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Benchmark indices closed lower for a second straight day on June 23, due to escalating geopolitical tensions in the Middle East. Fears of disruption in crude oil supply owing to unrest near the Strait of Hormuz kept global investors cautious. Brent crude remained above $78 a barrel, triggering weakness in oil and energy import-dependent sectors.
Even with a strong recovery in the second half of the session, Sensex and Nifty were unable to make up for losses. Sensex declined by 511.38 points or 0.62% to close at 81,896.79, while the Nifty50 fell 140.50 points or 0.56% to close below the crucial 25,000 level at 24,971.90.
But the larger market improved. BSE Midcap index rose 0.2%, while the BSE Smallcap index rose 0.6% on the back of good momentum in some sectors like metals and defence.
Stock in News
Bharat Forge
Bharat Forge shares were in the limelight after its unit, Kalyani Strategic Systems, came in as L1 (lowest bidder) in a major Army procurement tender. The Close Quarter Battle (CQB) Carbine, which has been jointly developed with DRDO, has been picked for the next stage. Although the value of the order has not been officially revealed, media reports place the estimate at ₹2,000 crore-a significant shot in the arm for the defense vertical of the company.
Zee Entertainment Enterprises (ZEEL)
Zee Entertainment stock rose 10%, led by a strong investor update providing for aggressive plans for growth. The firm highlighted its profitability even with a leaner footprint relative to peers, especially as a result of the lack of presence in the sports broadcasting sector. Management reiterated its strategic bias toward becoming entrenched in General Entertainment, a move that brought relief to investors.
Northern Arc Capital Ltd
The stock rose 11% after a block deal by marquee investor Madhusudan Kela, who bought 10 lakh shares in the average price of ₹208.83 through his Cohesion MK Best Ideas Sub-Trust. The interest led to a strong message from the market to the company’s future in the NBFC space.
BSE Ltd
BSE shares gained more than 3% to close at ₹2,772 as optimism of being included in the benchmark Nifty index boosted the mood. after news of possible inclusion in the Nifty 50 in its next rebalancing. Such inclusion normally benefits in the form of higher passive fund inflows, adding to the stock price.
Adani Enterprises
Shares rose 1.5% following the firm’s subsidiary‘s commissioning of India’s first off-grid 5 MW green hydrogen pilot plant in Kutch, Gujarat. It is completely solar-powered and integrated with a Battery Energy Storage System (BESS), allowing independent off-grid operation. This is a boost to India‘s mission to go green and another innovative move by the Adani Group.
Zen Technologies
The defense-tech share touched the 5% upper circuit price at ₹1,944.6 following the announcement of its foray into the UAV (Unmanned Aerial Vehicle) business. Zen acquired a majority stake in TISA Aerospace Pvt. Ltd., with indigenous UAV and loitering munitions capabilities, at ₹6.56 crore. This marks Zen‘s expansion from the business of defense training systems into high-growth aerospace and drone technologies.
Source: Moneycontrol, Mint