Share Market Highlights: Sensex gains over 450 pts, Nifty ends shy of 15700; Reliance, ICICI Bank lead gains

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Benchmark indices ended higher for the second consecutive day with Nifty ending just shy of 15700. At close, the Sensex was up 462.26 points or 0.88% at 52,727.98, and the Nifty was up 142.60 points or 0.92% at 15,699.30.

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In global markets, Wall Street's main indexes posted solid gains on Thursday, while Asian markets were also trading firm today in early deals

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.

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Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 24 June

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15:40 (IST) 24 Jun 2022
Markets end higher for 2nd straight day

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.

15:31 (IST) 24 Jun 2022
Pakistan stock market nosedives

The Pakistan Stock Exchange plunged over 2,000 points after Prime Minister Shehbaz Sharif announced a tax on large industries

15:21 (IST) 24 Jun 2022
Canara Bank rises 2%

Canara Bank board approves fund raise of Rs 9,000 crores via debt in FY23

15:09 (IST) 24 Jun 2022
Nifty to gradually resolve higher and extend pullback towards 16600 region in coming months

“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

15:06 (IST) 24 Jun 2022
Benchmark indices trading higher

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.

14:53 (IST) 24 Jun 2022
Route Mobile shares rally 8%

Route Mobile shares jump after company board decides to meet on June 28 to consider a share buyback

14:48 (IST) 24 Jun 2022
Thomas Cook soars 8% on buzz of promoter rising stake

Thomas Cook's promoter group has reportedly bought 2.81 crore shares of the company via open market.

14:38 (IST) 24 Jun 2022
Nazara technologies stock turns ex-date for 1:1 bonus issue

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).

14:37 (IST) 24 Jun 2022
RBI well on track to bringing down inflation: Governor Shaktikanta Das

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.”

14:35 (IST) 24 Jun 2022
Velocity of the decline accelerated on breach of March low of 15700

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

14:26 (IST) 24 Jun 2022
Buy ICICI Pru Life Insurance: Motilal Oswal Financial Services

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).

14:04 (IST) 24 Jun 2022
Markets likely to remain in consolidation as inflation, growth dynamics unfold

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

14:02 (IST) 24 Jun 2022
Reliance stock call: Good opportunity to buy RIL, says Jefferies after share price tanks 14% in 2 months

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

13:42 (IST) 24 Jun 2022
Canara Bank board approves raising up to Rs 9,000 crore; stock rises 2%

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).

13:40 (IST) 24 Jun 2022
Telecom, Private Banks top BSE performers

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.

13:40 (IST) 24 Jun 2022
Tata Steel Mining completes 100% acquisition of Rohit Ferro-Tech, shares rise 1.34%

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.

13:32 (IST) 24 Jun 2022
Power stocks gain

BSE Power index rose 1 percent supported by the Adani Green, Adani Power, JSW Energy

13:19 (IST) 24 Jun 2022
Auto stocks in focus, M&M, Hero MotoCorp, TVS Motor rally

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.

13:14 (IST) 24 Jun 2022
Look for buying opportunity in M&M, TVS Motors, Bharat Forge

“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

13:13 (IST) 24 Jun 2022
If Bank Nifty holds above 33500, it can bounce towards 33750

“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

13:12 (IST) 24 Jun 2022
India VIX hovering at 21 which indicates volatility likely to continue

“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

13:09 (IST) 24 Jun 2022
Indices trade higher

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.

12:37 (IST) 24 Jun 2022
BSE 500: Top losers

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

12:36 (IST) 24 Jun 2022
M&M, Kohinoor Foods among 51 stocks to hit 52-week high on BSE, 42 scrips touch fresh lows

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.

Read full story

12:28 (IST) 24 Jun 2022
Rakesh Jhunjhunwala stock up 24% so far in 2022; brokerages say buy

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.

Read full story

12:07 (IST) 24 Jun 2022
M&M hits new high, stock up 3%

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

12:07 (IST) 24 Jun 2022
Indices off day’s high

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.

11:55 (IST) 24 Jun 2022
BSE 500: Top gainers

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

11:29 (IST) 24 Jun 2022
Hero Motocorp shares surge 4%

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.

11:23 (IST) 24 Jun 2022
FMCG stocks surge on easing concerns over margins

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.

11:22 (IST) 24 Jun 2022
BSE Smallcap up 1%

BSE Smallcap index added 1 percent led by the SORIL Infra Resources, Nazara Technologies, Solara Active Pharma Sciences

11:20 (IST) 24 Jun 2022
Nifty’s 15180 intact, technical indicators hint at pullback from oversold territory; 20-DEMA placed at 15880

On the daily charts, the daily readings are still in the oversold zone and have to cool-off before the next leg of the corrective phase. Hence, the index is attempting a pullback move within a corrective phase. In the near term, we expect the index to retrace the recent down move from 16800-15180 and 38.2 percent retracement of this correction is placed around 15800. Read full story

10:33 (IST) 24 Jun 2022
Motilal Oswal initiates coverage on Tube Investments with buy

Broking house initiate coverage on Tube Investments of India with a buy rating and a target price of Rs 1,900 (premised on Mar'24E SOTP, based on 30x for the standalone business and valuing listed subsidiaries at 20% HoldCo discount).

