KEY HIGHLIGHTS
FPIs Stay Net Buyers
Overseas investors in Indian equities were net buyers for the third day in a row on Thursday.
Foreign portfolio investors mopped up stocks worth Rs 3,085.51 crore, according to data from the National Stock Exchange. This was the highest amount of net buying by FPIs this month so far.
Domestic institutional investors were net sellers and offloaded equities worth Rs 297.88 crore, the NSE data showed.
Foreign institutions net bought Rs 13,124 crore worth of equities in June. They have been net buyers of Rs 42,383 crore worth of Indian equities so far in 2023, according to the National Securities Depository Ltd.
10-Year Bond Yield Rises
Yield on the 10-year bond rose 3bps to close at 7.04% on Thursday.
Source: Bloomberg
Rupee Weakened Against The U.S. Dollar
The local currency weakens 7 paise to close at 82.18 against the U.S dollar on Thursday.
The local currency closed at 82.11 on Wednesday.
Source: Bloomberg
Sensex, Nifty Snap Three Consecutive Days Of Advance
India's benchmark stock indices swung between gains and losses and snapped three days of advance to end lower on Thursday. While, banks and realty sectors declined, healthcare gained. ICICI Bank Ltd., and HDFC Bank Ltd. dragged while ITC Ltd., and RIL Ltd. led.
Stocks retreated on Thursday, with sentiment subdued by the Federal Reserve’s hawkish tone and as weak economic data from China weighed on resources companies.
Chinese equities gained after the People’s Bank of China cut a key lending rate amid speculation that more stimulus is on the way. Hong Kong’s benchmark index advanced as much as 2.1%, with notable strength in tech stocks.
Futures for U.S. benchmarks edged lower after Chairman Jerome Powell said nearly all Fed officials expected it would be appropriate to raise interest rates “somewhat further” in 2023 after Wednesday’s pause.
The S&P BSE Sensex Index closed down 311 points or 0.49% at 62,917.63 while the NSE Nifty 50 Index was 68 points or 0.36% lower at 18,688.10.
ICICI Bank Ltd., HDFC Bank Ltd., Kotak Mahindra Bank Ltd., Infosys Ltd., and State Bank of India were the negatively adding to the change in the Nifty 50 Index.
ITC Ltd., Reliance Industries Ltd., Apollo Hospitals Enterprise Ltd., M&M Ltd., and L&T Ltd. were positively adding to the change.
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 0.30%, whereas S&P BSE SmallCap Index was higher by 0.12%.
Ten out of the 20 sectors compiled by BSE declined with S&P BSE Bankex falling the most, while the other 10 sectors advanced.
There was no clear winner between the bears and bulls today, as indicated by the market breadth. About 1,749 stocks rose, 1,779 declined, and 136 remained unchanged on the BSE.
Titagarh Wagons, Bharat Heavy Electricals Sign Rs 24,000 Crore Contract
Titagarh Wagons and Bharat Heavy Electricals win Rs 24,000 crore contract to manufacture 80 Vande Bharat sleeper trains for Indian Railways
Companies to manufacture fully assembled trains by 2029, maintain them for 35 years
Source: Exchange filing
Sensex, Nifty Decline To Day's Low
G R Infraprojects Has Won Rs 1085 Crore Contract From NHAI
Project involves four laning of an NH530 stretch in Uttar Pradesh, to be completed in 730 days
Source: Exchange filing
Ministry Of Food & Public Distribution Says Consumers Will Pay 5% Less For Edible Oil
Food Ministry says consumers will pay 5% less for edible oils with the import duty reduction on refined soyabean and sunflower oil.
Shares of Adani Wilmar Ltd., Patanjali Foods Ltd., BCL Industries Ltd., and Agro Tech Foods Ltd. were moving positively in trade after the import duty reduction.
Source: Exchanges, Press Release
European Markets Open Lower
Stocks At 52-Week High Intraday
Cochin Shipyard Wins Rs 580 Crore Order For Design And Construction Of Six Cargo Vessels
Cochin Shipyard has won a Rs 580 crore order from Norway's Wilson Shipowning AS.
Company to design and construct six 3800 DWT general cargo vessels, to be delivered from 2024 to 2026.
Contract includes an option for 8 more vessels.
