Stock Market Today: Sensex, Nifty End Topsy-Turvy Session Little Changed

The local currency weakened by 7 paise to 83.57 against the US dollar.

It closed at 83.50 on Monday.

Source: Cogencis

India's benchmark equity gauges ended erased all their gains in the last hour of the session and ended little changed from Monday's close as losses in the shares of Reliance Industries and ICICI Bank weighed.

The Nifty ended at 23,264.85, up by 5.65 points or 0.02% and the Sensex closed lower by 33.48 points or 0.04% at 76,456.59. Intraday, the Nifty gained as much as 0.56% and the Sensex gained 0.48%.

"The short-term texture suggesting 23400/77000 would be the key resistance zone for the short-term traders, while 23200/76300 would act as a crucial support zone," said Shrikant Chouhan, head of equity research at Kotak Securities. "We are of the view that, post 23400/77000 breakout the market could rally up to 23500-23525/77300-77400."

Shares of Reliance Industries Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd., ITC Ltd., and Axis Bank Ltd. weighed on the Nifty.

While those of Larsen & Toubro Ltd., Oil & Natural Gas Corp. Ltd., Tata Motors Ltd., Maruti Suzuki India Ltd, and Mahindra & Mahindra Ltd. minimised the losses

Nifty Media and Nifty Oil & Gas were the top gainers whereas Nifty Pharma lost the most.

Broader markets outperformed benchmark indices. The S&P BSE Midcap ended 0.74% higher, and the S&P BSE Smallcap settled 0.95% higher.

Out 20 sectors compiled by BSE, 17 sectors advanced and three decline. The S&P BSE Oil & Gas ended nearly 2% higher to become the top performing sector in Tuesday's session. The S&P BSE Metal is the worst performing sector.

Market breadth was skewed in favour of buyers. On BSE, 2,468 stocks advanced, 1,390 stocks declined, and 111 stocks remained unchanged.

• Approves raising up to Rs 10,000 crore

• Approves raising up to Rs 6,000 crore via FPO &/or rights issue

• Approves raising up to Rs 4,000 crore via bonds

Source: Exchange Filing

Sells 7.63 acres land to Snowman Logistics for Rs 20 crore

Source: Exchange Filing

The stock jumped as much as 0.80% to hit a lifetime high of Rs 1,546.45.

Gets multiple construction orders worth Rs 878 crore

Source: Exchange filing

• Capacite Infraprojects Ltd.' board approved raising up to Rs 100 crore via NCDs

Source: Exchange Filing

Shares of railway companies advanced on Tuesday on optimism that the government's infrastructure push will continue as key ministries had no personnel changes in National Democratic Alliance's third government.

Jupiter Wagon Ltd. gained the most among its peers, which was followed by Railtel Corp of India, and Texmaco Rail and Engineering Ltd.

Indian benchmark stock indices rebounded after seesawing between positive and negative territory during morning trade on Tuesday, led by gains in Larsen & Toubro Ltd., Oil and Natural Gas Corp., and Mahindra & Mahindra Ltd.

As of 12:19 p.m., the NSE Nifty 50 was 75.50 points or 0.32% higher at 23,334.70, and the S&P BSE Sensex gained 178.78 points or 0.23% to trade at 76,668.86.

The Nifty 50 declined 0.23% to touch an intraday low of 23,206.65, and the Sensex fell 0.25% to hit a low of 76,296.44.

"After the roller coaster ride last week, markets are taking a breather near record highs. The good part is that there's no price-wise correction. Yesterday, it was a muted session, and today the trend continued," said Ajit Mishra, senior vice president of research at Religare Broking.

Markets not only reclaimed short-term averages but also closed around record highs. It's a healthy consolidation. Religare is expecting markets to maintain this trend and gradually move towards the 23,800–24,000 zone, he told NDTV Profit.

Larsen & Toubro Ltd., Oil and Natural Gas Corp, Mahindra & Mahindra Ltd., Tata Motors Ltd., and Tata Steel Ltd. added to the Nifty.

Kotak Mahindra Bank Ltd., Reliance Industries Ltd., ITC Ltd., Asian Paints Ltd., and Bharti Airtel Ltd. weighed on the index.

