Stock Market Highlights, June 28: Benchmarks settle lower; Sensex above 79k, Nifty holds 24,000

Stock market highlights on Friday, June 28: BSE Sensex climbed 0.54 per cent or 428 points to hit a fresh record high of 79,671.58 while NSE's Nifty50 rallied 0.53 per cent to a new high of 24,174

3:49 PM

Comment: Consolidation in the benchmark likely following recent upward movement

The markets traded within a narrow range throughout the day, closing nearly unchanged after a recent surge. Initially positive, the session saw profit-taking in key heavyweights that offset early gains, resulting in the Nifty settling around 24,009.30 levels, down by 0.15 per cent. Despite this, sectors like energy, pharma, and metal ended in positive territory, contributing to gains of around 0.5 per cent-0.9 per cent in broader indices.

 

Looking ahead, there's a possibility of consolidation in the benchmark index following recent upward movement, with support expected around the 23,700-23,900 range on any declines. Banking stocks are currently consolidating, while sectors such as IT, energy, and FMCG are buoying the index higher. Similar market dynamics are anticipated in the upcoming session, so traders should strategize accordingly.

(Comment by: Ajit Mishra – SVP, Research, Religare Broking Ltd.)

 

3:46 PM

Tech View: Index looks a bit heavy, might attract profit booking

The index formed a small-bodied red candle, breaking a four-day winning streak. The sentiment continues to remain strong as the index closed significantly above the critical moving average.

However, after a continuous rally, the index looks a bit heavy and might attract profit booking if Nifty sustains below 24,000. On the lower end, the index might fall towards 23,850/23,700 in the short term upon a decisive fall below 24,000. On the higher end, resistance is visible at 24,200.

(View By: Rupak De, Senior Technical Analyst, LKP Securities)

3:39 PM

Nifty Healthcare, Pharma gain 1% each in sectoral trends

3:37 PM

Broder indices end firm on a volatile day

3:36 PM

Private banks among top losers on NSE

3:35 PM

Heatmap check

3:34 PM

Closing Bell: Nifty, too, ends in red after touching lifetime highs

3:32 PM

Closing Bell: Sensex ends 210 points lower after hitting record highs

3:07 PM

Tyre stocks in focus; JK Tyre, Ceat, TVS, Goodyear rally up to 12%

Shares of tyre makers were in focus and rallied by up to 12 per cent on the BSE in Friday’s intra-day trade on improving demand outlook. According to reports, domestic tyre companies have undertaken a price hike of 1-2.5 per cent with effect from July 1, 2024, in response to rise in key raw material prices (primarily natural rubber). READ MORE

2:53 PM

Nazara Tech share zooms 9% on acquisition of Freaks 4U Gaming for Rs 271 cr

Shares of Nazara Technologies climbed as much as 9 per cent to hit an intraday high of Rs 887.05 per share on Friday. The uptick in share price came after Nazara Technologies said NODWIN Gaming will increase its ownership in leading European esports company Freaks 4U Gaming to 100 per cent through a share swap valued at Rs 271 crore (Euro 30.3 million). READ MORE

2:38 PM

HCG acquires majority stake in Vizag Hospital; stock price zooms 5%

Shares of HealthCare Global Enterprise (HCG) soared by 4.58 per cent at Rs 388.30 per share on the BSE in Friday’s intraday deals. This came after HCG said that it has acquired  51 per cent stake in Vizag Hospital with remaining 49 per cent equity to be acquired later in two tranches. The cancer care healthcare chain , however, did not disclose the amount of the acquisition. READ MORE

 

2:16 PM

Geopolitics remains by far the biggest risk to markets, says Chris Wood

Geopolitics, and, in particular, the growing risk of escalation in the Ukraine conflict, remains by far the biggest risk to the markets, wrote Christopher Wood, global head of equity strategy at Jefferies in his weekly note to investors, GREED & fear. READ MORE

2:00 PM

Nephro Care IPO: Anchor investors, share allotment, issue objective

Nephro Care India IPO (Initial Public Offer) opened for subscription today, Friday, June 28024. The SME-based IPO is available on the NSE SME platform. READ MORE
 

