Stock Market highlights 12 June 2024: Sensex ends at 76,600, Nifty at 23,300 level; realty, auto and FMCG sectoral indices edge lower

A majority of the cement stocks including Ambuja Cements , Ultratech Cement, Shree Cement, JK Cement, Kesoram Industries , Dalmia Bharat, and ACC have been trading positive in the domestic market. 

In Wednesday’s trade, these stocks rose by 1-5 per cent. Over the week, they gained between 10-20 per cent. 

Brokerages Motilal Oswal and Emkay Global have maintained their positive stance on the sector, while Nuvama has reiterated a neutral call. Read more

The benchmark indices closed marginally higher on Wednesday. BSE Sensex closed at 76,606.57, up by 149.98 points or 0.20 per cent, and Nifty 50 closed at 23,322.95, up by 58.10 points or 0.25 per cent.

Coal India, Power Grid, Eicher Motors, SBI Life, and Tech Mahindra were top gainers in of the Nifty 50 pack, while M&M, Britannia, Hindustan Unilever, T ata Consumer Products and Titan were major laggards. Read more

Rupee appreciated 3 paise to close at 83.56 (provisional) against the US dollar on Wednesday, on positive domestic markets, wherein the benchmark sensitive index Nifty touched a fresh all-time high. Read more

Major losers include- Mahindra and Mahindra (-1.78%), Britannia industries (-1.49%) Hindustan Unilever (-1.17%), Tata consumer products (-0.99%), Titan (-0.87%)

Major gainers on the NSE include- Coal India (2.51%), Power Grid corporation of India (2.46%), Eicher Motors (1.92%), SBI Life insurance (1.65%), Tech Mahindra (1.58%)

A total of 3,985 stocks were actively traded, 2,514 advanced, while 1,360 declined and 111 stocks remained unchanged where 245 stocks hit a 52 week high and 21 stocks hit a 52 week low on the BSE.

LTIMindtree and SNP collaborate to launch ‘MELD’, a platform facilitating mergers, acquisitions, and divestitures for SAP customers. The shares were up by 1.21% to ₹4965.70 on the BSE.

TVS Motor Company’s electric scooter, TVS iQube, made its debut at the Jakarta Fair in Indonesia, showcasing EV technology and zero tailpipe emissions. The stock trades at ₹2424 down by 0.64% on the BSE.

Indo Amines Limited reported a fire incident at its Dombivli unit, assured no harm to personnel, cause yet to be determined. The company is in contact with insurers to assess losses and ensure normal operations. The shares were down by 1.44% to ₹120.10 on the BSE.

Taylormade Renewables Limited reported that it was successful with its TRL RAIN patented technology, demonstrating treatability of effluents for Coca-Cola and SABIC, S.A. Pilot trials exhibit effectiveness and potential future work orders. The shares were up by 3.87% to Rs 447 on the BSE.

​Silver​ prices on Wednesday rose ₹461 to ₹89,124 per kilogram in futures trade as participants widened their bets on a firm spot demand. On the ​Multi Commodity Exchange​, silver contracts for July delivery increased ₹461 or 0.52 per cent to ₹89,124 per kg in 21,352 lots.

Kalyani Cast Tech Limited secured orders worth ₹80 crore, all orders are to be fulfilled by October 31, 2024. The shares were up by 4.99% to ₹425.90 on the BSE.

Abhishek Banerjee, smallcase Manager and Founder at Lotusdew.

“US is anticipated to cut which will weaken USD and this is not good for IT services as a stronger dollar means more rupee revenue at same rupee costs. The recent upswing suggest that Fed may delay or at best pause the cut trajectory. That said, post-election stability in ministry allocation only means status quo of policy stability which is great for markets in general.”

Nifty 50 rose by 149.70 pts or 0.64 per cent to trade at 23,414.55 as of 12.41 pm, and BSE Sensex jumped 455.41 pts or 0.60 per cent to trade at 76,912.00.

All sectoral indices traded in the positive zone except FMCG and realty stocks. The Nifty media, oil and gas, and PSU Bank stocks rose over 1 per cent.

Nifty Bank was up 0.57 per cent at 49,990.00, and Nifty Auto rose 0.54 per cent at 25,366.40.

Tata Communications signed a five-year deal to provide global host broadcasting services for World Athletics events, starting with the 2025 World Championships in Tokyo. The shares were up by 1.37% to ₹1904.95 at 12.50 pm on the BSE.

Brigade Group announced a ₹8,000 crore investment for its development, Brigade Icon, on Chennai’s Mount Road, with plans to launch 15 million sqft by 2030. The project, designed by SOG Design, includes residential, retail, and office spaces. The shares were down by 3.52% to ₹1348.86 on the BSE.

