KEY HIGHLIGHTS
FPIs Stay Net Buyers
Overseas investors in Indian equities were net buyers for the fourth day in a row on Friday, however, the worth of the equities they bought was the least in a week, since June 8.
Foreign portfolio investors mopped up stocks worth Rs 794.78 crore, according to data from the National Stock Exchange.
Domestic institutional investors too snapped out of a three-day selling streak to turn net buyers and bought equities worth Rs 681.33 crore, the NSE data showed.
Foreign institutions net bought Rs 16,406 crore worth of equities in June. They have been net buyers of Rs 45,665 crore worth of Indian equities so far in 2023, according to the National Securities Depository Ltd.
10-Year Bond Yield Flat
-Yield on the 10-year bond closed flat at 7.04% on Friday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened by 24 paise to close at Rs 81.94 against the U.S. dollar on Friday.
The rupee closed at 82.18 on Thursday.
Source: Bloomberg
Sensex, Nifty Log Record High After Gaining The Most In Three Weeks
India's benchmark stock indices closed at a record closing high after advancing for the fourth week in a row on Friday. While banks and non-banking financial companies led the rally, I.T. and realty sectors were under pressure. Heavyweights HDFC Twins, RIL led, whereas TCS, Infosys, Wipro dragged the indices.
The headline indices ended the day above their record closing highs from Dec. 1, 2023 as NSE Nifty 50 Index was above the 18,812.50 level, whereas S&P BSE Sensex was trading above 63,284.19 mark.
Global stocks were headed for the best week in more than two months, buoyed by bets on Chinese stimulus and exuberance surrounding artificial intelligence firms.
The MSCI World Index has climbed 2.9% this week, the most since the end of March. Asian markets staged a broad rally on Friday and European equities climbed. U.S. futures steadied as the S&P 500 capped a sixth day of gains on Thursday — its longest winning run since November 2021.
The S&P BSE Sensex Index was up 467 points or 0.74% at 63,384.58 while the NSE Nifty 50 Index was 138 points or 0.74% higher at 18,826.
HDFC Bank Ltd., HDFC Life Insurance Co., Reliance Industries Ltd., HDFC Ltd., and Kotak Mahindra Bank Ltd. were positively adding to the change.
Whereas, TCS Ltd., Infosys Ltd., Wipro Ltd., L&T Ltd., and Bajaj Auto Ltd. were negatively contributing to the change.
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 0.71%, whereas S&P BSE SmallCap Index was higher by 0.76%.
Sixteen out of the 20 sectors compiled by BSE advanced while S&P BSE Information Technology, S&P BSE Realty, S&P BSE Oil and Gas and S&P BSE Teck declined.
The market breadth was skewed in the favour of buyers. About 2,122 stocks rose, 1,412 declined, while 121 remained unchanged on the BSE.
The headline closed higher for the fourth week in a row, logging in the best weekly gaining streak in nearly 10 months since July-August, 2022. Sensex logged weekly gains of 1.21%, whereas Nifty advanced 1.41%.
Last week, the indices ended marginally higher. The S&P BSE Sensex Index was up 0.13%, and the NSE Nifty 50 Index was higher by 0.16%.
All the sectors advanced in trade this week except Nifty Bank.
Sensex, Nifty Inch Close To Record High
The headline indices were trading above their record closing highs as NSE Nifty 50 Index was above the 18,812.50 level, whereas S&P BSE Sensex was trading above 63,284.19 mark.
Source: Bloomberg
Sensex, Nifty Trade Near Day's High
IRCTC Shares Jump The Most In Over Eight Months
Shares of IRCTC Ltd. rose 3.57% to Rs 666.95 apiece as per 1:46 p.m., as day compared to 0.43% advance in the benchmark, NSE Nifty 50 Index.
The scrip gained as much as 3.88% intraday, the most in over eight months since Sept. 29, 2022. Total traded volume stood 2.5 41 times its 30-day average. The relative strength index was at 68.5.
