NIFTY BELOW 23,600; EUROPEAN MARKET DECLINES

The headline equity benchmarks continued to trade sideways in afternoon trade. The Nifty traded below the 23,600 level. Private bank, bank and financial services stocks advanced while realty, oil & gas and consumer durables shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex was up 82.69 points or 0.10% to 77,388.02. The Nifty 50 index lost 18.25 points or 0.08% to 23,542.65.

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 declined 0.59% and the S&P BSE Small-Cap index shed 0.31%.

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, 1,680 shares rose and 2,107 shares fell. A total of 112 shares were unchanged.

Economy:

India`s direct tax collection has grown significantly in the current financial year compared to the same period last year. Gross collections (before refunds) are up 22.19%, reaching over Rs 5.15 lakh crore by mid-June, while net collections (after refunds) have grown by around 21% to over Rs 4.62 lakh crore. This growth is partly due to a 27.34% increase in advance tax collection. The government has also issued more refunds this year, with Rs 53,322 crore paid out by mid-June, a 33.7% increase.

Gainers & Losers:

Axis Bank (up 1.87%), HDFC Bank (up 1.80%), ICICI Bank (up 1.55%), Indusind Bank (up 1.22%) and Infosys (up 0.86%) were major Nifty gainers.

Titan Company (down 2.94%), Hindalco Industries (down 2.19%), Larsen and Toubro (down 2.17%), Bharat Petroleum Corporation (down 1.82%) and Adani Enterprises (down 1.60%) were major Nifty losers.

Stocks in Spotlight:

Tata Motors shed 0.40%. The auto major announced that it will increase the price of its commercial vehicles (CVs) up to 2% effective from 1 July 2024.

Separately, JLR and Chery Automobile Company, partners in the Chery Jaguar Land Rover (CJLR) joint venture, have signed a letter of intent to focus on electric vehicles (EVs) for the Chinese market.

Ami Organics jumped 6.69% after its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,228.71 per share.

Zee Entertainment Enterprises (ZEEL) slipped 3.03% after the company informed that Rohit Kumar has resigned from the post of chief financial officer of the company, due to personal reasons.

Bharat Forge rose 0.30%. 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).

Venus Remedies advanced 1.44% after the company announced it has been awarded a tender by the VVHO-backed Pan American Health Organisation for supplying essential cancer drugs to multiple Latin American countries.

Global Markets:

European market declined while Asian stocks traded mixed 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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