Sensex up 350 pts, ends atop 63K; Nifty tops 18,700 amid broad-based buying

CLOSING BELL, JUNE 7, 2023: The frontline indices ended at 6-month highs

11:14 AM

Sequoia's split sends warning to every company doing US-China business

Left unsaid is that the move is a concession to increasing pressure in the US to distance Silicon Valley from China. READ

11:05 AM

KPI Green gets LoI for hybrid power project from Anupam Rasayan

KPI Green gets LoI for wind-solar hybrid power project of 40 MW from Anupam Rasayan. 

10:58 AM

Axis Bank joins Rs 3-trillion market cap club; stock surges 7% in one week

At 10:27 AM; with a market cap of Rs 3.02 trillion, Axis Bank stood at the 17th position in overall ranking of the BSE listed companies, data shows. READ

10:48 AM

MARKET CHECK: Sensex erases early gains; turns nearly flat

10:39 AM

RBI policy: How a repo rate hike/cut impacts your home loans and EMIs

The EBLR serves as a benchmark rate that determines the interest rate applicable to the loan. So, with the hike in repo rate, all existing home loans on floating rates of interest became expensive. READ

 

10:28 AM

BSE Smallcap index hits record high; Aurionpro zooms 141% since May

Aurionpro, BDL, Centum Electronics, Cigniti Techno, Data Patterns, Dreamfolks, Fusion Micro, IOX Exchange, KDDL, Mahindra CIE, Safari Ind and Syngene hit their respective all-time high today. READ

10:12 AM

Torrent Power soars 9% on inking MoU with Maharashtra govt for 3 projects

The company has signed a MoU with the Maharashtra government for setting up three Pumped Storage Hydro Projects of 5,700 MW capacity in Maharashtra, would entail an investment of about Rs 27,000 crore. READ

10:00 AM

COMMENT: Market construct favours a breakout for Nifty50

Nifty has been struggling to break the upper end of 18300-18600 range, but now the market construct favours a breakout.

 

Globally, the market backdrop is favourable with both US and European markets consolidating and slowly gaining strength. Markets believe that the June Fed decision will be a pause.

In India, too, the MPC decision tomorrow is most likely to be a pause since CPI inflation has come within RBI’s tolerance limit. The 7.2% GDP growth in FY23 and upward revision in FY 24 growth rate to around 6.4% are strong positives that can impart resilience to the market.
 

Financials will continue to do well. Autos have made a strong comeback after 5 years and will gain further from falling commodity prices and steadily improving demand.

Views by V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

9:52 AM

VA Tech Wabag rallies 4% on winning a order worth Rs 420 crore

9:49 AM

Bank of Maharashtra rises over 1%; sets QIP issue price at Rs 28.5

The lender has closed the issue period of its QIP (Qualified Institutional Placement), and has approved the Issue Price of Rs 28.50 per equity share, which is at a discount of 4.94 per cent to the Floor Price of Rs 29.98 per equity share determined. 

9:45 AM

GMR Airport up 1% as arm divests warehouse facility for Rs 188 crore

9:42 AM

Varun Beverages slips 2%; co fixes June 15 as record date for stock split

9:40 AM

Torrent Power surges 7% on deal to develop storage hydro projects worth Rs 27K crore

It has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for development of three Pumped Storage Hydro Projects of 5,700 MW capacity at an investment of about Rs 27,000 crore. The project would be completed in a period of 5 years

9:38 AM

Adani group shares gain; exchanges raise circuit for 3 stocks

The exchanges have increased circuit limit for three of the 10 Adani group companies to 10 per cent from 5 per cent earlier with immediate effect. These include Adani Green Energy, Adani Wilmar, and Adani Transmission.

9:31 AM

All sectoral indices in green; Realty sole underperformer