Benchmarks hit record highs, Nifty ends above 23,850; RIL climbs over 4%

Domestic equity benchmarks continued their upward trajectory today, marking their third consecutive day of gains. The Nifty50 crossed a significant milestone, settling above the 23,850 mark for the first time. The surge was driven by buying in banking, oil & gas, and telecom heavyweights.

The barometer index, the S&P BSE Sensex, was up 620.73 points or 0.80% to 78,674.25. The Nifty 50 index gained 147.50 points or 0.62% to 23,868.80. Both the indices hit record closing high levels. The 50 unit index has risen 1.56% in three straight sessions.

The Sensex and Nifty clocked an all-time high of 78,759.40 and 23,889.90, respectively, in late trade. Further, the Nifty Bank registered an all-time high of 52,988.30 in late trade.

Reliance Industries (up 4.09%), Bharti Airtel (up 3.07%) and ICICI Bank (up 1.60%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index fell 0.29% and the S&P BSE Small-Cap index rose 0.15%.

The market breadth was negative. On the BSE, 1,917 shares rose and 1,967 shares fell. A total of 124 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slipped 1.86% to 14.05.

Numbers to Track:

The yield on India`s 10-year benchmark federal rose 0.16% to 6.994 as compared with previous close 6.983.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.6000, compared with its close of 83.4300 during the previous trading session.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.27% to 105.89.

The United States 10-year bond yield gained 1.02% to 4.281.

In the commodities market, Brent crude for August 2024 settlement added 75 cents or 0.89% to $84.97 a barrel.

Global Markets:

European stocks declined while Asian shares advance as the investors awaited key inflation data due later this week, with some Federal Reserve officials acknowledging inflationary risks.

The US consumer confidence index dipped slightly to 100.4 from a downwardly revised 101.3 in May, reflecting a more cautious outlook on business conditions, jobs, and income. This could signal potential headwinds for consumer spending, a key driver of economic growth.

Market participants are closely watching the release of the personal consumption expenditures (PCE) price index on Friday. This data point, the Fed`s preferred inflation gauge, will be crucial for assessing future monetary policy decisions.

Stocks in Spotlight:

Tata Steel declined 1.79%. The company announced that it has acquired 14.28% stake or 1.25 crore equity shares with face value Rs 10 each aggregating to Rs 12.5 crore of Indian Foundation for Quality Management (IFQM).

Vishnu Prakash R Punglia jumped 5.04% after the company announced the receipt of letter of acceptance (LoA) from the Office of Superintending Engineer U.P. Jal Nigam (Urban), Naini Prayagraj, for a project worth Rs 273.11 crore.

Mazagon Dock Shipbuilders advanced 2.63% after the company was granted with �Navratna� status on 25 June 2024.

Zee Media Corporation gained 1.67% after the company�s board has approved to raise funds upto Rs 200 crore by way of issuance of eligible securities through various modes.

Titagarh Rail Systems (TRSL) soared 9.19% after CRISIL Ratings upgraded its ratings on the bank facilities of the company to �CRISIL AA-/Stable/CRISIL A1+� from �CRISIL A+/Stable/CRISIL A1�.

Bajaj Auto slipped 1.85%. The company said that its wholly owned subsidiary Bajaj Do Brasil Comercio De Motocicletas Ltda has and commenced the commercial production at its new manufacturing plant at Av. do Turismo, Bairro Tarumă, Manaus, Brazil.

NTPC advanced 1.14% after the company said that its board of directors will meet on Saturday, 29 June 2024 to consider raising funds by way of issuing bonds or non convertible debentures (NCDs) upto Rs 12,000 crore.

Mahindra & Mahindra Financial Services rose 0.65%. The compnay announced that its chief financial officer (CFO), Vivek Karve has tendered his resignation to pursue personal, social and professional interests beyond a full-time employment.

State Bank of India rose 0.38%. The bank announced that it has raised Rs 10,000 crore through issuance of fifth senior unsecured long term infrastructure bond with a coupon rate of 7.36% p.a.

Adani Total Gas rose 0.27%. The company received an approval from the Petroleum and Natural Gas Regulatory Board (PNGRB) to establish and operate a City Gas Distribution Network in Jalandhar GA (geographical areas), Punjab.

New Listing:

Shares of Akme Fintrade (India) closed at Rs 131.95 on the BSE, representing a premium of 9.96% as compared with the issue price of Rs 120.

The scrip was listed at Rs 125.70, exhibiting a 4.75% premium to the issue price.

The stock has hit a high of 131.95 and a low of 125.70. On the BSE, over 2.19 lakh shares of the company were traded in the counter.

Shares of Dee Development Engineers closed at Rs 335 on the BSE, representing a premium of 65.02% as compared with the issue price of Rs 203.

The scrip was listed at Rs 325, exhibiting a 60.09% premium to the issue price.

The stock has hit a high of 365.70 and a low of 310.20. On the BSE, over 28.75 lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer (IPO) of Vraj Iron and Steel received 2,12,27,976 for shares as against 61,38,462 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (26 June 2024). The issue was subscribed 3.46 times.

The issue opened for bidding on Wednesday (26 June 2024) and it will close on Friday (28 June 2024). The price band of the IPO is fixed between Rs 195 to Rs 207 per share. An investor can bid for a minimum of 72 equity shares and in multiples thereof.

Allied Blenders and Distillers` IPO received 5,96,04,966 for shares as against 3,93,71,669 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (26 June 2024). The issue was subscribed 1.51 times.

The issue opened for bidding on Tuesday (25 June 2024) and it will close on Thursday (27 June 2024). The price band of the IPO is fixed between Rs 267 to Rs 281 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

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