1:46 PM

This smallcap stock has surged 20% on June 28; up 76% from June 5 low

Shares of Black Box (formerly AGC Networks) surged 20 per cent to Rs 384, hitting a record high on the BSE in Friday’s intra-day trade amid heavy volumes. The market price of smallcap stock has zoomed 76 per cent from its low of Rs 218 touched on June 5, as the management said they are confident in achieving strong performance in the fiscal year 2025 and beyond. READ MORE
 

1:44 PM

Tech Mahindra set for 'turnaround year', focused on revenue and costs: CEO

Tech Mahindra is set for a “turnaround year” as it makes new investments and “optimises” costs, said Mohit Joshi, the chief executive officer and managing director of the information technology company. READ MORE
 

1:13 PM

Polycab slips 5% after promoter likely sells 2% stake via block deal

Shares of Polycab India dropped 5.3 per cent at Rs 6,616 on the BSE in Friday’s intraday deals. The stock is trading near its 52-week high of Rs 7,330 per share reached on June 25, 2024. The company had hit a 52-week low of Rsd 3,492 on July 07, 2023. 

The recent drop in the stock price followed a block deal on the National Stock Exchange (NSE), where approximately 3.37 million shares of the company, valued at Rs 2,265.44 crore, were traded at a price of Rs 6,709.35 per share. Read more

12:59 PM

Market check: Sensex takes U-turn from highs, drops marginally

12:44 PM

Bombay Burmah stock zooms 15% on jump in volume; up 47% in June

Shares of Bombay Burmah soared 15 per cent to hit a new high at Rs 2,168 on the BSE in Friday's intra-day deals amid renewed buying interest at the counter after Sebi tweaked norms for holding companies.

At 11:30 am, Bombay Burmah was trading 11.4 per cent higher at Rs 2,101 on trades of around 1 lakh shares on the BSE as against the two-week average volume of around 36,000 shares. Meanwhile, the S&P BSE Sensex was up 270 points or 0.3 per cent at 79,500. Read more

12:41 PM

As US inflation cools, Asian stocks head for 5th straight month of gains

Asian stocks were on track for a fifth straight month of gains on Friday, bolstered by a growing view that cooling US inflation could prompt the Federal Reserve to ease rates this year, while the yen tumbled to a 38-year low against the dollar.

Friday is packed with risk events for markets after a relatively subdued week, with figures for May's US core personal consumption expenditures (PCE) price index - the Fed's preferred measure of inflation - taking centre stage later in the day. Read more
 

12:21 PM

EU Court upholds Rs 126 cr fine imposed on Ipca Labs' unit; stock jumps 4%

Shares of Ipca Labs surged as much as 3.70 per cent to hit an intraday high of Rs 528.35 per share on Friday.  The uptick in share price came after the company announced that the EU Court upheld Rs 126 crore fine imposed on Ipca Labs' unit, Unichem Laboratories. Read more

12:07 PM

Reliance Industries market cap crosses Rs 21 trillion

12:01 PM

Vedanta's share price surges 4% after raising Rs 2,500 cr via NCDs

Shares of Vedanta 3.6 per cent at Rs 458.75 on the BSE in Friday’s intraday deals. The stock is trading near its 52-week high of Rs 506 per share reached on May 22, 2024. The company had hit a 52-week low of Rsd 207.85 on September 28, 2023. 

The recent stock price surge, however, came after the company on Thursday raised Rs 2,500 crore through issuing non-convertible debentures with a face value Rs 1,00,000 each, the company said in an exhnage filing. Read more
 

11:45 AM

Emcure Pharma seeks to raise Rs 1,952 cr through IPO, issue opens July 3

Emcure Pharmaceuticals has set a price band of Rs 960-1008 per share for its initial public offering (IPO) that opens for subscription on July 3. The Pune-based company seeks to raise up to Rs 1952 crore through a fresh issue of 7.9 million equity shares (aggregating up to Rs 800 crore) and an offer for sale (OFS) of 11.4 million shares (aggregating up to Rs 1152.03 crore).

