Stock Market Today: Sensex, Nifty Set New Records After Monday's Lull As Banking Stocks Lead

• The local currency strengthens 3 paise against the US Dollar to 83.43.

• It closed at 83.46 on Monday.

Source: Cogencis

A rally in the banking and financial stocks pushed India's benchmark equity indices to hit another record amid strong domestic cues.

The NSE Nifty 50 hit a fresh record for the 34th time this year, while the 1000-point journey of the S&P BSE Sensex to cross the milestone of 78,000 was done in 11 sessions.

The Nifty 50 closed 184.85 points, or 0.79%, higher at 23,722, while the Sensex ended up 712.4 points, or 0.92%, at 78,053.5. Intraday, Nifty rose as much as 0.92% to 23,754.1, while Sensex advanced as high as 1.06% to 78,053.5.

During the session, the Nifty 50 companies' market capitalisation rose by Rs 92,000 crore.

The Nifty Bank Index scaled past the 52,500 mark led by Axis Bank Ltd. and HDFC Bank Ltd., and ICICI Bank Ltd. The index rose for the second session in a row and closed 1.77% higher at 52,620.15.

Nifty Bank is trading in a strong uptrend with higher highs and higher lows intact on the daily chart, according to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. "The support now stands at 52,000, and intraday dips should be viewed as a buying opportunity for targets of 53,000/53,500."

Shares of HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Reliance Industries Ltd., and Larsen & Toubro Ltd. contributed to the gains in the Nifty.

While those of PowerGrid Corp., Tata Steel Ltd., Asian Paints Ltd., Eicher Motors Ltd., and Bharti Airtel weighed on the index.

Most sectoral indices traded lower. Nifty Realty was the top loser and Nifty Bank and Nifty Bank rose the most.

On BSE, seven sectors rose, and 13 sectors declined. The S&P BSE Bankex rose the most, and the S&P BSE Realty fell the most.

Broader markets underperformed benchmark indices. The S&P BSE Midcap and Smallcap ended 0.26% and 0.03% down, respectively.

Market breadth was skewed in favour of sellers. Around 2,095 stocks declined, 1,785 stocks rose, and 115 stocks remained unchanged on BSE.

The index took only eleven sessions to cover the 1,000-point journey.

Most benchmarks in Europe were trading in red tracking losses on Wall Street due to tech stocks' decline, and as Airbus SE's shares fell, Bloomberg reported.

• US Food and Drug Administration's inspection at Shilpa Medicare Ltd.'s Hyderabad bio analytical facility closes with zero observations.

Source: Exchange filing

India's benchmark stock indices extended gains, with the Sensex hitting a fresh record high and the Nifty extending gains through midday on Tuesday on buying ahead of the budget amid firm global cues. The Nifty Bank hit a record high earlier in the day, trading above the 52,000 mark.

As of 12:47 p.m., the NSE Nifty 50 was trading 116.55 points, or 0.50%, higher at 23,656.35, and the S&P BSE Sensex gained 498.4 points, or 0.64%, to trade at 77,848.25.

The Sensex hit a fresh record high of 77,878.10, while the Nifty gained 0.34% to hit an intraday high of 23,668.65.

"Following a strong recovery, there has finally been an up-move. Long-term, positional bets are good. But timely profit booking is very important," said Sneha Seth, senior analyst at Angel One Ltd. 

"To go long, the bank index or Fin Nifty (Nifty Financial Services Index), whichever has come up in the past four sessions, would be the one," she said

Shares of HDFC Bank Ltd., Axis Bank Ltd., ICICI Bank Ltd., State Bank of India, and Infosys Ltd. contributed to the gains in the Nifty.

While those of ITC Ltd., Bajaj Finance Ltd., Oil And Natural Gas Corp., NTPC Ltd. and Tata Motors Ltd. weighed on the index.

Most sectoral indices traded lower. Nifty Realty was the top loser and Nifty Bank rose the most.

Broader markets were mixed with the S&P BSE Midcap trading 0.30% lower while the S&P BSE Smallcap was trading 0.39% higher through midday on Tuesday.

On BSE, eight sectorial indices advanced and 12 declined. The S&P BSE Bankex was the top performer, while S&P BSE Realty fell the most.

