Stock Market Today: Sensex, Nifty Rebound After Two-Day Fall To Close Week Higher
Sensex closed up 119 points or 0.19% at 62,547.11 while Nifty 50 was higher 46 points or 0.25% at 18,534.10.
KEY HIGHLIGHTS
Sensex, Nifty Snap Two Days Of Losses: Closing Bell
Eicher Motors To Set Up Fifth Overseas Royal Enfield CKD Assembly Unit
L&T Housing Finance Gains The Most In A Week After 1.52 Shares Change Hands In A Bunched Trade
Talking Point: Business Landscape For Auto Sector & What Can We Expect In A Few Years
Stocks In Focus: Auto And Metals Stocks, Cyient, Sobha And More
Yield On The 10-Year Flat For Second Day
The yield on the 10-year bond closed flat at 6.98% on Thursday.
Source: Cogencis
Indian Rupee Strengthens Against The U.S. Dollar
The local currency appreciated by 11 paise to close at Rs 82.30 against the U.S. dollar on Friday.
The rupee closed at 82.41 on Thursday.
Source: Bloomberg
Sensex, Nifty Snap Two Days Of Losses: Closing Bell
Indian equity benchmarks edged higher through Friday after dipping once in early hours of trading. The indices snapped two days of fall and advanced marginally on a weekly basis. While, realty, metals and PSU banks advanced I.T. and Oil & Gas sectors were under pressure.
Stocks climbed after the debt-ceiling deal passed its last Congressional hurdle, with traders now looking to U.S. jobs data later that may clarify the Federal Reserve’s policy path.
The Stoxx Europe 600 index followed Asian benchmarks higher, with luxury-goods makers LVMH and Richemont among the leading gainers as a rally in Chinese stocks buoyed sentiment. Miners outperformed after industrial metals rebounded. Sportswear makers Puma SE and Adidas AG rose more than 4% each after Lululemon Athletica Inc.’s robust results. Dechra Pharmaceuticals Plc jumped after EQT AB made a firm offer for the U.K. veterinary drugmaker.
Futures on the S&P 500 and Nasdaq 100 edged higher after Thursday’s robust gains on Wall Street, with the tech-heavy Nasdaq set for a sixth straight weekly advance. Tech giants are still driving most of the stock market’s advance, with Apple Inc. nearing a record and Nvidia Corp. climbing more than 5% Thursday.
The S&P BSE Sensex Index closed up 119 points or 0.19% at 62,547.11 while the NSE Nifty 50 Index was higher 46 points or 0.25% at 18,534.10.
Infosys Ltd., Reliance Industries Ltd., TCS Ltd., Adani Enterprises Ltd., and HDFC Ltd. were negatively adding to the change in the Nifty 50 Index.
Whereas, Larsen and Toubro Ltd., ITC Ltd., Hindalco Industries Ltd., Mahindra and Mahindra Ltd., and Maruti Suzuki India Ltd. were positively contributing to the change.
The broader markets ended higher; the S&P BSE MidCap Index was up 0.60%, whereas S&P BSE SmallCap Index was higher by 0.57%.
Fourteen out of 19 sectors compiled by BSE advanced, while six sectors declined, with S&P BSE Oil and Gas falling the most.
The market breadth was skewed in the favour of the buyers. About 2,173 stocks rose 1,370 declined, and 132 remained unchanged on the BSE.
The headline indices advanced marginally this week. Sensex logged weekly gains of 0.07%, whereas Nifty advanced 0.19%.
Last week, the S&P BSE Sensex Index was up 1.25%, and the NSE Nifty 50 Index was higher by 1.63%.
Sectorally, Nifty Realty Index, Nifty Media Index and Nifty Midcap 100 Index led the pack this week, while Nifty IT Index and Nifty Bank Index was the worst performers of the week.
Eicher Motors To Set Up Fifth Overseas Royal Enfield CKD Assembly Unit
The one lac square feet facility will have an assembling capacity of 20,000 units per year
Operations will begin with local assembly of new Classic 350 and Scram 411 models
Source: Exchange filing
L&T Housing Finance Gains The Most In A Week After 1.52 Shares Change Hands In A Bunched Trade
L&T Housing Finance Ltd. shares gained the most in a week after 1.52 million shares changed hands in a bunched trade.