On NSE, 10 sectors advanced and two remained flat. The NSE Nifty Realty rose the most among peers, and the NSE Nifty Bank was the top loser on Tuesday.

The NSE Nifty Midcap 150 and the NSE Nifty Smallcap 250 surged to record high for a second day on Tuesday. The indices were trading 0.93% and 0.75% higher, respectively.

Broader markets outperformed the benchmarks on BSE. The S&P BSE Midcap rose 0.98% and the S&P BSE Smallcap rose 1.01%.

On BSE, all 20 sectors advanced with the S&P BSE Capital Goods emerging as the top performing sector.

Market breadth was skewed in favour of buyers. Around 2,489 stocks advanced, 1,195 stocks declined, and 144 stocks remained unchanged on BSE.

• State Bank of India launched 'SME Digital Business Loans' for loans to micro, small and medium enterprises.

• The product offered an end-to-end sanction with turnaround time of up to 45 minutes.

Source: SBI release

Shares of Indian Metals & Ferro Alloys Ltd. jumped 17.67% to Rs 880.00, the highest level since its listing on Jul 23, 2010. It was trading 16.28% higher at Rs 869.60 as compared to 0.29% advance.

The scrip gained 203.00% in 12 months, and on year to date basis, it has gained 77.26%. Total traded volume so far in the day stood at 15 times its 30-day average. The relative strength index was at 69.25.

Shares of Hindustan Construction Co jumped the most in nearly three months to hit an all-time high after the company get's its first ever analysts coverage.

Homegrown brokerage firm Elara Capital initiated coverage on the stock with a 'buy' rating, brokerage set a target price of Rs 63 apiece, implying an upside of 58% from Monday's close.

• Adani Defence and EDGE Group sign cooperation agreement in defence & security

• Agreement explores setting up R&D facilities in India, the UAE, and other global markets

Source: Exchange filing

In long-term pact with Google Cloud for expanded reach in US, India, UK and Australia

Source: Exchange filing

Shares of Tata Steel, Vedanta, and Hindustan Zinc contributed the most to the gains in the index.

Shares of Rail Vikas Nigam Ltd. rose over 4% on Monday after bagging two contracts.

The latest was a contract from the Bangalore Metro Rail Corporation Ltd. of over 300 Crore for the third rail track electrification of phase-2A and phase-2B. The time period for the completion of the project is 130 weeks.

RVNL was also the lowest bidder for a contract of Rs 138 Crore from Central Railway for upgrading the electric traction system in the Amla-Nagpur Section of the Nagpur railway division.

Shares of H.G. Infra Engineering Ltd. jumped to fresh highs after its unit has set up a new subsidiary on June 4 to deal in solar power sector.

Shares of H.G. Infra Engineering Ltd. surged 9.40% to Rs 1,717.00, the highest level since listing on March 9, 2018.

The scrip gained 95.05% in 12 months and on year to date basis, it has gained 102.22%. Total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 68.77.

Out of 14 analysts tracking the company, 13 maintain a 'buy' rating, one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 20.1%.

Suzlon Energy Ltd. rose to nearly one-week high on Tuesday after the company informed the exchanges about securing 103.95 MW from AMPIN Energy Transition Pvt. Ltd.

Shares of Suzlon Energy rose 3.99% to Rs 49.29, the highest level since June 5. It was trading 2.24% higher at Rs 48.46 as of 10:56 a.m., as compared to 0.29% advance in the NSE Nifty 50 index.

On Monday, the stock had fallen as much as 5% after the independent director's resignation raised concern about corporate governance issue.

The scrip gained 216.99% in 12 months, and 26.94% on year to date basis. Total traded volume on NSE so far in the day stood at 0.53 times its 30-day average. The relative strength index was at 58.48.

Five analysts tracking the company have a 'buy' rating for the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 18.3%.

• May production at 69,886 units vs 59,490 units YoY

• May sales at 69,011 units vs 58,799 units YoY

• May exports at 2,671 units vs 2,616 units YoY

Source: Exchange Filing

“With expectations of above-normal monsoon and continued emphasis on economic development by the new government, the auto industry is optimistic of steady growth in 2024-25 as well.”