Market breadth was split between buyers and the sellers. Around 1,988 stocks advanced, 1,735 stocks declined, and 142 stocks remained unchanged on the BSE.

• Tech Mahindra Ltd.'s subsidiaries Healthnxt and Tech Mahindra Americas approve merger of Healthnxt with parent company.

• Merger of Healthnxt into Tech Mahindra Americas to be effective from July 1.

Source: Exchange filing

• Aditya Birla Sun Life AMC board approved reappointment of A Balasubramanian as MD & CEO for three years.

Source: Exchange filing

• Upgrade Vodafone Idea to Buy, target price: Rs21, upside: 21%

• Upgrade Indus Towers to Buy, target price: Rs.411, Upside:19.5%

• Reinstates BUY on Airtel, target price: Rs1,663, upside 17.5%

• Expect a 20% tariff hike in Sep-24 and biennial 12% tariff increases till 2034

• Airtel remains the best play on telecom tariff reset and events like Jio’s IPO.

• Continued government support, tariff hikes and external capital availability would let VI thrive

• Pecking order is Airtel>Indus>VI.

The NSE Nifty 50 rose 0.56% to 23,668.65, the highest level since its incorporation as bank stocks gain. It was trading 0.52% higher at 23,658.20 as of 12:53 p.m.

• Mazagon Dock Shipbuilders Ltd. has clarified on report of deal with Defence Ministry

• The company has submitted bid for only three additional submarines under project P75.

Source: Exchange filing

The S&P BSE Sensex rose 0.68% to a record high of 77,867. The index was trading 0.65% higher at 77,848.43 as of 12:53 p.m.

• Imagicaaworld Entertainment Ltd. is to buy Malpani Parks at Madhya Pradesh for Rs 5.5 crore.

• The company will invest up to Rs 153 crore in Malpani Parks.

Source: Exchange filing

• Jubilant Pharmova Ltd.'s arm has completed voluntary prepayment of term loan equivalent to Rs 626 crore.

Source: Exchange filing

• Tata Motors Ltd. has signed a Memorandum of Understand with Bajaj Finance Ltd. for commercial vehicle financing.

Source: Press release

• To invest $50 billion on green hydrogen 3 million tonne capacity by 2034

• Green Hydrogen production will require 18 months of further Electrolyser testing

• Can produce 8GW within a year

• Adani Airports IPO in FY28, dates unchanged

• Adani Group to invest Rs 1,30,000 crore in FY25.

• Adani Green to invest Rs 34,000 crore to set up 6-7 Gigawatt in FY25.

• Have 4.2 billion consumer interactions across businesses in a year

• Margins are 30% after deploying all the capital

• Highest cash per share growth in the country at 43.2%

• For every billion dollar growth plan 70% of cash is internally generated.

Source: Jugeshinder Singh, Group CFO, Adani Enterprises

• US Food Drug Administration issued establishment inspection report for Alkem Laboratories Ltd.'s manufacturing facility at Baddi.

• US FDA classified inspection at Baddi facility as Voluntary Action Indicated.

Source: Exchange filing

• US Food and Drug Administration inspection at Cipla Ltd.'s manufacturing unit in Patalganga, Maharashtra classified as Voluntary Action Indicated.

Source: Exchange filing

• Hitachi Energy India Ltd. received an order worth 7Rs 90 crore from Australia-based arm.

Source: Exchange filing

• Intellect Design Arena Ltd. received a sevem-year deal will from Canada-based Vancity for eMACH.ai composed digital transformation.

Source: Exchange filing

The NSE Nifty Financial Services index rose 0.73% to 23,227.30, the highest level since its inception on Sep 7, 2011. It was trading 0.69% higher at 23,228.85 as of 10:55 a.m., as compared to 0.26% advance in the NSE Nifty 50 index.

Shares of Britannia Industries Ltd. rose 1.29% to Rs 5,366.00, the highest level since May 21. It was trading 1.24% higher at Rs 5,363.35 as of 10:47 a.m., as compared to 0.29% advance in the NSE Nifty 50 index.

Britannia Industries shut down its historic plant at Taratala, Kolkata. The company has offered voluntary retirement scheme to the permanent workers of the plant. There is no material impact on company's financial, the company said in an exchange filing.

