INDICES TRIM LOSSES; CONSUMER DURABLES ADVANCE

The frontline indices pared all losses and traded with minor gains in mid-morning trade. The Nifty traded above the 23,500 level. Consumer durables shares advanced in the three consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 118.65 points or 0.15% to 77,328.55. The Nifty 50 index rose 23.70 points or 0.11% to 23,527.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.14% and the S&P BSE Small-Cap index added 0.57%.

The market breadth was positive. On the BSE, 2,148 shares rose and 1,604 shares fell. A total of 202 shares were unchanged.

Economy:

After hitting all-time high levels following continuous gains, India�s foreign exchange (forex) reserves fell $2.922 billion to $652.895 billion during the week ended June 14, according to the latest data from the Reserve Bank of India (RBI).

This decline follows a significant increase of $4.307 billion in the previous reporting week, which pushed the reserves to a record high of $655.817 billion after several consecutive weeks of gains.

The decrease in forex reserves was primarily driven by a reduction in foreign currency assets, which are a major component of the reserves. These assets fell by $2.097 billion, bringing the total to $574.24 billion.

Gold reserves also saw a decrease, dropping by $1.015 billion to $55.967 billion during the week. Meanwhile, the special drawing rights (SDRs) were down by $54 million, amounting to $18.107 billion. In contrast, India�s reserve position with the International Monetary Fund (IMF) increased by $245 million, reaching $4.581 billion.

IPO Update:

The initial public offer (IPO) of Stanley Lifestyles received 2,81,69,680 for shares as against 1,02,41,507 shares on offer, according to stock exchange data at 11:25 IST on Monday (24 June 2024). The issue was subscribed 2.75 times.

The issue opened for bidding on Friday (21 June 2024) and it will close on Tueday (25 June 2024). The price band of the IPO is fixed between Rs 351 to Rs 369 per share. An investor can bid for a minimum of 40 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Consumer Durables index rose 0.71% to 38,432.40. The index gained 1.59% in the three consecutive trading sessions.

Kajaria Ceramics (up 4.1%), Amber Enterprises India (up 2.78%), Voltas (up 2.6%), Havells India (up 1.7%) and Blue Star (up 1.58%), Whirlpool of India (up 1.45%), Cera Sanitaryware (up 0.98%), Bata India (up 0.24%), Dixon Technologies (India) (up 0.14%) and Crompton Greaves Consumer Electricals (up 0.06%) edged higher.

On the other hand, Kalyan Jewellers India (down 1.83%), Century Plyboards (India) (down 0.62%) and V-Guard Industries (down 0.52%) declined.

Stocks in Spotlight:

Hero MotoCorp rose 12% to Rs 5,458.55. The company announced that it increase in prices for select motorcycles and scooters with effect from 1 July 2024.

Welspun Specialty Solutions zoomed 12.53% to Rs 42.57 after the firm has been selected as L1 bidder by Bharat Heavy Electricals (BHEL) for supply of stainless steel boiler tubes to National Thermal Power Corporation (NTPC)�s thermal power project.

Cipla declined 1.71% to Rs 1,514.55 after the drug major said that the US drug regulator has issued Form 483, with six observations after inspecting its Goa manufacturing facility.

Global Markets:

Asian stocks traded lower on Monday, with Chinese markets leading the decline. This drop was fueled by concerns of a potential trade war with the European Union.

The European Union`s decision earlier in June to impose hefty tariffs on Chinese electric vehicles sparked tensions. Beijing reacted strongly, raising the possibility of a retaliatory trade war. Reports also suggested that China might impose tariffs on European automobiles in response.

In the US, the S&P 500 closed slightly lower on Friday, extending a two-day decline for tech giant Nvidia. The broad market index fell 0.16% to finish at 5,464.62, while the Nasdaq Composite dipped 0.18% to settle at 17,689.36. The Dow Jones Industrial Average edged up 15.57 points, or 0.04% to close at 39,150.33.

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