KEY HIGHLIGHTS
Foreign Institutional Flows
Overseas investors in Indian equities turned net buyers after two days of selling on Tuesday.
Foreign portfolio investors mopped up stocks worth Rs 1,677.6 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 203.32 crore, the NSE data showed.
10-Year Bond Yield Falls
Yield on the 10-year bond fell 2 bps to close at 7% on Tuesday.
It closed at 7.02% on Monday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthens about 5 paise to close at 82.38 against the U.S dollar on Tuesday.
The local currency closed at 82.43 on Monday.
Source: Bloomberg
Sensex, Nifty End At A Six-Month High
India's benchmark stock indices held steady gains on Tuesday as realty, FMCG and pharma sectors advanced and while the automotive sector was under pressure. While, Reliance Industries Ltd., ITC Ltd., and Asian Paints Ltd. led the gains, Kotak Mahindra Bank and TCS Ltd. were the top drags.
Asian markets rose by more than 1% as China unveiled stimulus measures, partially reported by Bloomberg News earlier this month. Investor speculation about looming cuts to China’s longer-term policy rates intensified on Tuesday after the central bank unexpectedly lowered its seven-day reverse repurchase rate.
Technology stocks advanced in Europe, while U.S. benchmarks climbed after the Nasdaq 100 and the S&P 500 closed at the highest levels since April 2022.
The S&P BSE Sensex closed up 419 points or 0.67% at 63,143.16 while the NSE Nifty 50 Index 115 points or 0.62% higher at 18,716.15.
Reliance Industries Ltd., ITC Ltd., Asian Paints Ltd., Infosys Ltd., and Titan Co. were positively adding to the change.
Whereas, Kotak Mahindra Bank Ltd., HDFC Bank Ltd., TCS Ltd., State Bank of India, and HDFC Ltd. were negatively contributing to the change.
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 1.17%, whereas S&P BSE SmallCap Index was higher by 0.82%.
All the 20 sectors compiled by BSE advanced, except S&P BSE Services.
The market breadth was skewed in the favour of the buyers. About 2,116 stocks rose, 1,468 declined, and 138 remained unchanged on the BSE.
Real Estate Stocks Advance As Residential Prices Jump In Jan-March Quarter As Per Knight Frank
Shares of real estate companies advanced in trade on Tuesday after a recent Knight Frank report showed that the residential real estate prices in Mumbai, Bengaluru, and Delhi have increased on an annual basis in the first quarter of the current calendar year.
The prices jumped by 5.5%, 3% and 1.2% year-on-year for the residential properties in Mumbai, Bengaluru, and Delhi respectively
Mumbai has climbed from the 38th position to the sixth position, according to the report. Similarly. Bengaluru and New Delhi also witnessed an upward movement in the index ranking to 16th and 22nd from their previous 37th and 39th ranks respectively in Q1 2022.
Additionally, Dubai has the most expensive residential real estate globally as it took the top position with a price rise of 44. 2% in January-March 2023 quarter.
Shares of real estate companies were trading higher on Tuesday as the NSE Nifty Realty Index rose 2.94%, as compared to a 0.65% advance in the NSE Nifty 50.
Eight out of the 10 constituents compiled by the gauge advanced, whereas Mahindra Lifescape Developers Ltd., and Phoenix Mills Ltd. declined in trade.
Macrotech Developers Ltd., Sobha Ltd., and Godrej Properties Ltd. gained nearly 3% in trade.
Stocks At 52-Week High Intraday
Zydus Lifesciences Gets Final U.S. FDA Approval For Smoking Addiction Tablets
Zydus receives final approval from the U.S. FDA for Varenicline tablets
Varenicline tablets are used to treat smoking addiction
Source: Exchange filing
Most European Markets Open High
IndiGo Denies Report Of Co-founder's Intent To Sell Stake
Indigo says company has not received any information from co-founder Rakesh Gangwal of his intention to sell the stake worth Rs 7,493 crore.