Source: Exchange filing
Stocks In Focus: Axis Bank, HDFC Twins, Wipro, HAL, SJVN And More
Talking Point: ASK Investment Managers’ Market Outlook & Top Bets
Sensex, Nifty Little Changed Amid Volatility As Infosys Drags; ITC Leads: Midday Market Update
India's benchmark stock indices were little changed amid volatility as healthcare, pharma and auto sectors advanced, whereas I.T., private bank were under pressure. While ITC Ltd., Maruti Suzuki Ltd. and M&M Ltd. led, Infosys Ltd., and TCS Ltd. dragged the indices.
Asian stocks climbed on Thursday after the Federal Reserve paused monetary tightening and China’s central bank cut a key lending rate to support its struggling economy. Hong Kong’s benchmark index and Japanese equities advanced. Australian shares recovered after initially paring gains on strong jobs data that bolstered the case for further interest rate hikes from the central bank.
The dollar rose while the offshore yuan extended losses. Selling in the yen accelerated through the session, pushing the Japanese currency to the lowest level since November.
The S&P 500 had gained just 0.1% on Wednesday after Fed chief Jerome Powell said nearly all Fed officials expected it would be appropriate to raise interest rates “somewhat further” in 2023. The Nasdaq 100 rose 0.7%, bringing its gain since the start of the year to 37%.
As of 12:14 p.m., the S&P BSE Sensex Index was down 145 points or 0.23% at 63,083.94 while the NSE Nifty 50 Index was 32 points or 0.17% lower at 18,724.
Infosys Ltd., HDFC Bank Ltd., HDFC Ltd., TCS Ltd., and Kotak Mahindra Bank Ltd. were negatively adding to the change.
Whereas, ITC Ltd., M&M Ltd., Dr Reddy's Laboratories Ltd., Maruti Suzuki Ltd., and Larsen and Toubro Ltd. were positively contributing to the change.
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 0.34%, whereas S&P BSE SmallCap Index was higher by 0.23%.
Eight out of the 19 sectors compiled by BSE declined with S&P BSE Bankex falling the most, while 11 sectors advanced.
The market breadth was skewed in the favour of the buyers. About 1,800 stocks rose, 1,593 declined, and 146 remained unchanged on the BSE.
Godrej Properties Shares Jump After Announcing New Luxury Project
Shares of Godrej Properties Ltd. hit a four week high on Thursday after the company announced the acquisition of land for luxury residential project in Kolkata the same morning.
The company has acquired a 7.44 acre land parcel at New Alipore, in Kolkata, from the West Bengal Housing Infrastructure Development Corporation Ltd. via an e-auction.
Godrej Properties estimates the project to have a developable potential of almost 9.8 lakh square feet, and an estimated revenue potential of Rs 1,200 crore.
Shares of Godrej Properties gained 4.97% as of 11:45 a.m., compared to a 0.15% decline in the benchmark Nifty 50. It rose as much as 5.47% intraday to Rs 1,589, the highest since four weeks, when it was priced at Rs 1,415 on May 15, 2023.
Total traded volume so far in the day stood at 6 times its 30-day average. The relative strength index was at 82, implying that the stock may be overbought.
Of the 22 analysts tracking the company, 13 maintain a 'buy' rating, five recommend a 'hold', while four recommend 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 6.5%.
Godrej Properties To Acquire Land For Luxury Residential Project In Kolkata
Project has an estimated revenue potential of Rs 1,200 crore, developable area of 9.8 lakh square feet
Source: Exchange filing
Dilip Buildcon Shares Rise As Road Upgradation Project Completes
Shares of Dilip Buildcon Ltd. rose to an intra-day high of 6.2% on Thursday as the company announced the completion of the NH5 section project.
The project included rehabilitation and a six-lane highway upgradation of the Chandikhole-Bhadrak Section of NH5: new NH-16 in Odisha. The project was carried out by Buildcon's subsidiary, DBL Chandikhole Bhadrak Highways Ltd. The Rs 1522-crore project was carried out under a hybrid-annuity mode under the National Highways Development Project Phase V.
Dilip Buildcon's shares gained 3.90% to Rs. 234.70 apiece compared to the 0.17% rise in the NSE Nifty 50 as of 10.23 am. The stock hit the intra-day high of 6.2%, the highest it has been in two weeks.