Shares of L&T Housing Finance Ltd. rose 0.48% to Rs 105.35 apiece, as of 2:21 p.m., in trade on Friday compared to 0.20% decline in the benchmark, NSE Nifty 50 Index.
The scrip rose as much as 1.76% intraday, the most a week since May 25, 2023. Total traded volume stood at 1.5 times its 30-day average. The relative strength index was at 77, implying that the stock maybe overbought.
Out of the 15 analysts tracking the company, 11 maintain a 'buy' rating, one recommends a 'hold' and three suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 3.3%.
Source: Bloomberg, Exchange filing
Talking Point: Business Landscape For Auto Sector & What Can We Expect In A Few Years
Stocks In Focus: Auto And Metals Stocks, Cyient, Sobha And More
Stocks At 52-Week High Intraday
M&M Financial Services' Disbursements Rise 39% YoY In May
Comapny estimates overall disbursement at about Rs 4,150 crore, implying a 39% growth since last May.
Collection efficiency stood at 96% in May 2023, compared to 95% in May, 2022.
Source: Exchange filing
Anmol India Approves Bonus Issue Of Four Shares For Every One Held
Company approved a bonus issue in the ratio of 4:1, for a share premium worth Rs 45.53 crore
Authorized share capital of the company will rise from Rs 11.50 crore to Rs 57 crore
The company has re-appointed Vijay Kumar as the Managing Director for five years
Source: Exchange filing
Sensex, Nifty Hold Slim Gains As ITC, ICICI Bank Lead; PSU Banks, IT Advance: Midday Market Update
Indian equity benchmarks opened higher on Friday after falling for the second consecutive day on Thursday. While realty and PSU banking sectors advanced, I.T. and Oil and Gas shares declined. ITC and ICICI Bank led the positive change while Infosys and Reliance Industries dragged.
Asian markets advanced on Friday, led by gains in Hong Kong-listed technology companies as traders look to the Federal Reserve to pause interest rate hikes in June.
Shares also climbed in Japan, Australia and mainland China, while U.S. futures ticked up following rallies for the S&P 500 and the Nasdaq 100 Thursday. A renewed surge in tech giants fueled the moves on Wall Street ahead of jobs data that’s projected to show a slowdown.
Hong Kong’s Hang Seng index rose more than 3%, pulling the benchmark back from the brink of a bear market following concerns about Chinese growth. South Korea’s Kospi index was headed for bull market territory following a gain of around 20% from a recent low in September.
Traders geared up for the monthly U.S. jobs report on Friday, with forecasters projecting a moderation in the pace of hiring that could potentially allow the Fed to pause its tightening policy in June - a possibility hinted at by several Fed officials this week.
As of 12:30 p.m., the S&P BSE Sensex Index was up 105 points or 0.17% at 62,534.30 while the NSE Nifty 50 Index was higher 41 points or 0.22% at 18,528.20.
Infosys Ltd., Reliance Industries Ltd., TCS Ltd., HDFC Ltd., and Bajaj Finance Ltd. were negatively adding to the change in the Nifty 50 Index.
Whereas, ITC Ltd., ICICI Bank Ltd., Hindustan Unilever Ltd., Bharti Airtel Ltd., and Hindalco Industries Ltd. were positively contributing to the change.
The broader markets were trading higher; the S&P BSE MidCap Index was up 0.44%, whereas S&P BSE SmallCap Index was higher by 0.69%.
Thirteen out of 19 sectors compiled by BSE advanced, while six sectors declined, with S&P BSE Oil and Gas falling the most.
The market breadth was skewed in the favour of the buyers. About 2,182 stocks rose 1,200 declined, and 156 remained unchanged on the BSE.
Indian Rupee Appreciates The Most In Five Weeks.
Rupee strengthens by 25.88 paise to 82.32, the most in five weeks, as of 11:33 a.m, today.
It appreciated by 26.50 paise to 81.83 in the April 28 week.
The local currency appreciated by about 10 paise to 82.32, as of 11:33 a.m, today.
Source: Bloomberg
Nifty Midcap 100 Index Hits Record High At 34,006.55 Points
Cyient Shares Jump The Most In 13 Months As Board Recommends Record Dividend Date
Shares of Cyient Ltd. rose the most in 13 months after the company declared June 12, 2023, as the end date for the payment of final dividend declared with the fourth-quarter results.
