Stock Market Highlights, June 10: Sensex snaps 3-day winning run, dips 203 pts; IT, HDFC Bank weigh

Stock Market Highlights on June 10: The broader markets, however, stayed afloat with the BSE MidCap, and SmallCap indices adding up to 1 per cent

3:48 PM

Tech View :: Nifty, Bank Nifty to consolidate in near-term; check key levels

Nifty50
On the daily charts, we can observe that the Nifty touched a new all-time high of 23,412. The Nifty has witnessed ~21,00-point rally from last week. The hourly momentum indicator has triggered a negative crossover suggesting loss of momentum.

Hence, there can be some consolidation in the near-term and the Nifty is likely to drift towards 23,160 – 23,100 over the next couple of trading sessions failing to sustain can lead to a fall to 22,930. On the upside 23,420 – 23,500 is the immediate hurdle zone.

 

Nifty Bank

Bank Nifty witnessed continuation of the pullback and it faced resistance at the 50,250 mark which coincides with 78.6% retracement mark. Thus, the sharp rally seems to be running out of steam and now is poised for consolidation in the near term. Crucial support 49,320 – 49,070 while immediate hurdle is placed at 50,250 – 50,350.

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

3:46 PM

Comment :: 'Dial-back of rate cut, guided earlier by Fed, could test market patience'

The Indian market currently lacks fresh catalysts following the formation of the new government at the centre, suggesting that some consolidation may occur in the near term.

Institutional flows indicate a mixed trend, with FIIs gradually covering their shorts and DIIs booking profits after the market reached historic highs. Meanwhile, optimism about a rate cut is waning as US economic data points remain healthy.

The FED is expected to continue its current stance. However, any dial-back of the rate cut guided earlier could test market patience.

Views by: Vinod Nair, Head of Research, Geojit Financial Services.

3:44 PM

IPO Update :: Ixigo IPO sails through, subscribed 1.6x so far on day 1

3:42 PM

Currency check :: Rupee ends 13 paise weaker vs US dollar

3:41 PM

Broader markets :: Mid, SmallCap indices outshine large-caps

3:40 PM

Sectoral trends :: IT, Metal indices slip, Realty rises over 1%

3:38 PM

Sensex Heatmap :: Tech M, Infy slip up to 2.6%; Ultratech Cement rallies 3%

3:37 PM

Closing Bell :: Nifty ends below 23,300

3:36 PM

Closing Bell :: Sensex slips over 200 pts after hitting record high intraday

3:27 PM

Cement stocks rally up to 10% on Monday, Ultratech hits record; here's why

n June 9, Modi was sworn in, alongside 72 ministers who are yet to be assigned their duties. The 73-year-old Indian leader's Bharatiya Janata Party (BJP) formed a coalition government with several regional parties, including TDP, and JD (U), after the Lok sabha elections of 2024. READ MORE

3:15 PM

KEI stock rallies 8%, hits new high on healthy outlook; up 117% in 1 year

In FY25 profitability is likely to improve led by likely enhanced geographical diversification, an improvement in operational efficiencies and increased contribution from high-margin, believes Ind-Ra. READ MORE

3:04 PM

ALERT:: Gail India plans to set-up Ethane Cracker Project in MP; stock trades flat

Gail India in an exchange filing today said, the company intends to set up 1500 KTA Ethane Cracker Project in Madhya Pradesh, having product slate of various

ethylene derivatives for an investment of Rs 60,000 crore. 