Out of the eight analysts tracking the company, four maintain a 'buy' rating, one recommend a 'hold' and three suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential downside of 11.8%.
Source: Bloomberg, Exchange filing
Gravita's Mundra Plant Damaged, Operations Suspended Due To Biparjoy
Parts of Gravita's Mundra plant have been damaged due to cyclone Biparjoy
Operations already suspended, to resume in a few days
Source: Exchange filing
Insurance Company Shares Gain
Shares of insurance companies were trading higher on Friday, with a XX% advance in the NSE Nifty 50 Index.
Life Insurance Corporation of India, HDFC Life Insurance Co., SBI Life Insurance Co., and ICICI Prudential Life Insurance Co. were trading above 1%.
Source: Bloomberg
Stocks At 52-Week High Intraday
Sensex, Nifty Hold Steady Gains As Banks Advance; TCS, Infosys Drag: Midday Market Update
India's benchmark stock indices held on to gains after opening higher on Friday as PSU banking, media and non-banking financial companies advances, while I.T. and realty sectors were under pressure. While HDFC Bank Ltd. and RIL Ltd., led; TCS Ltd., and Infosys Ltd., dragged the indices.
Asian markets headed for a third weekly gain as expectations of more stimulus from China increased. The yen weakened as the Bank of Japan held its easy policy settings. Benchmarks in China, Australia and South Korea rose Friday.
Hong Kong’s Hang Seng Index was headed for its second week of gains in excess of 2%, as worries about Chinese growth morph into hopes for further policy support. Japanese shares edged into positive territory to reverse morning losses after the Bank of Japan kept is negative rate and yield curve control program unchanged.
S&P 500 rose for a sixth day on Thursday — its longest winning run since November 2021. The Nasdaq 100 hit the highest since March 2022, helped along by exuberance surrounding artificial intelligence that has also raised concerns about an overbought market.
As of 11:57 a.m., the S&P BSE Sensex Index was up 284 points or 0.45% at 63,201.64 while the NSE Nifty 50 Index was 81 points or 0.43% higher at 18,769.30.
HDFC Bank Ltd., Reliance Industries Ltd., ITC Ltd., HDFC Life Insurance Co., and HDFC Ltd. were positively adding to the change.
Whereas, TCS Ltd., Infosys Ltd., HCL Technologies Ltd., Bajaj Auto Ltd., and Wipro Ltd. were negatively contributing to the change.
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 0.47%, whereas S&P BSE SmallCap Index was higher by 0.83%.
Sixteen out of the 20 sectors compiled by BSE advanced while S&P BSE Information Technology, S&P BSE Realty, S&P BSE Oil and Gas and S&P BSE Teck declined.
The market breadth was skewed in the favour of buyers. About 2,144 stocks rose, 1,194 declined, while 149 remained unchanged on the BSE.
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Talking Point: ValueQuest Investment Advisors' Ravi Dharamshi On Foreign Flows, Top Bets
PDS Lifestyle To Buy U.K.-based New Lobster For Rs 151 Crore
PDS Lifestyle has proposed to buy 100% stake in U.K.-based clothing brand New Lobster for Rs 150.51 crore
Source: Exchange filing
RBI Grants Approval For Re-Appointing Vasudevan P N As Equitas SFB MD & CEO
The approval has been granted for a three-year period with effect from July 23, 2023.
Source: Exchange filing
Ceat's Focus Is On Strengthening Market Position In PV Segment, Say Brokerages
Ceat Ltd. is focusing on gaining market leadership in PV segment and wants to improve margins by improving mix through various segments. It is targeting 25% revenue to come from exports, according to brokerages.
Nomura remains 'neutral' on the stock, with a target price of Rs 1,765 apiece, implying a downside return potential of 14.85%.
Phillip Capital maintains 'neutral' rating with a price target of Rs 2,119, implying an upside of 2%.