The board had recommended a final dividend of Rs 16 per equity share at 320% of its par value at Rs 5 apiece, in April 2023. The company's fourth-quarter revenue rose 8.23% year-on-year to Rs 1751.4, in line with a Bloomberg estimate of Rs 1730.6 crore.
Cyient Q4 FY23 (Consolidated, QoQ)
Revenue up 8.23% at Rs 1751.4 crore. (Bloomberg estimate: Rs 1730.6 crore)
EBIT up 16.87% at Rs 249.4 crore (Bloomberg estimate: Rs 232.3 crore)
EBIT margin at 14.24% vs 13.19% (Bloomberg estimate: 13.42%)
Net profit rose 4.62% at Rs 163.2 crore. (Bloomberg estimate: Rs 164.4 crore)
The board announced a final dividend of Rs 16 per share for the 2023 fiscal.
Shares of Cyient Ltd. rose 8.67% to Rs 1,490.9 apiece, as of 10:54 a.m., in trade on Friday compared to 0.15% advance in the benchmark, NSE Nifty 50 Index.
The stock rose as much as 11.13% intraday, the most in over 13 months since April 22, 2022. Total traded volume stood at eight times its 30-day average. The relative strength index was at 74.4, implying that the stock maybe overbought.
Out of the 18 analysts tracking the company, 11 maintain a 'buy' rating and seven recommend a 'hold' on the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential downside of 15.2%.
Source: Bloomberg, Exchange filing
Paras Defence & Space Technologies Shares Rise After JV With Israel's Controp Announced
Shares of Paras Defence & Space Technologies Limited rose most in nearly 14 months on Friday morning after a joint venture with Israel-based Controp Precision Technologies was announced.
The joint venture is set to be in a 30:70 ratio to manufacture electro optic/infra-red systems for various applications, according to an exchange filing on June 1 post market hours.
Shares of Paras Defence & Space Technologies surged 7.9% to Rs 539 apiece, compared to slim gains in the NSE Nifty 50 as of 10:09 a.m. The stock rose 8.73% intraday, the most in over 14 months since Feb. 25, 2022.
The average traded volume so far in the day stood at 30.2 times its monthly average.
Bank of Maharashtra Shares Gain As Board Launches QIP Issue At Rs 29.98 Per Share
Shares of Bank of Maharashtra Ltd. rose on Friday after it announced the launch of its qualified institutional placement to raise funds, beginning June 1, 2023 late Thursday.
The bank plans to raise funds via the QIP issue at the floor price of Rs 29.98 apiece. The board of directors will reconvene on June 6, 2023, to determine the issue price for the allotment to qualified institutional buyers.
Shares of Bank of Maharashtra Ltd. rose 1.44% to Rs 31.8 apiece, as of 9:59 a.m., in trade on Friday compared to 0.12% advance in the benchmark, NSE Nifty 50 Index.
The stock rose as much as 2.71% intraday. Total traded volume stood at 2.8 times its 30-day average. The relative strength index was at 66.1.
One analyst tracking the company maintains a 'buy' rating on the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential downside of 33.8%.
Source: Bloomberg, Exchange filing
Broader Markets Open Higher
The broader markets were opened higher; the S&P BSE MidCap Index was up 0.46%, whereas S&P BSE SmallCap Index was higher by 0.62%.
All the 19 sectors compiled by BSE advanced, with S&P BSE Realty and S&P BSE Metal rising the most.
The market breadth was skewed in the favour of the buyers. About 1,995 stocks rose 570 declined, and 107 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
Infosys Ltd., Asian Paints Ltd., HDFC Ltd., IndusInd Bank Ltd., and Sun Pharmaceutical Industries Ltd. were negatively adding to the change in the Nifty 50 Index.
Whereas, ICICI Bank Ltd., Reliance Industries Ltd., Hindalco Industries Ltd., Hero MotoCorp Ltd., and Kotak Mahindra Bank Ltd. were positively contributing to the change.
Sensex, Nifty Open Higher: Opening Bell
Indian equity benchmarks opened higher on Friday after falling for the second consecutive day on Thursday.
Asian markets advanced after a renewed rally in tech giants pushed Wall Street higher ahead of jobs data due Friday as investors assess the likelihood the Federal Reserve will pause interest rate hikes in June.