AGS Transact Technologies Limited has begun deploying 1,350 ATMs for State Bank of India, aiming to complete by H1FY25. Previously, they secured another SBI order for 2,500+ ATM/CRMs worth Rs 1,100 crores over seven years. The shares were up by 6.86% to Rs 79.14 on the BSE.

A total of 3,879 stocks were actively traded, 2,600 advanced, while 1,164 declined and 115 stocks remained unchanged where 212 stocks hit a 52 week high and 17 stocks hit a 52 week low on the BSE.

Major gainers on the NSE at 12.25 pm include- Coal India (3.25%), Power Grid corporation of India (2.16%), Shriram Finance (1.74%), Bajaj Finance (1.68%), Eicher Motors (1.56%)

Major losers include- Hindustan Unilever (-1.14%), Britannia industries (-1.13%), Asian paints (-0.64%), Titan (-0.61%), Divis laboratories (-0.37%)

Tata Communications has announced a five-year global host broadcasting services deal covering the World Athletics Series.

The collaboration will commence in 2025, including the World Athletics Indoor Championships in Nanjing in March, World Athletics Relays in Guangzhou in May, World Athletics Road Running Championships in San Diego in September, and World Athletics Championships in Tokyo.

Solara Active Pharma Sciences Ltd (Solara) has announced the closure of its rights issue for raising funds aggregating to ₹449.95 crore.

The issue opened on May 28, 2024, and closed on June 11, 2024, for the issue of 1,19,98,755 equity shares at an issue price of ₹375 per equity share. The Issue was oversubscribed by 1.44 times, according to a stock exchange filing

Tira, Reliance Retail’s omnichannel beauty retail platform, today announced the launch of its skincare brand, ‘Akind’. Co-founded by Mira Kapoor, Akind was unveiled at Tira’s flagship store at Jio World Drive in Mumbai. Akind is Tira’s first skincare brand in Reliance Retail’s own brands portfolio.

Nifty 50 has been stuck between 23,200 and 23,400 since the beginning of the week. The index is now poised at the upper end of the range. It is currently trading at 23,398, up 0.57 per cent. The advances-declines ratio is at 37:13. This is a positive sign.

Nifty 50 outlook: The bias looks positive on the charts.

​Rites Ltd.​ signed a MoU with Eastern Railway’s Andal Diesel Shed, Asansol Division, West Bengal. The partnership aims at the repair and maintenance process for diesel locomotives. The shares were up by 1.52% to ₹685 on the BSE.

Glenmark pharmaceuticals Ltd.’s Specialty SA received U.S. FDA approval for its Esomeprazole Magnesium Delayed-Release Capsules USP, 20 mg, which are bioequivalent to Nexium Capsules. The product will be distributed in the U.S. by Glenmark Therapeutics Inc. The shares were down by 0.45% to ₹1186.15 at 10.43 am on the BSE

Sprayking Limited invested approximately ₹10 million in new machinery from China, to enhance its production capacity to 8,000 pieces per day. The installation will be completed within a month. The shares were down by 0.10% to ₹41.17 on the BSE.

Tata Elxsi and Defender Rally Series extended their partnership into the 2024 season as their third consecutive year together. The 2024 series will feature the UK and European championships with seven events across the UK and Ireland. The shares were up by 0.39% to ₹7115.85 on the BSE.

Bhavish Aggarwal-led Ola Electric Technologies has received market regulator SEBI’s nod for its initial public offering (IPO) to raise ₹7,500 crore, according to sources close to the development.

Ola Electric was the first-ever Indian EV two-wheeler maker to file for an IPO. The firm filed its draft red herring prospectus (DRHP) with the markets regulator on December 22, 2023. 

Ola Electric filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), proposing to raise up to ₹5,500 crore through a fresh issue, apart from an offer-for-sale (OFS) component of 95.2 million shares. The firm is also looking at a pre-IPO placement of shares worth ₹1,100 crore. If this happens, the size of the fresh issue will be reduced to that extent.

Tata Motors plans to increase its passenger vehicle (PV) capacity to around 1 million units by ramping up the Sanand plant-2 and aims to raise its market share in PVs to 20% by FY30 from the current 14%. 

HCl technologies and Olympus corporation expanded partnership to enable affordable healthcare through technologies. HCL technologies will leverage its R&D services along with AI based solutions and will establish a product innovation centre in Hyderabad. The shares were up by 1.20% to ₹1446.90 on the BSE.

Markobenz Ventures secured purchase orders amounting to ₹20 crore for the supply of Lentils. The orders are from Skytone Foods pvt Ltd. and Anumati Trading pvt Ltd. The shares were down by 4.99% to ₹25.68 on the BSE.