— Vinod Aggarwal, SIAM President

Car sales in India clocked a modest growth in May 2024, amid surge in two-wheeler dispatches.

- Car sales up 3.9% YoY at 3,47,492 units.

- 2W sales up 10.1% YoY at 16,20,084 units.

- 3W sales up 14.7% YoY at 55,763 units.

Source: SIAM statement

• Confirms to continue with announced closure of heavy end assets and restructuring program

• Expresses concern at UK media reports on policy differences between UK Govt & opposition

Source : Exchange filing

Indian equities are poised for significant growth, presenting lucrative opportunities for investors.

That's the word coming in from Morgan Stanley India's MD Riddham Desai, who added that domestic investors surged ahead, displaying robust confidence in India's market prospects.

"There's a palpable enthusiasm among local investors, signalling a strong belief in the Indian economy." However, he acknowledged foreign investors' cautious stance, stating, "While international interest persists, there's a measured approach reflecting global uncertainties."

Shares of IRB Infrastructure Developers Ltd slumped after multiple large trades happened on the NSE and a total of 6.64% stake or 40.15 crore shares were exchanged.

The buyers and sellers of the trade were not known immediately. A total of 23 large trades happened on the NSE at a price ranging from Rs 64.1 to Rs 66.49.

The scrip fell as much as 10.21% to Rs 63 apiece, the lowest level since June 5. It pared losses to trade 6.94% lower at Rs 65.33 apiece, as of 11:08 a.m. This compares to a 0.28% advance in the NSE Nifty 50 Index.

It has risen 57.28% on a year-to-date basis and 143.09% in the last 12 months. Total traded volume on the NSE so far in the day stood at 8.80 times its 30-day average. The relative strength index was at 45.53.

Out of the nine analysts tracking the company, six maintain a 'buy' rating, one recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 10.7%.

Shares of Interglobe Aviation Ltd fell after 7.73 million shares changed hands on the BSE.

The Nifty Smallcap 250 rose as much as 0.67% to hit its record high of 16422.20 points. The Nifty Midcap 100 was 0.67% higher.

• Gets 103.95 MW order from AMPIN Energy Transition

• To supply 33 wind turbines with a rated capacity of 3.15 MW each

Source: Exchange filing

• HDFC Bank raises fixed deposit rates by 20 bps

• Rates on deposits between 18-21 months raised to 7.25%

• Rates effective June 10

Source: Bank Website

• India business net debt free in FY24

• JLR on track to become net debt free in FY25

• All businesses are self sustaining, investment spends are well funded

• Strong Infrastructure push by the Govt augurs well for the long term industry growth

• Aim to deliver over 25% market share across addressable market

• Aim EV EBITDA breakeven in FY26

Source: Investor presentation

• Cognizant announced acquisition of Belcan for $1.29 billion

• Target company is a North American ER&D company

• Acquisition implies target multiple of 1.6x EV/Sales

• Cognizant expects synergies of over $100 million within 3 years

• Target company has a revenue run rate of $800 million and grew at over 8% over the past 2 years

• This acquisition follows moves by large Indian IT peers to acquireER&D services companies

• Believes competition is intensifying with the entry of large peers

Shares of Transformers & Rectifiers (India) Ltd. were locked in an upper circuit of up to 5% after its Qualified Institutions Placement opened.

The filing stated that the company would be issuing shares at a floor price of Rs 699.95 per share, with a face value of Rs 1.

Shares of PTC Industries Ltd. has surged to the highest level since its listing on the bourses after it said it has partnered with leading entities under the Defense Testing Infrastructure scheme.

PTC Industries Ltd. has risen 5.50% to Rs 11,750.00, the highest level since June 9, 2023, when it was listed. It was trading 3.71% higher at Rs 11,550.00 as of 09:47 a.m. as compared to 0.05% decline in the NSE Nifty 50 index.

The scrip has gained 212.8% in 12 months, and 92.49% on year to date basis. Total traded volume on NSE so far in the day stood at 0.14 times its 30-day average. The relative strength index was at 74.07, which implied the stock is overbought.

One analysts tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 12.8%.