The IPO, which will be open for subscription till July 5, will be the fourth biggest of 2024 after Bharti Hexacom (Rs 4,275 crore) Aadhar Housing (Rs 3,000 crore) and Go Digit (Rs 2,614 crore). Read more

Imaging: Ajay Mohanty

11:43 AM

Paytm opts out of regulatory licences, shifts focus to distribution

Paytm, a major player in digital payments, has decided to avoid pursuing businesses that require regulatory licences, according to a report by The Economic Times. This strategic decision comes in the aftermath of regulatory actions earlier this year that impacted its banking entity.

Paytm’s leadership has opted to build its business primarily through a distribution model rather than seeking licences directly under regulatory purview. Read more
 

11:26 AM

Jubilant Ingrevia up 2% USFDA issues Zero observations for Bharuch unit

Jubilant Ingrevia stock surges: Shares of Jubilant Ingrevia soared as much as 2.20 per cent to hit an intraday high of Rs 528.35 per share on Friday. 

The uptick in share price came after the company announced that the USFDA has issued Establishment Inspection report (EIR) with Zero 483 inspectional observations for the inspection performed in the April 2024 at our Manufacturing facility, Unit -1 located at Bharuch, Gujarat, India. Read more
 

11:08 AM

Nephro Care IPO opens today for bidding; price bands, lot size, GMP here

Nephro Care initial public offering opens for subscription on Friday, aiming to raise Rs 41.26 crore comprising entirely a fresh issue of approximately 4.58 million shares. 

The company raised Rs 11.15 crore from anchor investors on June 27, with the anchor investors list including CCV Emerging Opportunities Fund, Persistent Growth Fund, Varsu India Growth Story and Vikasa India EIF I Fund. Read more

10:53 AM

Tega Industries rallies 6% after arm inks contract in consortium with NMDC

Tega Industries stock zooms: Tega Industries stock surged by 6.30 per cent to reach Rs 1,699.45 per share on Friday following an announcement from the company's subsidiary, Tega McNally Minerals Limited. 

The subsidiary, formerly known as McNally Sayaji Engineering Limited, has entered into a major contract as part of a consortium with NMDC Limited, India's largest iron ore producer. Read more
 

10:36 AM

Stanley Lifestyles makes strong debut; lists at 35% premium to issue price

Shares of super-premium and luxury furniture maker Stanley Lifestyles made a strong stock market debut, by listing at Rs 499, a 35 per cent premium against its issue price of Rs 369 on the BSE on Friday. On the National Stock Exchange (NSE), the stock listed at Rs 494.95, up 34 per cent from its issue price.

The stock, thereafter, hit a high of Rs 510, and was up 38 per cent against its issue price.

At 10:02 am; the stock was trading at Rs 497.95, after hitting a low of Rs 490 in intra-day trades on the BSE. A combined nearly 9 million shares changed hands on the NSE and BSE. Read more
 

10:26 AM

JSW Infra hits 52-week high after acquiring stake in Navkar Corporation

Shares of JSW Infrastructure soared up to 5.3 per cent, hitting its 52-week high at Rs 336 per share on the BSE in Friday’s intraday deals. The company had hit a 52-week low of Rsd 141.75 on October 03, 2023.

The recent stock price surge, however, came after the company on Thursday announced acquisition of a majority stake in Navkar Corporation. Shares of Navkar Corporation also zoomed by 10.7 per cent At Rs 124 per share in early morning deals.

 

JSW Infrastructure, through its subsidiary JSW Port Logistics acquired a 70.37 per cent stake in Navkar Corporation, previously owned by its promoters. Read more

10:04 AM

Tariff hike impact: Airtel soars 5%, hits new high; RIL mcap tops Rs 21 trn

Shares of telecom companies were on a roll and rallied up to 5 per cent on the BSE in Friday’s intra-day trade after a tariff increase by the sector major Reliance Industries (RIL) and Bharti Airtel with-effect-from July 3rd, 2024.

However at 09:30 am; these stocks were trading higher by 1 per cent, erasing part of their intra-day gains on profit-taking. In comparison, the BSE Sensex was up 0.31 per cent at 79,492. Read more