Glenmark Specialty SA of Glenmark Pharmaceutical has received final approval from the United States Food & Drug Administration (USFDA) for Esomeprazole Magnesium delayed-release capsules USP, 20 mg (OTC).

The capsule will be distributed in the US by Glenmark Therapeutics Inc., USA. It is bioequivalent to Nexium 2 24 HR delayed-release capsules, 20 mg (OTC), of Haleon U.S. Holdings LLC.

Demand for gold in Asia is surging despite prices hovering near the record highs it hit in May, industry officials say, as buyers snap up the metal to hedge against geopolitical and economic uncertainty.

Spot gold is trading a little over $2,300 per ounce, up about 12 per cent year-to-date and only about 6 per cent shy of the record high it hit last month.

The rupee is currently trading at 83.56 per Dollar, close to its all-time closing low of 83.57, which it hit on Tuesday. The forex market is awaiting today’s US May CPI print and the Fed rate decision.

IFA Global, in a report, said US headline and core CPI prints are expected to be 3.4 per cent and 3.5 per cent year-on-year, respectively. 

The benchmark Sensex and Nifty indices are expected to open flat to negative on June 12, following GIFT Nifty trends indicating a loss of 20 points for the broader index.

Nifty can find support at 23,200 followed by 23,100 and 23,000. On the higher side, 23,400 can be an immediate resistance, followed by 23,500 and 23,600.

The charts of Bank Nifty indicate that it may get support at 49,600, followed by 49,500 and 49,300. If the index advances further, 49,900 would be the initial key resistance, followed by 50,000 and 50,200.

After two days of buying the Foreign institutional investors (FIIs) remained sellers on June 11 as they sold Indian equities worth Rs 111 crore , while domestic institutional investors extended their buying as they purchased equities worth Rs 3193 crore on the same day.

INDIAVIX was negative yesterday by 9.96% and is currently trading at 14.7650.

The Nifty traded sideways yesterday. Also global markets traded mixed with volatile moves in the index. Traders holding long positions should hold with a stop loss of 23150 on a closing basis. We can also witness stock specific action with index trading sideways.

Sanofi India Limited (Demerged Company)

Sanofi Consumer Healthcare Limited (Resulting Company)

Symbol: SANOFI 

Stock Price: 10,047.50/-

Last cum date: 12th June 2024 (Today)

Record date: 13th June 2024\u0009

Ratio : 1:1 (for every 1 share held in Sanofi India, the shareholders will receive 1 share in Sanofi Consumer Healthcare)

Ex-Dividend 13 June 2024 (Tomorrow)

Last date for Cum-Dividend Today

CIE Automotive India Ltd

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 561.7

ICICI Prudential Life Insurance Company Ltd

Dividend Per Share Rs.0.6

Previous day Closing Price – Rs. 581.3

KSB Ltd

Dividend Per Share Rs.17.5

Previous day Closing Price – Rs. 4679.7

Mkventures Capital Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 2419.7

Raymond Ltd.

Dividend Per Share Rs.10

Previous day Closing Price – Rs. 2510.6

Shankara Building Products Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 706.1

Tata Technologies Ltd

Special Dividend Per Share Rs.1.65

Dividend Per Share Rs.8.4

Previous day Closing Price – Rs. 1059.75

Major gainers on the BSE at 9.30 am include- Bharat Petroleum Corporation (2.26%), Coal India (2.11%), Ltimindtree (1.55%), HCl technologies (1.49%), Oil and Natural Gas corporation (1.46%)

Major losers include, Titan (-0.63%), Asian paints (-0.57%), Hindustan Unilever (-0.51%), Britannia industries (-0.32%), Tata consumer (-0.28%)

Demand for gold in Asia is surging despite prices hovering near the record highs it hit in May, industry officials say, as buyers snap up the metal to hedge against geopolitical and economic uncertainty.

Spot gold is trading a little over $2,300 per ounce, up about 12% year-to-date and only about 6% shy of the record high it hit last month.

Lower confidence in other investment options, such as real estate and equities, is also a factor behind the demand for gold, analysts say. - Reuters

Rupee weakened 6p to end at all time lows of 83.57.

Rupee US likely to open around 83.59 and trade a 83.40-83.65 range intraday.

We may see some intervention close to all time lows, especially ahead of key events like US CPI and the Fed rate decision.

1y forward yield ended at 1.60% and 3m ATMF implied vols at 2.55%

Yield on the benchmark 10y ended 2bps lower at 7.01%. 1y and 5y OIS ended a couple of basis points lower at 6.78% and 6.35% respectively. Cutoffs on 10y SDLs were in 7.38-7.41% range

EUR: Euro has weakened a bit to 1.0735. Germany May CPI is due today

GBP: Pound is almost unchanged at 1.2734. UK trade balance, industrial production and manufacturing production data for April is due today. April labor data yesterday was mixed. Claimant count and unemployment rate yesterday came in higher than expected. However, wage growth too beat expectations.

