Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Wednesday’s trading session in the positive territory. The NSE Nifty 50 gained 147.50 points or 0.62% to settle at 23,868.80, while the BSE Sensex jumped 620.72 points or 0.80% to 78,674.25. The broader indices ended in mixed territory, with gain led by Large-cap and Mid-cap stocks. Bank Nifty index ended higher by 264.50 points or 0.50% to settle at 52,870.50. Media and Energy stocks outperformed among the other sectoral indices while Metal and Realty stocks shed.
The NSE Nifty 50 gained 147.50 points or 0.62% to settle at 23,868.80, while the BSE Sensex jumped 620.72 points or 0.80% to 78,674.25.
Reliance Industries, Bharti Airtel, UltraTech Cement, ICICI Bank, and Grasim are top gainers on NSE Nifty 50 index, whereas the top laggards include Apollo Hospital, Mahindra & Mahindra, Bajaj Auto, Tata Steel, Hindalco Industries.
Foreign portfolio investors (FPIs) have maintained their buying streak in Indian equities for the 12th consecutive session, purchasing $141 million worth of shares on Tuesday. Since June 7, FPIs have cumulatively invested $3.7 billion in Indian stocks, driven by reduced uncertainty regarding policy continuity at the Center. In the same period, domestic institutional investors (DIIs) have bought $1.6 billion worth of shares.
Shares of Indian Renewable Energy Development Agency (IREDA) and Housing and Urban Development Corporation (HUDCO) are trading with gains of 5% to 8% in Wednesday’s session. This surge brings IREDA close to its all-time high of Rs 214. The gains on Wednesday follow a report from Moneycontrol indicating that the upcoming Union Budget may include provisions to secure cheaper funds for both IREDA and HUDCO. This aligns with the Narendra Modi government’s objectives to boost renewable energy production and promote affordable housing.
Reliance Industries, Bharti Airtel, UltraTech Cement, Kotak Mahindra Bank, and ICICI Bank are the top gainers on NSE Nifty 50 index whereas the top laggards include Apollo Hospitals, Hindalco Industries, Tata Steel, Bajaj Auto, and Mahindra & Mahindra.
The shares of Adani Gas surged over 1% to an intra-day high of Rs 910.50 following the announcement that the PNGRB’s approval was a crucial condition in the business transfer agreement regarding the acquisition of certain business undertakings related to city gas distribution and retailing of CNG, including the Jalandhar geographical area.
Commenting on the FMCG and Consumer Durable index Hitesh Rathi, Technical & Derivative Analyst, Angel One said that The NIFTY FMCG and NIFTY consumer durable indices which are representative of the Consumer goods space have both climbed to their fresh ATH levels in the recent few days, indicative of a strong underlying current and primary uptrend. However, constituent stocks of both the indices largely diverge from the uptrend in their representative indices.
Rathi also added that in the FMCG basket, stocks like Balrampur Chini, Nestle, ITC, Radico, PGHH, Tata Consumer continue to trade sideways. In contrast, only a handful of stocks like VBL, Godrej CP, UBL, Marico and Dabut contribute towards the gains, suggesting an absence of a broad-based participation. As far as the Consumer durable index is concerned the situation, is not much different. But the silver lining is, that the most stocks after the recent period of underperformance, appear to be forming a base like formation, indicative of exhaustion in supply pressures. Considering the current underlying trend in the representative indices, and the developing chart set up for most stocks in this basket, the sector looks ready to move towards higher levels in the coming days.
Waaree Renewable Technologies Limited, a subsidiary of Waaree Energies Limited, secured a Letter of Award for a 1.090 MWp DC solar power project on a turnkey basis, valued at approximately Rs 4.122 crore. The project is scheduled for completion in FY 2024-25 and has been awarded by a domestic entity. Following this news, Waaree Renewable’s share price jumped over 1%. However, the shares were down by 1.36% to Rs 1,959 on the BSE.
Commenting on the gold & silver outlook Renisha Chainani, Head Research – Augmont – Gold For All said that The gold & silver price is falling as the Federal Reserve’s aggressive outlook continues. Federal Reserve policymakers continue to advocate for keeping interest rates higher for longer, which raises US Treasury bond yields and limits the upside for gold & silver prices.
Chainani also added However, there are concerns about an all-out conflict between Israel and Lebanon remaining alive in the aftermath of mounting tensions sparked by Hezbollah provocations, limiting the downside for the safe-haven precious metal. Gold is trading in the range of Rs 71000 to Rs 71800 with a descending trend channel from the past few days, prices need to give a breakout on either side for a new directional trend.
