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Indices hit new life high; Nifty above 23,800 level

Published on Jun 26, 2024 11:33

The frontline indices rose sharply and hit the day`s high in mid-morning trade. The Nifty scaled above the 23,800 level. Media shares advanced after declining in the past two trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 354.33 points or 0.45% to 78,407.85. The Nifty 50 index added 88 points or 0.37% to 23,809.30.

The Sensex and Nifty clocked an all-time high of 78,413.73 and 23,807.75 respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.03% and the S&P BSE Small-Cap index added 0.52%.

The market breadth was positive. On the BSE, 2,079 shares rose and 1,592 shares fell. A total of 149 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Vraj Iron and Steel received 57,00,960 for shares as against 61,38,462 shares on offer, according to stock exchange data at 11:20 IST on Wednesday (26 June 2024). The issue was subscribed 0.93 times.

The issue opened for bidding on Wednesday (26 June 2024) and it will close on Friday (28 June 2024). The price band of the IPO is fixed between Rs 195 to Rs 207 per share. An investor can bid for a minimum of 72 equity shares and in multiples thereof.

The initial public offer (IPO) of Allied Blenders and Distillers received 3,10,27,366 for shares as against 3,93,71,669 shares on offer, according to stock exchange data at 11:20 IST on Wednesday (26 June 2024). The issue was subscribed 0.79 times.

The issue opened for bidding on Tuesday (25 June 2024) and it will close on Thursday (27 June 2024). The price band of the IPO is fixed between Rs 267 to Rs 281 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index rose 0.68% to 2,005.00. The index declined 2.36% in the past two trading sessions.

PVR Inox (up 2.15%), Zee Entertainment Enterprises (up 1.12%), Sun TV Network (up 0.87%), Dish TV India (up 0.25%) edged higher.

On the other hand, Nazara Technologies (down 1.36%), Tips Industries (down 0.66%) and Hathway Cable & Datacom (down 0.27%) slipped.

Stocks in Spotlight:

Mazagon Dock Shipbuilders rallied 4.97% after the company was granted with �Navratna� status on 25 June 2024.

Mahindra & Mahindra Financial Services shed 0.11% to Rs 305.60. The company announced that its chief financial officer (CFO), Vivek Karve has tendered his resignation to pursue personal, social and professional interests beyond a full-time employment.

Global Markets:

Asian stocks advanced today, mirroring the cautious sentiment on Wall Street. While cyclical sectors underperformed in the US, the tech-heavy Nasdaq surged on Tuesday.

In the US, investors awaited key inflation data due later this week, with some Federal Reserve officials acknowledging inflationary risks.

The US consumer confidence index dipped slightly to 100.4 from a downwardly revised 101.3 in May, reflecting a more cautious outlook on business conditions, jobs, and income. This could signal potential headwinds for consumer spending, a key driver of economic growth.

Market participants are closely watching the release of the personal consumption expenditures (PCE) price index on Friday. This data point, the Fed`s preferred inflation gauge, will be crucial for assessing future monetary policy decisions.

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