AUD: Aussie is unchanged from yesterday’s level and is just hovering above the 66 cents mark against the US Dollar

JPY: Yen is also trading at almost the same level as yesterday morning at 157.16.

Brent is a tad higher at USD 82.1 per barrel while Gold is flat at USD 2312 per ounce

S&P500 and Nasdaq ended 0.3% and 0.9% higher respectively

US treasury yields are 4-5bps lower across the curve with 2y at 4.84% and 10y at 4.41%

Dollar is mostly unchanged against majors heading into CPI and Fed rate decision

We have the US May CPI print today and the Fed rate decision. Headline and Core CPI prints are expected at 3.4% and 3.5% yoy respectively.

While the Fed is expected to leave rates unchanged, the dot plot, economic projections and tone of the press conference will be closely followed for any hints on the timing of rate cuts.

Markets are currently pricing in a 85% chance of at most 2 rate cuts in 2024.

On Wednesday, the Indian stock market started on a flat note but with a positive bias as the BSE Sensex rose by 0.20% and the NSE Nifty climbed by 0.23%. In the US, stock market indices closed with mixed results, with the Nasdaq ending in the green while the Dow closed in the red. 

Analysts anticipate the market to remain lacklustre until the Budget presentation. Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, highlighted the notable activity in PSU stocks driven by the retention of key cabinet portfolios with BJP.

Ruchit Jain, Lead Research at 5paisa.com, pointed out that FIIs covered their short positions, and the weekly options data indicated support around 23,200 and resistance around 23,500. Kotak Institutional Equities highlighted the tough choices facing investors, emphasizing the need for rational investments. Yes Securities cautioned about lower valuation multiples due to election outcomes, advising investors to focus on selecting reasonably priced stocks with high earnings visibility.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted a decline in India VIX, indicating reduced volatility and the market’s entry into a consolidation phase. He emphasized the need for investors to focus on fundamentals and news flows. Looking ahead, tonight’s US inflation numbers and the Fed policy outcome are expected to influence the direction of the global equity market.

Overall, the market sentiment is cautious as investors navigate through mixed domestic and international cues. This reflects a nuanced understanding of the challenges and opportunities ahead, creating an atmosphere of thorough analysis and prudent decision-making within the investment community. 

Crude oil futures traded higher on Wednesday morning following the US Energy Information Administration’s (EIA) forecast of growth in oil demand during 2024. At 9.10 am on Wednesday, August Brent oil futures were at $82.27, up by 0.43 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $78.34, up by 0.56 per cent. June crude oil futures were trading at ₹6544 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday morning against the previous close of ₹6526, up by 0.28 per cent, and July futures were trading at ₹6533 against the previous close of ₹6517, up by 0.25 per cent.

“The 32% decline in India VIX during the last 5 days indicates that the days of heightened volatility are over and the market has entered a consolidation phase. From now on the focus will be on fundamentals and news flows.

There is a recent trend of investors/ speculators chasing momentum stocks with low floating stock and excessive valuations. This is a risky trade which investors should avoid. The focus of investors should be on fairly valued quality growth stocks. Here, financials come on top. This segment has the potential to give decent returns in the medium to long term. IT stocks also have valuation comfort.

Tonight’s US inflation numbers and the Fed policy outcome will influence the direction of the global equity market.”

“A subdued to weak opening is on the cards for local markets owing to bearishness in several Asian indices. Domestic investors would be cautious ahead of the CPI inflation and IIP data to be announced post market hours today, and hence stock-specific activity could continue. Also, the May US inflation data and rate-setting decision would be keenly watched by global investors, as any increase in the number could prompt the Federal Reserve to delay its rate cut decision. Traders can look at taking exposure to Nifty between 23050-23100 zone with a stop loss at 22501. The index has resistance at 23500-23751 level.”

The benchmark Sensex and Nifty indices are expected to open lower as trend in GIFT Nifty indicating a negative start for broader index. Asian markets were trading mixed. US markets ended mixed on Tuesday, the Nasdaq and the S&P 500 rose to end at all-time highs, reversing early losses as investors prepared for upcoming inflation data and the U.S. Federal Reserve’s policy meeting. The Dow Jones Industrial Average fell 120.62 points, or 0.31%, to 38,747.42, the S&P 500 gained 14.53 points, or 0.27%, to 5,375.32 and the Nasdaq Composite added 151.02 points, or 0.88%, to 17,343.55. On Tuesday, the Indian benchmark indices ended flat in the volatile session. The Sensex was down 33.49 points or 0.04 percent at 76,456.59, and the Nifty was up 5.60 points or 0.02 percent at 23,264.80.