ICICI Bank Ltd. rose 0.73% to 1,178.60, the highest level since Sep 17, 1997. It was trading 0.56% higher at Rs 1,176.65 as of 10:32 a.m. as compared to 0.22% advance in the NSE Nifty 50 index.

Shares of Axis Bank Ltd. rose 1.94% to Rs 1,252.90, the highest level since its listing on Nov 16, 1998. It was trading 1.62% higher at Rs 1,248.00 as of 10:31 a.m., as compared to 0.22% advance in the NSE Nifty 50 index.

• Government begins auction of spectrum for telecom services today.

• Total spectrum being auctioned by govt valued at Rs 96,239 crore.

Source: Ministry Of Communication

Shares of Bandhan Bank fell in the second consecutive session today after the Reserve Bank Of India appointed Arun Kumar Singh, retired chief general manager of Reserve Bank of India, as an additional director on the bank's board.

Shares of Craftsman Automation Ltd. jumped 10% to Rs 5,297, the highest level since Jan 2, 2024. The company has signed a Memorandum of Understanding with Sunbeam Lightweighting Solutions and Kedaara Capital to acquire a part or whole business of Sunbeam in one or more tranches.

The NSE Nifty Bank index took 15 session to completed its 1,000 points journey to crucial 52,000 level on Tuesday. Gains in heavyweight HDFC Bank Ltd., Axis Bank Ltd. supported the index's record run.

The Nifty Bank was trading 0.61% higher at 52,020.06 as of 09:58 a.m., as compared to 0.23% advance in the NSE Nifty 50 index.

Happiest Minds Technologies Ltd. shares fell nearly 9% on large trades where the promoter potentially offloaded a 6% stake in the IT solutions firm.

Happiest Minds stock fell as much as 8.7% during the day to Rs 837.55 apiece on the NSE. It was trading 7.52% lower at Rs 848.4 apiece, compared to a 0.18% advance in the benchmark Nifty 50 as of 09:40 a.m.

It has risen fallen 10.8% in the last 12 months and declined by 5 on a year-to-date basis. The total traded volume so far in the day stood at 206 times its 30-day average. The relative strength index was at 48.

Five out of the six analysts tracking the company have a 'buy' rating on the stock, and one recommended a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 4.9%.

Shares of Amara Raja Energy & Mobility Ltd. hit a 20% upper circuit and rose to the level of Rs 1,656.05, the highest since its listing on Sep 5, 2003. It pared gains to trade 17.79% higher at Rs 1,625.50 as of 09:46 a.m., as compared to 0.20% advance in the NSE Nifty 50 index.

• JSW Steel Ltd.'s US-based arm to invest $110 million to upgrade Texas manufacturing operations.

Source: Exchange filing

The NSE Nifty Bank rose 0.51% to a fresh high of 51,966.50, the highest level since its incorporation on Sep 15, 2003. It was trading 0.43% higher at 51,926.10 as of 09:34 a.m. as compared to 0.25% advance in the NSE Nifty 50 index.

Indian benchmark extended gains at open as heavyweight HDFC Bank Ltd., Larsen & Toubro Ltd., and Reliance Industries Ltd. rose.

As of 09:17 a.m., the NSE Nifty 50 was 48.40 points or 0.21% higher at 23,586.25, and the S&P BSE Sensex was 177.27 points or 0.23% higher at 77,518.34.

"The sharp bounce back in Nifty by 7.5% from the June 4 lows indicates that the undercurrent of this market is bullish. High valuations may prompt selling by FIIs and profit booking by DIIs but the exuberant retail investors are likely to buy every dip since the ‘buy on dip strategy’ has worked very well in this bull market," said V K Vijaya Kumar, chief investment strategist, Geojit Financial Services.

A positive news from the market perspective is the current account turning surplus in the fourth quarter of FY24. This will take away the pressure on the rupee and pave the way for FII inflows when clarity emerges on the Fed rate cuts, he said.

The churn in the market in favour of fairly valued largecaps, particularly in banking, is likely to continue. From a valuation perspective, PSU banks look attractive, Kumar added.

