Market Highlights, June 26: Sensex zooms 621 pts, ends atop 78,650; Nifty holds 23,850; RIL soars 4%

Stock Market Highlights on Wednesday, June 26, 2024: The BSE Sensex touched a record high of 78,759, while the Nifty50 scaled 23,890 in the intraday trade

3:48 PM

Tech View :: 'Nifty is likely to target levels of 24,150 in near-term'

Nifty50

On the daily charts, the Nifty has witnessed a follow-through buying interest after breaking out of the consolidation range on the upside. We believe that the Nifty is likely to target levels of 24,150 from short-term perspective. Any dips towards support zone 23,700 – 23,680 should be used as a buying opportunity. Daily and hourly momentum indicators are in sync so momentum is likely to continue.

 

Bank Nifty

Bank Nifty also witnessed buying interest and continued with its upmove. The sharp run up is likely to continue until it shows exhaustion on the price front. On the upside 53,660 is the immediate hurdle while 52,300 – 51,900 is the crucial support from short term perspective.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:45 PM

Currency check :: Rupee ends 14 paise weaker vs US dollar

3:42 PM

Broader markets :: MidCap index sole loser among key indices

3:40 PM

Sensex Heatmap :: RIL leaps 4%, M&M, Tata Steel weigh

3:39 PM

Closing Bell :: Nifty ends above 23,850

3:39 PM

Closing Bell :: Sensex ends above 78,650 on over 600-point rally

3:23 PM

Spectrum auction ends in just 2 days with bids worth Rs 11,340 crore

An auction of radiowaves that carry voice and data signals for mobile phones ended within two days on Wednesday, garnering less than 12 per cent of the Rs 96,238 crore minimum value that the government had estimated for the spectrum on offer. READ MORE

3:09 PM

SBI raises Rs 10,000 cr via infrastructure bond issuance to fund projects

The issue attracted overwhelming response from investors with bids in excess of Rs 19,884 crore and was oversubscribed by around four times against the base issue size of Rs 5,000 crore, SBI said in a regulatory filing. READ MORE

2:57 PM

GEM Enviro lists at 90% premium to issue price, freezes at upper circuit

GEM Enviro Management made an impressive debut on the BSE SME platform today, opening at Rs 142.50 per share, a 90 per cent premium over its issue price. The IPO, which was open for subscription from June 19th to June 21st, received overwhelming interest from investors, with an overall subscription of over 265.13 times. READ MORE

2:48 PM

ALERT :: Inox Green allots over 1 mn shares to ace investor Ashish Kacholia

>> Bandhan Focused Equity Fund, Universal Golden Fund, Mahindra Manulife Large & Mid Cap Fund, Suresh Kumar Agarwal among other allottees.

Check list here
 

2:39 PM

IREDA, Hudco's share price zooms up to 8% intraday; check details here

According reports, the positive momentum in the stock prices of these companies came after a government official disclosed that the central governments is planning to potentially include these entities under Section 54EC of the Income Tax Act in the upcoming union budget. READ MORE

2:31 PM

ALERT :: Nifty hits new lifetime high of 23,880.5

2:30 PM

ALERT :: Sensex hits new record high, tops 78,700

2:26 PM

Meghna Infracon skyrockets 19% on unveiling residential project in Mumbai

According to the data available with exchanges, the company recorded Rs 12.93 crore in fiscal year 2022-23, while recording a net loss of Rs 1.97 crore. The microcap firm Meghna Infracon Infrastructure has a total market capitalization of Rs 460 crore.  READ MORE
 

 

2:15 PM

Zee Media rallies over 8% after board approves fundraise of up to Rs 200 cr

Zee Media operates a number of news channels across various languages, including Hindi, English, and regional languages, catering to a wide audience across India. READ MORE

2:03 PM

ALERT :: S&P revises Adani Ports outlook to 'Positive'; 'BBB-' ratings affirmed

>> Rating revised on improving scale and diversification

1:50 PM

ALERT :: Bajaj Auto sets up new manufacturing plant in Brazil

>> Bajaj Do Brasil Comercio De Motocicletas Ltda, the wholly-owned subsidiary of Bajaj Auto Limited, has set up and commenced the commercial production at its new manufacturing plant at Av. do Turismo, Bairro Tarumã, Manaus, Brazil on 26 June 2024.

>> The plant is equipped with engine and vehicle assembly as well as testing facilities and has a production capacity of 20,000 units per year in a single shift.

1:41 PM

Stock Alert :: RIL gains 2.7%, trades as top gainer on benchmarks

1:30 PM

ALERT :: Bharat Forge stock in focus; share price down 1%

1:22 PM

ALERT :: Voda Idea engages with Samsung for 4g-5g radio network deployment, reports Reuters

1:13 PM

This small-cap auto company has approved capacity expansion; stock gains 4%

JTEKT India shares rise:Shares of JTEKT India rose as much as 4.44 per cent to hit a fresh 52-week high of Rs 221.10 per share on Wednesday. 

The uptick in the stock price came after the company announced that it has evaluated and approved capacity expansion for CVJ Forging Child Part. Read more

1:05 PM

Axis Mutual Fund launches Axis Nifty 500 Index Fund: Check details

Investors with long-term view, seeking broad market exposure to the top 500 companies in India, may invest in this fund. First-time investors, looking for a simple and diversified investment option, may also consider. Experienced stock market investors, aiming to complement their portfolio with a low-cost, passive investment strategy, can also invest in Axis Nifty500 Fund. READ MORE

12:52 PM

Rupee weakens amid dollar bids related to expiry of currency futures

The Indian rupee fell on Wednesday, pegged back by persistent dollar demand by public sector banks, which was mostly due to the monthly expiry of currency futures.

 

The rupee was at 83.4875 to the US dollar at 11:08 a.m. Read more

12:43 PM

ICICI Bank stock at record high; m-cap hits $100bn. What's behind the rise?

ICICI Bank share price hits record high, ICICI Bank m-cap tops $100 billion: Shares of ICICI Bank have been on a steady uptrend, rising 30 per cent over the past one year; not far behind Axis Bank stock that surged over 32 per cent during the period. The BSE Sensex, meanwhile, is up 24 per cent, and the BSE BANKEX 21.3 per cent in the last one year, ACE Equity data shows. Read more

12:28 PM

Nifty soars 120 pts, records lifetime high at 23,859

12:25 PM

Market check: Sensex registers fresh high at 78,588

12:17 PM

Budget 2024: Nasscom seeks lighter taxation environment for tech industry

The Union Budget should increase eligibility thresholds under safe harbour provisions from current levels of up to Rs 200 crore in international transactions to Rs 2,000 at least, according to the National Association of Software and Service Companies (Nasscom), which represents India’s $200 billion technology industry.

Safe harbour rules or conditions relieve taxpayers from obligations typically imposed under the Transfer Pricing Regulations introduced in 2001. Read more
 

11:57 AM

Block deal: CE Info Systems drops 6% as promoter likely sells 1% stake

Shares of CE Info Systems dropped by 6 per cent at Rs 2,271 per share on the BSE in Wednesday’s intraday trade. The stock price has corrected 14.3 per cent from its 52-week high of Rs 2745, touched on June 21, 2024. The stock had hit a 52-week low of Rs 1,164.30 on July 05, 2023. 

The recent downturn in stock price, however, came after the company’s promoter and managing director, Rakesh Kumar Verma on Wednesday sold 6.1 lakh shares, representing a 1.1 percent stake in the company, according to reports. Read more
 

11:39 AM

Market check:: Nifty50 hits fresh high at 23,825

11:33 AM

Market update:: Sensex hits lifetime high at 78,483