Sensex ends off record high, rises 195 pts; HDFC twins gain 2%, ITC dips

Closing Bell on June 21, 2023: The benchmark S&P BSE Sensex scaled a fresh all-time high of 63,588 on the BSE in the intra-day trade on Wednesday

1:13 PM

Asian Market Update:: Hang Seng slumps 2%; Shanghai drops 1.3%

Source: Yahoo Finance

1:02 PM

Eyeing expansion, Reliance gets RBI's special approval to raise funds

The money is likely to be used to support the working capital needs of the company besides expansion in energy and telecom businesses. READ MORE

12:50 PM

Zee Ent rallies 5% on reports of merger with Sony on track despite Sebi order

12:40 PM

Tega Ind at record high after 4% stake sale by promoters; up 53% since May

On June 19, Tega's promoters sold over 2.7 million equity shares, amounting to 4.1 per cent of the total equity share capital, to meet the minimum public shareholding norms. READ MORE

12:37 PM

ALERT :: Taking Sebi order on ZEEL 'very seriously', says Sony Pictures

12:24 PM

Vedanta donated Rs 155 cr to political parties via electoral bonds in FY23

Vedanta's donation in FY23 was higher than Rs 123 crore in FY22; between 2018 and 2022, the BJP received Rs 5,270 crore, and the Congress received Rs 964 crore through electoral bonds. READ MORE

12:16 PM

PSE index tops record peak, add 5 stocks in portfolio for up to 20% gains

Life Insurance Corporation of India and Bharat Electronics may see up to 10 per cent rally in coming sessions. READ MORE

12:01 PM

SpiceJet settles liabilities dispute on unpaid dues with lessor NAC

The airline, which currently operates five Bombardier Q400 aircraft from NAC in its fleet, said the agreement settles all past liabilities for the Q400s. READ MORE

11:46 AM

Aether Industries hits record high; rallies 10% on fund raising via QIP

Aether Industries on Monday, June 19, launched a QIP issue to raise up to Rs 750 crore and fixed the floor price of the issue at Rs 984.90 per share. READ MORE

11:36 AM

HDFC Life hits 52-week high; up 3% as CCI permits HDFC to increase stake

The CCI in its meeting held on June 20, 2023, has granted its approval to HDFC to increase its stake in HDFC Life to more than 50 per cent. READ MORE

11:22 AM

Expert on Sensex at record high | Market participants usually happy in the run-up to general elections

>> The BSE Sensex crossed the previous all-time high of 63,583 which was hit in December last year. The pace of the rally has slowed down over the last few weeks, however the underlying momentum is still strong. We believe that traders can lighten up their long leveraged positions and book some profits in the immediate term. But medium to long term investors must continue to hold on to their positions and use dips to buy more.

 

>> The pause in interest rates from both the US Fed and RBI is a major sign of relief for corporates who were paying interest cost through their nose. Private and government capex is also at an all-time highs which should boost infrastructure spending. This will have a ripple effect and fuel growth.

 

>> We are just months away from India and US elections. We believe the positive momentum should continue as governments generally tend to do everything in their control to keep the market participants happy in order to be re-elected to power.

Views expressed by Apurva Sheth, Head of Market Perspectives & Research, SAMCO Securities

11:07 AM

Expert on Sensex at record high | Hopes of private capex, strong credit growth few factors behind surge

>> Sensex touched the all-time high mark, and Nifty50 is a few points away from the all-time high level, which was earlier seen in Nov’22 end. The Indian market has seen a solid rally in the last couple of months, especially in the mid and small-cap space, led by positive FII flows, robust economic growth vs other EM countries, strong earnings outlook, robust demand across the sector, the banking sector in better shape, and private capex cycle expectations.

 

>> The Indian economy stands at a sweet spot of growth and remains the land of stability against the backdrop of a volatile global economy. We continue to believe in the long-term growth story of the Indian equity market, supported by the emerging favourable structure, as increasing Capex enables banks to improve credit growth. Our base case Dec’23 Nifty target is at 20,200 by valuing it at 20x on Dec’24 earnings.

Views expressed by Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS

10:54 AM

Expert on Sensex at record high | Return of FIIs since April boosted overall sentiments

Benchmark Indices touched new highs today on the back of sustained increase in capital expenditure by the GOI coupled with rising manufacturing PMI. Despite increase in interest rates we are witnessing rising credit demand and India Inc today can boast of much better Balance Sheets than ever before. The return of FIIs to our markets since April has boosted sentiments even as Domestic Investors continue to repose confidence in Indian Equities.

Views expressed by S Ranganathan, Head of Research at LKP Securities

10:45 AM

Madhav Infra Projects rallies 5% as it receives LoA for a Madhya Pradesh project

10:35 AM

India's economic activity is humming along even with still-high rates

The needle on a dial measuring the so-called Animal Spirits stayed at six for a second month even as some indicators such as exports and tax collections showed signs of weakness. READ