Market Commentary     21-Jun-24
Barometers trade with minor losses; Consumer durables rally
The key equity indices traded with limited losses in early afternoon trade. The Nifty traded below the 23,550 mark after hitting day’s high of 23,667.10 in early trade. Consumer durables shares gained in the two consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex was down 185.2 points or 0.24% to 77,261.85. The Nifty 50 index lost 34.45 points or 0.15% to 23,532.55. 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 0.28% and the S&P BSE Small-Cap index rose 0.44%.

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

The market breadth was positive. On the BSE, 1,966 shares rose and 1,776 shares fell. A total of 141 shares were unchanged.


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.


The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.25% to 13.18. The Nifty 27 June 2024 futures were trading at 23,542.20, at a premium of 9.65 points as compared with the spot at 23,532.55.

The Nifty option chain for the 27 June 2024 expiry showed maximum Call OI of 112.6 lakh contracts at the 24,000 strike price. Maximum Put OI of 96.2 lakh contracts were seen at 23,000 strike price.

Buzzing Index:

The Nifty Consumer Durables index added 1.32% to 38,378.4. The index gained 1.45% in the two consecutive trading sessions.

Cera Sanitaryware (up 7.61%), Havells India (up 5.35%), V-Guard Industries (up 2.63%), Rajesh Exports (up 1.98%) and Dixon Technologies (India) (up 1.55%), Blue Star (up 1.52%), Whirlpool of India (up 1.4%), Crompton Greaves Consumer Electricals (up 1.38%), Kajaria Ceramics (up 1.36%) and Voltas (up 0.76%) advanced.

On the other hand, Century Plyboards (India) (down 0.44%), Titan Company (down 0.41%) and Bata India (down 0.32%) declined.

Stocks in Spotlight :

Hindustan Zinc rallied 4.49% after the zinc producer said that it has signed a memorandum of understanding (MoU) with AEsir Technologies to innovate the battery storage space.

GE Power India jumped 3.01% after the power generation and transmission equipment maker said it has received a letter of intent (LoI) from NTPC GE Power Services (NGSL) for renovation of steam turbines.

Amara Raja Energy & Mobility rose 0.64%. The company has agreed to further invest Euro 20 million, including a subscription for an additional 4.5% equity stake in InoBat AS.

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