The total traded quantity so far in the day stood at 1.5 times the 30-day average. The relative strength index of the stock stands at 77, indicating that the stock may be overbought.
Out of the six analysts tracking the stock, three hold a 'buy' call, two maintain a 'hold' and one recommends a 'sell'.
SJVN Jumps to Six Month High On Back Of Energy Deal
Shares of SJVN Ltd. hit a six month high on Thursday after it signed a memorandum of understanding with Maharashtra State Power Generation Company, to develop 5,000 MW renewable energy projects in the state.
The partnership, announced late on Wednesday, will explore the feasibility of establishing various renewable projects, including hydro, pumped storage, wind, solar, hybrid and green hydrogen projects in Maharashtra.
Shares of SJVN rose as much as 5.72% intraday, before paring gains to trade at a 3.90% high as of 10:20 a.m., compared to a 0.13% advance in the benchmark Nifty 50.
The share price rose to Rs 40.65, higher than any close since Dec. 6, 2022, when it was priced at Rs 38.45.
Total traded volume so far in the day stood at 8.2 times its 30-day average. The relative strength index was at 71, implying that the stock may be overbought.
All three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 22.8%
Varun Beverages Gains The Most In Three Weeks On Record Date Of Face Value Split
Shares of Varun Beverages rose the most in nearly three weeks on Thursday, June 15, as it was the ex and the record date for stock split announced by the FMCG company in an exchange filing.
Franchisee of PepsiCo, Varun Beverages' stock was split into shares with face value of 5 each today from Rs 10 apiece. Company said that the split was being done to enhance the liquidity of the its shares and to encourage the participation of small investors.
On May 2 this year, the board of Varun Beverages decided to split its shares in the proportion of 1:2. For every existing share an investor holds, two additional shares were issued by the company.
Shares of Varun Beverages Ltd. advanced 3.43% to Rs 1,011.9 apiece as of 10:33 a.m., compared to a 0.01% advance in the NSE Nifty 50. The scrip has rose as much as 6.75%, the most in nearly three weeks since May 26, 2023.
The average traded volume so far in the day stood at 1.6 times its monthly average. The relative strength index was at 61.
Out of the 20 analysts tracking the company, 18 maintain a 'buy' rating and two recommend a 'hold' on the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential downside of 3.5%.
Source: Bloomberg, Exchange filing
JPMorgan Places I.T. Stocks On Negative Catalyst Watch
Shares of Information Technology services firms declined in trade on Thursday after JPMorgan said in its note that the demand environment for I.T. services has likely weakened further in June.
The brokerage reiterates its negative view across the I.T. services universe and downgraded the sector to underweight. It further expects I.T. services firm to disappoint street expectations in the first quarter of the current fiscal and the growth expectations in the second half of the fiscal.
Deferred project starts, project halts and cancellations appear likely to persist, the brokerage says. Increased competition for a smaller pie could trigger falling win-rates, pricing and deteriorating deal terms, it adds.
Shares of infomation technology companies were trading lower on Thursday as the NSE Nifty IT Index dropped 0.49%, as compared to a 0.02% advance in the NSE Nifty 50.
Seven out of the 10 constituents compiled by the gauge declined, whereas HCL Technologies Ltd., Mphasis Ltd., and Persistent Systems Ltd. advanced in trade.
Infosys Ltd., L&T Technology Services Ltd., Coforge Ltd., Wipro Ltd., Tech Mahindra Ltd., LTIMindtree Ltd., and TCS Ltd. declined.
Source: Bloomberg
Broader Markets Outperform
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 0.15%, whereas S&P BSE SmallCap Index was higher by 0.17%.
Nine out of the 19 sectors compiled by BSE declined with S&P BSE Information Technology falling the most, while ten sectors advanced.
The market breadth was skewed in the favour of the buyers. About 1,588 stocks rose, 1,020 declined, and 111 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
Infosys Ltd., TCS Ltd., Reliance Industries Ltd., HDFC Bank Ltd., and ONGC Ltd. were negatively adding to the change.
Whereas, ITC Ltd., Axis Bank Ltd., Hindustan Unilever Ltd., Asian Paints Ltd., and Divi's Laboratories Ltd. were negatively contributing to the change.
Sensex, Nifty Little Changed: Opening Bell
India's benchmark stock indices were little changed at the opening bell on Thursday after advancing for the third day on Wednesday.
