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POST-MARKET REPORT
The Indian equity indices extended their rally to fresh record highs on June 28, with Nifty crossing another milestone 24,100, and Sensex 79,600 led by Reliance Industries and other heavyweights. However, selling at higher levels erased all the day’s gains to end in the red.
At close, the Sensex was down 210.45 points or 0.27 percent at 79,032.73, and the Nifty was down 33.90 points or 0.14 percent at 24,010.60.
For the week, the BSE Sensex and Nifty50 index added 2 percent each, however, for June 2024, both benchmarks surged 6.5 percent each.
BSE Sensex and Nfity50 indices hit new record highs of 79,671.58 and 24,174, respectively. Also, Nifty Midcap 100 index touched a fresh high of 55,927.60, intraday.
The biggest Nifty gainers included ONGC, Dr. Reddy’s Labs, Reliance Industries, SBI Life Insurance and Tata Motors, while losers were IndusInd Bank, Bharti Airtel, Axis Bank, ICICI Bank and Kotak Mahindra Bank.
On the sectoral front, healthcare, metal, PSU Bank, oil & gas, and realty indices were up 0.5-1 percent, while the bank index was down 1 percent and the capital goods index shed 0.4 percent.
The BSE midcap and smallcap index added 0.5 percent each.
STOCKS TODAY
UltraTech Cement: The Street cheered Ultratech Cement’s acquisition of a 23 percent stake in Chennai-based India Cements for Rs 1,889 crore, pushing the stock to a record high of Rs 11,875 per share.
Bharat Heavy Electricals (BHEL): Shares rose 3.7 percent in early trade after the company received a contract worth Rs 13,300 crore to establish a 1600 MW thermal power plant in Koderma, Jharkhand.
Allcargo Gati: Shares of Allcargo Gati rose as much as 5.6 percent after sources told CNBC-TV18 that the company plans to raise to Rs 200 crore via QIP at an indicative price of Rs 101 per share, with a SEBI floor price of Rs 106.07 per share. The company will have a lock-up period of 60 days, subject to certain exceptions, and the promoters will also have a 60-day lock-up period.
Navkar Corporation: Shares of the company fell over 2 percent after JSW Infra announced that it would acquire a 70.4 percent stake from the former company’s promoters at Rs 95.61 per share.
Defense: Stocks like Hindustan Aeronautics (HAL), Bharat Dynamics (BDL), Bharat Electronics (BEL), and others edged higher after the government granted an extension in exemption of customs duty on the imports of certain parts.
Telecom: Shares of Bharti Airtel hit an all-time high while Vodafone Idea and Indus Towers stocks scaled 52-week peaks in morning deals on June 28 as leading telecom firms in India have started increasing mobile plan tariffs. The stocks, however, gave up gains later in the day and were trading up to 3 percent lower.