Stock Market Today: Sensex, Nifty Register Best Monthly Gains So Far This Year

-The local currency strengthened by 7 paise to close at 83.39 against the US dollar.

-It closed at 83.46 on Thursday.

Source: Bloomberg

Benchmark equity indices rose for the fourth consecutive week to record their best month so far this year. On Friday, however, they snapped their four-day record run to end lower.

The Nifty 50 index ended June 6.56% higher, the most since December 2023, when it had gained 7.9%. Top gainers this month were Shriram Finance, Wipro, UltraTech Cement, and Tech Mahindra. Of the 50 stocks in the index, only seven ended lower.

The Nifty closed at 24010.60, down 0.14% or 33.90 points and the Sensex closed at 79032.73 points down 0.27% or 210.45 points. Intraday, the Nifty hit a record high of 24174 points and the Sensex hit its lifetime high of 79,671.58.

"The improvement in market sentiment over the past week suggests that market has steadied post Lok Sabha elections," said Shrikant Chouhan, head of Equity Research. "Markets remained optimistic about strong government support for the economy, especially for the manufacturing sector, in the upcoming Union Budget."

Shares of Reliance Industries Ltd., Tata Motors Ltd., Oil & Natural Gas Corp. Ltd., Dr Reddy's Laboratories Ltd., and State Bank Of India Ltd. contributed the most to the gains.

While those of ICICI Bank Ltd., HDFC Bank Ltd., Axis Bank Ltd., Bharti Airtel Ltd., and Kotak Mahindra Bank Ltd. weighed on the index.

Most sectoral indices ended higher with Nifty Energy and Nifty Oil & Gas leading.

• After the rate hike, airtel’s plans are at 17-20% premium to Jio

• Its 5G services are now comparable to jio’s

• Airtel has hiked voice only plans by 11% while jio has kept its handset plans unchanged

• New tariff will increase ARPU more than the risk of subscriber churn

• Historically, vodafone has hiked without any lag

• Maintains 'Buy', raises target to Rs1,750 (up by 15%), upside 20.2%

• Expect ARPU to Rs.305 by FY27

• There are clear signs of reducing competition

• There is a shift in stance from the market leader Jio towards monetisation

Appoints Anil Kumar Mungad as CFO effective July 1

Source: Exchange filing

Shares of Central Depository Services (India) Ltd. rose to fresh high on Friday as the company is likely to consider bonus share issuance.

Shares of Central Depository Services India Ltd. jumped 15.88% to Rs 2,324.80, the highest level since its listing on June 30, 2017. It was trading 15.17% higher at Rs 2,310.50 as of 1:26 p.m., as compared to 0.07% in the NSE Nifty 50 index.

The scrip has gained 106.93% in 12 months, and 26.94% on year to date basis. Total traded volume so far in the day stood at 26 times its 30-day average. The relative strength index was at 71.04, which implied the stock is overbought.

Out of 10 analysts tracking the company, three maintain a 'buy' rating, five recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 8.1%