Motilala Oswal maintains a 'buy' rating with a price target of Rs 2,375, implying a potential upside of 15%.
Shares of the tyre manufacturing company were trading 0.83% higher at Rs 2,084.15 apiece, compared to a 0.48% rise in the Nifty 50 as of 10:45 a.m. on Friday.
Out of the 22 analysts tracking the company, 14 maintain a 'buy', three recommend a 'hold', and five recommend a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 6.4%.
Ashok Leyland To Increase Market Share, Unlock Subsidiary Value: Brokerages
Ashok Leyland Ltd. is focusing on growing its core commercial vehicle business and non-commercial vehicle business by expanding its market share, geographical reach, margin and investing in future technologies, according to brokerages.
The automotive manufacturer recorded its highest-ever revenue in the financial year 2023 and is targeting double-digit and mid-teen Ebitda margin in fiscal 2024 and the medium term. As of fiscal 2023, the company enjoys a 32% market share in the medium and heavy commercial vehicle segment, and a 20% share in the light commercial vehicle segment, Nirmal Bang said in their note.
Morgan Stanley maintains 'overweight' with a target price of Rs 178 per share
Nirmal Bang maintains a ‘buy’ rating with a target price of Rs 190 per share, with an upside potential of 21%
Phillip Capital maintains a ‘hold’ rating with a target price of Rs 170 per share
Shares of the company were trading 3.88% higher at Rs 163.45 apiece, as compared to a 0.41% rise in the NSE Nifty 50 as of 10.15 am on Friday. The shares hit an intraday high of 4.07%.
Out of the 47 analysts tracking the company, 39 maintain a 'buy', five recommend a 'hold' and three recommend a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 9.2%.
Titagarh, Ramkrishna Shares Jump On Rs 12,000-Crore Forged Wheels Order For Vande Bharat Train Sets
Shares of Titagarh Wagons Ltd. and Ramkrishna Forgings Ltd. hit a record high after their consortium won Rs 12,226.5 crore contract to manufacture and supply 15,40,000 forged wheels over a span of 20 years for Indian railways.
As per the contract, 40,000 forged wheels will be delivered during the first year, 60,000 wheels in the second year and 80,000 wheels every subsequent year thereafter.
Titagarh Wagons Ltd. also won a contract, in consortium with Bharat Heavy Electricals Ltd. from the Indian Railways to manufacture 80 Vande Bharat sleeper trains. The estimated value of the contract is Rs 24,000 crore, the companies said in a joint statement. The Vande Bharat sleeper train sets are expected to be manufactured by 2029.
Shares of Ramkrishna Forgings Ltd. advanced 3.82% to Rs 424 apiece as of 10:31 a.m., compared to a 0.5% advance in the NSE Nifty 50. The scrip has rose as much as 7.71%, the most since June 13, 2023. It hit a record high of Rs 439.90 apiece, intraday.
The average traded volume so far in the day stood at 8.9 times its monthly average. The relative strength index was at 72, implying that the stock maybe overbought.
Out of the nine analysts tracking the company, eight maintain a 'buy' rating and one suggests to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential downside of 4.7%.
Shares of Titagarh Wagons Ltd. advanced 2.46% to Rs 426 apiece as of 10:31 a.m., compared to a 0.5% advance in the NSE Nifty 50. The scrip has rose as much as 3.33%, the most since June 13, 2023. It hit a record high of Rs 430 apiece, intraday.
The average traded volume so far in the day stood at 2.7 times its monthly average. The relative strength index was at 78, implying that the stock maybe overbought.
Four analysts tracking the company maintain a 'buy' rating on the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 10.9%.
Source: Bloomberg, Exchange filing
IIFL Finance Shares Gain After Block Trade
Shares of IIFL Finance Ltd. advanced on Friday after about 50 lakh shares, worth 1.3% of its equity, changed hands in a large trade.
