BAROMETERS OFF DAY`S LOW; MEDIA SHARES UNDER PRESSURE

The frontline indices came off the day`s low but traded with limited losses in mid-morning trade. The Nifty climbed above the 23,500 level after hitting day`s low of 23,412.90 in morning trade. Media shares extended losses for the fourth consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex was down 58.23 points or 0.07% to 77,242.91. The Nifty 50 index lost 55.75 points or 0.24% to 23,502.15.

The Sensex and Nifty clocked an all-time high of 77,581.46 and 23,630.85 respectively in early trade.

The broader market underperformed the headline indices, the S&P BSE Mid-Cap index fell 0.78% and the S&P BSE Small-Cap index declined 0.47%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,442.90 and 51,968.25 respectively.

The market breadth was negative. On the BSE, 1,551 shares rose and 2,154 shares fell. A total of 119 shares were unchanged.

Economy:

The provisional figures of Direct Tax collections for the Financial Year 2024-25 (as on 17.06.2024) show that Net collections are at Rs 4,62,664 crore, compared to Rs 3,82,414 crore in the corresponding period of the preceding Financial Year (i.e. FY 2023-24), representing an increase of 20.99%, data from Ministry of Finance showed.

The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2024-25 stand at Rs 5,15,986 crore compared to Rs 4,22,295 crore in the corresponding period of the preceding financial year, showing a growth of 22.19% over the collections of FY 2023-24.

Provisional figures of total Advance Tax collections for Financial Year 2024-25 (as on 17.06.2024) stand at Rs 1,48,823 crore, against Advance Tax collections of Rs 1,16,875 crore for the corresponding period of the immediately preceding Financial Year (i.e. FY 2023-24), showing a growth of 27.34%. The Advance Tax collection of Rs 1,48,823 crore comprises Corporation Tax (CIT) at Rs 1,14,353 crore and Personal Income Tax (PIT) at Rs 34,470 crore.

IPO Update:

The initial public offer (IPO) of DEE Development Engineers received 69,66,682 bids for shares as against 1,49,44,944 shares on offer, according to stock exchange data at 11:25 IST on Wednesday (19 June 2024). The issue was subscribed 0.47 times.

The issue opened for bidding on Wednesday (19 June 2024) and it will close on Friday (21 June 2024). The price band of the IPO is fixed between Rs 193 to Rs 203 per share. An investor can bid for a minimum of 73 equity shares and in multiples thereof.

The initial public offer (IPO) of Akme Fintrade (India) received 44,37,125 bids for shares as against 78,65,000 shares on offer, according to stock exchange data at 11:25 IST on Wednesday (19 June 2024). The issue was subscribed 0.56 times.

The issue opened for bidding on Wednesday (19 June 2024) and it will close on Friday (21 June 2024). The price band of the IPO is fixed between Rs 114 to Rs 120 per share. An investor can bid for a minimum of 125 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index declined 1.13% to 2,021.45. The index slipped 2.87% in four consecutive trading sessions.

Zee Entertainment Enterprises (down 2.34%), Network 18 Media & Investments (down 1.16%), Tips Industries (down 1.09%), Hathway Cable & Datacom (down 1.02%), Dish TV India (down 0.86%), PVR Inox (down 0.83%), TV18 Broadcast (down 0.65%), Sun TV Network (down 0.55%) and Nazara Technologies (down 0.11%) declined.

Stocks in Spotlight :

Craftsman Automation advanced 2.94% after the compnay�s board has approved raising up to Rs 1,200 crore through QIP.

Bharat Forge rose 0.26%. The forging company on Tuesday announced that it has made an additional investment of $40 million (Rs 334.04 crore) in its wholly owned subsidiary, Bharat Forge America (BFA).

Global Markets:

Asian stocks advanced on Wednesday, fueled by a tech rally. Disappointing U.S. retail sales data bolstered expectations of an interest rate cut by the Federal Reserve later this year.

The S&P 500 and Nasdaq hit record highs in the US on Tuesday, with Nvidia surpassing Microsoft to become the world`s most valuable company.

U.S. retail sales data released Tuesday showed minimal growth in May, with prior month figures revised downward. This suggests sluggish economic activity in Q2, prompting investors to anticipate a Fed rate cut in September. CME FedWatch data indicates a 67% chance of easing, up from 61% the day before.

The U.S. stock market will be closed on Wednesday, June 19th, for Juneteenth

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