INDICES TRADE WITH MINOR GAINS; NIFTY CLIMBS ABOVE 23,900

The frontline indices traded with decent gains in mid-morning trade. The Nifty traded above the 23,900 level. Oil & gas shares advanced for the second consecutive trading session. Trading could be volatile due to monthly F&O series expiry today.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 183.73 points or 0.25% to 78,868.53. The Nifty 50 index rose 46 points or 0.19% to 23,914.80.

The Sensex and Nifty clocked an all-time high of 79,033.91 and 23,974.70 respectively in morning trade. Further, the Nifty Bank registered a life high of 53,180.75 in morning trade.

In the broader market, the S&P BSE Mid-Cap index gained 0.43% and the S&P BSE Small-Cap index rose 0.09%.

The market breadth was negative. On the BSE, 1,808 shares rose and 1,865 shares fell. A total of 148 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Vraj Iron and Steel received 3,91,82,976 bids for shares as against 61,38,462 shares on offer, according to stock exchange data at 11:20 IST on Thursday (27 June 2024). The issue was subscribed 6.83 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 11,38,01,229 bids for shares as against 3,93,71,669 shares on offer, according to stock exchange data at 11:20 IST on Thursday (27 June 2024). The issue was subscribed 2.89 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 Oil & Gas index rose 0.49% to 11,977. The index added 1.88% in two trading sessions.

Aegis Logistics (up 2.66%), Petronet LNG (up 0.98%), Reliance Industries (up 0.89%), GAIL (India) (up 0.6%) and Oil India (up 0.41%), Indraprastha Gas (up 0.36%), Mahanagar Gas (up 0.27%) edged higher.

On the other hand, Gujarat State Petronet (down 0.91%), Gujarat Gas (down 0.73%) and Oil & Natural Gas Corpn (down 0.47%) slipped.

Stocks in Spotlight:

JSW Energy added 3.16% after the company�s subsidiary, JSW Neo Energy has signed power purchase agreements (PPA) with Solar Energy Corporation of India (SECI) and GUVNL for wind and solar projects.

Sona BLW Precision Forgings rose 0.41%. The company received certification for traction motors for electric two-wheelers under the PLI Scheme for the automobile and auto component industry in India from the government.

Global Markets:

Dow Jones futures are trading down 73 points, indicating a negative opening in the US stocks later today.

Most Asian stocks fell on Thursday as technology shares tracked weakness in their U.S. peers following underwhelming guidance from chipmaking major Micron.

Chinese markets extended losses as lackluster industrial profit data and ongoing trade war anxieties dampened investor confidence. China`s industrial profits rose a meager 0.7% year-over-year in May, down from 4.0% growth in April.

US stocks ended a smidge higher in choppy trade. Middling revenue outlook triggered a selloff in chip stocks. Investor sentiment remained cautious ahead of key U.S. data releases, including the PCE price index and the much-anticipated Presidential debate.

Micron plunged nearly 8% in extended trading. Despite exceeding quarterly earnings expectations, the company`s revenue guidance for the current quarter fell short of investor hopes, raising concerns about the sustainability of the AI-fueled demand boom. This disappointment also spurred some profit-taking in the previously hot tech sector.

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