Infosys In Pact With Nihon Chouzai
In pact to expand healthcare access in Japan
Develops application NiCOMS, to help patients access remote consultations & online payments
Source: Exchange Filing
Broader Markets Underperform Benchmarks
At 11:03 a.m., the Nifty Smallcap 250 was down 5% at 15,155.70 and the Nifty Midcap 100 fell 5.13% to 50,533.60.
Nifty Bank Falls The Most In Over Two Years
All its constituents traded lower.
Nifty 500 Falls Over 3%; Only 55 Stocks Rise
Only 55 stocks out of the 500 on the Nifty 500 index rose with Dabur India, Avenue Supermarts, and Five-Star Business Finance leading.
HAL Falls Nearly 7% After Hitting Record On Monday
Hindustan Aeronautics Ltd. declined 9.82% to Rs 4,756.00, the lowest level since May 30. The scrip was trading 6.87% lower at Rs 4,911.60 as of 10:32 a.m., as compared to 2.34% decline in the NSE Nifty 50 index.
The scrip gained 201.38% in 12 months, and on year to date basis it has risen 76.36%. Total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 61.91.
Out of 16 analysts tracking the company, 14 maintain a ‘buy’ rating, one recommend a ‘hold,’ and one suggest ‘sell’, according to Bloomberg data. The average 12-month consensus price target implies an upside of 2.1%.
Redington Board To Consider Dividend
Board considers and recommends dividend of Rs 6.2/share
Source: Exchange Filing
Techno Electric Shares Fall Over 10%
Techno Electric & Engineering Co. Ltd. slumped 10.01% to Rs 1,353.00, the lowest level since May 31. The slump in the stock came despite the company acquiring NERES XVI Power Transmission from REC Power Development and Consultancy for Rs 7.15 crore.
The scrip was trading 7.22% lower at Rs 1,394.95 as of 10:23 a.m. It has gained 282.24% in 12 months, and 75.41% on year to date basis. Total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 69.17.
Out of four analysts tracking the company, three maintain a ‘buy’ rating, one recommend a ‘hold,’ according to Bloomberg data. The average 12-month consensus price target implies an upside of 5.8%.
PSU Stocks Plummet As Election Race Tightens Unexpectedly
Shares of Bharat Electronics Ltd, Coal India and SJVN were the top losers with a fall of over 6%. NTPC, ONGC, NBCC and Power Grid saw a fall of over 5%.
RVNL Falls Over 13%
Rail Vikas Nigam fell as much as 13.10% to Rs 351.55 apiece, the lowest level since May 23. It pared losses to trade 2.62% lower at Rs 393.95 apiece, as of 10:10 a.m. This compares to a 2.03% decline in the NSE Nifty 50 Index.
It has risen 237.63% in 12 months, and 117.46% on year to date basis. Total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 77.22, which implied the stock is overbought.
Three analysts tracking the company, recommend a ‘hold,’ according to Bloomberg data. The average 12-month consensus price target implies a downside of 21.7%.
Investors Move To Defensive Sectors
Nifty 50 Companies Wipe Out Nearly Rs 6 Lakh Crore In Investor Wealth
Stocks At 52-Week Low As Nifty Falls
Nifty PSU Bank Leads Decline Among Sectoral Indices
Nifty PSU bank fell as much as 7.76% to an intra-day low of 7384.6. The index rose as much as 9.03% during the rally on Monday.
Mphasis In Pact With Classiq
In pact for quantum computing solutions for BFSI, supply chain & logistics, Lifesciences & healthcare verticals
Source: Exhchange filing
India VIX Spikes; Hits One-Year High
Nifty, Sensex Open Lower As RIL, L&T Drag: Opening Bell
Benchmark equity indices came off their record highs and fell with shares of Reliance Industries and Larsen & Toubro weighing the most.
At pre-open, the Nifty was at 23,179.50, down 84.40 points or 0.36% and the Sensex was down 183.00 points or 0.24% at 76,285.78.
“Nifty 50 has formed a hanging man candlestick pattern which indicates a trend reversal but in the near term, it is the general election’s outcome likely to influence the market trend which will lead to immense volatility on both sides,” said Aditya Gaggar, director of Progressive Shares.
Shares of Reliance Industries Ltd., HDFC Bank Ltd., Larsen & Toubro Ltd., State Bank Of India, and ITC Ltd. weighed on the index.
While those of Sun Pharmaceutical Industries Ltd., Hindustan Unilever Ltd., Nestle India Ltd., Cipla Ltd., and Britannia Industries Ltd., cushioned the fall.
Most sectoral indices fell at open. Nifty Pharma was the only index that rose. Nifty PSU Bank fell the most.
Reliance Industries Unit Completes Registration Of Sub-Lease Deeds
Units complete registration of sub-lease deeds for 3,750 acres for 43 years
Lease worth Rs 13,400 crore for Navi Mumbai land and associated development rights
Source: Exchange filing
Nifty, Sensex Lower At Pre-Open
At pre-open, the Nifty was at 23,179.50, down 84.40 points or 0.36% and the Sensex was down 183.00 points or 0.24% at 76,285.78.