Shares of IIFL Finance gained 4.46% to Rs 521 apiece, compared to a 0.34% gain in the benchmark NSE Nifty 50 as of 10:10 a.m.
The total traded volume so far in the day stood at 4.2 times its 30-day average.
All three analysts tracking the company maintain a 'buy', according to Bloomberg data. The average of 12-month price target suggests an upside of 37.7%.
IKIO Lighting Debuts At 37.71% Premium To IPO Price
Shares of IKIO Lighting listed at Rs 391 per share on the BSE, a premium of 37.19% to its IPO price of Rs 285.
On the NSE, the stock listed at Rs 392.05 apiece, a 37.71% premium.
Its IPO was subscribed 66.30 times.
Source: BSE, NSE
Kalyan Jewellers Shares Jump Most In 13 Weeks After 6.2% Equity Changes Hand In A Block
Shares of Kalyan Jewellers India Ltd. rose the most in 13 weeks after 64.1 million shares or 6.2% equity changed hands on NSE in pre-market block trades, according to data compiled by Bloomberg.
While the buyers, sellers not immediately known. As per Bloomberg data, Highdell Investment Ltd., an affiliate of Warburg Pincus, holds a 23.8% stake in Kalyan as of March 31, 2023.
Shares of Kalyan Jewellers India Ltd. advanced 10.51% to Rs 126.2 apiece as of 9:47 a.m., compared to a 0.44% advance in the NSE Nifty 50. The scrip has rose as much as 11.82%, the most in 13 weeks since March 17, 2023.
The average traded volume so far in the day stood at 32.2 times its monthly average. The relative strength index was at 76, implying that the stock maybe overbought.
Six analysts tracking the company maintain a 'buy' rating 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 27.6%.
Kotak Mahindra Bank Board Approves Fundraising Of Rs 7,000 Crore Via Debt Instruments
Bank will issue unsecured, redeemable, non-convertible debentures on a private placement basis for an amount of Rs 7,000 crore.
Source: Exchange filing
Bharti Airtel Approves Allotment Of Shares Worth Rs 91.2 Crore Via FCCB Conversion
Company will issue 15.38 lakh shares at Rs 521 apiece, amounting to Rs 91.19 crore.
The shares have been allotted after converting $1,000 million worth of 1.50% Foreign Currency Convertible Bonds due 2025.
Source: Exchange filing
Paras Defence And Space Technologies Wins Rs 53 crore Order From Defence Ministry
Paras Defence and Space Technologies has bagged a contract worth Rs 53 crore from the Ministry of Defence for the supply of optronic periscopes.
Source: Exchange filing
Rites Gets Rs 665 Crore Order From Zimbabwe Railways
Rites has signed a Rs 665 crore contract with National Railways of Zimbabwe for supply of 3000 diesel electric locomotives and high sided open wagons.
Source: Exchange filing
Broader Markets Outperform
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 0.40%, whereas S&P BSE SmallCap Index was higher by 0.68%.
Eighteen out of the 20 sectors compiled by BSE advanced while S&P BSE Power and S&P BSE Teck declined.
The market breadth was skewed in the favour of buyers. About 1,934 stocks rose, 620 declined, 97 136 remained unchanged on the BSE.
Source: BSE
Sensex, Nifty Open Higher: Opening Bell
India's benchmark stock indices opened higher on Friday after snapping three days of advances on Thursday. Asian markets headed for a third weekly gain, helped along by expectations of more stimulus from China.
Benchmarks in China, Australia and South Korea rose Friday. An advance for Hong Kong’s Hang Seng Index placed the gauge on pace for its second week of gains in excess of 2%, as worries about Chinese growth morph into hopes for further policy support. Japanese shares were notable outliers, falling to pare a rally over the past week. U.S. and European futures were slightly lower.
Underscoring the broadly positive sentiment in stocks, the S&P 500 rose for a sixth day on Thursday — its longest winning run since November 2021. The Nasdaq 100 hit the highest since March 2022, helped along by exuberance surrounding artificial intelligence that has also raised concerns about an overbought market.
