Market Commentary     20-Jun-24
Mid-Session
Nifty climbs above 23,500; metal shares shine
The headline equity benchmarks traded with minor gains in mid-morning trade. The Nifty traded above the 23,500 level. Metal shares advanced after declining in past two consecutive trading sessions. Trading could be volatile due to weekly F&O series expiry today.

At 11:30 IST, the barometer index, the S&P BSE Sensex was up 31.61 points or 0.04% to 77,369.20. The Nifty 50 index added 18.20 points or 0.08% to 23,534.20.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.48% and the S&P BSE Small-Cap index rose 1.01%.

The market breadth was strong. On the BSE, 2,370 shares rose and 1,284 shares fell. A total of 157 shares were unchanged.

Economy:

The government announced an increase in Minimum Support Prices (MSP) for all 14 kharif crops for the 2024-25 season (July-June). This hike is expected to put an additional Rs 35,000 crore in the hands of farmers, bringing the total MSP payout to around Rs 2 lakh crore.

Meanwhile, the Reserve Bank of India (RBI) projects continued economic momentum in the April-June quarter, driven by rising private consumption and strengthening manufacturing and services sectors.

IPO Update:

The initial public offer (IPO) of DEE Development Engineers received 6,03,39,099 bids for shares as against 1,49,44,944 shares on offer, according to stock exchange data at 11:15 IST on Thursday (20 June 2024). The issue was subscribed 4.04 times.

The issue opened for bidding on Wednesday (19 June 2024) and it will close on Friday (21 June 2024). The price band of the IPO is fixed between Rs 193 to Rs 203 per share. An investor can bid for a minimum of 73 equity shares and in multiples thereof.

The initial public offer (IPO) of Akme Fintrade (India) received 4,07,22,750 bids for shares as against 78,65,000 shares on offer, according to stock exchange data at 11:15 IST on Thursday (20 June 2024). The issue was subscribed 5.18 times.

The issue opened for bidding on Wednesday (19 June 2024) and it will close on Friday (21 June 2024). The price band of the IPO is fixed between Rs 114 to Rs 120 per share. An investor can bid for a minimum of 125 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal Index gained 1.94% to 9,962.70. The index fell 1.31% in past two consecutive trading sessions.

Hindustan Zinc (up 6.13%), Vedanta (up 5.86%), NMDC (up 3.82%), Hindustan Copper (up 2.97%), National Aluminium Company (up 2.83%), Steel Authority of India (up 2.68%), Jindal Steel & Power (up 2.16%), Hindalco Industries (up 1.85%), Tata Steel (up 1.44%) and Adani Enterprises (up 1.17%) advanced.

Stocks in Spotlight :

Indian Oil Corporation added 1.44% after the company said that it has entered into a joint venture agreement with GPS Renewables, one of the leading biofuels companies in the country.

Brigade Enterprises rallied 3.16% after the company announced that it has signed a land lease agreement to develop a third World Trade Center (WTC) tower at Infopark Kochi.

GMR Power and Urban Infra was locked in 5% upper circuit after the firm’s subsidiary, GMR Smart Electricity Distribution (GSEDL) has entered into an arrangement with Bosch Global Software Technologies (BGSW) for the smart meter projects.

Global Markets:

Asian stocks traded mixed on Thursday, awaiting further U.S. policy signals. Sterling held steady ahead of a Bank of England meeting, where interest rates are likely to remain unchanged.

Central bank decisions from Switzerland and Norway are also on investors' watchlist, shaping the global rate outlook. China, as expected, kept benchmark lending rates steady despite a sluggish economy.

US equities were higher at the close on Wednesday. The Dow Jones Industrial Average added 0.15%, while the S&P 500 index gained 0.25%, and the NASDAQ Composite index added 0.02%.

Previous News
  Macrotech Developers Ltd leads losers in 'A' group
 ( Hot Pursuit - 12-Jul-24   15:01 )
  Brigade Group launches residential project “Cobalt at Brigade EI Dorado”
 ( Corporate News - 11-Jul-24   16:08 )
  Indian Oil Corporation Ltd up for third straight session
 ( Hot Pursuit - 11-Jul-24   13:06 )
  Indian Oil Corporation Ltd gains for fifth session
 ( Hot Pursuit - 04-Jul-24   13:00 )
  Nifty near 24,350; realty shares rally for 3rd day
 ( Market Commentary - Mid-Session 04-Jul-24   12:33 )
  Indices came off the days high; IT shares extent gains for 6th day
 ( Market Commentary - Mid-Session 04-Jul-24   10:37 )
  Brigade Enterprises edges higher after signing JDA for Rs 1100-cr residential project in Bengaluru
 ( Hot Pursuit - 04-Jul-24   09:48 )
  Sensex climbs 303 pts; PSU banks advance
 ( Market Commentary - Mid-Session 28-Jun-24   10:33 )
  BrigadeEnt edges higher after launching Rs 1100-cr premium residential project in Bengaluru
 ( Hot Pursuit - 28-Jun-24   09:39 )
  Brigade Group launches premium residential project 'Brigade Insignia' in Bengaluru
 ( Corporate News - 28-Jun-24   09:26 )
  GMR Hyderabad Vijayawada Expressways settles dispute with NHAI
 ( Corporate News - 28-Jun-24   09:03 )
Other Stories
  Indices turn rangebound; oil & gas stocks climb for 3rd day
  12-Jul-24   14:33
  Sensex spurts 742 pts, European mkt open higher
  12-Jul-24   13:38
  Nifty trades near 24,500 level; Private bank shares rally for 2nd day
  12-Jul-24   12:32
  Market hits new life high; IT shares in demand
  12-Jul-24   11:32
  Nifty above 24,350; media shares rally for 2nd day
  12-Jul-24   10:32
  Market opens on a firm note; breadth strong
  12-Jul-24   09:35
  Indices trade with tiny cuts; oil & gas shares rise
  11-Jul-24   14:34
  Barometers turn rangebound; European mkt opens higher
  11-Jul-24   13:43
  Market trade in negative terrain; financial services shares under pressure
  11-Jul-24   12:30
  Sensex down 274 pts; realty shares slide
  11-Jul-24   11:32
Back Top