Sensex rallies 467 pts, Nifty tops 18,800; RIL, HDFC duo lead, IT caps gain

CLOSING BELL ON JUNE 16, 2023: At the high point of the day, the Sensex was just 63 points shy from its record high, and the Nifty 22 points; Debutant IKIO ends at 42 per cent premium over issue price

SI Reporter New Delhi

10:25 AM

Britannia's prospects promising on improving demand, lower input prices

Britannia’s consolidated Q4FY23 revenue increased by 11 per cent year-on-year (YoY) to Rs 4,023 crore and earnings before interest, tax, depreciation and amortisation (Ebitda) margins improved significantly to 19.9 per cent from 15.5 per cent a year ago, aided by price increase and favourable forward cover on wheat futures. READ MORE

10:15 AM

How to play the artificial intelligence theme in markets the Chris Wood way

That said, Chris Wood believes that the 'picks and shovels theme' for AI remains the most compelling story for now, which is why Nvidia remains his core holding despite valuation at 41x sales. READ MORE

10:04 AM

BUMPER LISTING :: Ikio Lighting lists at near 40% premium

>> Stock lists at Rs 391 on the BSE (Rs 392.5 on NSE) vs issue price of Rs 285

>> Stock hits new high of Rs 406

9:57 AM

EXPERT COMMENT: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

>> There are two factors - one positive and the other negative- that are impacting the market trend now. The positive factor is the favourable global cues. The mother market US has shrugged off the Fed’s ‘hawkish pause’ and has moved forward. S&P 500 up by 7.7 per cent during the last one month is a reflection of a resilient market.

>> The negative factor is the weakness of Bank Nifty, which is preventing the Nifty from moving to a new record high. It is important to understand the fact that the weakness in Bank Nifty is primarily due to mutual fund selling in HDFC Bank to avoid the 10 per cent ceiling in HDFC Bank after the merger of HDFC Ltd in HDFC Bank due in July. The weakness is due to technical and not fundamental issues. The weakness in HDFC Bank is a buying opportunity for investors with a medium term time horizon.

>> Another significant factor is that there are signals of Indian manufacturing showing clear revival. This is the beginning of a cycle that can last 4 to 5 years. Capital goods will be major beneficiaries of this capex cycle.

9:53 AM