Buy, TP Rs 100

Co filed new tariff application for DIAL, may be implemented by 4QFY25; 

Mgmt focus on developing airport platform strategy, consolidating Non-aero businesses & reducing complexity 

Focus on managing leverage in FY25

OW, TP Rs 1650

Announces Large Deal; est. contract value $278m over 7.5 yr (implying annual contract value of $37m) 

Signifying two things 

a) continuing large deal win momentum in financial services vertical 

b) significant expansion of an existing client relationship

CITI on Cement

FY24 realizations ranged from negative 6% to flattish for coverage companies despite 9% industry demand growth, suggesting market share priority over pricing 

Think trend will likely continue as utilization levels remain below 80%, though cos may attempt price hikes 

Pricing data suggests 1Q avg. realizations should be in range of -4% to +1% vs. 4QFY24 

ULTC (EV/t $195) top pick. 

Buy: ACC , Grasim, Shree & Dalmia

Neutral: Ambuja

Sell: Ramco, Nuvoco & JK Cement

MOSL On Cement

Est cement vol to grow 5-6% MoM in May’24, driven by housing & infrastructure segments. 

Considering recent price hike, avg. price has been up 3% MoM in Jun’24. 

UTCEM preferred large cap pick & like DALBHARA & JKCE in midcap space. 

Buy, TP Rs 2010

Management meet takeaways 

i) deposits to gather pace; estimates liability growth of 16-18%; 

ii) NIMs guidance of 4.2-4.3%, favorably positioned when interest rate cycle turns; 

iii) will contain slippages at <2.0% and credit cost at 1.1-1.3% - est 2.5%/4%/0.5% slippage in VF/MFI/corporate banking in the near term; 

iv) Continue to invest into distribution, digital, human capital; C/I will remain elevated 

Sell, TP Rs 2710

Management meet takeaways 

+ve on demand outlook 

Acknowledge that market is willing to look out much further than next 2 yrs & give higher multiple; however, since underlying technology is still in a nascent stage & constantly evolving, maintain sell

GS on Cummins 

Neutral, TP Rs 1940 

Management meet takeaways 

+ve on overall domestic demand 

While real estate, railways, data centres & construction equipment should lead genset demand, potential price discovery for its competition(for CPCB IV +portfolio) could have impact on rev 

Macquarie on Cummins 

O-P, TP Rs 3975 

Key focus areas have been impact of CPCB4+ transition, distribution & datacentre growth opportunity & exports softness. 

Near term, key monitorable is impact of a full-fledged transition to CPCB IV+ 

Silver fell as robust economic statistics in the United States supported a hawkish view for the Federal Reserve. Non-farm payrolls surged significantly more than expected in May, reinforcing indications of a healthy labour market and putting pressure on US Treasuries. However, robust demand in domestic Chinese markets prevented a further reduction, as evidenced by the hookup of the world’s largest solar farm in northwestern Xinjiang. The Fed is widely expected to keep interest rates unchanged, but traders will focus on Fed members’ revised economic and rate expectations. Prospects for a rate cut this year appear to have dimmed, with many experts anticipating the Federal Reserve’s first rate cut to occur in November.

Gold prices moved lower, pulled down by a stronger dollar, as investors awaited critical US inflation data and the Federal Reserve’s updated interest rate predictions, which were due later in the day. Fed policymakers will update their economic and interest rate estimates after their two-day meeting later today. Fed officials’ revised economic estimates this week are expected to indicate fewer interest rate decreases than policymakers predicted three months ago. Demand for gold in Asia is increasing, despite prices being at record highs set in May, according to industry officials, as buyers seek to hedge against geopolitical and economic uncertainties.

Ajit Mishra – SVP, Research, Religare Broking Ltd.

This pause in the index was largely anticipated, and we expect it to conclude soon. In the meantime, traders should maintain a stock-specific trading approach with a positive bias. In addition to key sectors, certain themes like agriculture-related stocks (fertilizer and sugar) and chemical stocks are drawing noticeable interest. Participants should adjust their positions accordingly.

Mandar Bhojane Research Analyst, Choice Broking

India VIX, which measures market volatility, decreased by 9.82 percent intraday, settling at 14.7650, indicating reduced market fear. Regarding the Open Interest (OI) data, on the call side, the highest OI was observed at the 23,400 and 23,500 strike prices. On the put side, the highest OI was at the 23,000 strike price.

China’s annual inflation rate was 0.3% in May 2024, unchanged for the second consecutive month but falling short of market expectations of 0.4%. Consumer inflation rose for the fourth consecutive month, indicating that domestic demand is continuing to recover. Food prices fell for the 11th straight month, but the rate of fall was the slowest since February (-2.0% vs -2.7%). Monthly, the CPI unexpectedly fell by 0.1%, the second loss this year, compared to a level estimate and following a 0.1% rise in April.