Rupee Weakens Against U.S. Dollar As Poll Trends Trickle In
The local currency weakened 10 paise to open at 83.24 against the U.S dollar.
It closed at 83.14 on Monday.
Source: Bloomber poui
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 6.95%.
It closed at 6.94% on Monday.
Source: Cogencis
GIFT Nifty Erases Early Gains
As of 8.34 a.m., the GIFT Nifty was trading at 23,430.00, down 84 points or 0.36%.
Trade Setup: Top Stocks To Watch Out For On June 4
NDTV Profit’s Niraj Shah lists his top stock picks as markets await the outcome of Lok Sabha elections.
For all the latest updates on election results
Lok Sabha Election Results 2024 Live: Postal Ballot Trends Trickle In, NDA In The Lead
Bajaj Housing Finance To Consider IPO
Bajaj Housing Finance’s board to meet on June 6 to approve IPO via fresh issue and OFS
BHFL board to meet on June 7 to consider participation in proposed IPO via OFS
Source: Exchange filing
Nifty Options Open Interest Distribution Ahead Of Poll Outcome
Weekly Contracts
Monthly Contracts
Citi Research On M&M
Maintain Buy with TP 3010, Upside 13%
Tweak up estimate given strong monthly volume trends, expanded capacity
Strong initial volumes of the XUV 3XO
Earnings estimates change by 6-9% over FY25-27E
Due to the changes in volumes and margin estimates
Target multiple for core business to 27x from 26x given:
1) More positive stance on UV volume growth;
2) Expectations of normal monsoon in CY2024
Could result in upside risks to our tractor volume estimates
Listed subsidiaries at Rs. 360/share
Motilal Oswal’s View on Valuations and Strategy on India Market
Nifty consolidated in May 2024
DII inflows remained strong in May
May was second consecutive month of FII outflows
On Q4FY24 results: 5 cos HDFC Bank, SBI, ONGC, Tata Motors, and Coal India – contributed 72% of the incremental YoY accretion in earnings
View:
India in a goldilocks period – solid macros, strong earnings, peak rates, moderate inflation, steady policy
Nifty valuation at 19.2x EPS, 5% below long period avg
OW on Financials, Consumption, Industrials, and Real Estate
Global Cues
US Dollar Index at 104.06.
US 10-year bond yield at 4.41%.
Brent crude down 0.34% at $78.09 per barrel.
Nymex crude down 0.40% at $73.92 per barrel.
Bitcoin was flat at $69,067.5.
The GIFT Nifty was 44 points, or 0.19% higher at 23,588.00 as of 06:53 a.m.
F&O Cues
Nifty June futures up by 3.3% to 23,407.9 at a premium of 144 points.
Nifty June futures open interest down by 3.37%.
Nifty Bank June futures up by 4.3% to 51,283.05 at a premium of 303.1 points.
Nifty Bank June futures open interest up by 0.36%.
Nifty Options June 6 Expiry: Maximum Call open interest at 24,700 and Maximum Put open interest at 20,200.
Bank Nifty Options June 5 Expiry: Maximum Call Open Interest at 57,000 and Maximum Put open interest at 40,000.
Securities in ban period: Zee Entertainment Enterprises Ltd.
Trading Tweaks
Price Band Change from 20% to 10%: Cochin Shipyard Ltd., Techno Electric and Engineering Co.
Ex/record dividend: ITC Ltd.
Insider Trades
Som Distilleries & Breweries Ltd.: Promoter Jagdish Kumar Arora bought 20,000 shares on June 3.
Ajanta Pharma Ltd.: Promoter Aayush M Agrawal, Trustee Aayush Agrawal Trust created a pledge of 37.87 lakh shares between May 29 and 31.
Nifty Bank Ends Above 51,000 As Market Rally On Exit Poll Results
Bulk Deals
Bajaj Electricals Ltd.: HDFC Mutual Fund bought 7.3 lakh shares (0.63%) at Rs 930 apiece, while Norges Bank on Account of The Government Pension Fund Global sold 7.35 lakh shares (0.63%) at Rs 929.97 apiece.
Fiem Industries Ltd.: Aanchal Jain sold 5 lakh shares (3.79%) at Rs 1,170.3 apiece, Rahul Jain sold 5 lakh shares (3.79%) at Rs 1,170.61 apiece, and Setu Securities Pvt. bought 2.25 lakh shares (1.71%) at Rs 1,174.58 apiece.
Kronox Lab Sciences IPO Subscribed 11.10 Times On Day 1
Block Deal
Tinna Rubber and Infrastructure Ltd.: PGA Securities bought 0.9 lakh shares (0.52%), while Bhupinder Sekhri & Sons HUF sold 0.9 lakh shares (0.52%) at Rs 1,270 apiece.
