Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices ended higher for the second consecutive day with Nifty ending just shy of 15700. At close, the BSE Sensex was up 462.26 points or 0.88% at 52,727.98, and the NSE Nifty 50 was up 142.60 points or 0.92% at 15,699.30. Sectorally, auto, oil & gas, power, bank, metal and FMCG indices up 1 percent each, while selling was seen in the IT names. In broader markets, the BSE midcap and smallcap indices added over 1 percent each. M&M, Hero MotoCorp, IndusInd Bank, Bajaj Finance and HUL were among the top Nifty gainers. The losers were Tech Mahindra, Infosys, TCS, HCL Technologies and Coal India. Meanwhile, Indian rupee ended marginally lower at 78.34 per dollar on Friday versus previous closing of 78.31 against the greenback.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 24 June
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Benchmark indices ended higher for the second consecutive day with Nifty ending just shy of 15700. The Sensex closed 462.26 points or 0.88% higher at 52,727.98, and the Nifty ended 142.60 points or 0.92% up at 15,699.30.
The Pakistan Stock Exchange plunged over 2,000 points after Prime Minister Shehbaz Sharif announced a tax on large industries
Canara Bank board approves fund raise of Rs 9,000 crores via debt in FY23
"Equity benchmarks behaved contrary to our expectations as downbeat global cues tracking anxiety around rising inflation globally, rate hikes weighed on investor sentiments. The velocity of the decline accelerated on breach of March low of 15700 and drifted further to the 15200 mark. We expect the index to gradually resolve higher and extend pullback towards the 16600 region in coming months wherein strong support is placed in the vicinity of 14800-14600 zone, which we expect to hold as it is 80% retracement of CY-21 rally (13596-18604), at 14600. Thus, dips should be utilised to construct a portfolio by accumulating quality stocks in a staggered manner."
~ICICIDirect
Benchmark indices were trading higher in the final hour of the trading with Nifty around 15700. The Sensex was up 389.92 points or 0.75% at 52655.64, and the Nifty was up 122.50 points or 0.79% at 15679.20. About 2286 shares have advanced, 832 shares declined, and 107 shares are unchanged.
Route Mobile shares jump after company board decides to meet on June 28 to consider a share buyback
Thomas Cook's promoter group has reportedly bought 2.81 crore shares of the company via open market.
Shares of Nazara Technologies surged 19 per cent to Rs 623.95 on the BSE on Friday on the back of heavy volumes after the stock turned ex-date for a 1:1 bonus share issue. The stock recovered 29 per cent from its record low level of Rs 484 touched on Wednesday, June 22. It had hit an all-time high of Rs 1,677 on October 11, 2021. Nazara had made a stock market debut on March 30, 2021. The company issued shares at price of Rs 550.50 per share (adjusted to bonus shares).
The Reserve Bank of India (RBI) is “well on track” to bringing down inflation and inflation expectations in the economy against the backdrop of supply side disruptions, the governor said. “Until December, CPI (Consumer Price Index) inflation is expected to remain higher than the upper tolerance level; thereafter it is expected to go below 6 percent as per our current projections,” Shaktikanta Das said in an interview to The Times of India. "There will be inflationary pressures, and only in the fourth quarter, we have projected it to go below 6 percent.”
Equity benchmarks behaved contrary to our expectations as downbeat global cues tracking anxiety around rising inflation globally, rate hikes weighed on investor sentiments. The velocity of the decline accelerated on breach of March low of 15700 and drifted further to the 15200 mark ICICI Direct
IPRU has maintained a steady traction in VNB growth, led by a healthy product mix and APE growth, aided by a more balanced distribution mix. The share of higher margin products such as protection and annuity/non-par savings has increased in recent years, thus reducing dependence on ULIPs. On the distribution side, the share of banks (excluding ICICI Bank) has increased over the years (off a low base), supporting the diversification in its distribution mix. The increase in agent recruitment and the forming of new partnerships will continue to support premium growth. We expect VNB margins to improve slightly and project IPRU to deliver 21% and 23% CAGR in new business APE and VNB over FY22-24E, respectively, thus enabling an operating RoEV of 16.9% in FY24E. We reiterate our Buy rating with a revised TP of INR630 (premised on 2.1x FY24E EV).
As high inflation remains the main concern, globally policy makers have begun to show urgency and respond with interest rate hikes and supply side measures. While the aggressive rate hikes have increased the risks of growth slowdown in short term, the anticipated demand slowdown will also aid towards cooling of inflation in medium term. Commodity prices have begun to reflect the same. Owing to this, as new inflation and growth dynamics unfold, markets are expected to remain in a consolidation phase. Hemant Kanawala, Head Equities, Kotak Mahindra Life Insurance Company
Reliance Industries share price rose nearly 2 per cent to Rs 2,510.95 apiece on BSE on Friday. Earlier this week global brokerage firm Jefferies reiterated its ‘buy’ rating on RIL stock. Mukesh Ambani-led RIL’s share price has corrected nearly 14 per cent from its peak of Rs 2,855 in April this year. Jefferies said that correction in the oil-to-telecom conglomerate share offers an opportunity to buy the counter. It has pegged a price target of Rs 2,950, a potential upside of 19.7 per cent from last close. Read full story
The Board of Directors of the Canara Bank in its meeting held today on 24.06.2022 has approved the Capital Raising Plan of the Bank for the financial year 2022-23 amounting up to Rs 9000 crore by way of Debt Instruments (Additional Tier I / Tier II Bonds).