Source: Exchange filing
Jefferies Ups Tata Motors Price Target As It Expects Strong JLR, India Business Performance In FY24
Shares of Tata Motors Ltd. were marginally lower after Jefferies upgraded its price target to Rs 700 per share, maintaining its 'buy' rating. The British luxury car, in its annual report on Monday, said that the brand expects net debt to fall below £1 billion by the next fiscal due to its resilience against global headwinds, including the shortage of chips, inflationary pressures, and geopolitical constraints.
The presentation also said that it aims to clock a revenue of £28 billion, or approximately Rs 2.9 lakh crore, by the financial year 2024 and reduce the net debt to zero by fiscal 2025.
Jefferies On Tata Motors
Maintains a 'buy' rating and upgrades the price target to Rs 700 per share from Rs 666 per share.
JLR at its investor day resolved to focus on strengthening its four brands, viz., Range Rover, Discovery, Defender and Jaguar. It plans to launch battery electric vehicles version for all models by 2030.
It resolved to achieve strong profitability while maintaining break-even levels and reducing capacity.
Company also plans investment optimisation via platform reduction and partnerships such as battery sourcing from a Tata group company.
Brokerage expects both JLR and India businesses to perform well in FY24, driving strong earnings growth and deleveraging.
It further expects earnings per share to rise at an all-time high by FY25.
Tata Motors' India business forms approximately 60% consideration in the Jefferies price target of Rs 700 apiece.
JLR's chip issues are easing, which can drive a big turnaround in operational and financial performance, as per the brokerage's long-term view.
In an upside scenario, Jefferies expects a price target of Rs 790 per share, implying a 40% upside from the current price.
Price target is set at Rs 440 apiece, implying a 22% fall, in a downside scenario.
Shares of Tata Motors Ltd. fell 0.51% to Rs 561.25 apiece as per 1:18 p.m., as day compared to 0.6% advance in the benchmark, NSE Nifty 50 Index.
The scrip declined as much as 0.60% intraday, the most since June 8, 2023. The relative strength index was at 71, implying that the stock maybe overbought.
Out of the 36 analysts tracking the company, 28 maintain a 'buy' rating, three recommend a 'hold' and five 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 upside of 7%.
Source: Bloomberg, Exchange filing
Auto Wholesale Data In May (YoY)
Total auto sales rise 18% YoY to 18,08,686 units in May
Passenger vehicle sales rose 13.5% to 3.34 lakh units.
Passenger car sales declined 2.97% to 1.2 lakh units.
SUV sales rose 33.5% to 1.55 lakh units.
Two-wheeler sales jump 17.4% to 14.71 lakh units.
Motorcycle sales up 20.6% to 9.89 lakh units.
Scooter sales grew 12.2% to 4.46 lakh units.
Three-wheeler sales grew 70.4% to 48,732 units.
Source: SIAM
Sensex, Nifty At Day's High As RIL, ITC, HUL Lead: Midday Market Update
India's benchmark stock indices held steady gains on Tuesday as FMCG, pharma, realty sectors advanced and while automotive sector was under pressure. While, Reliance Industries Ltd., ITC Ltd., and HUL Ltd. led the gains, Kotak Mahindra and HDFC Bank Ltd. were the top drags. The CPI inflation fell 4.25% in May compared to 4.7% in April, on Monday evening.
U.S. and European futures rose along with Asian markets amid expectations that the Federal Reserve will pause its tightening campaign and as the People’s Bank of China cut a short-term policy interest rate.
Contracts for U.S. benchmarks climbed after the Nasdaq 100 and the S&P 500 closed at the highest levels since April 2022. Futures for Euro Stoxx 50 rallied 0.7%.
Japanese Topix index hit the highest level since 1990. The Nikkei 225 advanced about 1.8%. Chinese technology stocks in Hong Kong were the biggest gainers. Property shares also rallied following the move but pared most of their gains.