HDFC Bank Ltd., Reliance Industries Ltd., State Bank of India, Larsen & Toubro Ltd., and Bharti Airtel Ltd. added to the benchmark index.

Asian Paints Ltd., Mahindra & Mahindra Ltd., Bajaj Finserv Ltd., Hero MotoCorp Ltd., and HCL Technologies Ltd. limited gains in the index.

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

Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap rose 0.51% and 0.86% higher, respectively.

On BSE, 18 sectors advanced, and two declined out of 20. The S&P BSE Industrial rose the most, and the S&P BSE Realty declined the most among other sectors.

Market breadth was skewed in favour of buyers. Around 2,207 stocks rose, 682 stocks declined, and 84 remained unchanged on BSE.

• Kalpataru Projects International Ltd. JVs & international subsidiaries secure new ordeorth Rs 2,333 crore.

Source: Exchange Filing

• Water stress may hit coal power generators, steel cos most, Moody's said.

• Water shortage may hit India's sovereign credit strength.

Source: Informist

At pre-open, the NSE Nifty 50 was 39.25 points or 0.17% higher at 23,577.10, and the S&P BSE Sensex was 188.11 points or 0.24% higher at 77,529.19.

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

Source: Cogencis

• The local currency weakened 2 paise to open at 83.49 against the US dollar.

• It closed at 83.47 on Monday.

Source: Bloomberg

• Retain SELL with a target price Rs 1,100, which implied a downside of 20%.

• Signs TLA with Gotion High-Tech for LFP battery technology

• Agreement will help the company develop LiB batteries and scale up its business,

• Had already baked into our assumptions

• Order wins from PV OEMs will remain the key given OEMs having existing partnership.

• Valuations remain expensive at 23X FY2025E EPS amid terminal risk to lead acid business.

• High capex requirements as well as the commoditized & B2B nature of the business give inferior return ratios.

• Remedium Lifecare received a contract worth Rs 175 crore from UK-based Aster Biotech.

Source: Exchange filing

• Positive for several domestic sectors

• IT and Pharma could lack triggers

• Recent announcements of ministerial appointments and modest MSP hikes creats impression of policy continuity

• Believe drastic change in spending patterns are unlikely

• Income tax collections buoyancy gives some fiscal space for tax cut

• Positive for consumer discretionary and durables, telecom and retailers

• Govt. Likely to bring Interest subsidy for urban housing

• Expect reduction in borrowing target

• Happiest Minds Technologies Ltd.'s promoter Ashok Soota offers as much as 91 lakh shares or 6% equity.

• Ashok Soota offers shares at floor price of Rs 826; Offer size of the issue at Rs 754.7 crore.

• Ashok Soota offers shares at a discount of 10%.

• Kotak Securities is the sole bookrunner for the issue.

Source: Exchange filing

• May 2024: Housing sales up 17%/9% YoY/MoM

• Year to date demand up 15% YoY, with Kolkata, MMR seeing surge of 35–44% YoY

• New launches up 10% YoY in May-24, down 3% MoM

• Unsold inventory dipped 6% YoY

• MMR, Pune clock maximum rate of correction in inventory

• Average prices up in all cities annually, except Chennai

• Launches shall remain contained on liquidity constraints

• Valuations remain comfortable on relative basis

• Argue it is a good opportunity to enter realty stocks

• Chemplast Sanmar Ltd. approved raising up to Rs 1,000 crore by issuing shares via preferential allotment, rights issue, private placement or QIP

Source: Exchange filing

• Amara Raja Energy & Mobility Ltd. has announced strategic technology collaboration with Gotion-InoBat-Batteries.

Source: Exchange filing

• Top Picks:

• Now prefer Hindustan Petroleum Corp over GAIL (India) Ltd., Oil India Ltd.

