Market Commentary     21-Jun-24
Mid-Session
Nifty below 23,500; European market declines
The frontline indices traded with moderate losses in afternoon trade. The Nifty traded below the 23,500 level after hitting the day’s high of 23,667.10 in early trade. Media, consumer durables and IT stocks advanced while PSU bank, oil & gas and realty shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex was down 409.99 points or 0.53% to 77,074.04. The Nifty 50 index declined 108.15 points or 0.46% to 23,458.85. 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 rose 0.08% and the S&P BSE Small-Cap index added 0.19%.

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

The market breadth was weak. On the BSE, 1,749 shares rose and 2,036 shares fell. A total of 132 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.

Gainers & Losers:

Bharti Airtel (up 1.90%), LTIMindtree (up 1.53%), Infosys (up 1.90%), Adani Ports and Special Economic Zone (up 1.06%) and Hindalco Industries (up 1%) were major Nifty gainers.

Bharat Petroleum Corporation (down 1.98%), Larsen and Toubro (down 1.90%), UltraTech Cement (down 1.82%), Hindustan Unilever (down 1.73%) and Adani Enterprises (down 1.67%) were major Nifty losers.

Stocks in Spotlight:

Sun Pharmaceutical Industries rose 0.28%. The company said that it has entered into a non-exclusive patent licensing agreement with Takeda Pharmaceutical Company (Takeda) to commercialise Vonoprazan tablets in India under the brand name "Voltapraz”.

Oil and Natural Gas Corporation (ONGC) shed 0.29%. The company announced that its board approved the appointment of Devendra Kumar as the chief financial officer (CFO) with immediate effect from 20 June 2024.

Bank of Baroda fell 1.21%. The bank announced that it has appointed Chayani Manoj Sundar as the chief financial officer (CFO) with effect from 21 June 2024.

Hindustan Zinc rallied 3.71% after the zinc producer said that it has signed a memorandum of understanding (MoU) with AEsir Technologies to innovate the battery storage space.

JSW Infrastructure gained 2.82% after the firm said that it has incorporated a wholly owned subsidiary, JSW Port Logistics on 19 June 2024.

Global Markets:

European market declined while 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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  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
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  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
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