IPO Offering
Kronox Lab Sciences: The public issue was subscribed to 11.07 times on day one. The bids were led by institutional investors (1.11 times), non-institutional investors (19.94 times), and retail investors (12.95 times).
Stocks to Watch
Sectors: Public sector enterprises, financials, infrastructure, railway, and defence will be in focus with the Lok Sabha election results to be announced on Tuesday.
ICICI Bank Ltd. and Adani Group: The bank and Adani One launched co-branded credit cards with airport-linked benefits. The credit cards are to be rolled out in collaboration with Visa.
Adani Power Ltd.: The company plans to amalgamate its subsidiary, Mahan Energen, with Stratatech Mineral Resources to enhance fuel security and competitiveness in the power market.
Mahindra and Mahindra Ltd.: The company reported overall disbursements at Rs 4,430 crore in the month of May, up 7% YoY. Its business assets also rose 23% YoY to Rs 1.05 lakh crore, and collection efficiency stood at 96%.
Rail Vikas Nigam Ltd.: The company received an EPC order worth Rs 440 crore from South Central Railway.
Moil India Ltd.: The company reported manganese ore sales up 41% YoY at 2.15 lakh tonnes.
Zee Entertainment Enterprises Ltd.: The company board meeting is scheduled for June 6 to consider raising funds by way of the issuance of equity shares.
Biocon Ltd.: The company received a USFDA nod for the antifungal medication Micafungin. Micafungin is used as an antifungal medication to treat fungal or yeast infections.
Wipro Ltd.: The company appointed Bruno Schenk as country head and managing director for Switzerland.
Dr. Reddy’s Laboratories Ltd.: The company’s arm, Aurigene Pharmaceutical, opened a biologics facility in Hyderabad.
Century Textiles and Industries Ltd.: The company arm incorporated a wholly owned subsidiary, Vibhavya Properties for real estate projects.
Techno Electric & Engineering Co.: The company has acquired NERES XVI Power Transmission from REC Power Development and Consultancy for Rs 7.15 crore.
Cupid Ltd.: The company announced the commencement of its Rapid In Vitro Diagnostic kits distribution network. The company is targeting a nationwide presence by the end of the fiscal year.
Kalyan Jewellers India Ltd.: The company acquired a 15% stake in Enovate Lifestyles for Rs 42 crore.
Seamec Ltd.: The company has informed that the deployment of the vessel “SEAMEC SWORDFISH” with Zamil Offshore Services, Saudi Arabia, is extended for a further period of 30 days from May 25.
Sapphire Foods India Ltd.: The board meeting is scheduled for June 19 to consider and approve the stock split of equity shares of the company.
Adani Group’s Mahan Energen To Merge With Stratatech Mineral Resources
GIFT Nifty Trades Near 23,600
The June futures contract of the GIFT Nifty was trading 44 points, or 0.19% higher at 23,588.00 as of 06:53 a.m.
Most Asia-Pacific markets were trading lower in early trade on Tuesday with all eyes on India’s general election results, scheduled to be out later in the day.
Only Hong Kong’s Hang Seng and China’s CSI 300 traded in the positive. Japan’s Nikkei and Topix fell the most.
After seven phases of polling, the Election Commission is preparing to announce the results of the Lok Sabha 2024 election on Tuesday. With the counting process underway, public sector enterprises, financials, infrastructure, railway and defence will be in focus.
US treasuries climbed as a weak manufacturing reading fueled speculation the Federal Reserve will have room to cut interest rates this year, Bloomberg said.
The S&P 500 rose 0.11% and the Nasdaq Composite rose 0.56% as of Monday. The Dow Jones Industrial Average fell by 0.30%.
Brent crude was trading 0.22% lower at $78.14 a barrel. Gold rose 0.01% to $2,351.02 an ounce.
India’s key equity indices logged their best session in over three years as investors cheered exit polls, which projected victory for the Bhartiya Janata Party-led National Democratic Alliance in the 2024 Lok Sabha elections, along with a better-than-expected GDP for the country. On Monday, both indices closed at record highs.
The NSE Nifty 50 closed 733.20 points, or 3.25% higher at 23,263.90, and the S&P BSE Sensex gained 2,507.47 points, or 3.39% to end at 76,468.70.
Overseas investors were net buyers of Indian equities on Monday. Foreign portfolio investors mopped up stocks worth Rs 6,850.8 crore—the highest in two months—while domestic institutional investors remained net buyers for the 10th day and bought equities worth Rs 1,914 crore, according to provisional data from the National Stock Exchange.
The Indian currency strengthened by 32 paise to close at 83.14 against the US dollar.
Market Reaction To Exit Polls Better Than Expected, Says Analyst. Read more on Markets by NDTV Profit.Shares of financial companies and heavyweight Reliance Industries contributed the most to the fall. Read MoreMarkets, Notifications, Elections
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