Asian stocks climbed on Thursday after the Federal Reserve paused monetary tightening and China’s central bank cut a key lending rate to support its struggling economy.
Hong Kong’s benchmark index advanced about 1% while Japanese equities edged higher. Australian shares trimmed gains and the nation’s sovereign yield curve inverted after strong jobs data increased the case for further interest rate hikes from the central bank.
The S&P 500 had gained just 0.1% on Wednesday after Fed chief Jerome Powell said nearly all Fed officials expected it would be appropriate to raise interest rates “somewhat further” in 2023. The Nasdaq 100 rose 0.7%, bringing its gain since the start of the year to 37%.
In Asia, investors will be focused on potential policy easing in China and retail and industrial data for May that is expected to show further slowing in the country’s sputtering recovery.
At pre-open, the S&P BSE Sensex Index was down 7 0points or 0.11% at 63,158.43 while the NSE Nifty 50 Index was 19 points or 0.10% higher at 18,774.45.
Sensex, Nifty Mixed In Pre-Open Trade
At pre-open, the S&P BSE Sensex Index was down 7 0points or 0.11% at 63,158.43 while the NSE Nifty 50 Index was 19 points or 0.10% higher at 18,774.45.
Source: Bloomberg
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.02% on Thursday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakens 6 paise to open at 82.17 against the U.S dollar on Thursday.
The local currency closed at 82.11 on Wednesday.
Source: Bloomberg
Fed Keeps Rate On Hold: Impact On Markets: Trade Setup
Global Cues
U.S. Dollar Index at 103.2
U.S. 10-year bond yield at 3.80%
Brent crude down 0.01% at $73.19 per barrel
Nymex crude down 0.01% at $68.26 per barrel
SGX Nifty down 0.18% at 18,801.5 as of 8 a.m.
Bitcoin up 0.57% at $25,070.07
Asian Currencies Drop As U.S. Fed Pauses Rate Hike
Japanese Yen weakens to the lowest since November.
Malaysian Ringgit weakens to a two-week low.
South Korean Won and Thai Bhat also weakened in early Asia trade.
Source: Bloomberg
Insider Trades
Pidlite Industries: Promoter Neerav Parekh sold 15,606 shares between June 12 and June 13.
Thirumalai Chemicals: Promoter Group Gayathri Pravin bought 14,872 shares on June 12.
Usha Martin: Promoter Peterhouse Investments sold 12,500 shares on June 12.
Arman Financial Services: Promoter Amit R. Manakiwala sold 500 shares on June 12.
Gati: Promoter Group TCI Finance sold 50,000 shares between June 8 and 9.
Indoco Remedies: Promoter Aditi M Panandikar bought 19,629 shares on June 13.
Advanced Enzyme Technologies: Promoter Group Atharva Green Ecotech sold 2.1 lakh shares between June 12 and June 13.
Rajnish Wellness: Promoter Rajnishkumar Singh bought 4.6 lakh shares on June 14.
GHCL Textiles: Promoter & Director Neelabh Dalmia bought 3,000 shares on June 12.
Bulk Deals
Central Depository Services: ICICI Prudential Technology Fund bought 5.28 lakh shares (0.5%) at Rs 985 apiece and BSE sold 47.44 lakh shares (4.53%) at Rs 985.98 apiece.
V-Mart Retail: Amansa Holdings bought 3.37 lakh shares (1.7%) at Rs 1,990 apiece and T. Rowe Price International Discovery Fund sold 3.77 lakh shares (1.9%) at Rs 1,990.43 apiece.
Welspun India: Societe Generale bought 50 lakh shares (0.5%) at Rs 93.5 apiece and Infinity Holdings sold 94.88 lakh shares (0.96%) at Rs 93.61 apiece.
D-Link India: Ashish Kacholia sold 3.7 lakh shares (1.04%) at Rs 227.91 apiece.
Aavas Financiers: Smallcap World Fund sold 12.84 lakh shares (1.63%) at Rs 1,349.94 apiece.
Aurionpro Solutions: Malabar India Fund bought 2.63 lakh shares (1.15%) at Rs 880.23 apiece and Indusvalley Holdings sold 2 lakh shares (0.88%) at Rs 881.38.