As of 12:55 p.m., the S&P BSE Sensex Index was 374 points or 0.60% at 63,0987.30 while the NSE Nifty 50 Index was 111 points or 0.60% higher at 18,712.30.
Reliance Industries Ltd., ITC Ltd., Hindustan Unilever Ltd., Axis Bank Ltd., Titan Co., and were positively adding to the change.
Whereas, Kotak Mahindra Bank Ltd., HDFC Bank Ltd., State Bank of India, and ICICI Bank Ltd. were negatively contributing to the change.
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 0.97%, whereas S&P BSE SmallCap Index was higher by 0.87%.
All the 19 sectors compiled by BSE advanced, with S&P BSE Telecommunication gaining the most.
The market breadth was skewed in the favour of the buyers. About 2,133 stocks rose, 1,325 declined, and 161 remained unchanged on the BSE.
Signet Industries Shares Surge After Securing Order Worth 120-Crore
Shares of Signet Industries Ltd. was at 16 months high, after company announced bagging Rs 120 crore order from various EPC contractors.
These order are for pipes in water supply project in state of Madhya Pradesh, Uttar Pradesh, Orissa, Rajasthan, Maharashtra.
Shares of the company rose 18.51% to Rs 51.55 apiece as of 11:18 a.m., compared to a 0.57% gain in the NSE Nifty 50.
The scrip gained as much as 19.31% to Rs 51.90 apiece on Tuesday, the most since Feb 15, 2023. The average traded volume so far in the day stood at 22.5 times its monthly average. The relative strength index was at 78, suggesting stock may ne overbought.
Talking Point: Siddhartha Bhaiya’s Outlook On Indian Markets & Top Sectoral Bets
Stocks In Focus: Real Estate, Zee Entertainment, FMCG Cos, IDFC First
Zee Shares Pare Early Losses As Chairman Says Board Will Review SEBI Order
Shares of Zee Entertainment Enterprises Ltd. parred early losses after the board said they are currently in the process of reviewing the detailed SEBI order, and appropriate legal advice is being sought in order to take the next steps as required, according to company statement.
The market regulator, in an interim order, barred Essel Group Chairman Subhash Chandra and Zee Entertainment Enterprises Chief Executive Officer Punit Goenka from holding the position of a director or a key managerial person in a company board.
Shares of the company was trading 1.36% lower to Rs 192.20 apiece as of 10:18 a.m., compared to a 0.51% gain in the NSE Nifty 50.
The scrip fell as much as 6.59% to Rs 182 apiece on Tuesday. The average traded volume so far in the day stood at 11.4 times its monthly average. The relative strength index was at 48.65.
Of the 24 analysts tracking the company, 22 maintain a 'buy' rating, one suggests a 'hold'and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 26.1%.
Inox Wind Energy Hits Record High As Shareholders To Gain After Merger With Parent
Shares of Inox Wind Energy Ltd. hit an all time high, whereas, Inox Wind Ltd. shares declined to most in over a week after both companies announced a merger.
For every 10 shares of Inox Wind Energy, 158 equity shares of Inox Wind will be issued. Additionally, for every 10 share warrants of Inox Wind Energy with an issue price of Rs 847 each, 158 share warrants of Inox Wind will be issued at a price of Rs 54 each.
Shares of Inox Wind Energy Ltd. rose 13.01% to Rs 2,054.55 apiece as of 10:23 a.m., compared to a 0.5% advance in the NSE Nifty 50. The scrip has gained as much as 18.15% in the most in over five weeks since May 8.
The average traded volume so far in the day stood at 20.1 times its monthly average. The relative strength index was at 86, implying that the stock maybe overbought.
Shares of Inox Wind Ltd. fell 4.32% to Rs 139.5 apiece as of 10:23 a.m., compared to a 0.5% advance in the NSE Nifty 50. The scrip has fallen as much as 5.07%, the most since June 5.
The average traded volume so far in the day stood at 2.6 times its monthly average. The relative strength index was at 61.5.