• Hindustan Petroleum Corp remains preferred pick among Indian OMCs

• Maintains Buy on HPCL at Rs 400 target, which implied a 18% upside

• Expect marketing margin of Rs 3.3 per liter

• Key Catalyst: Demerger, potential listing of lubricant business

• Retains Buy on Oil Natural Gas Corp at Rs 340 target, which implied 26% upside

• Execution key for ONGC's production guidance

• Retain Buy on Gujarat Gas at Rs 385 target, which implied of 28% upside

• Gujarat Gas to be a potential beneficiary of possible inclusion of natural gas under GST

• Expect volumes to jump to 38.5 million metric standard cubic meters per day in FY26

• Preferred picks: Bharti Airtel (Target Price: Rs 1,520) and Indus Tower (Target Price Rs 450)

• Neutral: Vodafone Idea

• Expect eventful H2 for telecom companies

• Citi Research expects the government to remain amenable to a tariff hike, assume a c.15% 4G tariff hike in the Sep’24 quarter

• Jio's Plan to monetize 5G through differential pricing

• Vodafone Idea Ltd's equity raise and borrowings to enable it to kickstart its 3-year capex plan and tower additions plan

• Vodafone Idea Ltd.’s liquidity woes are now clearly behind us and improved visibility on recovery of VI’s past dues

• Expect Indus to resume dividends payouts

• Vodafone Idea’s capex revival should drive tenancy growth for Indus Tower

• U.S. Dollar Index at 105.47

• U.S. 10-year bond yield at 4.23%

• Brent crude down 0.02% at $85.99 per barrel

• Nymex crude up 0.01% at $81.64 per barrel 

• Bitcoin was up 1.84% at $60,566.25

The Indian currency strengthened by 7 paise to end at 83.47 against the US dollar.

• Nifty June futures are up by 0.29% to 23,555 at a premium of 18 points.

• Nifty June futures open interest down by 1.84%.

• Nifty Bank June futures are up by 0.35% to 51,794.7 at a premium of 90.75 points.

• Nifty Bank June futures open interest up by 6.14%.

• 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 54,000 and maximum put open interest at 49,000.

• Securities in ban period: Balrampur Chini Mills, Chambal Fertilisers, GNFC, Granules, Indus Tower, Piramal Enterprises, PNB, Sail.

• Allied Blenders & Distillers: The company will offer its shares for bidding on Tuesday. The price band is set from Rs 267 to Rs 281 per share. The Rs 1,500-crore IPO is a combination of a fresh issue of Rs 1,000 crore and the rest of the offer for sale. The company has raised Rs 449 crore from anchor investors.

• Stanley Lifestyles: The public issue was subscribed to 5.22 times on day 2. The bids were led by institutional investors (0.74 times), non-institutional investors (8.86 times), and retail investors (6.11 times).

• CarTrade Tech: Highdell Investment sold 40.65 lakh shares (8.67%) at Rs 828.58 apiece, Cmdb II sold 3.6 lakh shares (0.76%) at Rs 830.27 apiece and Macritchie Investments sold 20.32 lakh shares (4.33%) at Rs 828 apiece.

  Goldman Sachs Funds Goldman Sachs India Equity Portfolio bought 6.19 lakh shares (1.32%) at Rs 828 apiece and the Royal Bank of Scotland PLC as trustee of Jupiter India Fund bought 4.89 lakh shares (1.04%) at Rs 829.06 apiece. Societe General also bought 5.95 lakh shares (1.27%) at Rs 828 apiece, Verition Multi-Strategy Master Fund bought 5.04 lakh shares (1.07%) at Rs 828 apiece and Patronus Tradetech LLP bought 4.87 lakh shares (1.04%) at Rs 828.63 apiece.

  Bajaj Allianz Life Insurance acquired 4.83 lakh shares (1.03%) at Rs 828 apiece; HSBC Global Investment Funds Asia Ex Japan Equity Smaller bought 4.34 lakh shares (0.92%) at Rs 828 apiece; CLSA Global Markets Pte Ltd. Odi bought 2.46 lakh shares (0.52%) at Rs 828 apiece; and Irage Broking Services LLP bought 2.36 lakh shares (0.5%) at Rs 828.93 apiece.

• Arvind: Aura Securities sold 40 lakh shares (1.52%) at Rs 350.04 apiece.

• RR Kabel: Ram Ratna Research and Holdings sold 5.90 lakh shares (0.5%) at Rs 1,735 apiece.

• Allcargo Logistics: Shashi Kiran Janardhan Shetty sold 69.06 lakh shares (2.81%) at Rs 60.58 apiece.

• Tide Water Oil: Standard Greases and Specialities Pvt. bought 1.62 lakh shares (0.92%) at Rs 2,029.37 apiece.