Shares in Japan and Australia opened higher and stock futures in Hong Kong gained further ground. U.S. futures also ticked up following advances on the S&P 500 and the Nasdaq 100 on Thursday, helped along by fresh interest for AI stocks that pushed Nvidia Corp. shares 5% higher.
Traders geared up for the monthly US jobs report on Friday, with forecasters projecting a moderation in the pace of hiring that could potentially allow the Fed to pause its tightening policy in June - a possibility hinted at by several Fed officials this week.
At pre-open, the S&P BSE Sensex Index was up 173 points or 0.28% at 62,601.97 while the NSE Nifty 50 Index was higher 63 points or 0.34% at 18,550.85.
Sensex, Nifty Rise In Pre-Open Trade
At pre-open, the S&P BSE Sensex Index was up 173 points or 0.28% at 62,601.97 while the NSE Nifty 50 Index was higher 63 points or 0.34% at 18,550.85.
Source: Bloomberg
Indian Rupee Strengthens Against The U.S. Dollar
The local currency appreciated by about 9 paise to open at Rs 82.33 against the U.S. dollar on Friday.
The rupee closed at 82.41 on Thursday.
Source: Bloomberg
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 7% on Friday.
Source: Bloomberg
FMCG Story Looks Healthy With More Upside On Cards: Trade Setup
Bank Of Maharashtra To Raise Funds Via QIP Issue At The Floor Price Of Rs 29.98 Apiece
Board approved the QIP at a floor price of Rs 29.98 apiece, with a possibility of a 5% discount as per the bank's discretion.
Board will reconvene on June 6, 2023, to determine the issue price for the allotment to qualified institutional buyers.
Source: Exchange filing
Global Cues
U.S. Dollar Index at 103.5
U.S. 10-year bond yield at 3.61%
Brent crude up 0.20% at $74.43 per barrel
Nymex crude up 0.20% at $70.24 per barrel
SGX Nifty up 0.42% at 18,641 as of 8:18 a.m.
Bitcoin down 0.13% at $26,834.56
Pledge Share Details
Sterling and Wilson Renewable Energy: Promoter Khurshed Yazdi Daruvala created a pledge of 1.90 lakh shares on May 30.
Trading Tweaks
Ex-Date Spin Off: Edelweiss Financial Services
Record Date Spin Off: Edelweiss Financial Services
Ex-Date Final Dividend: IndusInd Bank, Infosys, JSW Energy, Havells India, Mahindra CIE Automotive, Page Industries
Record Date Final Dividend: IndusInd Bank,Infosys, Page Industries
Ex-Date Interim Dividend: Edelweiss Financial Services
Record Date Interim Dividend: Edelweiss Financial Services
Move Into Short-Term ASM Framework: Kaynes Technology India, Dilip Buildcon, Force Motors
Move Out of Short-Term ASM Framework: Adani Enterprises, Andhra Cements
Bulk Deals
KDDL: Siddharth Sunder Iyer bought 2.5 lakh shares (1.99%) at Rs 1,071.97 apiece, Elevation Capital V sold 3.37 lakh shares (2.69%) at Rs 1,070.59 apiece.
MTAR Technologies: Societe Generale bought 4.17 lakh shares (1.35%) at Rs 1,880 apiece, Leelavathi Parvatha Reddy sold 3.47 lakh shares (1.13%) at Rs 1,880.04 apiece.
RateGain Travel Technologies: Aditya Birla Sun Life Mutual Fund bought 25.34 lakh shares (2.34%) at Rs 375 apiece, Societe Generale bought 9.11 lakh shares (0.84%) at Rs 375 apiece, Avataar Holdings sold 55 lakh shares (5.08%) at Rs 375.02 apiece.
Block Deals
Healthcare Global Enterprises: ACESO Company Pte bought 35.75 lakh shares (2.57%), BS Ajaikumar sold 35.75 lakh shares (2.57%) at Rs 320 apiece.
Stocks To Watch: Coal India, AB Capital, Paras Defence, GAIL, RateGain, SJVN In Focus
Coal India: The government will exercise the greenshoe option in the offer for sale and offload another 9.24 crore shares on the second day after the issue was subscribed 3.46 times on the first day.
