Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Tuesday’s trading session in the positive territory. The NSE Nifty 50 gained 183.45 points or 0.78% to settle at 23,721.30, while the BSE Sensex jumped 712.45 points or 0.92% to 78,053.53. The broader indices ended in mixed territory, with gain led by Largecap and Midcap stocks. Bank Nifty index ended higher by 902.05 points or 1.74% to settle at 52,606. Financial Services and Banking stocks outperformed among the other sectoral indices while Metal and Realty stocks shed.
The NSE Nifty 50 gained 0.78% to settle at 23,721.30, while the BSE Sensex jumped 0.92% to 78,053.53.
Axis Bank, Shriram Finance, ICICI Bank, HDFC Bank, and HDFC Life Insurance are the top gainers on NSE Nifty 50 index whereas the top laggards include BPCL, Eicher Motors, Power Grid Corp, Asia Paints, and Tata Steel.
Craftsman Automation share jumps over 14% to intra-day high as the automation firm announced the signing of a Memorandum of Understanding (MoU) with Sunbeam Lightweighting Solutions Private Ltd and Kedaara Capital Fund II LLP. The MoU outlines the firm’s intent to acquire all or part of Sunbeam’s business in one or more tranches, excluding specific assets in Gurugram.
Shares of ICICI Bank, the Mumbai-based private lender, reached a market capitalization of $100 billion after the stock gained over 2% on Tuesday. This achievement makes ICICI Bank the sixth Indian entity to surpass a market capitalization of $100 billion.
In terms of stock performance, Borosil shares have demonstrated mixed returns across multiple time frames. Over the past month, the stock has delivered a commendable 5.61% return, showcasing its stability and growth potential. In the last six months, the stock has yielded returns of 3.31%, indicating a strong upward trend.
Year-to-date, Borosil shares have surged by 5.40%, reinforcing the stock’s positive momentum in the current fiscal year. However, looking at the broader picture, the stock has delivered negative returns of 16.51% in the last twelve months.
Courtesy: NSE
Muthoot Microfin shares surged up to 6.2% to intra-day High of Rs 257 on NSE, marking their highest increase since January 31, after the company announced it had received a corporate agent license from the Insurance Regulatory and Development Authority of India. This license approval will allow the microfinance lender to offer tailored insurance plans to its customer base, the company stated in a communication to exchanges.
Axis Bank, HDFC Bank, ICICI Bank, L&T, UltraTech Cement are the top gainers on NSE Nifty 50 index whereas the top laggards include BPCL, Coal India, ONGC, Eicher Motors, and Adani Ports and SEZ.
Allied Blenders and Distillers, renowned for brands such as Officer’s Choice Whisky, Sterling Reserve, Officer’s Choice Blue, and ICONiQ Whisky, has commenced public bidding for its Rs 1,500 crore IPO. The price band for the IPO has been fixed at Rs 267 to Rs 281 per share, with subscriptions closing on June 27.
The NSE Nifty 50 was up 50 points or 0.21% at 23,586.35, while the BSE Sensex was up 220 points or 0.28% at 77,561.
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty slipped lower in early trades, but bulls were able to defend around the 55 EMA on the hourly chart. The trend remains positive for the short term as long as it remains above 23,300, where a buy-on-dips strategy might favor traders. On the higher end, resistance is seen at 23,600. A decisive move above 23,600 might lead call writers to unwind their positions.
Amara Raja shares gained nearly 19% on Tuesday, June 25, after the automotive battery maker announced on Monday that its wholly-owned subsidiary, Amara Raja Advanced Cell Technologies Private Ltd, had signed a technical licensing agreement with GIB EnergyX Slovakia s.r.o., a subsidiary of Gotion High-Tech Co Ltd.
“The BankNifty index continued to remain strong and, after testing the support zone of 51,200-51,000, bounced back sharply. The immediate resistance is placed at 52,000, where the highest open interest is built up on the call side. Once the index surpasses this mark, it will likely witness a further upmove towards the 52,400-52,800 range,” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Bank Nifty index gains over 300 points to trade over 52,000 mark for the first time. The gains are led by HDFC Bank, AU Small Finance Bank, Axis Bank, State Bank of India, Bank Of Baroda, Federal Bank, Kotak Mahindra Bank, ICICI Bank and IDFC First Bank.
Divis Lab, Coal India, UltraTech Cement, Hindalco Industries, and Cipla are the top gainers on NSE Nifty 50 index whereas the top laggards include Hero MotoCorp, Asian Paints, Bajaj Finserv, SBI Life Insurance, and Hindustan Unilever.
The NSE Nifty 50 opens up by 0.17% at 23,577.10, while the BSE Sensex jumps 0.24% to 77,529.19 in the opening trade.
Commenting on the pre-market outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that the bull market's trajectory for the rest of 2024 hinges on two key factors: FM Nirmala Sitharaman’s upcoming Union Budget and the Federal Reserve’s potential dovish shift amid easing inflation and robust US economic growth. A favorable budget and a dovish Fed could boost confidence in corporate India's earnings, central to stock performance.
Tapse also added that despite current challenges like net selling by FIIs and DIIs, slow monsoon progress, rising India VIX, and spiking oil prices, Nifty shows resilience and is poised to target its all-time high of 23,667. Key economic data releases later this week, including the US PCE Price Index and GDP figures, as well as India's fiscal deficit and infrastructure output, will be pivotal.
Whereas the top Recommended trades of Mehta Equities for the day include buying Nifty and Bank Nifty at current levels, with bullish picks on PI Industries, HDFC AMC, and Jindal Steel & Power.
The NSE added Balrampur Chini Mills, Chambal Fertilisers & Chemicals, GNFC, Granules, Indus Tower, Punjab National Bank, Sail, and Piramal Enterprises in F&O on June 25, 2024.
Foreign institutional investors (FII) offloaded shares worth Rs 653.97 crore, while domestic institutional investors (DII) sold shares worth Rs 820.47 crore on June 24, 2024, according to the provisional data available on the NSE.
Shares in the Asia-Pacific region are trading in positive territory on Tuesday morning. The Asia Dow is trading up by 0.26%, where as the Japan’s Nikkei 225 is trading in green, up by 0.51%, Hong Kong’s Hang Seng index is traded higher by 0.83% and the benchmark Chinese index Shanghai Composite traded higher by 0.21%.
On Tuesday morning, WTI crude prices are trading at $81.86, marking a 0.13% increase, while Brent crude prices are at $86.17, reflecting a 0.18% rise.
The US Dollar Index (DXY), which measures the dollar's value against a basket of six foreign currencies, traded down by 0.04% to 105.47.
On Monday, the Dow surged to a one-month high while the Nasdaq tumbled over 1% as investors shifted their focus from AI-linked stocks to laggards, anticipating Federal Reserve interest rate cuts this year. Despite this, the S&P 500 and Nasdaq closed lower due to the rotation out of technology stocks, which have significantly driven this year's rally. However, nine of the S&P 500's 11 major industry sectors saw gains, according to Reuters. The tech-heavy Nasdaq Composite fell by 192.54 points or 1.09%, settling at 17,496.82. The S&P 500 declined by 16.75 points or 0.31%, ending at 5,447.87. Meanwhile, the Dow Jones Industrial Average edged up by 62.51 points or 0.16%, closing at 39,473.72.