MRF Stock Becomes First To Hit The Rs 1 Lakh Mark
Broader Markets Mirror Larger Peers
The broader market indices mirrored the larger peers; the S&P BSE MidCap Index was up 0.48%, whereas S&P BSE SmallCap Index was higher by 0.52%.
Eighteen out of the 20 sectors compiled by BSE advanced, except S&P BSE Capital Goods and S&P BSE Services.
The market breadth was skewed in the favour of the buyers. About 1,966 stocks rose, 634 declined, and 119 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
ITC Ltd., Infosys Ltd., Hindustan Unilever Ltd., Asian Paints Ltd., and Reliance Industries Ltd. were the positively adding to the change in the Nifty 50 Index.
ICICI Bank Ltd., Larsen & Toubro Ltd., HDFC Bank Ltd., Kotak Mahindra Bank Ltd., and HDFC Ltd., were negatively adding to the change.
Sensex, Nifty Open Higher: Opening Bell
India's benchmark stock indices opened higher on Tuesday after the CPI inflation fell 4.25% in May compared to 4.7% in April on Monday evening.
Asian markets rose along with U.S. and European futures amid optimism that the Federal Reserve will pause its most-aggressive tightening campaign in decades. Chinese shares bucked the trend, declining even after the People’s Bank of China cut a short-term policy interest rate to help aid the economy.
Japanese shares showed the biggest gains in the region, with the Topix rallying more than 1% in a third day of gains that have taken the index to the highest level since 1990. The Nikkei 225 advanced about 1.6%.
Contracts for U.S. benchmarks rose slightly in Asia after the Nasdaq 100 and the S&P 500 closed at the highest levels since April 2022. On Monday in the U.S., Tesla Inc. climbed for a 12th straight session — a record winning run — and Apple Inc. hit an all-time high.
At pre-open, the S&P BSE Sensex was up 55 points or 0.09% at 62,779.53 while the NSE Nifty 50 Index 30 points or 0.16% higher at 18,631.80.
Sensex, Nifty Rise At Pre-Open In Trade
At pre-open, the S&P BSE Sensex was up 55 points or 0.09% at 62,779.53 while the NSE Nifty 50 Index 30 points or 0.16% higher at 18,631.80.
Source: Bloomberg
Yield On The 10-Year Bond Declines
The yield on the 10-year bond opened 2 bps lower at 7% on Tuesday.
It closed at 7.02% on Monday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthens 2 paise to open at 82.41 against the U.S dollar on Tuesday.
The local currency closed at 82.43 on Monday.
Source: Bloomberg
CPI Number May Not Bring ‘Lasting’ Cheer To BFSI: Trade Setup
Global Cues
U.S. Dollar Index at 103.6
U.S. 10-year bond yield at 3.72%
Brent crude up 0.60% at $72.27 per barrel
Nymex crude up 0.39% at $67.38 per barrel
SGX Nifty up 0.31% at 18,756 as of 8:15 a.m.
Bitcoin up 0.22% at $25,952.95
Insider Trades
LG Balakrishnan & Bros: Promoter Nithin Karivardhan sold 12,000 shares on June 9.
Sandur Manganese and Iron Ores: Promoter Group Yashodara Devi Shiva Rao Ghorpad sold 15,500 shares on June 9.
S&T Corporation: Promoter & Director Ajay Kumar Savai sold 95,935 shares between June 8 and June 9.
Indoco Remedies: Promoter Madhura Ramani bought 5,421 shares on June 12.
Advanced Enzyme Technologies: Promoter Group Atharva Green Ecotech sold 47,100 shares between June 8 and June 9.
GNA Axles: Promoter Group Ashmeet Seehra bought 11,275 shares between June 7 and June 9.
Rajnish Wellness: Promoter Rajnish Kumar Singh bought 7.8 lakh shares on June 12.
Pledge Share Details
Aurobindo Pharma: Promoter Group RPR Sons Advisors created a pledge of 17.3 lakh shares on June 9.