2:53 PM

Global check:: US, UK stock futures decline around 1%

2:43 PM

Mahanagar Gas share price at Rs 1,000 or Rs 1,700? Check new target prices

Mahanagar Gas Analyst Meet: Brokerages largely remained positive on Mahanagar Gas, after the company held its Analysts Meet on June 7, eyeing long-term growth aided by multiple initiatives implemented by the company. READ MORE

2:31 PM

Sebi proposes to open credit default swap market for MF: key factors

Sebi has proposed to permit participation of mutual funds in CDS buying for all schemes as well as CDS selling for all schemes except overnight and liquid. READ MORE

2:21 PM

Motilal Oswal surges 19%, hits all-time high as shares trade ex bonus

MOSL began trading ex-bonus during Monday's session, indicating that the bonus shares issued to shareholders are now available for trading on the index. READ MORE

2:11 PM

This smallcap iron & steel firm plans share buyback; stock up 187% in 1 yr

The board of directors of Godawari Power & Ispat is scheduled to meet on Saturday, June 15, 2024 to consider and approve a proposal for buyback of equity shares. READ MORE

2:01 PM

Samvardhana Motherson gains 4% on Moody's rating upgrade; Outlook 'stable'

The auto components manufacturer's stock price jumped after Moody's Rating upgraded the credit rating of SAMIL and Samvardhana Motherson Automotive Systems Group B.V (SMRP B.V). READ MORE

1:49 PM

Rallis India hits 32-month high; soars 14% on favourable volume outlook

The company's portfolio of Crop Protection, Crop Nutrition and Improved Seeds supported by wide market reach, aims to address the emerging needs of the Indian farming community. READ MORE

1:38 PM

Here's a list of key global events that await Modi govt in its third term

With the NDA leaders' oath ceremony now complete, here's a look at the key global events the Modi 3.0 government will focus on to continue advancing its diplomatic agenda. READ MORE

1:27 PM

Suzlon dips 4% as director flags corporate governance issues; time to sell?

Analysts at ICICI Securities said that Suzlon has been focused on debt reduction and efficient management of working capital in the last 15 months. It will look to improve corporate governance further. READ MORE

1:17 PM

Dalmia Bharat stock surges after subsidiary acquires stake in solar firm

Dalmia Bharat shares surged by 2.93 per cent at Rs 1,862.10 per share on the Bombay Stock Exchange (BSE) in Monday's intraday deals. READ MORE

1:07 PM

This bank stock has surged 55% in 4 days; zoomed 103% from listing day low

Shares of Jana Small Finance Bank (Jana SFB) hit a record high of Rs 740 as they rallied 15 per cent on the BSE in Monday's intraday trade, amid heavy volume, in an otherwise rangebound market. READ MORE

12:56 PM

EIH Associated Hotels surges 17%, hits record high on bonus issue plan

EIH Associated Hotels said that its board will meet on Friday, June 14, 2024, to consider and recommend, capitalisation of reserves by issuing bonus shares to the equity shareholders of the company. READ MORE

12:44 PM

Market at record high but a fifth of Nifty 500 stocks trade below 200-DMA

The 200-DMA is a key long-term moving average in determining a bullish and bearish trend for any stock or underlying index.  READ MORE

12:34 PM

Kronox Lab Sciences debuts with 21% premium over issue price, slips later

Kronox Lab Sciences listing: While the listing marked a positive performance, it fell short of pre-listing expectations fueled by the high grey market premium (GMP). READ MORE

12:25 PM

Mphasis block deal: Stock slips 5% after nearly 30 mn shares change hands

Mphasis share price: While the buyers and sellers could not be ascertained, reports said BCP Topco, an affiliate firm of BlackStone, was the likely seller. READ MORE

12:15 PM

Indian bond yields inch higher as US peers jump on robust economic data

Indian government bond yields rose at the start of the week, tracking a spike in US Treasury yields after strong economic data dampened bets of rate cuts by the Federal Reserve. READ MORE

12:05 PM

KEC International soars 8% on securing multiple orders; details here

KEC International's transmission and distribution (T&D) business has received orders for T&D projects in India, East Asia Pacific, and the Americas. READ MORE

11:56 AM

Japan's economy shrinks 1.8% in Q1, slightly less than previous forecast

The Japanese economy shrank at an annual rate of 1.8 per cent in the first quarter of this year, slightly better than the initial estimate at a 2.0 per cent contraction, according to revised government data Monday. READ MORE