Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Monday’s trading session in the positive territory. The NSE Nifty 50 gained 36.75 points or 0.16% to settle at 23,537.85, while the BSE Sensex jumped 131.16 points or 0.17% to 77,341.08. The broader indices ended in mixed territory, with gain led by Large-cap and Mid-cap stocks. Bank Nifty index ended higher by 42.50 points or 0.08% to settle at 51,703.95. Auto and FMCG stocks outperformed among the other sectoral indices while Metal and Media stocks shed.
The NSE Nifty 50 gained 0.16% to settle at 23,537.85, while the BSE Sensex jumped 0.17% to 77,341.08.
Quant Mutual Fund has pledged full cooperation with the Securities and Exchange Board of India (SEBI) amid an ongoing investigation. The fund house assured that it would provide SEBI with all necessary data and maintain transparency throughout the process.
SEBI’s investigation centers around a suspected beneficial ownership connection involving Quant Mutual Fund, which has led to search and seizure operations at its Mumbai headquarters and related locations in Hyderabad. The operation, directed b
Mahindra & Mahindra, Shriram Finance, Grasim, Power Grid Corp, and Sun Pharma are the top gainers on NSE Nifty 50 index whereas the top laggards include Cipla, IndusInd Bank, Adani Ports and SEZ, Coal India, and Tata Steel.
Commenting on the Jewellry Import Data , Mr. Colin Shah, MD, Kama Jewelry, said, “The gems & jewellery industry is going through a challenging phase for over a year. With the outbreak of geo-political tensions earlier between Russia & Ukraine and then between the Israel & Hamas has deeply impacted the exports as the demand has been volatile in the overseas markets. Additionally, with 60+ countries undergoing elections this year, is yet another crucial event, which may further hamper trade in the said countries. Hence, this calls for a close monitoring of these events, which will further decide the course of trade activities for the rest of the year. However, with the onset of festive season that is approaching, we hope for a gradual pickup in trade activities.”
24th June 2024: According to data released by the Gems and Jewellery Export Promotion Council (GJEPC), the apex body for the Gems & Jewellery Industry in India, the overall imports of Gems & Jewellery for the month of May 2024 witnessed a multi-fold jump of 23.61%, at USD 1894.4 million (Rs. 15794.26 crores), as compared to USD 1532.61 million (Rs. 12625.59 crores) for the same period last year. This could be attributed to the robust demand seen in the domestic market as the country is gearing up for the upcoming festival season.
In terms of overall gross exports of Gems & Jewellery in May 2024, it stood at USD 2484.48 million (Rs. 20713.370 crores) showing a decline of 6.14% compared to USD 2646.92 million (Rs. 21795.65 crores) for the same period last year. This decline is due to the economic uncertainties that the global market is grappling with. However, with the constant support by government through its initiatives in the form of FTAs and with increased emphasis on ‘ease of doing business’ will act as an enabler in amplifying the exports in the next few quarters.
Shares of Adani Ports & SEZ will start trading on the BSE Sensex from June 24 as part of the index rejig. The Adani Group company will replace Wipro, whose shares will be excluded. Adjustments for the change will occur today, June 21.
According to Nuvama Alternative and Quantitative Research, shares of Adani Ports may have received inflows worth $259 million on Friday when the adjustment took place. Wipro shares, now excluded from the Sensex, were estimated by Nuvama to have outflows amounting to $170 million.
Shivalic Power Control IPO opens Today: It is a Rs 64.32 crore IPO offering 6.4 million fresh shares. Shivalic Power Control kept the price between Rs 95 and Rs 100. The company will open the issue for investors on June 24 and close it on June 26. It raised a total of Rs 18.29 crore from the anchor investors.
Rail Vikas Nigam Limited share price surged by 5.38%, reaching a new 52-week high of Rs 431.80 per share. This increase followed RVNL’s announcement that it had emerged as the lowest bidder (L-1) for a Rs 192 crore project from South Eastern Railway.
Commenting on the derivatives market outlook Anand James, Chief Market Strategist, Geojit Financial Services said that 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 24500 for Calls and 22900 for Puts in weekly and at 24500 for Calls and 22900 for Puts in monthly contracts.
James also added that FIIs decreased their future index long position holdings by 0.76%, decreased future index shorts by 1.65% and in index options by 18.52% increased in Call longs, 9.77% increased in Call short, 31.82% increased in Put longs and 11.78% increased in Put shorts.