Jindal Steel And Power: Promoter Group Siddeshwari Tradex revoked a pledge of 9 lakh shares on June 8.
Bulk Deals
Balrampur Chini Mills: Societe Generale bought 10.87 lakh shares (0.54%) at Rs 406.02 apiece.
Go Fashion India: ICICI Prudential Life Insurance bought 7.04 lakh shares (1.3%), BNP Paribas Arbitrage bought 4.3 lakh shares (0.8%), Kuwait Investment Authority Fund bought 4.84 lakh shares (0.9%), Societe Generale bought 8.25 lakh shares (1.53%) at Rs 1,135 apiece and Sequoia Capital India Investments sold 54.98 lakh shares (10.18%) at Rs 1,136.1 apiece.
Man Infraconstruction: Societe Generale bought 39.32 lakh shares (1.06%) at Rs 102 apiece.
Trading Tweaks
Price Band Revised From 20% To 10%: PTC Industries, Urja Global
Ex-Date Annual General Meeting: Jindal Saw, JSW Holdings
Ex-Date Dividend: Jindal Saw, Diamines & Chemicals, LKP Finance, LKP Securities
Move Into Short-Term ASM Framework: Urja Global, Greenlam Industries, R Systems International, Force Motors
Move Out Of Short-Term ASM Framework: Inox Wind Energy, eMudhra
Stocks To Watch: Wipro, Coal India, JK Cement, Nelco, L&T Finance, IRCTC In Focus
Inox Wind Energy: The company will merge with parent Inox Wind via a share swap. For every 10 shares of Inox Wind Energy, 158 equity shares of Inox Wind will be issued. This consolidation aims to simplify and streamline the group's structure by reducing the number of listed entities. For every 10 share warrants of Inox Wind Energy with an issue price of Rs 847 each, 158 share warrants of Inox Wind with an issue price of Rs 54 will be issued. The merger stands in the favour of the Inox Wind Energy shareholders by nearly 25% as per the last closing price of both the companies.
Adani Ports and SEZ: The company has suspended vessel operations in Mundra and Tuna Port in light of an advisory issued by the Indian Metrological Department on the expected cyclone storm ‘Biparjoy’.
Zee Entertainment Enterprises: SEBI has barred the company’s Chief Executive Officer Punit Goenka and Essel Group Chairman Subhash Chandra from holding the position of a director or a key managerial position in a company’s board.
PC Jeweller, State Bank of India: PC Jeweller has filed a suit against State Bank of India in district court in New Delhi for declaration and injunction and has requested to declare the action of the lender in classifying the loan account of the company as non-performing assets with effect from June 29, 2021, and April 24, 2019, as illegal, null, void, arbitrary, discriminatory, and against the RBI circulars and guidelines issued in this regard. The District Court has ruled that until any further orders, SBI must maintain the status quo regarding any further action to be taken against the company as a consequence of the NPA decision.
Tata Motors: The company said $111.94 million in aggregate principle amount of external commercial borrowing bonds of $250 million with 5.75% senior notes for 2024 were validly tendered as of June 9.
JSW Steel: The Directorate of Mines and Geology, Goa, named the company as the preferred bidder and granted a mining lease for iron ore minerals. The company won a grant for Block VI, the Cudnem Cormolem Mineral Block, with 9.77 million metric tonnes of resources and a final offer price of 96.65%. It received a grant for Block IX-Surla-Sonshi Mineral Block with 65.73 million metric tonnes of resources and a final offer price of 109.8% of the final offer price.
HDFC Bank: The lender said that 99.7% of votes received were in favour of naming Kaizad Bharucha as a deputy managing director of the bank for a period of three years starting April 19, 2023. As many as 99.8% of votes were received in favour of appointing Bhavesh Zaveri as an executive director of the bank for a period of three years starting April 19, 2023.
Housing Development Finance Corporation: The company inked a share purchase agreement to sell the entire stake held in HDFC Ventures Trustee Company for an aggregate consideration of Rs 7.60 lakh.
