Market Commentary     11-Jun-24
Mid-Session
Nifty climbs above 23,350; ONGC rallies over 5%
The domestic equity benchmarks traded with substantial gains in afternoon trade. The Nifty traded above the 23,350 mark after hitting the day’s low of 23,206.65 in morning trade. All the sectorial indices on NSE were in the green with oil & gas, realty and media shares gaining the most.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 233.45 points or 0.31% to 76,723.53. The Nifty 50 index added 92.05 points or 0.40% to 23,351.25.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 1.07% and the S&P BSE Small-Cap index gained 1.18%.

The S&P BSE small-cap index and S&P BSE Mid-Cap index hit a 52 week high at 49,833.10 and 44,858.79 respectively.

The market breadth was strong. On the BSE, 2,536 shares rose and 1,242 shares fell. A total of 131 shares were unchanged.

Gainers & Losers:

Oil & Natural Gas Corporation (up 5.04%), Tata Motors (up 2.12%), Larsen & Toubro (up 1.90%), Adani Ports and Special Economic Zone (up 1.87%) and Hero MotoCorp (up 1.74%) and were major Nifty gainers.

Dr. Reddy's laboratories (down 1.06%), Kotak Mahindra Bank (down 0.87%), ITC (down 0.62%), Reliance Industries (down 0.62%) and Eicher Motors (down 0.48%) were major Nifty losers.

Stocks in Spotlight:

Mahindra & Mahindra rose 0.76%. The company said that its total production jumped 17.48% to 69,886 units in the month of May 2024 as compared with 59,490 units produced in the same period last year.

RailTel Corporation of India surged 8.38% after the company announced that it has received a work order worth Rs 11.23 crore from the Ministry of Defence.

Rail Vikas Nigam (RVNL) rallied 4.72% after the company announced that Siemens-RVNL consortium has received letter of acceptance (LoA) from Bangalore Metro Rail Corporation for a project valued at Rs 394.23 crore.

Meanwhile, the company informed that it has been emerged as the lowest bidder from Central Railway for over head equipment (OHE) modification work of existing electric traction system in Nagpur division.

Transformers And Rectifiers (India) was locked in upper circuit of 5% at Rs 769.15 after its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 699.95 per share.

Suzlon Energy added 2.15% after the company said that it has secured a 103.95 MW order from AMPIN Energy Transition to supply 33 wind turbines with a rated capacity of 3.15 MW each.

Global Markets:

Most of European stocks advanced while Asian stocks traded mixed on Tuesday. Investors are cautious ahead of the Federal Reserve's decision this week and key U.S. inflation data. This wait-and-see approach is also due to European political uncertainties.

The Fed is expected to announce its interest rate decision and release updated economic projections on Wednesday, June 12th, 2024.

Despite the wait for the Fed, Wall Street managed to notch slight gains on Monday. Both the S&P 500 and Nasdaq closed at record highs after a volatile session. The Dow Jones also finished positive, up 0.2% to 38,868.04. The S&P 500 climbed 0.3% to 5,360.79, and the Nasdaq rose 0.4% to 17,192.53, marking record closes for both indexes.

Previous News
  Suzlon Energy to conduct board meeting
 ( Corporate News - 16-Jul-24   10:59 )
  Purvah Green Power enters into framework agreement with Suzlon Energy
 ( Corporate News - 15-Jul-24   16:00 )
  Mahindra & Mahindra to table results
 ( Corporate News - 13-Jul-24   12:36 )
  Benchmarks hit fresh record highs; Nifty tops 24,500
 ( Market Commentary - Quick Review 12-Jul-24   15:42 )
  M&M production rises 8% YoY in June’24
 ( Hot Pursuit - 12-Jul-24   12:37 )
  Railtel Corporation of India Ltd leads gainers in 'A' group
 ( Hot Pursuit - 12-Jul-24   12:01 )
  Nifty July futures trade at premium
 ( Market Commentary - Futures Market 10-Jul-24   16:48 )
  Blue Star Ltd leads losers in 'A' group
 ( Hot Pursuit - 10-Jul-24   15:01 )
  M&M hit the brakes after XUV700 price cut
 ( Hot Pursuit - 10-Jul-24   14:58 )
  Mahindra & Mahindra Ltd Slips 4.62%, BSE Auto index Shed 1.12%
 ( Hot Pursuit - 10-Jul-24   09:31 )
  GTL Infrastructure Ltd Slides 4.81%
 ( Hot Pursuit - 09-Jul-24   09:31 )
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  18-Jul-24   14:41
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  18-Jul-24   13:32
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  18-Jul-24   12:33
  Broader market underperforms; media shares slide
  18-Jul-24   11:36
  Sensex, Nifty hits new life high; PSU bank stocks in demand
  18-Jul-24   10:39
  Barometers edge lower; breadth negative
  18-Jul-24   09:37
  Indices trade near flat line, media shares decline
  16-Jul-24   14:33
  Nifty above 24,600 level; European mkt opens lower
  16-Jul-24   13:33
  Indices off day's high; FMCG shares rally for 8th day in row
  16-Jul-24   12:33
  Sensex gains 199 pts; metal shares shine
  16-Jul-24   11:34
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