The BSE Telecom index has surged nearly 2 per cent. The Private Banks, Diversified Financials and Finance indices were the other lead gainers so far on Friday.
Tata Steel Mining has completed the acquisition of remaining 10 per cent equity stake in Rohit Ferro-Tech (RFT) for Rs 20 crore, according to a company statement. On April 12, Tata Steel said its subsidiary Tata Steel Mining Ltd (TSML) has completed the acquisition of 90 per cent stake in RFT in accordance with the approved resolution plan under Insolvency and Bankruptcy Code 2016. The investment from TSML in RFT was made through a combination of equity of Rs 10 crore and inter-corporate loan of Rs 607.12 crore, the company had said. Tata Steel was quoting at Rs 852.25, up Rs 11.30, or 1.34 percent on the BSE.
BSE Power index rose 1 percent supported by the Adani Green, Adani Power, JSW Energy
Mahindra & Mahindra (M&M) surged to a new record high on hopes of strong demand. Hero MotoCorp, TVS Motor, Ashok Leyland also logged smart gains.
"Today, we are witnessing long built up in stocks like Muthoot fin, Eicher, JK cement, Escorts and Srtransfin etc. while short build-up is visible in counters like TechM, Infy, Coforge, HPCL and Lupin etc. The index is facing resistance at higher levels and as long as we are below 15735 the bias remains on the negative side with some consolidation. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in M&M, TVS Motors, Bharat Forge etc."
~Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services
"Today, we have witnessed positive movement in most of the sectors including Auto, PSU and Private Banks, FMCG, Metals and Media while some weakness was seen in the IT index. Bank Nifty opened with a gap up and moved towards 33692 and is seen facing some resistance at higher levels. Now it has to hold above 33500 zones we can expect a bounce towards 33750 and 34000 zones whereas supports are placed at 33250 and 33000 zones."
~Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services
"Nifty opened with a gap up and inched towards 15750 level. However we have witnessed some selling pressure at higher levels and the index drifted lower towards 15620 zone. India VIX is flat and hovering at 21 which indicates volatility likely to continue and it needs to cool down for some stability in the market. Now till it holds above 15500 zone we can expect bounce towards 15750 and 15888 whereas a hold below this could open a downside move towards 15350 and 15200 zones. Market breadth is positive which indicates that there is some support at lower levels."
~Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services
Sensex is up 344.21 points or 0.66% at 52609.93, and the Nifty added 109.90 points or 0.71% at 15666.60.
Brightcom Group has shed 5 per cent and was the top loser among the BSE 500 stocks. Star Health Insurance, Mindtree, Allcargo Logistics and JK Lakshmi Cement were few of the other notable losers so far
Alfavision Overseas (India), Avro India, Choice International, Gensol Engineering, Kohinoor Foods, Mahindra & Mahindra, Naysaa Securities, Rajnish Wellness, Superior Industrial Enterprises, Sterling Tools, Voltamp Transformers were among the stocks that hit 52-week high on BSE. On the flip side, Black Box, Dharani Sugars & Chemicals, Gujarat State Petronet, Hester Biosciences, Mercury Laboratories, Nile, Poddar Housing and Development, Star Health and Allied Insurance Company, Vijay Solvex were among the stocks that hit new lows.
Rakesh Jhunjhunwala portfolio stock Indian Hotels Company (IHCL) has jumped 24% so far this year, outperforming benchmark Nifty 50 which has tumbled 11%. Brokerage firms are bullish on Indian Hotels shares after the company highlighted its efforts to grow its existing and new businesses and deploy its capital efficiently to generate better returns in the FY22 annual report. IHCL shares were quoting at Rs 229, up 2% on the NSE intraday. Indian Hotels is one of the 33 stocks held by Big Bull Rakesh Jhunjhunwala in his portfolio. Rakesh Jhunjhunwala and wife Rekha jointly hold a 2.1% stake in this hotel and resorts company as on March 31, 2022, according to the BSE corporate filing of the company.
Company says is seeing high interest for new launched Scorpio-N; In the last three months, the stock has outperformed the market, by gaining 38 per cent as against a 9 per cent decline on the Sensex
Benchmark indices were trading higher with Nifty above 15600. The Sensex was up 270.39 points or 0.52% at 52536.11, and the Nifty was up 89.80 points or 0.58% at 15646.50. About 2163 shares have advanced, 825 shares declined, and 129 shares are unchanged.
Route Mobile has soared nearly 11 per cent so far and was the top gainer among the BSE 500 stocks. KIOCL, Vakrangee, Varroc Engineer and Mahindra Lifespace were some of the other major gainers intraday
Hero MotoCorp stock rallied 4%, a day after the company announced price hike from July 1. The company said the price revision has been necessitated to partially offset the steadily growing overall cost inflation, including commodity prices.
Shares of fast-moving consumer goods (FMCG) companies saw hefty buying today on the perception that ongoing decline in global commodity prices could improve profitability of these companies going ahead. FMCG companies had come under pressure earlier this year as rising prices of commodities, such as wheat, crude palm oil and others, led to fears of continued decline in margins of these companies. In the quarter ended March, most FMCG companies reported a year-on-year decline in their margins due to high input price inflation.