• Star Cement: Promoter Laxmi Chamaria sold 2.05 lakh shares between June 18 to 21.

• Advanced Enzyme Technologies: Promoter Chandrakumar Laxminarayan Rathi sold 28,988 shares between June 19 and 20.

• Price band revised from 10% to 5%: Omaxe, Windsor Machines.

• Ex/record rights issue: SEPC.

• Ex/record dividend: Voltas, Alkyl Amines Chemicals, Cera Sanitaryware, Tata Elxsi.

• Ex/record AGM: Indian Overseas Bank, Voltas, Alkyl Amines Chemicals, JSW Holdings, Cera Sanitaryware, Dodla Dairy, Tata Elxsi.

• Moved out short-term framework: Bhansali Engineering Polymers, Cosmo First, Exicom Tele-Systems, Hester Biosciences, and CE Info Systems.

• Moved in short-term framework: Associated Alcohols & Breweries, Dredging Corp, Elecon Engineering, Hindustan Construction, Reliance Power, and SEPC.

• Punjab Chemicals & Crop Protection: To meet analysts and investors on June 28.

• Schneider Electric Infrastructure: To meet analysts and investors on June 27.

• Motherson Sumi Wiring India: To meet analysts and investors on June 28.

• Jindal Saw: To meet analysts and investors on June 28.

• Vedanta: To meet analysts and investors on June 27.

• Satin Creditcare Network: The company has agreed to raise up to Rs 5,000 crore through non-convertible debentures. The microlender has also approved the appointment of its chief financial officer.

• Sun Pharmaceutical Industries: The company successfully completed the merger of Taro Pharmaceutical Industries with its subsidiary company. As part of this merger, Sun Pharma acquired all outstanding ordinary shares of Taro other than those already held by Sun Pharma or its affiliates.

• Shalby: The company has terminated its franchise agreement with Madhuban Orthopaedic and Multispecialty Surgical Hospital due to a breach of various terms and conditions of the agreement by the franchisee. There will not be any significant financial impact on the company’s financial position.

• Craftsman Automation: The company signed a MoU with Sunbeam Lightweighting Solutions and Kedaara Capital to acquire the whole or part of the business of Sunbeam.

• Borosil Renewables: The company opened QIP and set the floor price at Rs 331.75 per share, which indicates a discount of 4.6% to the stock's previous close.

• RBL Bank: The bank will consider a fund-raising proposal through QIP on June 27.

• AU Small Finance Bank: The financial institution to consider raising funds through QIP on June 27.

Share indices in the Asia-Pacific region were trading higher on Tuesday disregarding overnight losses on Wall Street as investors await Federal Reserve officials' speech to get further cues about policy path.

The Nikkei 225 was trading 11.44 points or 0.3% higher at 38,816.09, and the S&P ASX 200 was 59.10 points or 0.76% higher at 7,792.80 as of 06:50 a.m.

US stocks recovered from initial declines as gains in various sectors beyond technology outweighed a selloff that slashed nearly $400 billion from Nvidia Corp.'s market value.

The S&P 500 Index rose, and the Nasdaq Composite fell by 0.31% and 1.09%, respectively, as of Monday. The Dow Jones Industrial Average rose by 0.67%.

Brent crude was trading 0.09% higher at $86.09 a barrel. Gold declined 0.27% to $2,328.31 an ounce.

The GIFT Nifty was trading 20 points or 0.08% lower at 23,572.00 as of 06:51 a.m.

The Indian benchmark equity indices ended Monday on a positive note after a lower open as shares of private banks and Mahindra & Mahindra Ltd. gained.

The NSE Nifty 50 closed 36.75 points or 0.16%, up at 23,537.85, while the S&P BSE Sensex was 131.18 points or 0.17%, higher at 77,341.08. During the day, both indices fell as much as 0.6%.

Overseas investors remained net sellers of Indian equities on Monday. Foreign portfolio investors offloaded stocks worth Rs 653.9 crore, while domestic institutional investors remained net sellers and offloaded equities worth Rs 820.5 crore, according to provisional data from the National Stock Exchange.

The Indian currency strengthened by 7 paise to end at 83.47 against the US dollar.