Stock Market Highlights, June 11: Sensex, Nifty end flat on late sell-off; RIL, ITC weigh

Stock Market highlights on Tuesday, June 11, 2024: The BSE Sensex ended 33 points lower at 76,457, while the Nifty was up six points at close; Broader indices, however, settled with decent gains.

9:19 AM

Opening Bell :: Nifty opens below 23,250

9:18 AM

Opening Bell :: Sensex in red in early deals

9:10 AM

Pre-Open Session :: Nifty stays below 23,300

9:09 AM

Pre-Open Session :: Sensex adds nearly 200 pts

9:05 AM

Currency Update :: Rupee opens at 83.48/$ vs Monday's close of 83.51/$

8:54 AM

Monsoon, higher prices expected to aid recovery in agrochemical stocks

The stocks of companies manufacturing agricultural chemicals have seen a rally over the last 10 days due to expectations that a favourable monsoon, higher crop prices, and government steps to boost rural economy will aid the sector.

Higher demand and improved volumes are expected to help the companies liquidate excess inventory. Given the positive sentiment, the largest listed players in the sector have gained 10 per cent on aggregate since the start of the month compared to the flat performance of benchmark indices. Read more

8:40 AM

Comment: Equity mutual funds behind bull market

A strong pillar of support for this bull market has been the mutual fund industry which is witnessing sustained inflows. The Rs 34697 crore net inflows into equity funds in May and monthly SIP inflows touching Rs 20904 in May indicate that this domestic support to the market will continue despite the FII selling. FIIs turning buyers during the last two days and covering their shorts will support the market in the near-term.

 

BJP keeping the key portfolios signals continuity in policies. This is a positive from the market perspective. From the fundamental perspective, the 25 per cent increase in corporate profitability in FY24 augurs well for the market.

(Comment by: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services)

 

8:32 AM

Sebi's proposed tweaks likely to lead to big churn in F&O stocks

The market regulator’s newly proposed selection criteria for the over Rs 400-trillion-a-day futures and options (F&O) market could pave the way for the entry of popular stocks such as Life Insurance Corporation (LIC) of India, Jio Financial Services, Zomato, Paytm, DMart, and Adani Energy into the derivatives segment.

The Indian derivatives market, which accounts for most of the trading volumes, could see big churn with over two dozen exits from the current list of 182 stocks due to an upward revision in the eligibility thresholds. Read more

8:21 AM

Bank of India acquires over 6% stake in recently incorporated CCIL IFSC

State-owned Bank of India on Monday said it has acquired a 6.125 per cent stake in the recently incorporated CCIL IFSC, listed in GIFT SEZ, reflecting its commitment to the growth of IFSC.

The announcement was made by Bank of India's Executive Director (International Operations) Subrat Kumar in GIFT City while speaking at an event to mark the first anniversary of the bank's IFSC Banking Unit in GIFT City. Read more

8:14 AM

Stocks to Watch, June 11: IndiGo, Siemens India, PTC Industries, APL Apollo

InterGlobe Aviation: Rahul Bhatia's promoter entity, InterGlobe Enterprises, is expected to off load around 2 per cent stake in the company through a block deal on Tuesday, reports said. The stake sale value may be worth around $394 million, where the promoter could sell 7.7 million shares at a likely floor price of Rs 4,266 apiece.

RVNL, Siemens India: The consortium of Siemens-RVNL has received a Letter of Acceptance (LoA) from Bangalore Metro Rail Corporation Ltd. for engineering, supply, erection, testing and, commissioning of 33 KV Distribution, 750V DC Third Rail Traction Electrification including Traction Substations, Auxiliary Substations and SCADA System for Phase-2A & Phase 2 B.The project is worth Rs 394.2 crore.

PTC Industries: The company has partnerd with leading entities under the DTIS scheme in the Indian Defence and Aerospace sector to advance the 'Make in India' initiative. Read more

8:11 AM

Buzzing: IRB Infra block deal, Vi Board meet, RVNL, Raymond order win

Here's a list of stocks to watch on Tuesday, June 11:

IRB Infrastructure Developers: Cintra, a subsidiary of Dutch headquartered infrastructure major Ferrovial, will likely sell around 5 per cent stake in IRB Infra on Tuesday. According to reports, it aims to raise around $228 million via the block deal, which has fixed the floor price around Rs 63 apiece -- 10 per cent lower than the closing price of IRB Infra on June 10 (Rs 70.15 per share).
 

Vodafone Idea: The Board of Directors of the telecom company will meet on Thursday, June 13, to decide on a proposal to issue equity shares or convertible securities on a preferential basis to vendors, the company said in an exchange filing.
 

Raymond: Raymond Realty, the real estate arm of Raymond Group, has been selected for the redevelopment of residential project - MIG VI CHS Ltd situated in Bandra East, Mumbai. It is estimated to generate a revenue of more than Rs 2,000 crore over the project period. Read more

8:07 AM

Price hike, capex moderation key for further gains in Bharti Airtel stock

From its lows this month, the stock of Bharti Airtel is up 14 per cent. The gains for the telco have come on the back of expectations that market share consolidation, tariff hike and lower capex should boost margins and profits. 

While the company is a key player in the Indian market, it also has a leadership position in major markets of Africa. The company has 140 million subscribers in Africa spread across 14 countries. Read more

8:05 AM

Buy ideas for June 11: Apollo Hospitals, Infy, Divi's Labs; key levels here

Apollo Hospitals

Recently, Apollo Hospitals has shown a bullish divergence on the 4-hour chart, indicating a potential reversal from a downtrend to an uptrend. This divergence is accompanied by the price action rising above the 21-period Simple Moving Average (SMA), which further strengthens the signal of a trend change. Read more

7:52 AM

Buy & Sell: Top picks by Sharekhan for June 11; check key levels here

Jubilant FoodWorks
 

Jubilant FoodWorks has been in a short term uptrend. After a sharp run up, the stock has been consolidating and has reverted to its 40 hour moving average Rs 514 (support). The hourly moving average has reached the equilibrium line and can start a new cycle on the upside. The consolidation appears matured and can resume its upmove. 

The Jubilant FoodWorks stock is likely to test the previous swing high of Rs 543, and can extend towards Rs 549 from a short-term perspective. A stop loss of Rs 507 should be kept for the long positions. Read more

7:49 AM

Nifty PSU Bank bearish, Fin Svcs rangebound on charts; here's how to trade

Nifty PSU Banks Index Analysis

The Nifty PSU Banks Index is currently showing signs of potential underperformance, making a bearish trading strategy favourable in the near term. 

The index is close to a critical resistance level, and the best approach would be to sell either at the current market price (CMP) or on any upward movements. It is essential to implement a strict stop-loss at 7450 on a closing basis to manage risk effectively. Read more