Market Highlights, June 12: Sensex up 150 pts, Nifty off record high ahead of CPI data, Fed outcome

Stock Market Highlights on June 12, 2024: Losses in Britannia Industries, M&M, HUL, Titan, Tata Consumer, Adani Ports, Axis Bank, and Infosys capped gains

9:21 AM

Sectoral trends :: All but Nifty Realty trade in green

9:20 AM

Sensex Heatmap :: IT stocks lead the march, Tata Steel, HDFC Bank follow

9:18 AM

Opening Bell :: Nifty holds 23,300 in early deals

9:17 AM

Opening Bell :: Sensex holds pre-open gains at Opening Bell

9:11 AM

Pre-Open Session :: Nifty nears 23,350

9:08 AM

Pre-Open Session :: Sensex up 200 pts

9:05 AM

Currency check :: Rupee opens at 83.54/$ vs Tuesday's close Oo 83.57/$

9:02 AM

View: Days of high volatility over, markets in consolidation phase

The 32 per cent decline in India VIX during the last 5 days indicates that the days of heightened volatility are over and the market has entered a consolidation phase. From now on the focus will be on fundamentals and news flows.

 

There is a recent trend of investors/ speculators chasing momentum stocks with low floating stock and excessive valuations. This is a risky trade which investors should avoid. The focus of investors should be on fairly valued quality growth stocks. Here, financials come on top. This segment has the potential to give decent returns in the medium to long term. IT stocks also have valuation comfort.

 

Tonight’s US inflation numbers and the Fed policy outcome will influence the direction of the global equity market.

(View By: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.)

 

 

8:57 AM

IPM growth steady at 10% YoY growth in May: Antique Stock Broking

As per IQVIA IMS, the Indian Pharmaceutical Market (IPM) reported a 10 per cent YoY growth for May 2024

1) This was primarily led by price increase and new introductions
2) Acute and anti-infective therapies grew by 9 per cent each YoY
3) GI growing at 12 per cent YoY
4) Amongst the top 10 companies, Macleods, Cipla, Mankind, and Lupin grew faster than IPM
5) Notable laggards for the month were Glaxo and Pfizer with 4 per cent and 1 per cent YoY growth respectively
6) IPM to grow at a healthy rate of 8-10 per cent in FY25


Source: Antique Stock Broking

8:41 AM

Gains for Bata hinge on recovery hopes, rising premium portfolio

The stock of footwear major Bata India has been the highest gainer among larger listed footwear companies since the start of the month on expectations of a recovery in the value segment, new launches and measures by the new government to boost consumption.

The third largest footwear maker by market capitalisation has been trailing its peers over the past few quarters due to the slowdown in the mass segment market which accounts for a significant chunk of its revenues. The stock is up eight per cent this month outperforming its peers as well as the benchmarks. Read more

8:29 AM

Gold Strategy: Yellow metal uncertain before Fed outcome; support at $2,277

Spot gold traded with a bearish bias on Tuesday as most of the commodities were under pressure due to the rise of far-right parties in the recently concluded European elections. Risk appetite was poor. Spot gold once again fell below $2300 in the Asian session before recovering in the US session; silver was hit harder than gold.

The metal got some support from softer US yields, though European bonds faced a sell-off on political concerns due to projected victory of far-right parties in exit polls. Usually, the US bonds are well bid in the run up to the FOMC decision; investors seeking refuge amid the European political concerns may also have boosted the US bonds. Read more

8:20 AM

Top stocks to track today: Union Bank, Brightcom, BL Kashyap, Wipro, Quess

Here's a list of stocks to keep on radar on Wednesday:

Quess Corp: Quess Corp has announced the launch of Jobspot, a blue-collar recruitment hub, to address the growing demand for talent in the industrial sector. 

The first two Jobspot centres were inaugurated at Narasapura, Karnataka, and Hosur, Tamil Nadu, to cater to over 200 walk-in job seekers per day.

Wipro: The Information Technology (IT) company has launched its Lab45 artificial intelligence (AI) platform, which leverages generative AI (GenAI), machine learning (ML), and deep learning technologies to help companies increase efficiencies, transform business functions, and enable industry-specific solutions. Read more

8:13 AM

Bhavish Aggarwal's Ola Electric gets Sebi approval for Rs 7,250-crore IPO

Ola Electric, the electric vehicle startup by Bhavish Aggarwal, has secured approval from the Securities and Exchange Board of India (Sebi) for its Rs 7,250 crore initial public offering (IPO), said people aware of the development. Following the market regulator’s nod, Ola Electric is set to become the first Indian EV company to go public.

Sebi’s approval, coupled with a buoyant market, could potentially enable the company to launch its IPO within a month, according to those familiar with the matter. However, this timeline remains unconfirmed. Efforts to reach the company for comment were unsuccessful. Read more

8:08 AM

India Inc's profit-to-GDP ratio soars to 15-year-high in FY24, shows data

India Inc’s profit as a percentage of gross domestic product (GDP) has risen to a 15-year high led by improvement in the bottom line of financials, energy and automobile companies.

The profit-to-GDP ratio for Nifty 500 companies rose to 4.8 per cent in 2023-24 (FY24), up from 4 per cent at the end of preceding financial year FY23, according to an analysis done by Motilal Oswal. Read more
 

8:05 AM

Stocks to Watch, June 12:L&T, Cipla, Patanjali Foods, TCS, TVS Supply Chain

Larsen and Toubro:The engineering major expects private capex to pick up gradually post general elections in India in FY25.

In its Annual Report for FY24, it said while private industrial capital spending has been measured in FY24, it is expected to pick up in the next fiscal year with the ongoing global supply chain diversification trends and investors' response to the government's Production Linked Incentive (PLI) scheme to boost key targeted manufacturing industries.

 

Cipla: The Additional Commissioner of State Tax (Appeal), Central Division, Patna, has upheld the order of Office of Joint Commissioner of State Taxes, Special Circle, Patna, against the company, for claiming inadmissible input tax credit during FY 2017-18, Cipla said in an exchange filing. The company will file necessary appeal with the higher appellate authority in this regard, it added. Read more