Fag-end buying lifts Sensex 159pts, Nifty atop 18,800; TaMo, HCL Tech up 3%

Closing Bell on June 20, 2023: Afternoon buying in Tata Motors, HCL Tech, Kotak Bank, RIL, Power Grid, Infosys, L&T, Axis Bank, TCS, and Tech M lifted the indices

Stock Market Highlights: Benchmark indices staged a smart recovery on Tuesday, ending nearly 0.75 per cent off day's lows. The S&P BSE Sensex settled at 63,328, up 159 points, while the Nifty50 reclaimed the 18,800-mark.

Afternoon buying in Tata Motors, HCL Tech, Kotak Bank, RIL, Power Grid, Infosys, L&T, Axis Bank, TCS, and Tech M lifted the indices. 

The broader market indices, however, outran frontline indices as they added up to 0.47 per cent. 

Among sectors, the Nifty Media index fell 1 per cent, followed by the Nifty Pharma index (down 0.16 per cent). On the upside, the Nifty Metal and Auto indices added 0.8 per cent each. 

4:09 PM

COMMENT:: IT, auto stocks help markets recover

"The Indian market opened cautiously due to weak global cues, with heightened concerns over the Chinese economy following their decision to cut interest rates after a 10-month pause. Global worries were amplified by concerns of a possible rate hike by the US Fed in its July meeting, with investors eagerly awaiting Powell’s testimony. However, the indices managed to recover smartly, led by upside in IT and Auto stocks."

 

- Vinod Nair, Head of Research at Geojit Financial Services

 

4:08 PM

VIEW:: Bank Nifty likely to see sharp short-covering above 44,000

"The Bank NIFTY index saw the bulls hold a support level of 43,400. Currently, the index is trading within a broad range between 43,400 and 44,000. A breakout on either side of this range is likely to result in trending moves. As long as the support level of 43,400 is held, a buy-on-dip approach is suggested. Once the index surpasses the level of 44,000 it will witness sharp short covering on the upside towards 45,000 levels."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

 

4:06 PM

HDFC AMC surges 11% after 10% equity change hands via block deals

According media reports, abrdn Investment Management, promoter of HDFC AMC, was to exit the company through sale of the entire 10.2 per cent stake. READ MORE

4:03 PM

Zee Entertainment declines over 6%; hits 52-week low on heavy volumes

The stock quoted its lowest level since September 2021, with over three-fold jump in average trading volumes. READ MORE

4:02 PM

Fusion Micro, Spandana: Rally in MFI stocks has more legs, say analysts

Analysts expect the sector to see strong loan growth in FY24 and FY25 driven by increase in ticket sizes, strong customer acquisitions, and regulatory tailwinds. READ MORE

4:00 PM

Stock of this auto ancillary company has zoomed over 60% so far in June

Shares of Jay Bharat Maruti hit a fresh 52-week high at Rs 80 in Tuesday's trade in an otherwise volatile market. READ MORE

3:58 PM

Tata Motors nears record high on improved outlook; zooms 50% so far in 2023

Improved gross cash accruals and strong liquidity position with the management's focus to attain zero net auto debt is expected to lead to significant improvement in leverage and debt coverage metrics. READ MORE

3:57 PM

Timken India slips 7% on heavy volume

The counter had seen combined traded volume of around 12 million shares in the first hour of trading amid reports of parent company to offload stake. READ MORE

3:55 PM

Aurionpro hits 5% upper circuit as board approves preferential issue to Malabar India Fund

The board approved allotment of 255,000 equity shares and 425,000 warrants to Malabar India Fund and 45,000 equity shares and 75,000 warrants to Malabar Midcap Fund. READ MORE

3:53 PM

IndiGo hits new peak post 500 Airbus aircraft order; experts see 29% upside

With an order of 480 aircraft already in place, IndiGo’s total outstanding order now stands at nearly 1,000 aircraft. Moreover, with this new order, IndiGo has ordered a massive total of 1,330 aircraft from Airbus since its inception in 2006. READ MORE

3:52 PM

IIFL Securities plunges 16% as Sebi bars onboarding of new clients for 2 years

The SEBI has prohibited the Company from onboarding new clients for a period of two years in respect of its business as a stock broker. READ MORE

3:48 PM

BSE Power index was up 1%; PowerGrid surges 2.5%

3:47 PM

Market Breadth was fairly positive; Near about 1,950 stocks advanced v/s 1,560 declining shares on the BSE

3:45 PM

BSE Smallcap Heatmap:: Subros hits 20% upper limit; IIFL Securities plunges 16%

3:43 PM

BSE Midcap Heatmap:: Shriram Finance, PEL zoom 6%; Zee tanks 6%