Key risks: a) ‘Lean’ program execution for margin improvement, b) TI-2 strategy execution in new business areas, c) sustained turnaround of acquisition under TI-3 strategy, and d) upside risk to CG Power estimates.

10:29 (IST) 24 Jun 2022
Rupee recovers from record low

Recovering from its record low, the rupee opened 12 paise up at 78.20 against the US dollar on Friday, tracking a pullback in crude oil prices

09:53 (IST) 24 Jun 2022
Auto stocks rise

BSE Auto Index added 1 percent led by the Eicher Motors, TVS Motor, Tube Investments of India

09:52 (IST) 24 Jun 2022
Nifty FMCG up 1%

Nifty FMCG index added 1 percent supported by the HUL, Britannia Industries, Marico

09:50 (IST) 24 Jun 2022
Dish TV soars 6% despite Bombay HC dismissing its case against YES Bank

The Bombay High Court on Thursday dismissed the appeal filed by a Dish TV promoter entity against YES Bank — the largest shareholder in the direct-to-home company — paving the way for the latter to vote at the extraordinary general meeting (EGM), to be held on Friday.

09:49 (IST) 24 Jun 2022
DCM Shriram rises 2%

DCM Shriram rose 2% as company decided to invest in renewable energy project. The company said that the board has approved to invest up to Rs 65 crore for minimum 26 percent equity stake in an SPV which will be created for setting up a wind-solar hybrid renewable power project.

09:45 (IST) 24 Jun 2022
HUL chairman agrees to further price hikes; stock top gainer within FMCG pack

HUL will continue to increase prices of its products as inflation remains high even as market growths have moderated and volume growth has declined, Nitin Paranjpe, chairman of the company, told shareholders at its 89th annual general meeting (AGM) on Thursday.

09:34 (IST) 24 Jun 2022
Hero MotoCorp up 1% as company announces price hike

Hero MotoCorp shares rose 1% after the company announced that it will increase ex-showroom prices of its motorcycles and scooters with effect from July 1 to partially offset the steadily growing input cost inflation. The price revision will be up to Rs 3,000. The exact quantum of increase will be subject to the specific model and market.

09:32 (IST) 24 Jun 2022
BSE Midcap, smallcap up 1%

BSE SmallCap index gains 1.3%

BSE MidCap index rises 1.2%

09:28 (IST) 24 Jun 2022
Bank Nifty up 1.5%

Bank Nifty index rose 500 points or 1.51% to 33,628

09:26 (IST) 24 Jun 2022
Rupee opens higher

Indian rupee opened 9 paise higher at 78.22 per dollar on Friday against Thursday's close of 78.31.

09:25 (IST) 24 Jun 2022
F&O expiry week outlook: Nifty to hit 16000 if it closes above 15700, follow stock centric approach for gains

In F&O space, we observed open interest reduction in Nifty as well as Bank Nifty. Stronger hand continues with their relentless selling in equities but preferred buying in index and stock futures segment. This has resulted in their index futures Long short Ratio surging to 24%. Interestingly, the Nifty futures are now trading at premium and the PCR-OI has also come close to 1, which is a positive development. For the coming monthly series, 15500 put and 16000 call strikes are attracting traders’ attention. Hence, we believe 15400 – 15500 shall act as an immediate demand zone, whereas any sustainable move on the closing basis above 15700 shall open doors for the psychological mark of 16000. Read full story

09:22 (IST) 24 Jun 2022
Bank Nifty to consolidate around current level with 33000 as anchor point

On Thursday, the Bank Nifty bounced back and closed with a gain of 0.94%. On the options front, both 33000 Call and Put options hold substantial OI. Hence, we expect the Bank Nifty to consolidate around current level with 33000 as anchor point.

~ICICIDirect

09:21 (IST) 24 Jun 2022
Sensex gainers, losers

IndusInd Bank, Axis Bank, SBI, ICICI, Bajaj Finance, Wipro, Tata Steel and Ultratech Cement led gains on the Sensex, while Nestle and HDFC were the only losers.

09:18 (IST) 24 Jun 2022
Sensex rises 470 pts, Nifty tops 15700

Indian equity markets opened higher with Sensex rising 470 points and Nifty reclaiming 15700

09:15 (IST) 24 Jun 2022
Markets edge higher in pre-open

The Sensex was up 347.53 points or 0.66% at 52613.25, and the Nifty was up 100 points at 15657

09:14 (IST) 24 Jun 2022
Markets are likely to open gap up tracking positive global cues

“Indian markets are likely to open gap up tracking positive global cues though caution persisted over aggressive hikes in interest rates and their impact on economic growth. Domestic markets ended higher on the back of gains in auto, BFSI and IT stocks amid declining crude oil prices on demand concerns. US markets ended higher as traders reacted to Fed Chair Jerome Powell’s testimony before the Senate Banking Committee.”

~ICICIDirect

09:12 (IST) 24 Jun 2022
Markets edge higher in pre-open

The Sensex was up 347.53 points or 0.66% at 52613.25, and the Nifty was up 100 points at 15657.

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