Market Commentary     20-Jun-24
Quick Review
Nifty ends above 23,550; Sensex gains 141 pts; VIX sides 2.68%
The Indian equity benchmarks ended with decent gains on Thursday. The Nifty settled above the 23,550 mark after hitting day’s low of 23,442.60 in morning trade. Realty, metal and private bank stocks advanced while auto, PSU bank and healthcare shares declined. Trading was volatile due to weekly F&O series expiry today.

As per provisional closing data, the S&P BSE Sensex climbed 141.34 points or 0.18% to 77,478.93. The Nifty 50 index rose 51 points or 0.22% to 23,567.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.55% and the S&P BSE Small-Cap index gained 1%.

The market breadth was positive. On the BSE, 2,293 shares rose and 1,553 shares fell. A total of 131 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.68% to 13.35.

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 10,94,36,855 bids for shares as against 1,49,44,944 shares on offer, according to stock exchange data at 15:25 IST on Thursday (20 June 2024). The issue was subscribed 7.32 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 7,43,97,125 bids for shares as against 78,65,000 shares on offer, according to stock exchange data at 15:25 IST on Thursday (20 June 2024). The issue was subscribed 9.46 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 Realty index gained 2.02% to 1,140.30. The index fell 2.83% in the past trading session.

Prestige Estates Projects (up 8.56%), Macrotech Developers (up 3.3%), Brigade Enterprises (up 2%), DLF (up 1.8%), Sobha (up 1.8%), Oberoi Realty (up 1.64%), Phoenix Mills (up 0.55%), Sunteck Realty (up 0.48%) and Godrej Properties (up 0.34%) advanced.

Stocks in Spotlight:

Vedanta rallied 4.97% after the mining company’s board has considered and approved fund raising of Rs 1,000 crore by issuing non-convertible debentures (NCDs) on private placement basis.

Tata Communications rose 1.91% after the company announced that it has secured a five-year $250 million sustainability-linked loan (SLL) from ANZ, DBS Bank and Export Development Canada (EDC).

Indian Oil Corporation added 1.11% 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.

Bondada Engineering was locked in 5% upper circuit after the company received work order from Goldi Solar aggregating to Rs 14.65 crore.

GMR Power and Urban Infra hit an upper circuit of 5% 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.

Best Agrolife soared 13.96% after the company’s wholly owned subsidiary, Seedlings India has been granted licence for 3 insecticides by Central Insecticides Board & Registration Committee (CIBRC).

Tanfac Industries zoomed 8.25% after the company announced the signing of a framework agreement worth revenue of $81 million (Rs 675 crore) over next 5 years with one of the leading Japanese Specialty Chemical company.

Railtel corporation of India advanced 1.64% after the public sector enterprise announced that it has received a work order from South Central Railway for telecomminucation works, aggregating to Rs 20.22 crore.

Brigade Enterprises added 1.44% after the company announced that it has signed a land lease agreement to develop a third World Trade Center (WTC) tower at Infopark Kochi.

Sapphire Foods India gained 1.37% after the company announced that its board has approved 5-for-1 stock split.

Awfis Space Solutions advanced 2.18% after the company reported consolidated net profit of Rs 1.37 crore in Q4 FY24 as compared with net loss of Rs 13.85 crore posted in corresponding quarter last year.

Gokaldas Exports jumped 3.97% after the company announced its decision to invest in BRFL Textiles, one of the largest single-location fabric processing companies in India, by subscribing through optionally convertible debentures.

Global Markets:

Markets in Europe advanced while Asian stocks ended 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.

The Swiss National Bank (SNB) cut its key interest rate by 25 basis points to 1.25% on Thursday 20th June 2024. This marks the central bank's second interest rate reduction this year. The SNB's latest projections forecast inflation to average around the same level throughout 2024.

China, as expected, kept benchmark lending rates steady despite a sluggish economy.

Previous News
  Sapphire Foods India to announce Quarterly Result
 ( Corporate News - 23-Jul-24   16:55 )
  Vedanta to conduct board meeting
 ( Corporate News - 23-Jul-24   16:38 )
  Vedanta declared preferred bidder for composite license of critical mineral blocks
 ( Corporate News - 22-Jul-24   09:38 )
  Tata Communications
 ( Results - Analysis 19-Jul-24   05:38 )
  Vedanta concludes QIP issue
 ( Corporate News - 19-Jul-24   18:51 )
  Tata Communications consolidated net profit declines 12.80% in the June 2024 quarter
 ( Results - Announcements 18-Jul-24   16:50 )
  Tata Comm Q1 PAT slides 13% YoY to Rs 333 crore
 ( Hot Pursuit - 18-Jul-24   16:39 )
  Sapphire Foods India AGM scheduled
 ( Corporate News - 18-Jul-24   09:42 )
  Nifty July futures trade at premium
 ( Market Commentary - Futures Market 16-Jul-24   16:10 )
  Vedanta launches QIP at floor price of Rs 461.26/sh
 ( Hot Pursuit - 16-Jul-24   11:48 )
  Vedanta allots NCDs aggregating Rs 1,000 cr
 ( Corporate News - 11-Jul-24   13:42 )
Other Stories
  Market ends with tiny cuts; FMCG shares rally; VIX tanks 17%
  23-Jul-24   15:46
  Nifty ends below 24,550; Sensex drops 102 pts; VIX jumps 4%
  22-Jul-24   15:48
  Market snaps 4-day winning streak; Sensex slides 739 pts; Nifty settles below 22,550
  19-Jul-24   16:08
  Sensex, Nifty end at record closing highs; IT shares rally
  18-Jul-24   16:06
  Market rises for 3rd day; Nifty closes above 24,600
  16-Jul-24   15:55
  Sensex rises 142 pts; Nifty settles above 24,550; VIX rallies 3.36%
  15-Jul-24   15:50
  Benchmarks hit fresh record highs; Nifty tops 24,500
  12-Jul-24   15:42
  Indices end flat; realty shares under pressure; VIX slides 3%
  11-Jul-24   15:49
  Sensex slides 427 pts; Nifty ends below 24,350; M&M drops 6.62%
  10-Jul-24   15:57
  Sensex gains 391 pts; Nifty tops 24,400; VIX gains 3.18%
  09-Jul-24   15:48
Back Top