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Broader mkt outperforms; European shares slide

Published on Jun 13, 2024 13:38

The headline equity benchmarks continued to trade with modest gains in afternoon trade. The Nifty traded above the 23,400 level. Realty, consumer durables and IT shares advanced while media, FMCG and PSU bank shares declined.

At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 289.39 points or 0.38% to 76,895.70. The Nifty 50 index added 90.80 points or 0.39% to 23,413.75.

The Sensex and Nifty clocked an all-time high of 77,145.46 and 23,481.05 respectively in early trade.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.74% and the S&P BSE Small-Cap index rose 0.81%.

The market breadth was positive. On the BSE, 2,292 shares rose and 1512 shares fell. A total of 120 shares were unchanged.

Economy:

India�s annual inflation rate based on all India Consumer Price Index (CPI) number came in at 4.75% for the month of May, 2024, according to government data released on Wednesday. Corresponding inflation rate for rural and urban is 5.28% and 4.15%, respectively. The Consumer Price Index (CPI) based retail inflation was 4.83% in April 2024 and 4.31% in May 2023. Inflation in the food basket was 8.69% in May, marginally down from 8.70% in April, according to the data released by the National Statistical Office (NSO).

India`s industrial production grew 5% in April this year mainly due to good show by mining and power sectors, according to official data released on Wednesday. The factory output measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 4.6% in April 2023. The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of April 2024 over April 2023 are 6.7%, 3.9% and 10.2% respectively.

Gainers & Losers:

Divi`s Laboratories (up 3.12%), Shriram Finance (up 2.77%), Titan Company (up 2.51%), HDFC Life Insurance Company (up 2.15%) and Larsen & Toubro (up 1.97%) and were major Nifty gainers.

Hindustan Unilever (down 1.22%), Eicher Motors (down 1.15%), Tata Consumer Products (down 0.96%), Coal India (down 0.57%) and Britannia Industries (down 0.53%) were major Nifty losers.

Stocks in Spotlight:

Dr Reddy�s Laboratories rose 0.15%. The Pharmaceuticals company said that its wholly owned subsidiary, Dr. Reddy�s USA and Ingenus Pharmaceuticals has entered into license agreement to commercialise Cyclophosphamide Injection RTD in United States (US).

One 97 Communications (Paytm) rallied 7.13% after the company announced partnership with Samsung for flight, movies, bus, and events ticket bookings.

Gensol Engineering was locked in 5% upper circuit after it emerged as a successful bidder for the for 250 MW/500 MWh battery energy storage system (BESS) awarded by Gujarat Urja Vikas Nigam (GUVNL).

Bondada Engineering was locked in 5% upper circuit after the company received a letter of award (LoA) from NLC India worth Rs 939.39 crore.

Venus Remedies surged 7.56% after the company announced that it has secured a contract for supplying its antibiotic product Ceftriaxone from UNICEF in the Beta Lactam tender.

Global Markets:

Most of European stocks declined as regional investors react to the U.S. Federal Reserve�s latest monetary policy decision and U.S. inflation data.

Asian stocks traded mixed after the Federal Reserve`s cautious stance on interest rates didn`t deter investors` expectations for cuts.

The Bank of Japan`s two-day policy meeting starts today, with a decision expected on Friday. While holding rates is likely, a reduction in bond purchases is a possibility.

U.S. stocks rose on Wednesday after inflation data showed a slowdown. The core consumer price index reached its lowest level in over three years, with year-over-year prices rising 3.3% for essentials and other goods.

The Federal Reserve maintained interest rates after its policy meeting, revising its forecast to one rate cut this year and four in 2025. This shift from the previous projection of three cuts in 2024 reflects a more cautious outlook.

The S&P 500 extended its record high by 0.9%, while the Nasdaq composite climbed 1.5%, further surpassing its own record. The Dow Jones Industrial Average saw a modest decline of 0.1%.

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