Market Wrap: Nifty Surges to 23,567, Sensex Gains 141 Pts; Metals Lead the Rally

Ira Singh
Khabar Khabaron Ki,20 June’24

The Indian equity market indices ended on positive note on Thursday,led by robust buying in market heavyweights Reliance, ICICI Bank and HDFC Bank amid a recent surge in foreign capital inflows.At close, the Sensex was up 141.34 points or 0.18 percent at 77,478.93, and the Nifty was up 51 points or 0.22 percent at 23,567.

Highlights of Trade:
●Rupee hits fresh record low vs dollar,
●Sebi clears Ola Electric IPO,
●Goldman Sachs initiates a sell call on Tata Technologies,
●CLSA maintains an outperform rating on Tata Motors
●Block deal in Suzlon Energy: 0.3% equity change hands; stock up 3%,
●Block deal in PNB Housing: 5.2% equity exchange; stock down 4%.

Grasim Industries, Hindalco Industries, JSW Steel, Adani Ports and BPCL were the top gainers on the Nifty, while losers included Hero MotoCorp, Sun Pharma, M&M, NTPC and Wipro.

On the sectoral front, selling was seen in the auto, pharma and PSU Banks stocks, while buying was seen in the metal, capital goods, realty and oil & gas sectors.The BSE midcap index rose 0.5 percent while the smallcap index added 1 percent.

The broader outperformed the headline indices, with the Midcap and Smallcap indices trading up 0.6 and 0.7 percent, respectively. Bank Nifty, which was the best performer among all indices in the morning, pared some gains and was up 0.3 percent.

Rupee Close:
On 20 June’24,the Indian rupee fell 17 paise to settle at over two-month record low of 83.61 against the US dollar on Thursday, amid surging crude oil prices due to renewed geopolitical tensions in the Middle East, even though the domestic equity markets hit fresh peaks.

According to forex traders, inflow of foreign capital and positive momentum in domestic equity markets failed to support the local unit which gave in to the pressure due to a firm American currency against major rivals overseas.

Trading Guide:

Vinod Nair, Head of Research, Geojit Financial Services said,Despite experiencing significant volatility, the domestic market concluded the day positively. In the near term, market attention is expected to centre around the upcoming Union budget and the progress of the monsoon. On the global front, the decline in US bond yields has facilitated robust FII inflows in recent days. The fertilizer stocks exhibited good momentum, driven by the proposed removal of GST & hike in MSP.

Market experts have recommended three stocks to buy today — Coforge, Balrampur Chini Mills and Clean Science and Technology.