Commenting on the derivative market outlook Anand James, Chief Market Strategist, Geojit Financial Services Nifty weekly contract has highest open interest at 24000 for Calls and 23000 for Puts while monthly contracts have highest open interest at 24000 for Calls and 23000 for Puts. Highest new OI addition was seen at 25300 for Calls and 23000 for Puts in weekly and at 25300 for Calls and 23000 for Puts in monthly contracts.
James also added that FIIs increased their future index long position holdings by 9.29%, increased future index shorts by 0.20% and in index options by 18.09% in Call longs, 25.48% in Call short, 16.01% in Put longs and 24.50% in Put shorts
“The BankNifty index broke above the resistance of 52,000, where the highest open interest was built up on the call side. The index is trading in a strong uptrend with higher highs and higher lows intact on the daily chart. The support now stands at 52,000, and intraday dips should be viewed as a buying opportunity for targets of 53,000/53,500,” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
The shares of Akme Fintrade India, a non-deposit taking non-systematically important NBFC, listed on the exchanges today, opening significantly higher than the issue price. On the NSE, Akme Fintrade shares opened at Rs 127 per share, a 6% increase from the issue price of Rs 120. On the BSE, the shares opened at Rs 125.70 apiece, up 4.75% from the issue price.
Dee Development Eng’s shares made a strong debut on the stock exchanges today, opening significantly higher than the issue price. On the NSE, Dee Development shares opened at Rs 339 per share, a 67% increase from the issue price of Rs 203. On the BSE, the shares opened at Rs 325 apiece, up 60.10% from the issue price.
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Nifty continues to rise on the back of strength in the banking giants. The Nifty moved above 23,700 to make a new all-time high of 23,754, showing resilience amid global sluggishness. Put writers were very active at 23,600 and 23,700, while call writers unwound their positions, causing the PCR to rise. In the short term, the trend might remain strong as long as it stays above 23,500. On the higher end, the index might continue moving towards 24,000 in the near term.
UltraTech Cement, ICICI Bank, LTIMindtree, L&T, and Kotak Mahindra Bank are the top gainers on NSE nifty 50 index whereas the top laggards include Hindalco Industries, Bajaj Auto, Apollo Hospitals, HDFC Bank, and Mahindra & Mahindra.
The NSE Nifty 50 opens up by just 0.01% at 23,723.10, while the BSE Sensex gains marginally higher by 0.05% to 78,094.03 in the opening trade.
The NSE added GNFC, Granules, Indus Tower, Punjab National Bank, and Sail, in F&O on June 26, 2024.
Foreign institutional investors (FII) bought shares worth Rs 1175.91 crore, while domestic institutional investors (DII) offloaded shares worth Rs 149.45 crore on June 25, 2024, according to the provisional data available on the NSE.
Commenting on the pre market outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that In yesterday’s trade, Nifty surged to a new all-time high at 23,754.15, boosted by improved risk-on sentiments, while Bank Nifty also performed impressively. RBI Governor Shaktikanta Das is confident of India‘s growth reaching 7.2% this fiscal year.
Tapse also added Nifty’s key support is at 23,591, with resistance at the 24,000 mark. The 5G spectrum auction saw bids worth ₹11,000 crore on the first day. Upcoming US catalysts include the May PCE Price Index and March quarter GDP figures.
On the recommendation side Tapse recommended trades include buying Nifty and Bank Nifty at current levels with specified targets and stop losses. HDFC AMC is a top stock pick, with a buy recommendation at CMP and targets of 4,203/4,351, citing momentum play.
Shares in the Asia-Pacific region are trading mixed on Wednesday morning. The Asia Dow is up by 1.66%, Japan’s Nikkei 225 is in the green, rising by 0.36%, and Hong Kong’s Hang Seng index ended unchanged. Meanwhile, the benchmark Chinese index, the Shanghai Composite, traded lower by 0.44%.
WTI crude prices are trading at $80.71, down by 0.09%, while Brent crude prices are trading at $84.82, down by 0.13%, on Wednesday morning.
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.18% at 105.70.
The Nasdaq rallied 1.3% on Tuesday, buoyed by the strength in Nvidia and other tech megacaps, while the Dow slipped as retailers weighed down the index and investors awaited crucial inflation data due out this week, reported Reuters. The tech-heavy Nasdaq Composite ended up 220.83 points, or 1.26%, at 17,717.65. The S&P 500 rose by 21.43 points, or 0.39%, to 5,469.30, while the Dow Jones Industrial Average fell by 299.05 points, or 0.76%, to 39,112.16.