Om Mehra, Technical Analyst, SAMCO Securities

The Nifty closed the session at 23,264.85, ending nearly flat. Nifty continues to consolidate with a positive bias, sustaining above the upper band of its rising channel. The immediate support remains at 22,200, and if this level is breached, the index could slip towards the 23.6% Fibonacci retracement level situated at 21,900. The daily RSI remains neutral at 58 level. Moving above 23,350 will resume the uptrend.

The Bank Nifty ended the session at 49,705.75, down by 0.15% forming a bearish candle with a small body. The index failed to surpass the 50,000 level but remains above its short-term moving average. There could be slight weakness if the index slips below 49,600, which might lead to a test of the 49,300-49,100 levels. However, the primary trend remains strong as long as the 49,000 level is sustained. Bank Nifty might continue to consolidate for a few more days.

US crude oil stocks fell by 2.428 million barrels during the week ending April 7th, 2024, following a 4.052 million barrel increase the previous week, according to the API’s Weekly Statistical Bulletin. It was the fourth weekly reduction in crude oil stockpiles in the last eight weeks, beating market forecasts of 1.75 million barrels.

Food prices in China fell by 2.0% from the previous year in May 2024, falling from a 2.7% drop the previous month. It was the 11th consecutive month of price declines, although at the slowest rate since February, as prices decreased at a slower rate for eggs (-7.4% vs -10.6% in April), fresh fruit (-6.7% vs -9.7%), milk (-1.7% vs -1.8%), and cooking oils (-5.1% vs -5.3%). On the other hand, prices rose for both fresh vegetables (2.3% vs 1.3%) and meat (4.6% vs 1.4%).

PRUDENT EQUITY ACE FUND bought 70,000 @ Rs. 2,299.89

Price Band revised from 10% to 5%: Andhra Cements, GTL Infrastructure.

Price Band revised from 20% to 10%: Essar Shipping, IFB Industries. 

Goodluck India: Promoter Anju Garg created a pledge for 1 lakh shares; Promoter Harsh Garg created a pledge for 68,000 shares; Promoter Mithlesh Garg created a pledge for 80,000 shares; Promoter Ram Agarwal created a pledge for 80,000 shares; Promoter Rekha Rani created a pledge for 1 lakh shares; and Promoter Shyam Agrawal created a pledge for 80,000 shares on June 10. 

Mphasis: Promoter BCP Topco Ix sold 2.85 crore shares on June 10. 

Lancer Container Lines: Promoter Abdul Khalik Abdul Kadar Chataiwala bought 1.16 lakh shares on June 10. 

Advanced Enzyme Technologies: Promoter Advanced Vital Enzymes Private Limited sold 55,009 shares on June 7.

Sterling and Wilson Renewable Energy: Promoter Kainaz Khurshed Daruvala created a pledge for 2.8 lakh shares on June 7. 

InterGlobe Aviation: Interglobe Enterprises sold 77.19 lakh shares (1.99%) at Rs 4362.04 apiece, and Citigroup Global Markets Mauritius bought 31.23 lakh shares (0.8%) at Rs 4361 apiece.

Action Construction Equipment: Mona Agarwal sold 13 lakh shares (1.09%) at Rs 1420.44 apiece. 

Honasa Consumer: Fireside Ventures Investment Fund I sold 32,42,441 shares (0.99%) at Rs 436 apiece, while Sofina Ventures Sa sold 32,42,442 shares (0.99%) at Rs 435 apiece. 

IRB Infrastructure Developers: Cintra INR Investments BV sold 9.05 crore shares (1.5%) at Rs 64.02 apiece, while Cintra INR Investments BV sold 21.13 crore shares (3.5%) at Rs 63.43 apiece. 

*Wardwizard Innovations and Mobility:*Wardwizard Solutions India sold 42.12 lakh shares (1.61%) at Rs 72.51 apiece. 

TCNS Clothing: TA FDI Investors sold 12 lakh shares (1.89%) at Rs 550.14 apiece, while Rajasthan Global Securities bought 3.22 lakh shares (0.51%) at Rs 550.05 apiece.

Inox Wind Energy: Anjana Projects sold 0.4 lakh shares (0.33%) at Rs 7169 apiece, and India Opportunities Growth Fund Pinewood Strategy bought 0.4 lakh shares (0.33%) at Rs 7169 apiece. 

Le Travenues Technology: The public issue was subscribed to 9.33 times on day2. The bids were led by institutional investors (0.79 times), non-institutional investors (20.14 times), and retail investors (18.73 times). 

