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HDFC merger boost lifts Sensex 446 pts; Nifty ends atop 18,800; VIX down 6%

CLOSING BELL ON JUNE 27, 2023: HDFC-HDFC Bank set July 01 as the merger date; stocks end with gains of around 1.5 per cent each. Cyient DLM IPO sails through on Day 1, subscribed 1.9x as of 3:50 PM.

Image SI Reporter New Delhi

Stock Market Highlights: The markets witnessed hectic buying in banking shares in the latter half of the trading session on Tuesday, after Deepak Parekh, chairman of HDFC said that the HDFC-HDFC Bank merger shall be effective from July 01 onwards. 

Parekh added that both firms will have separate board meetings on June 30, and shares of HDFC shall cease trading from July 13, 2023. Post the announcement, shares of HDFC and HDFC Bank rallied over 2 per cent at the high point of the day, and eventually settled with gains of around 1.5 per cent each. The buying boosted sentiment at other banking counters, as a result the Bank Nifty surged 1.2 per cent.

Further, according to Nuvama Research, HDFC Bank is likely to see an inflow of $29 million on account of quarterly rebalancing of NSE indices that will take place on Wednesday, June 28. That apart, ONGC, Adani Enterprises, ICICI Bank, Adani Ports, Coal India, HDFC Life and NTPC are expected to see some inflows. READ MORE

Meanwhile, among the key benchmark indices, the S&P BSE Sensex rallied to a high of 63,468, and settled 446 points higher at 63,416. The NSE Nifty reclaimed the 18,800-mark, and ended with a gain of 126 points at 18,817. India VIX dipped 5.8 per cent on Tuesday.

Among other Sensex 30 shares, SBI, Bharti Airtel, Axis Bank, Kotak Bank, Bajaj Finserv and ICICI Bank advanced over a per cent each. 

The broader indices also finished on a positive note. The BSE MidCap index advanced 0.4 per cent, while the SmallCap index added 0.6 per cent. The overall breadth too was positive, with more than 2,000 stocks advancing against 1,450-odd declining shares on the BSE.

Among individual stocks, shares of InterGloble Aviation (IndiGo) hit a fresh all-time high on gaining over 3 per cent today. In doing so, its market capitalisation came within striking distance of hitting the Rs 1 trillion mark.

Primary Market Update

Cyient DLM IPO was subscribed close to 2 times as of 03:50 PM on Day 1 of the offer period. Retail portion received bids up to 7.5 times the allotted quota, while HNI (Non-institutional segment) was subscribed 2.3 times.

IdeaForge Technology continued to attract investors on Day 2 of the offer period as well. The public float was now subscribed 10.4 times, with retail portion seeing an overwhelming 31.8 times response, and employee quota around 20 times. The HNIs too have warmed-up with up to 16.2 times subscription.

In an other important development, RBI and stock exchanges rescheduled the Bakri-Id holiday to June 29, Thursday, from June 28 declared earlier. Accordingly, the monthly futures and options expiry shall take place tomorrow (Wednesday).

3:54 PM

Currency check :: Rupee ends at 82.03/$ vs Monday’s close of 82.04/$

3:51 PM

IPO Alert :: Cyient DLM issue subscribed 2x till 3:45 PM on day 1

3:50 PM

IPO Alert :: IdeaForge issue subscribed over 10x till 3:40 PM on day 2; retail portion 32x

3:47 PM

Buzzing stocks :: HAL slips 1% after Board okays stock split plan

3:46 PM

Buzzing stock :: HDFC Life rises 6% as 0.5% equity changes hands in late deals

3:45 PM

Buzzing stock :: Force Motors hits 4-year high

3:43 PM

Buzzing stock :: HDFC Bank gains 1% as merger date finalised

3:41 PM

Buzzing stock :: IndiGo hits 52-week high, m-cap inches closer to Rs 1-trn-mark

3:39 PM

Broader indices trail benchmarks as late buying lifts Sensex, Nifty

3:37 PM

Sectoral trends :: Nifty FMCG index ends mildly in red; Nifty Bank index rises 1%

3:36 PM

Sensex Heatmap :: SBI, HDFC twins lift index to day's high; 4 stocks end in red

3:34 PM

CLOSING BELL :: Nifty shuts shop above 18,800

3:33 PM

CLOSING BELL :: Sensex settles near day's high, up over 400 pts

3:27 PM

How cheaper crude oil from Russia has changed India's fuel trade matrix

While countries like Singapore (-41.7 per cent), USA (-13.2 per cent), Australia (-58.8 per cent), South Korea (-23.9 per cent) and Malaysia (-52.8 per cent) have reduced their purchase of petroleum products from India in FY23, countries like the Netherlands (70.6 per cent), Israel (85 per cent), Brazil (114 per cent), South Africa (60.6 per cent) and Togo (32 per cent) have substantially increased their purchase of fuel products from India. READ MORE
3:13 PM

Gold rebounds from 3-year low: Is it still a good time to invest?

Gold price advanced as geopolitical concerns surrounding Russia brought safe haven buying in the metal. Meanwhile, hawkish interest rate outlook in western economies restricted its further gains. READ MORE

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First Published: Jun 27 2023 | 7:16 AM IST

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