Benchmark equity indices saw a muted start on Tuesday as shares of ICICI Bank weighed on them but gains in Oil & Natural Gas Corp. and Larsen & Toubro kept them from falling.

At pre-open, the Nifty was at 23,283.75, up by 24.55 points or 0.11% and the Sensex rose 190.82 points or 0.25% at 76,680.90.

For day traders, 23400/77000 will be the immediate resistance level," according to Shrikant Chouhan, head of equity research at Kotak Securities.

"For day traders, 23400/77000 will be the immediate resistance level," he said adding that as long as the market is trading below the same, the correction trend is likely to continue.

"Below the same, the market may slip towards 23100-23025/76100-76000," he said.

Shares of Oil & Natural Gas Corp. Ltd., NTPC Ltd., Larsen & Toubro Ltd., Infosys Ltd., and Mahindra & Mahindra Ltd. contributed the most to the gains.

While those of ICICI Bank Ltd., HDFC Bank Ltd., Bharti Airtel Ltd., Reliance Industries Ltd., and Asian Paints Ltd. dragged them.

Most of the sectoral indices on the NSE opened higher with Nifty Realty and Nifty Media contributing the most. Nifty Financial Services and Nifty Bank were the top losers.

Broader markets outperformed. The S&P BSE Midcap rose 0.49% and S&P BSE Smallcap was 0.59% higher.

Eighteen out of 20 sectoral indices on the BSE rose. BSE Financial Services and BSE Bankex fell.

Market breadth was skewed in the favour of buyers. Around 2,059 stocks rose, 817 declined, and 106 remained unchanged on the BSE.

At pre-open, the Nifty was at 23,283.75, up by 24.55 points or 0.11% and the Sensex rose 190.82 points or 0.25% at 76,680.90.

Deploys SAP S/4 Hana applications for Mitsubishi Electric India

Source: Exchange filing

The yield on the 10-year bond opened flat at 7.02%.

Source: Cogencis

• The local currency opened 2 paise higher against the U.S. Dollar at 83.49.

• It closed at 83.51 on Monday.

Source: Bloomberg

• SBI seeks to hire experts across 25 sectors in project finance

• Experts sought for sectors such as road, port, airport, rail, metro, solar power, EVs, green hydrogen, semiconductors, etc.

• Experts to be hired on 1 year contract basis

Source: SBI

• Individual APE growing around 19% y-y at the industry level

• Growth was comparatively strong for private players at around 25% y-y in May-24

• Within the private, banca players grew ~26% y-y, while agency players’ grew at ~21% y-y

• SBI Life is preferred pick, given its steady market share gains and multiple levers on margins

• HDFC Life grew 23% y-y in individual APE in May-24

• IPRU Life delivered strong numbers in May-24, partly driven by the lower base of last year

• Await clarity from IRDAI on these regulations before becoming more

• constructive on the sector

• SBI Life has lowest share of non-linked product, insulating it from the impact of surrender value regulations to some extent

• Active equity funds garnered all time-high net inflows of Rs 403.7 billion

• Number was fueled by continued inflows in existing schemes (+28.1% MoM) and a pickup in inflows through NFO (+6.8x MoM)

• SIP flows continued to inch higher to INR209bn (+2.6% MoM)

• Active equity AUM increased 2.5% MoM to INR31.9tn driven by strong inflows

• Top picks- Nippon Life India Asset Management, Computer Age Management Systems, Aditya Birla Sun Life Amc

RBI rejects company's proposal to reappoint Rajkumar Bansal as MD & CEO

Source: Exchange filing

• Maintains 'Buy' with target Rs 960 up from Rs 598, Upside 18%

• Robust T&D outlook; gradual margin recovery

• Management retained FY25 order inflow/revenue growth guidance of 40%

• Aim for EBITDA margin of 7.5% for FY25 vs 6.1% FY24 margin

• T&D and Civil to propel order inflows

• International T&D to be driven by capex in Saudi and UAE,tower supply to Americas/Australia,

• Large value interconnection projects in Africa, and bottoming of Bangladesh/CIS markets