HCL Technologies: The company signed a $278 million deal with Germany’s largest cooperative primary bank, apoBank for 7.5 years.

* TCS:* The company launched a new loT engineering lab in Ohio for manufacturing, energy, and consumer solutions.

* B.L. Kashyap and Sons:* The company secured two new orders aggregating to Rs 1,021 crore, approx. These include a construction order worth Rs 924 crore from DLF City and a civil construction order worth Rs 97 crore from Sattva Homes. The total order book as of date stands at Rs 3,545 crore.

* Cipla:* Patna Tax Office rules against the company on input tax credit. The company is to appeal to a higher authority on the input tax credit ruling.

* Dollar Industries:* The company recorded the highest-ever revenue in 2023-24. To open 50 exclusive brand outlets across South India by 2027. Aim for 50% sales growth in South India in 2024-25.

* NHPC:* The National High Power Test Laboratory approved the transfer of 1 crore shares from the company to Power Grid Corp. The company’s stake in NHPTL now stands at 12.5%, up from 20% earlier. NHPTL ceased to be an associate company of the company.

* TVS Supply Chain Solutions:* The company received a five-year contract with Daimler Truck AG for integrated supply chain solutions services in Singapore.

* Castrol India:* The board appointed Kedar Lele as MD for 5 years, effective Nov 1.

* LTIMindtree:* The company announced the inauguration of its regional headquarters in Saudi Arabia’s capital, Riyadh, as part of the expansion in KSA and the Middle East.

* Patanjali Foods:* The company has clarified that the Board has evaluated the initial proposal by Patanjali Ayurved for the sale of non-food businesses on April 26. A committee comprising an independent director, CEO and CFO is in the process of evaluating the proposal.

* Wipro:* The company introduced the Lab45 Al Platform, designed to increase efficiencies and transform business functions.

HSBC Rating

1. Hpcl Target Rs640

2. BPCL Target Rs910

3. IOCL Target Rs180

Citi Rating

1. IndusindBk Target Rs2010

Domestic markets are expected to open flattish on Wednesday. Gift Nifty is ruling at 23 300 (700 am) against the Nifty futures value of 23,310. The US stocks closed on a mixed note, with the Nasdaq ending in the green even as the Dow closed in the red. Analysts expect the market to remain lacklustre until the Budget presentation.

Siddhartha Khemka, Head - of Retail Research, Motilal Oswal Financial Services Ltd, said: Overall, investors confidence got a boost post the key cabinet portfolios being retained with BJP, leading to notable activity in PSU stocks. However given the absence of any fresh trigger, market seems to be in consolidation mode. Globally investors are cautiously awaiting US CPI data and US Fed policy outcome which will be released tomorrow. US Fed commentary could provide direction to the market. So far investors are baking in 1 rate cut towards the end of the year; so any deviation from that could drive the market on either side.

Over ₹5,500 crore worth of block deals were transacted on the exchanges today as promoters and key investors sold significant chunks of stake in InterGlobe Aviation, Honasa Consumer, and IRB Infrastructure Developers.

In InterGlobe Aviation, which operates IndiGo airline, the seller was promoter Rahul Bhatia. His holding firm InterGlobe Enterprises sold 77.2 lakh shares or nearly 2 per cent of the equity for ₹3,367.3 crore. It held 37.75 per cent stake in the airline company at the end of March.

China May CPI Up 0.3% YoY Vs Est Of 0.4% Rise

China May Producer Prices Fall 1.4% YoY Vs Est Of 1.5% Decline

(Data majorly inline with estimates)

* BALRAMPUR

* GMRINFRA

* HINDCOPPER

* INDIACEM

* SAIL

* ZEEL

Fusion Micro Finance: Devesh Sachdev, MD CEO

Fusion Finance’s Diversification Strategy; Opportunity In Affordable Housing, E-3Ws |

Jubilant Food: Sameer Khetarpal, MD & CEO

Delivery Like-For-Like (LFL) Growth In FY25 Will Be Positive Throughout The Year: Jubilant FoodWorks

KAYNES TECHNOLO: Jairam Sampath, Whole Time Director & CFO

Orderbook Is Rising At ?300-400 Cr/Month; OSAT Project On Schedule: Kaynes Technology

Man Infra: Manan Parag Shah, ED MD

Man Infra’s FY25 Revenue, Margin Targets; Revenue Potential From BKC Project

RailTel Corp: Sanjay Kumar, CMD

Expecting ₹4,000-5,000 Cr Of Kavach Orders: RailTel Corporation

Som Distilleries: JK Arora, Chairman

Som Distilleries Poised For Swift Growth? | JK Arora’s Views On Push For Liquor Industry