Microsoft Corp., which has unveiled a procession of AI-based products in recent months, climbed to a record. Lennar Corp. led a rally in homebuilders on a bullish outlook.
At pre-open, the S&P BSE Sensex Index was up 43 points or 0.07% at 62,960.73 while the NSE Nifty 50 Index was 35 points or 0.19% higher at 18,723.30.
Sensex, Nifty Rise In Pre-Open Trade
At pre-open, the S&P BSE Sensex Index was up 43 points or 0.07% at 62,960.73 while the NSE Nifty 50 Index was 35 points or 0.19% higher at 18,723.30.
Source: Bloomberg
Yield On The 10-Year Bond Flat
The yield on the 10-year opened flat at 7.03% n Friday, it closed at 7.04% on Thursday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened by about 21 paise to open at Rs 81.97 against the U.S. dollar on Friday.
The rupee closed at 82.18 on Thursday.
Source: Bloomberg
Trade Talk: Impact Of Global Cues On OMCs And Sugar Stocks
Nifty Bank Drags; CV Companies May See Sharp Investment: Trade Setup
Global Cues
U.S. Dollar Index at 102.1
U.S. 10-year bond yield at 3.74%
Brent crude down 0.11% at $75.59 per barrel
Nymex crude down 0.07% at $70.57 per barrel
SGX Nifty up 0.25% at 18,807 as of 8:10 a.m.
Bitcoin down 0.19% at $25,499.01
Pledge Share Details
Jindal Stainless: Promoter Group Abhyuday Jindal created a pledge of 1.44 crore shares on June 13.
Insider Trades
Mukand: Promoter Group Baroda Industries bought 10,000 shares on June 13.
Greaves Cotton: Promoter Group Karun Carpets bought 1.9 lakh shares on June 14.
Indo Amines: Promoter Marvel Indenting sold 3,700 shares between June 13 and June 14.
KDDL: Promoter Group Saboo Ventures bought 2,150 shares on June 9.
Motilal Oswal Financial Services: Promoter Group Karoon Agarawal sold 25,000 shares between June 13 and June 14.
Block Deals
Axis Bank: Employees Retirement System Of The State Of Hawaii bought 1.1 lakh shares, ICICI Prudential Mutual Fund bought 5 lakh shares (0.02%), Morgan Stanley Asia Singapore PTE – ODI bought 13.25 lakh shares (0.04%), Morgan Stanley Investment Funds Asia Opportunity Fund 15.65 lakh shares (0.05% and Societe Generale-ODI bought 49.35 lakh shares (0.16%) at Rs 968 apiece.
BC Asia Investments III sold 70.58 lakh shares (0.23%), Integral Investments South Asia IV sold 56.29 lakh shares (0.18%) and BC Asia Investments VII sold 98.11 lakh shares (0.31%) at Rs 968 apiece.
Trading Tweaks
Price Band Revised From 20% To 10%: Inox Wind Energy
Price Band Revised From 5% To 20%: Edelweiss Financial Services
Ex-Date Buy Back: Wipro
Ex-Date Right Issue of Equity Shares: Cressanda Solutions
Ex-Date Annual General Meeting: Eimco Elecon (India)
Ex-Date Dividend: HDFC Life Insurance, Piramal Enterprises, Torrent Power, Welspun Corp, Eimco Elecon (India), Power Finance Corporation, Avantel, Shriram Finance, SMC Global Securities
Record-Date Buy Back: Wipro
Record-Date Dividend: HDFC Life Insurance, Piramal Enterprises, Torrent Power, Welspun Corp, Power Finance Corporation, Avantel, SMC Global Securities
Record-Date Right Issue of Equity Shares: Cressanda Solutions
Move Out Of Short-Term ASM Framework: NRB Bearings
Offerings Today: IKIO Lighting Listing
IKIO Lighting: The shares of LED lighting solution provider IKIO Lighting Ltd. will be listed on the Indian stock exchange on June 16. IKIO launched its initial public offering on June 6, which closed on June 8. The Rs 606.5 crore-IPO was subscribed 66.30 times on day 3. The offer included a fresh issue of Rs 350 crore, and an offer for the sale of around 90 lakh shares.
