or 0.18%, up at 77,478.93. During the day, both indices gained over 0.4%.

Overseas investors continued their buying streak for the fourth straight day on Thursday. Foreign portfolio investors mopped up stocks worth Rs 415.30 crore, while domestic institutional investors turned net sellers after three days of buying and selling equities worth Rs 325.81 crore, according to provisional data from the National Stock Exchange.

The Indian currency weakened 20 paise to close at an all-time low of 83.65 against the US dollar.