Star Health and Allied Insurance Company: Company said 96.21% of member votes were in favour of the appointment of Managing Director Shankar Roy Anand as managing director and chief executive officer of the company. While 99.33% of votes were received in favour of changing the designation of Venkatasamy Jagannathan from chief executive officer and chairman to non-executive director and chairman of the board,
Ramkrishna Forgings: The company incorporated Ramkrishna Titagarh Rail Wheels Ltd. along with Titagarh Rail Systems Ltd. Ramkrishna Titagarh Rail has been incorporated to manufacture and supply forged wheels. Both companies will hold 50% stakes in Ramkrishna Titagarh Rail.
Hero MotoCorp: The automaker launched a vehicle model, Passion+, under its brand Passion. It is available at Hero MotoCorp’s dealerships across the country at an ex-showroom price of Rs 76,301.
Tejas Networks: The company deployed its TJ1400 family of carrier-class fibre-to-the-x and packet switching network solutions to deliver high-speed fibre connectivity services to businesses across the country for Tata Tele Business Services.
Greaves Cotton: The company’s e-mobility business Greaves Electric Mobility has entered into an agreement with non-banking finance firm Bike Bazaar Finance to finance vehicles. Under the deal, Bike Bazaar will finance Greaves Electric’s ELE-branded L3 electric vehicles.
Engineers India: The Oil and Natural Gas Corporation awarded a project worth Rs 472 crore to the company. The order includes the replacement of three CSU off-gas compressors and six regeneration gas compressors. The project also includes the installation of a CBD vessel at the Uran plant on an EPC-reimbursable basis. The project completion schedule is 40 months.
HFCL: The company won an order of about Rs 80.92 crore from Delhi Metro Rail Corporation to design, manufacture, supply, install, test, and commission a fibre optic transmission system for three priority corridors of Phase IV of the Delhi Metro Rail project.
SJVN: SJVN Green Energy bagged a 200 MW wind power project on a build, own, and operate basis from Solar Energy Corporation of India. The project shall be developed by the company anywhere in India through an EPC contract. The tentative cost of the project is Rs 1,400 crore. After commissioning, the project is expected to reduce 7.08 lakh metric tonnes of carbon emissions.
SGX Nifty Signals Higher Open For The Benchmarks
Asian markets opened marginally higher on Tuesday, with support from a rally on Wall Street amid optimism that the Federal Reserve will pause its most aggressive tightening campaign in decades. The People's Bank of China cut its short-term policy interest rate to aid the economy.
Japan’s Topix rose for a third day as it extended gains that have taken the index to the highest level since 1990. South Korean shares also climbed, while Australia’s benchmark edged lower and Hong Kong futures fell slightly.
Contracts for U.S. benchmarks rose slightly during Asia trade after the Nasdaq 100 and the S&P 500 closed at their highest levels since April 2022. Gains in the Nasdaq, which rose 1.8% overnight, will put Asian tech stocks in the spotlight. All eyes are on the Federal Open Market Committee, which is expected to keep interest rates in the 5-5.25% range on Wednesday.
Brent crude traded above $72 a barrel, and West Texas Intermediate was below $68. The yield on the 10-year U.S. bond was trading at 3.72%, whereas Bitcoin was below the $26,000 level.
At 8:15 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.31% at 18,756.
On the other side of the globe, India's benchmark stock indices held slim but steady gains on Monday, driven by advances in the I.T. and real estate sectors, while private banks and non-banking financial companies were under pressure. The Indian rupee strengthened 3 paise to close at 82.43 against the U.S. dollar on Monday.
Overseas investors in Indian equities remained net sellers for the second straight session on Monday. Foreign portfolio investors offloaded stocks worth Rs 626.6 crore, while domestic institutional investors were net buyers and mopped up stocks worth Rs 1,793.9 crore, as per NSE data. This was the highest amount of net buying by domestic investors this month so far.
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