Sangam (India): Satpal Khattar sold 9 lakh shares (1.79%) at Rs 268.04 apiece and Madhuri Madhusudan Kela bought 8.40 lakh shares (1.67%) at Rs 268 apiece.
Trading Tweaks
Ex-Date Dividend: Tata Consultancy Services, DCB Bank
Ex-Date Face Value Split: Varun Beverages
Ex-Date Demerger: Vakrangee
Record-Date Dividend: Tata Consultancy Services, DCB Bank
Record-Date Demerger: Vakrangee
Move Into Short-Term ASM Framework: Rattan India Power, Ram Ratna Wires, Inox Wind Energy
Move Out Of Short-Term ASM Framework: Arman Financial Services, Indo Count Industries, Sree Rayalaseema Hi-Strength Hypo, Kokuyo Camlin
Stocks To Watch: HCL, SJVN, PTC India, Reliance Communications, DCW, Dilip Buildcon, Persistent In Focus
HCL Technologies: HCL Tech and Google Cloud have expanded their partnership to support enterprises leveraging generative artificial intelligence and develop joint solutions powered by Google Cloud’s generative AI technologies.
SJVN: The company signed a memorandum of understanding with Maharashtra State Power Generation Company to develop 5,000 MW renewable energy projects in the state. The partnership will explore the feasibility of establishing various renewable projects, including hydro, pumped storage, wind, solar, hybrid, and green hydrogen projects.
PTC India Financial Services: PTC India named Mahendra Lodha as director (finance) and the chief financial officer of the company with effect from June. 14, replacing current Chief Financial Officer Sanjay Rustagi.
IndiaMART InterMESH: The company approved the reappointment of Dhruv Prakash as director liable to retire by rotation.
Reliance Communications: A delegate of the Australian Securities and Investments Commission was notified regarding the deregistration of Reliance Communications (Australia) PTY Ltd. with effect from June 4.
Dilip Buildcon: The company received a completion certificate for the rehabilitation and upgrade work of the Chandikhole-Bhadrak section of NH-5 in Odisha on hybrid annuity mode. The project cost was Rs 1,522 crore. DBL Chandikhole Bhadrak Highways Ltd. is now a subsidiary of the company.
DCW: The company will produce lower soda ash by an estimated 6 KMT in the first quarter of fiscal 2023-2024 due to an unforeseen mechanical breakdown of the carbon dioxide gas compressor in its soda ash plant.
Reliance Industries, Panorama Studios: Panorama Studios entered into an agreement with Reliance Industries through its media and entertainment division, Jio Studios, for producing a movie.
Persistent Systems: The company further strengthened its strategic relationship with Zscaler and achieved the Zenith partnership tier to assist in strengthening and modernising security.
SGX Nifty Signals Lower Open For Benchmarks
Asian stocks climbed on Thursday after the Federal Reserve paused monetary tightening and the Chinese central bank cut its key lending rate.
Hong Kong’s benchmark index advanced about 1%, while Japanese equities edged higher. Australian shares trimmed gains and the nation’s sovereign yield curve inverted after strong jobs data increased the case for further interest rate hikes from the central bank.
The S&P 500 had gained just 0.1% on Wednesday after Fed chief Jerome Powell said nearly all Fed officials expected it would be appropriate to raise interest rates "somewhat further" in 2023. The Nasdaq 100 rose 0.7%, bringing its gain since the start of the year to 37%.
In Asia, investors will be focused on the policy easing in China and retail and industrial data for May that is expected to show further slowing in the country’s sputtering recovery.
Brent crude fell to $73 a barrel, and West Texas Intermediate was trading around $68. The yield on the 10-year U.S. bond was trading at 3.80%, whereas Bitcoin was around the $25,000 level.
At 8 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.18% at 18,801.5.
Indian stock benchmarks held on to gains following a volatile start on Wednesday ahead of the Fed meeting, while the Indian rupee strengthened 27 paise to close at 82.11 against the U.S dollar on Wednesday.
Overseas investors in Indian equities were net buyers for the second day in a row on Wednesday. Foreign portfolio investors mopped up stocks worth Rs 1,714.7 crore, the highest amount of net buying by FPIs this month, so far. Meanwhile, domestic institutional investors were net sellers and offloaded equities worth Rs 654.8 crore, the NSE data showed.
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