Market Commentary     21-Jun-24
Mid-Session
Market reverses gains; Sensex slides 272 pts; media shares advance
The frontline indices pared all gains and traded with moderate losses in mid-morning trade. The Nifty traded below the 23,550 mark after hitting day’s high of 23,667.10 in early trade. Media shares extended gains for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex was down 272.47 points or 0.36% to 77,206.46. The Nifty 50 index lost 47.70 points or 0.20% to 23,519.30. The Nifty clocked an all-time high of 23,667.10 in early trade.

In the broader market, the S&P BSE Mid-Cap index added 0.32% and the S&P BSE Small-Cap index rose 0.32%.

The S&P BSE Small-Cap index hit an all-time high at 52,272.55.

The market breadth was positive. On the BSE, 1,889 shares rose and 1,789 shares fell. A total of 147 shares were unchanged.

Economy:

The headline HSBC Flash India Composite Output Index– a seasonally adjusted index that measures the month on-month change in the combined output of India's manufacturing and service sectors – increased from 60.5 in May to 60.9 in June, highlighting a quicker rate of expansion that was substantial by historical standards and broadly aligned with the average over the past 12 months. As has been the case since February, growth was stronger at goods producers than at service providers

Output growth across India's private sector regained some of the momentum lost in May, with business activity increasing at quicker rates among manufacturing firms and their services counterparts. The HSBC Flash India PMI data, compiled by S&P Global, also showed a substantial upturn in aggregate employment amid robust expansions in total new orders intakes and international sales. Meanwhile price pressures receded.

IPO Update:

The initial public offer (IPO) of Stanley Lifestyles received 29,76,600 bids for shares as against 1,02,41,507 shares on offer, according to stock exchange data at 11:15 IST on Friday (21 June 2024). The issue was subscribed 0.29 times.

The issue opened for bidding on Friday (21 June 2024) and it will close on Tueday (25 June 2024). The price band of the IPO is fixed between Rs 351 to Rs 369 per share. An investor can bid for a minimum of 40 equity shares and in multiples thereof.

The initial public offer (IPO) of DEE Development Engineers received 21,66,38,377 bids for shares as against 1,49,44,944 shares on offer, according to stock exchange data at 11:15 IST on Friday (21 June 2024). The issue was subscribed 14.50 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 13,87,96,750 bids for shares as against 78,65,000 shares on offer, according to stock exchange data at 11:15 IST on Friday (21 June 2024). The issue was subscribed 17.65 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 Media index gained 1.41% to 2,049.05. The index rose 1.52% in two consecutive trading sessions.

PVR Inox (up 3.56%), Saregama India (up 2.35%), TV18 Broadcast (up 1.9%), Sun TV Network (up 1.4%), Tips Industries (up 0.63%), Hathway Cable & Datacom (up 0.62%), Zee Entertainment Enterprises (up 0.13%) and Nazara Technologies (up 0.01%) advanced.

On the other hand, Network 18 Media & Investments (down 0.7%) and Dish TV India (down 0.13%) edged lower.

Stocks in Spotlight :

Tata Power Company shed 0.61%. The company said that CARE Ratings has upgraded the long-term rating on the bank and debt facilities of the company from 'CARE AA/Positive’ to 'CARE AA+/Stable’.

Bank of Baroda declined 0.42%. The company announced that it has appointed Chayani Manoj Sundar as the chief financial officer (CFO) with effect from 21 June 2024.

Global Markets:

Most Asian stocks traded lower on Friday, mirroring a decline in US shares overnight.

In Japan, core inflation, which excludes volatile fresh food prices, rose for the first time in three months in May. The increase was driven by higher prices for nonperishable goods and came in at 2.5% year-over-year, exceeding the central bank's 2% target.

Across the Pacific, the US stock market experienced some volatility Thursday. The S&P 500 briefly surpassed the 5,500 mark before retreating. The technology sector faced pressure, leading the Nasdaq 100 lower after a week-long winning streak. Declines in Nvidia Corp. and Apple Inc. were key contributors to the tech sector's weakness. However, the Dow Jones Industrial Average bucked the trend and gained around 300 points.

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 ( Market Commentary - Quick Review 08-Jul-24   15:50 )
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 ( Corporate News - 22-Jun-24   12:05 )
  Tata Power Company receives upgrade in LT credit ratings from CARE
 ( Corporate News - 21-Jun-24   11:54 )
  Market reverses gains; Sensex slides 272 pts; media shares advance
 ( Market Commentary - Mid-Session 21-Jun-24   11:43 )
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 ( Hot Pursuit - 21-Jun-24   11:04 )
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