The NSE added Balrampur Chini Mills, Chambal Fertilisers & Chemicals, GNFC, HAL, Hindustan Copper, Indus Tower, and Piramal Enterprises in F&O on June 24, 2024.
“The BankNifty index witnessed a volatile trading session but ended on a flat note, highlighting the evident tussle between buyers and sellers. The immediate resistance is placed at 52,000, where the highest open interest is built up on the call side. The index needs to surpass this mark to continue its upward movement. On the downside, the lower end support is placed at 51,000, where the highest open interest is built up on the put side. Dips towards this support level should be viewed as an ideal buying opportunity,” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
The shares of CarTrade Tech fell over 3% to an intraday low of Rs 826.05 on the NSE on Monday, June 24, as 71 lakh shares, or 15.1% equity, of CarTrade Tech worth Rs 588.3 crore changed hands at Rs 828 per share in block deals.
Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty has been hovering within the 23300 to 23600 range, indicating indecisiveness, which sets the stage for a very volatile monthly expiry. A decisive move above 23600 might take the index towards 24000 in the short term, whereas failure to hold above 23300 might trigger panic in the market. Below 23300, the Nifty might fall towards 22750 in the short term.
Sun Pharma, Shriram Finance, ICICI Bank, Wipro, and ITC are the top gainers on NSE Nifty 50 index whereas the top laggards include IndusInd Bank, Cipla, Tata Steel, JSW Steel, and Maruti Suzuki India.
The NSE Nifty 50 opens down by 0.51% at 23,382.30, while the BSE Sensex drops 0.42% to 76,885.65 in the opening trade.
Commenting on the pre market outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that Gift Nifty wavered early, hinting at potential struggles for Nifty to hold intraday gains. Bullish traders are concerned about the slow monsoon progress and last Friday’s negative session. Key upcoming events include US PCE inflation data on June 28th, US GDP figures on June 27th, and India’s fiscal deficit and infrastructure output on June 28th.
Tapse also added that Key upcoming events include US PCE inflation data on June 28th, US GDP figures on June 27th, and India’s fiscal deficit and infrastructure output on June 28th. High volatility is expected with June derivatives expiry on June 27th. Technically, Nifty faces major resistance at 23,667 with crucial support at 23,257 and is likely to trade between 22,600-24,000.
“Recommended trades are selling Nifty at 23,501 with targets of 23,371/23,257 and buying Bank Nifty on dips for targets of 52,100/52,500. Bullish stocks include JINDAL STEEL & POWER, MGL, and NALCO, while TVS Supply Chain Solutions is a buy at CMP 183, with a target of 205/223 and a stop at 137, holding for 12-15 months,” said Tapse.
Foreign institutional investors (FII) offloaded shares worth Rs 1,790 crore, while domestic institutional investors (DII) bought shares worth Rs 1,237 crore on June 21, 2024, according to the provisional data available on the NSE.
On Monday morning, WTI crude prices were down 0.26% at $80.38, while Brent crude prices also declined 0.26% to $84.85.
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, rose by 0.06% to 105.88.
Finance Minister Nirmala Sitharaman chaired the 53rd Goods and Services Tax (GST) Council meeting in New Delhi, attended by finance ministers from states and Union Territories. This session holds particular significance following Sitharaman’s recent appointment as Union Minister of Finance and Corporate Affairs.
Under Sitharaman’s leadership, the previous GST Council meeting took place on October 7, 2023, with the participation of Finance MoS Pankaj Chaudhary, the Revenue Secretary, Chairman CBIC, Member CM, Member GST, Member TP, and senior officials from both Union Government and States. During this meeting, the council introduced a 28% levy on online gaming, casinos, and horse racing. In a subsequent meeting in March, the council decided to postpone the review of this 28% levy on online gaming.
The S&P 500 and Nasdaq closed in negative territory on Thursday. Nvidia, a key market player, relinquished earlier gains, prompting investors to assess recent economic data and Federal Reserve comments on the timing of interest-rate cuts this year, according to Reuters. The tech-heavy Nasdaq Composite finished down 0.18% or 32.23 points at 17,689.36. The S&P 500 dipped 0.16% or 8.55 points to 5,464.62, while the Dow Jones Industrial Average edged slightly higher by 0.04% or 15.57 points to 39,150.33.