Titagarh Rail: Umesh Chowdhary, Vice Chairman & Managing Director

Higher Integration Should Take Our Margin To 15-16%: Titagarh Rail Systems

Bharat Dynamics: A Madhavarao, CMD

Eyeing New Orders Worth ₹20,000 Crore In The Next 2-3 Years: Bharat Dynamics

Ugro Capital: Shachindra Nath, Executive CMD

U Gro Capital Raises Funds Via CCDs, Warrants | Shachindra Nath Shares Insights

Chalet Hotels: Sanjay Sethi, CEO

Occupancy Can Stabilize Around 80% From Current Levels: Chalet Hotels

Events today…

Results today…

Buzzing Stocks: NTPC, IOL Chem, HCL Tech, Tube Investment, Cipla, Wipro, TVS Supply Chain, Camlin Fine Chem, BL Kashyap, Trident

After an anxious 24 hours between swearing-in of the Council of Ministers and the actual allocation of portfolios (during which the Capital was abuzz with the wildest speculations), Prime Minister Narendra Modi seems to have opted for continuity in his choice of Cabinet ministers. The incumbents for the top four berths — Defence, Home, External Affairs and Finance — remain unchanged. The others to sail through the green channel are Ashwini Vaishnaw, Piyush Goyal, Bhupender Yadav and Nitin Gadkari.

The Red Sea crisis and sluggish overseas demand have dented India’s seafood exports in value terms in FY24, witnessing a 5.39 per cent decline in rupee terms and an 8.80 per cent decline in dollar terms.

However, the export volume increased by 2.67 per cent in quantity. The country exported an all-time high volume of 17,81,602 tonnes of seafood worth $ 7.38 billion and ₹ 60,523.89 crore.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

Motilal Oswal Financial Services (MOFS) recently published a report named ‘India Strategy’. The report reviews the performance of the Nifty 50 universe and stocks under coverage amid elevated interest rates and moderating inflation. During the quarter gone by, bottomline growth has outperformed topline growth. 

Retail inflation based on the Consumer Price Index (CPI) is likely to have risen to around 5 per cent in May mainly on account of rising vegetable prices. The Statistics Ministry will make the data public on Wednesday.

Headline inflation was 4.8 per cent in April and 4.3 per cent in May, last year.

Vegetable prices have recorded a rise. Potatoes and onions are becoming costlier. Experts say the ongoing heatwave is likely to impact prices of vegetables which could go up even further. Vegetables have a weight of over 6 per cent in retail inflation. Apart from vegetables, cereal (over 12 per cent weight) prices have again started inching up. Though pulses (around 3 per cent weight) prices are down, inflation continues to be in double digit.

(Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 124793.35 + 12353.77 Total: 137147.12

F&O Volume: 466697.78 + 182810.92 Total: 649508.7

Provisional Cash

FII/FPI: NET SELL: -111.04 

(15527.24 - 15638.28) 

DII: NET BUY: +3193.29 

(14162.6 - 10969.31)

Closing Bell:

* Sensex: 76456.59 (-33.49)

* Nifty 50: 23264.85 (+5.65)

* Nifty bank: 49705.75 (-75.15)

Nifty top 5 Gainers: 

* ONGC: 273.55 (+14.40)

* Larsen: 3,598.70 (+54.95)

* Adani Ports: 1,403.45 (+19.40)

* Tata Motors : 987.10 (+11.95)

* Maruti Suzuki: 12,863.65 (+146.10)

*Nifty top 5 losers:

* Kotak M: 1,720.00 (-25.65 )

* Divis Labs: 4,475.45 (-60.80 )

* Asian Paints: 2,902.45 (-35.10 )

* Dr Reddys Labs: 6,039.25 (-66.90 )

* Reliance : 2,913.35 (-29.45)

Broadcom Inc. (Post market) (Sector- Technology)

07:00 CHINA CPI y/y (Expected-: 0.4% versus Previous: 0.3%)

07:00 CHINA PPI y/y (Expected-: -1.5% versus Previous: -2.5%)

11:30 U.K. GDP m/m (Expected: 0.0% versus Previous: 0.4%)

17:30 INDIA Inflation Rate y/y (Expected: 4.9% versus Previous: 4.8%)

17:30 INDIA Industrial Production y/y (Expected: 4.6% versus Previous: 4.9%)

18:00 U.S. CPI m/m (Expected: 0.1% versus Previous: 0.1%)

23:30 U.S. Federal Funds Rate (Expected: 5.50% versus Previous: 5.50%)

00:00 U.S. FOMC Press Conference

Here’s an interesting stock idea: Our stock recommendation for you today is Supreme Petrochem The stock has bounced off from a key trendline support and is looking strong. That keeps the overall uptrend intact. The stock has the potential to rise further from here.