Stock Market Today: All You Need To Know Going Into Trade On June 27

Asian markets are poised for a mixed open on Tuesday after U.S. stocks fell amid concern that the Federal Reserve and its peers around the world will push economies into recession. Futures for Hong Kong and Australian benchmarks pointed to gains while contracts for Japanese shares suggested a drop.

On Monday, the Nasdaq 100 dropped 1.4%, sliding for a second day after suffering its worst week since March. The technology sector led declines on Wall Street, as AI-favorite Nvidia Corp. and Facebook-parent company Meta Platforms Inc. dipped.

Tesla Inc. slumped more than 6% after Goldman Sachs Group Inc. joined the list of brokers turning less bullish on the electric-vehicle maker. U.S. equity futures inched higher in Asian trading while major currencies were little changed.

Meanwhile, Brent crude rose to $74 a barrel and West Texas Intermediate was trading around $69-mark. The yield on the 10-year U.S. bond was trading at 3.72%, whereas Bitcoin was above 30,000-level.

At 5:30 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index's performance in India was up 0.06% or 11 points at 18,715.

Back home, Indian benchmark indices swung between gains and losses before closing mixed. The S&P BSE Sensex closed 9 points down, or 0.01%, at 62,970, whereas the NSE Nifty 50 ended 26 points higher, or 0.14%, at 18,691.20. The Indian rupee closed flat at 82.04 against the U.S. dollar. Healthcare and pharmaceutical sectors advanced; while banking shares were under pressure.

Overseas investors in Indian equities remained net sellers for the third day in a row on Monday. Foreign portfolio investors offloaded stocks worth Rs 409.4 crore, according to data from the National Stock Exchange. Domestic institutional investors turned net buyers and mopped up equities worth Rs 250.1 crore, the NSE data showed. Foreign institutions have net bought Rs 30,863 crore worth of equities in June and Rs 60,122 crore worth of Indian equities so far in 2023, according to the National Securities Depository Ltd.

Stocks To Watch: ICICI Pru, ICICI Bank, Airtel, SBI, AB Capital In Focus

• ICICI Prudential Life Insurance: The company has received a GST show cause cum demand notice for Rs 492 crore. The matter "relates to an industry-wide issue of input tax credit," and the company believes it has availed of eligible input GST credit in compliance. It has deposited Rs 190 crore without accepting any liability.

• Tech Mahindra: The company's unit LCC France has approved a proposal to divest its 49% holding in SARL Djazatech and its subsidiary EURL LCCUK Algerie. Tech Mahindra said there was no contribution in terms of turnover or net worth to the consolidated turnover or net worth of the Company for the year ended March 31, 2023.

• Bharti Airtel: Airtel Business Chief Executive Officer Ajay Chitkara has resigned. He will continue with the company till the third week of August. Airtel Business will operate as three business and channel segments: global business, led by Vani Venkatesh; domestic business, led by Ganesh Lakshminarayanan; and Nxtra Data Centres, led by Ashish Arora.

• State Bank of India: The lender has relieved Swaminathan Janakiraman, managing director on the Central Board of the Bank, from the position on June 26 to assume charge as Deputy Governor, Reserve Bank of India.

• Aditya Birla Capital: The company fixed the floor price at Rs 175.99 per share for qualified institutional placements of shares. Aditya Birla Capital, in a shareholder's meeting on June 24, approved to issue equity shares on a preferential basis for an aggregate amount up to Rs 1,250 crore.

• Federal Bank: The lender has appointed Independent Director A. P. Hota as the part-time chairman with effect from June 29, 2023, till Jan. 14, 2026.

• Axiscades Technologies: The company has completed the re-financing of its existing debt of Rs 210 crore, which it borrowed for the acquisition of Mistral Solutions. The refinancing will bring down the company's interest costs by over 400 basis points per year.

Offerings: IdeaForge Technology, Cyient DLM IPO In Focus

1. Cyient DLM: The initial public offering of Cyient DLM Ltd. will open on Tuesday, June 27. The company plans to raise as much as Rs 592 crore. Its IPO consists of a fresh issue of 2.23 crore shares. The price band is fixed at Rs 250–265 per share. 

2. IdeaForge Technology: The Rs 567 crore initial public offering of IdeaForge Technology Ltd. was fully subscribed on the first day. It had been subscribed 3.69 times as of 5:00 p.m. on June 26. Retail investors subscribed 12.48 times, followed by employees who reserved 8.47 times. Non-institutional investors subscribed 5.13 times, and institutional investors subscribed 0.01 times.