Aditya Birla Capital: The company will raise Rs 1,250 crore via a preference issue of 6.06 crore shares to Grasim Industries and 1.51 crore shares to Surya Kiran Investment, respectively, at Rs 165.1 apiece.
AstraZeneca Pharma India: The company has received permission from the Central Drugs Standard Control Organisation to import, sell, and distribute Tremelimumab (Imjudo) concentrate, used in the treatment of patients with unresectable hepatocellular carcinoma.
NHPC: The company signed an MoU with Nepal’s Vidhyut Utpadan Company for joint development of the 480 MW Phukot Karnali hydroelectric project in Kalikot district of Karnoli province of the neighbouring nation.
SJVN: The company signed a project development agreement of 669 MW Lower Arun Hydroelectric Project in Nepal. The company is also developing a 217 km long associated transmission network for power evacuation and export to India.
NTPC: NTPC Green Energy, a wholly owned subsidiary of the company, signed a deal with Uttar Pradesh Rajya Vidyut Utpadan Nigam to develop renewable energy parks and projects in the state.
MOIL: The company recorded 43% growth year-on-year in manganese ore production during May at 1.53 lakh tonne and a 72% rise year-on-year in sales at 1.53 lakh tonne.
GAIL (India): The company infused into JBF Petrochemicals Rs 2,101 crore, including equity worth Rs 625 crore and debt worth Rs 1,476 crore, under the resolution plan for the latter. With this, JBF Petrochemicals has become a wholly owned subsidiary of GAIL.
Paras Defence & Space Technologies: The company and Israel-based Controp Precision Technologies have formed a 30:70 joint venture to manufacture electro and infrared systems for various applications.
Aster DM Healthcare: The entered hospital operation and management agreement with the 130-bed Padmavathy Medical Foundation, based in Kollam, Kerala.
Central Bank of India: The bank entered a strategic co-lending partnership with India Shelter Finance Corporation Ltd. to offer MSME loans.
Prism Johnson: Of the proposed investment to acquire a 45% stake in Renew Green (MPR Two), the company has acquired 72.76 lakh shares for Rs 7.28 crore. The remaining amount would be invested in one or more tranches by June 2024.
Can Fin Homes: Deputy Managing Director Amitabh Chatterjee, who was deputed from Canara Bank, resigned on June 1, due to his repatriation and transfer back to Canara Bank.
Affle (India): Affle International Pte., a wholly owned Singapore subsidiary of the company, has completed the 100% acquisition of YouAppi Inc.
Tata Motors: The company reported a 2% decline year-on-year in domestic sales performance at 73,448 units during May. Domestic passenger vehicle sales grew 6% year-on-year, while commercial vehicle sales dipped 12% year-on-year.
Hero Motocorp: The company reported a 7% rise year-on-year in sales during May at over 5.19 lakh units.
India Infrastructure Trust: The company appointed Pooja Aggarwal as CEO and Darshan Vora as CFO, effective June 1.
SGX Nifty Signals Higher Open For Benchmarks
Asian markets advanced after a renewed rally in tech giants pushed Wall Street higher ahead of jobs data due Friday as investors assessed the likelihood the Federal Reserve will pause interest rate hikes in June.
Shares in Japan and Australia opened higher, and stock futures in Hong Kong gained further ground. U.S. futures also ticked up following advances on the S&P 500 and the Nasdaq 100 on Thursday, helped along by fresh interest in AI stocks that pushed Nvidia Corp. shares 5% higher.
Traders geared up for the monthly US jobs report on Friday, with forecasters projecting a moderation in the pace of hiring that could potentially allow the Fed to pause its tightening policy in June—a possibility hinted at by several Fed officials this week.
The yield on the 10-year Treasury note in the U.S. was trading at 3.61%. Crude oil price advanced to trade around the $74 mark, while Bitcoin was below the $27,000 level.
At 8:18 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.42% at 18,641.
Domestic benchmarks closed in red for the second day in a row, dragged down by losses in private banks and non-banking financial stocks. The Indian rupee strengthened against the U.S. dollar, with the highest jump in 36 days to close at the best level since May 17.
Foreign investors snapped their eight-day buying streak to turn sellers and sold equities worth Rs 71.1 crore. On the other hand, domestic institutional investors turned buyers, ending two days of selling, and bought stocks worth Rs 488.9 crore.