• Expect revenue/EBITDA/PAT CAGRs of 12%/28%/58% over FY24-27F

• Initiates coverage with 'Buy' with target Rs 63, Upside 65%

• Poised to reclaim last glory; 10-year slog improves financial health

• Debt restructuring, dispute settlement and non-core asset monetization, co ready to flex its muscles

• HCC’s experience of executing in-house complex & marquee projects

• Currently 26% of hydro power capacity and 60% share of India’s civil nuclear power strengethens positioning

• Capacity positions it to capture on INR 1.5tn nuclear opportunity

• Stars align for growth: debt burden starts to lessen

• Pipeline trends Rs.10,000 cr inflows in FY25; rising 15% thereafter

• Expect a standalone revenue and EBITDA CAGR of 20% each during FY24-27E with an earnings CAGR at 50%

• Private life insurers’ individual APE grew 25.4% YoY, outgrowing industry’s 18.7% YoY

• LIC continued to underperform—clocking APE growth of just 7.2% YoY

• Individual APE five-year CAGR (FY20TD–25TD) is a strong 14.6% for private insurers

• Near-term challenges on margins (cyclical) and regulatory uncertainty on surrender values weighing

• Sectoral valuations may remain depressed until clarity emerges on regulations

• Top picks in the sector are SBI Life and HDFC Life

Approves draft letter of offer for Rs 450 crore fundraise via rights issue

Source: Exchange filing

• Opens QIP, sets floor price at Rs 699.95/share

• Floor price indicates a discount of 4.5% to the stock's previous close

Source: Exchange filing

Citi On India Strategy

• Expects policy continuity on infrastructure, clean energy (gas, solar), domestic manufacturing, Defence and EVs

• Increasing focus on rural/welfare/jobs

• NIFTY Jun’25 target of 24.4k has around 5% upside

• Focus on capex/infra will continue and one should be selective on PSUs

• Higher level of RBI dividend has created space for more fiscal spending to support consumption

• RBI is likely to signal stance change in August and 2x25bps rate cuts in Oct’24

• Expectations are for a healthy ~11-13% EPS CAGR over FY24-26E

• Removes Eicher Motors from their top large-cap picks after +15% CYTD returns

• Key OW: PSU Utilities & Defence, Industrials, Banks/Insurance

• Key UW: Consumer Disc, IT Services, Metals

Philip capital on Modi 3.0

• Distribution of seats displays continuity at its best

• Social inclination is widely anticipated however along with continuity in capex and earlier policies and reforms

• Likelihood of incrementally positive/strong FII flows along with buoyant domestic flows

• Retains medium to long term positive stance on Indian macro and equities.

• U.S. Dollar Index at 105.16

• U.S. 10-year bond yield at 4.45%

• Brent crude up 0.28% at $81.53 per barrel

• Nymex crude up 0.06% at $77.69 per barrel 

• Bitcoin was down 1.65% at $68,461.5

• GIFT Nifty traded flat at 23,275 as of 7:48 a.m.

• Nifty June futures are down by 0.41% to 23,247 at a discount of 12 points.

• Nifty June futures open interest down by 6.55%.

• Nifty Bank June futures are down by 0.52% to 49,732 at a discount of 48 points.

• Nifty Bank June futures open interest down by 6.7%.

• Nifty Options June 13 Expiry: Maximum call open interest at 24,000 and maximum put open interest at 23,000.

• Bank Nifty Options June 12 Expiry: Maximum call open interest at 52,000 and maximum put open interest at 47,000.

• Securities in ban period: Balrampurchini Mills, India Cements, SAIL, Zee Entertainment Enterprises.

• Price Band revised from 10% to 5%: Heritage Foods.

• Ex/record Dividend: Tata Motors, Asian Paints, Jindal Saw

• Ex/record AGM: Jana Small Finance Bank, Jindal Saw.

• Moved out short-term Framework: GRP, Heritage Foods.

• Wardwizard Innovations & Mobility: Wardwizard Solutions India sold 25 lakh shares (0.95%) at Rs 62.71 apiece.

• Cigniti Technologies: Old Bridge Capital Management sold 1.97 lakh shares (0.72%) at Rs 1,350.01 apiece, while Rajasthan Global Securities bought 1.85 lakh shares (0.68%) at Rs 1,349.23 apiece.