Stocks To Watch: Tech Mahindra, Titagarh Wagons, TVS Motor, Torrent Pharma, NLC India, Eicher Motors In Focus
Tech Mahindra: The company appointed Mohit Joshi as managing director and chief executive officer of the company with effect from Dec. 20 to June 19, 2028. Current MD and CEO CP Gurnani will retire on Dec. 19, 2023.
Titagarh Wagons, Ramakrishna Forgings: Titagarh Wagons, Ramakrishna Forgings, won a Rs 12,226.5 crore contract to manufacture and supply 15,40,000 forged wheels over a span of 20 years for Indian railways. As per the contract, 40,000 forged wheels will be delivered during the first year, 60,000 wheels in the second year, and 80,000 wheels every subsequent year thereafter.
TVS Motor Company: The automaker sold its entire stake of 11.12 crore equity shares, or 43.54% stake, held in associate company Emerald Haven Realty for Rs 166.83 crore to TVS Holdings, a promoter group company.
Bharat Heavy Electricals, Eicher Motors: BHEL, Volvo Eicher Commercial Vehicles inked a memorandum of understanding to jointly develop and deploy Type-IV hydrogen and CNG cylinders in the commercial vehicle segment.
Torrent Pharma: U.S. FDA has issued an Establishment Inspection Report after inspecting the drugmaker’s oral-oncology manufacturing facility at Bileshwarpura in Gujarat.
Natco Pharma: U.S. FDA has issued an Establishment Inspection Report after inspecting Natco’s drug formulations manufacturing facility at Visakhapatnam in Andhra Pradesh from Jan. 30 to Feb. 3.
Power Finance Corporation: The company’s wholly owned subsidiary, PFC Consulting, has been nominated as Bid Process Coordinator for the development of independent transmission projects by the Power Ministry. The company will take the special purpose vehicle route to execute the tariff-based competitive bidding process.
NLC India: The company has incorporated a wholly-owned subsidiary, NLC India Renewables, to take over the existing renewable assets of the company.
SGX Nifty Signals Higher Open For Benchmarks
Asian markets are headed for a third weekly gain, helped along by expectations of more stimulus from China.
Benchmarks in China, Australia, and South Korea rose Friday. An advance for Hong Kong’s Hang Seng Index placed the gauge on pace for its second week of gains in excess of 2% as worries about Chinese growth morphed into hopes for further policy support. Japanese shares were notable outliers, falling after a rally over the past week. U.S. and European futures were slightly lower.
Underscoring the broadly positive sentiment in stocks, the S&P 500 rose for a sixth day on Thursday, its longest winning run since November 2021. The Nasdaq 100 hit its highest level since March 2022, helped along by the exuberance surrounding artificial intelligence, which has also raised concerns about an overbought market.
Microsoft Corp., which has unveiled a procession of AI-based products in recent months, climbed to a record. Lennar Corp. led a rally in homebuilders on a bullish outlook.
Brent crude was trading at around $75 a barrel, and West Texas Intermediate rose to $70. The yield on the 10-year U.S. bond was trading at 3.74%, whereas Bitcoin was around the $25,000 level.
At 8:10 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.25% at 18,807.
On the other side of the globe, Indian benchmark indices swung between gains and losses to snap a three-day advance and ended lower on Thursday, dragged by banks and realty sectors. The Indian rupee weakened 7 paise to close at 82.18 against the U.S. dollar on Thursday.
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 3,085.5 crore, while domestic institutional investors were net sellers and offloaded equities worth Rs 297.9 crore, the NSE data showed.
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