Fresh records on D-St! Sensex ends atop 64,700, up 803 pts; leaps 10% in Q1

CLOSING BELL ON JUNE 30, 2023: The NSE Nifty 50 was up 217 points on Friday. While the NSE benchmark ended 3.5 per cent higher in June, the index registered a 10.5 per cent gain for Q1FY24.

SI Reporter New Delhi

Stock Market Highlights: The key benchmark indices notched-up record highs for the second straight trading session on Friday backed by all-round buying. IT, Auto and Capital Goods shares in particular logged strong gains.

The S&P BSE Sensex started the day with a 100-odd point gap-up, and went on to extend gains as the day progressed. The BSE benchmark scaled a high of 64,768.58 towards the fag end of the trading session, and finally ended with a solid gain of 803 points at 64,719.

In the process, the BSE benchmark index ended the week with a gain of 1,740 points or 2.8 per cent; June month with a gain 2,097 points or 3.4 per cent, and was up a solid 9.7 per cent or 5,727 points for the first quarter of fiscal year 2023-24.

The NSE Nifty 50 breached the 19,200-level for bit as the index registered its summit at 19,201.70, and settled 217 points stronger at 19,189 on Friday.

Similarly, the NSE Nifty 50 was up 2.8 per cent for the week, and 3.5 per cent for the month. The NSE benchmark has galloped 10.5 per cent or 1,829 points in the quarter ended June 2023.

As the market registers record highs, a total of 43 out of 50 Nifty stocks and 27 off the Sensex-30 shares were seen trading above their respective 200-day moving average (DMA). Going ahead, analysts see more upside. READ MORE

On Friday, Mahindra & Mahindra up over 4 per cent was the top percentage gainer among the Sensex stocks. Infosys, IndusInd Bank and Sun Pharma rallied around 3 per cent each. Maruti, TCS, Larsen & Toubro, Tech Mahindra, Wipro, PowerGrid Corporation, HDFC, Tata Motors and HDFC Bank were the other major gainers. The HDFC twins were seen trading near their 52-week highs ahead of today’s board meeting.

In the broader market, the BSE MidCap and SmallCap indices finished with relatively modest gains, and were up 0.7 per cent and 0.5 per cent, respectively.

Sectorally, the BSE IT index surged 2.3 per cent. The Capital Goods and Auto indices rallied around 1.8 per cent each.

Among others, shares of asset management companies soared up to 20 per cent after market regulator Sebi deferred its decision for an impending overhaul of the total expense ratio for mutual fund industry. HDFC AMC ended 12 per cent higher. Nippon Life India hit the 20 per cent upper limit in intra-day deals, and eventually ended with a gain of almost 15 per cent; and UTI AMC jumped over 8 per cent.

Primary Market Update

Cyient DLM IPO was subscribed 61.4 times as of 03:50 PM on the final day of the offer period. Retail portion received bids up to 47.4 times, while HNIs (Non-institutional segment) was subscribed 39 times. Quota reserved for QIBs (Qualified Institutional Buyers) saw bids totaling in excess of 80 times.

IdeaForge Technologies IPO was subscribed up to 98.4 times. The retail quota was subscribed nearly 84 times, employee portion 93.5 times and HNIs 77.4 times. The QIBs (Qualified Institutional Buyers) portion was subscribed up to 119.5 times.

PKH Ventures Rs 379 crore IPO opened for subscription today. The company has offered the shares in the price band of Rs 140 – Rs 148. The IPO attracted very little investor attention so far on Day 1, and saw subscription up to mere 4 per cent. Retail quota was subscribed 11 per cent.

4:08 PM

Comment :: 'Stay stock-specific in broad-based rally'

Participants are taking comfort from stability in global markets amid mixed cues and we expect the prevailing tone to continue. We are now eyeing the 19,350+ zone in Nifty. Since all sectors are now contributing to the move, the focus should be on stock selection and the same holds for the midcap and smallcap pack as well.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

3:53 PM

Comment :: 'Positive global cues pushing domestic markets to record highs'

The lack of global support had restrained the Indian indices from pursuing their record highs earlier, despite the presence of a resilient domestic macroeconomic background. With positive surprises assisting buoyancy in the global market and the advance of the southwest monsoon, the domestic market succeeded in marching to new highs with renewed strength. Global investor sentiments were uplifted by a favourable revision in Q1 GDP, a fall in jobless claims, and the positive outcome of the Fed’s US bank stress test.

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

3:51 PM

ALERT :: Equities rally even as 10-year bond yield tops 7.1%

3:50 PM

Currency check :: Rupee ends higher vs US dollar

3:48 PM

ALERT :: BSE m-cap hits fresh peak of nearly Rs 296.5 trillion

3:47 PM

Market Insights :: Benchmarks post best quarterly gains in 2 years

>> S&P BSE Sensex: The index ended June month with a gain 2,097 points or 3.4 per cent, and was up a solid 9.7 per cent or 5,727 points for the first quarter of fiscal year 2023-24.

>> Nifty50: The index rallied 3.5 per cent for the month of June. The NSE benchmark has galloped 10.5 per cent or 1,829 points in the quarter ended June 2023.