• Mphasis: BCP Topco Ix sold 285 lakh shares (15.11%) at Rs 2,363.37 apiece, Kotak Funds - India Midcap Fund bought 15.71 lakh shares (0.83%) at Rs 2,363 apiece, Kotak Mahindra Mutual Fund A/C - Kotak Emerging Equity Scheme bought 31.73 lakh shares (1.68%) at Rs 2,363 apiece, Morgan Stanley Asia Singapore Pte bought 22.25 lakh shares (1.18%) at Rs 2,363 apiece, and Societe Generale bought 10.61 lakh shares (0.56%) at Rs 2,363 apiece.

• Poonawala Fincorp: Abhay Sureshkumar Bhutada sold 76 lakh shares (0.98%) at Rs 437 apiece.

• Le Travenues Technology: The public issue was subscribed to 1.95 times on day 1. The bids were led institutional investors (0.12 times), non-institutional investors (2.78 times), and retail investors (6.21 times).

• Raymond: Raymond Realty, an arm of the company, received a second redevelopment project in the Bandra (East) area of Mumbai. The project is estimated to generate over Rs 2,000 crore in revenue.

• PTC Industries: The company announced its partnership with leading entities under the DTIS scheme in the Indian defence and aerospace sectors to advance the 'Make in India' initiative.

• Rail Vikas Nigam: The Siemens-RVNL consortium has received a letter of acceptance from Bangalore Metro Rail Corp. for engineering, supply, erection, testing, and commissioning of 33 KV distribution and 750 V DC Third Rail Traction Electrification.

• Repco Home Finance: CFO K Lakshmi has resigned due to personal reasons.

• Bank of Baroda: The company has kept MCLR unchanged across tenures, effective June 12.

• NLC India: The company raised foreign currency loans up to $600 million and it will make an investment of Rs 994.5 crore in unit NLC India Renewables. To seek external assistance from the Multilateral Development Bank via DEA for renewable power projects.

• Jubilant Foodworks: Domino's Pizza crossed the 2,000-store mark in India.

• Vodafone Idea: The company will consider fund-raising in its board meeting on June 13.

• HG Infra Engineering: The company incorporated a step-down subsidiary company, namely H. G. Jaipur Solar Project, to carry out business in the field of solar power.

• InterGlobe Aviation: InterGlobe Enterprises, owned by the Rahul Bhatia family, is set to sell a 2% stake in the budget airline Indigo, according to Bloomberg. The deal will involve offloading 7.7 million shares at a minimum price of Rs 4,266 each, representing a 7% discount from Monday's closing price.

The June futures contract of the GIFT Nifty was trading flat at 23,275 as of 07:48 a.m.

Most benchmarks in the Asia-Pacific region were trading higher as market participants await the US May inflation data and Federal Reserve's policy decision.

The Nikkei 225 was trading 210.11 points or 0.54% higher at 39,248.27, and the Kospi index was 6.84 points or 0.25% higher as of 06:54 a.m. on Tuesday.

The US stock market found it challenging to make significant progress due to a downturn in European assets affecting the overall mood.

The S&P 500 Index and Nasdaq 100 rose 0.26% and 0.35%, respectively, as of Monday. The Dow Jones Industrial Average rose 0.18%.

Brent crude was trading up 0.28% at $81.53 per barrel. Gold fell 0.39% to $2,301.81 an ounce.

After recording fresh highs in early trade, the benchmark stock indices settled lower on Monday, tracking losses in shares of Infosys Ltd., HDFC Bank Ltd. and Mahindra & Mahindra Ltd. The NSE Nifty 50 settled at 30.95 points or 0.13%, lower at 23,259.20, and the S&P BSE Sensex ended at 203.28 points or 0.27%, lower at 76,490.08.

Overseas investors remained net buyers of Indian equities on Monday for the second straight day. Foreign portfolio investors mopped up stocks worth Rs 2,572.4 crore, while domestic institutional investors turned net buyers and mopped up equities worth Rs 2,764.5 crore after a day of selling, according to provisional data from the National Stock Exchange.

The Indian currency closed 13 paise lower against the U.S. dollar at 83.51.