Block deals 

India Nippon Electricals: Lucas India Service bought 14.14 lakh shares (6.25%), and Mahle Electric Drives Japan Corporation sold 14.14 lakh shares (6.25%) at a price of Rs 438 apiece.

Bulk deals 

• Rolex Rings: Ashokkumar Dayashankar Madeka sold 1.41 lakh shares (0.52%) at Rs 2,078.02 apiece.

• Solara Active Pharma Sciences: Karuna Business Solutions sold 1.99 lakh shares (0.55%), and Spiracca Ventures bought 1.99 lakh shares (0.55%) at Rs 374.35 apiece.

• Aavas Financiers: Small Cap World Fund sold 7.7 lakh shares (0.97%) at Rs 1437.74 apiece, and Societe Generale bought 3.96 lakh shares (0.5%) at Rs 1427.21.

• Parag Milk Foods: Sixth Sense India Opportunities III bought 7.83 lakh shares (0.66%) at Rs 132 apiece.

Pledge Details 

• Chambal Fertilisers and Chemicals: Promoter Simon India revoked a pledge of three lakh shares on June 21. 

• Apollo Hospitals Enterprise: Promoter PCR Investments revoked a pledge of 6.85 lakh shares on June 23. 

• Centrum Capital: Promoter Business Match Services (India) created a pledge of 40 lakh shares on June 23.

Insider Trades 

• Jindal Saw: Promoter Shradha Jatia bought 12,700 shares on June 22.

• Cosmo First: Promoter Gayatri and Annapurna, through its partner Ashok Jaipuria, bought 63000 shares between June 22 and 23.

• Mindspace Business Parks REIT: Promoter Raghukool Estate Development bought 67,477 shares on June 23.

• GHCL: Promoter Neelabh Dalmia bought 1,900 shares on June 22.

• Landmark Cars: Promoter Sanjay Karsandas Thakker sold 5.6 lakh shares on June 23.

• Advanced Enzyme Technologies: Promoter Advanced Vital Enzymes sold 42,232 shares between June 21 and 23.

• KPIT Technologies: Promoter Ajay Bhagwat sold 36,716 shares on June 21.

Who's Meeting Whom:

• Radico Khaitan: To meet investors and analysts on June 28 and June 29.

• Aurobindo Pharma: To meet investors and analysts on June 27.

• Anant Raj: To meet investors and analysts on June 27.

• IZMO: To meet investors and analysts on June 27.

• Electrosteel Castings: To meet investors and analysts on June 28.

AGMs Today:

• Asian Paints   

• Bank of India  

• Greenpanel Industries  

• Havells India  

• Meghmani Finechem  

• Meghmani Organics  

• Newgen Software Technologies  

• State Bank of India   

• Tata Investment Corporation  

• Tata Teleservices (Maharashtra)  

Trading Tweaks

• Price Band Revised From 20% To 10%: Rattanindia Power

• Ex-Date Dividend: Welspun India, Supreme Petrochem, Anant Raj, Thangamayil Jewellery

• Ex-Date Annual General Meeting: Welspun India, Supreme Petrochem, Bajaj Hindusthan Sugar, Anant Raj, and Thangamayil Jewellery

• Move Into Short-Term ASM Framework: Apollo Micro Systems   

• Move Out Of Short-Term ASM Framework: Hindware Home Innovation  

F&O Cues 

• Nifty June futures ended at 18,718, a premium of 12.10 points.

• Nifty June futures fell 14.83%, with 25,304 shares in open interest.

• Nifty Bank June futures ended at 43,695.85, a premium of 24.20 points.

• Nifty Bank June futures fell 17.80%, with 14,772 shares in open interest.

• Securities in the ban period: Hindustan Copper, RBL Bank

Money Market Update

The rupee closed flat at 82.04 against the U.S. dollar on Monday.

Research Reports

• Cyient DLM IPO - Investment Rationale, Business Strategies, Strengths, Risks, Financials: HDFC Securities

• IdeaForge IPO - Investment Rationale, Financials, Key Risks, Concerns: Motilal Oswal

• Carborundum, Grindwell Norton - An All Round Capex Play: Prabhudas Lilladher Initiates Coverage With A 'Buy'

• Impact Of Generative AI On IT Services - Still In Infancy Stage: ICICI Securities