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Sensex, Nifty hits new life high; banking shares rally

Published on Jun 25, 2024 13:46

The headline equity indices traded with significant gains in afternoon trade. The Nifty scaled above the 23,650 mark. Banking, financial services and IT shares advanced while realty, metal and oil & gas shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 579.48 points or 0.74% to 77,920.85. The Nifty 50 index rose 142.85 points or 0.61% to 23,680.70.

The Sensex and Nifty clocked an all-time high of 77,956.67 and 23,692.25 respectively in afternoon trade. Further the Nifty Bank hit an all-time high of 52,600.75 in afternoon trade.

In the broader market, The S&P BSE Mid-Cap index fell 0.51% and the S&P BSE Small-Cap index rose 0.09%.

The S&P BSE Small-Cap index hit an all-time high at 52,542.41.

The market breadth was negative. On the BSE, 1,898 shares rose and 1,936 shares fell. A total of 111 shares were unchanged.

Economy:

India`s telecom spectrum auction starts today (June 25th) offering airwaves worth Rs 96,318 crore. The government reportedly aims for Rs 10,000 crore. This auction includes frequencies from 800 MHz to 26 GHz bands and offers 20-year validity with options for sharing or surrendering spectrum after 10 years.

Gainers & Losers:

Axis Bank (up 2.92%), HDFC Bank (up 2.52%), ICICI Bank (up 1.89%), Shriram Finance (up 1.38%) and Britannia Industries (up 1.35%) were major Nifty gainers

Bharat Petroleum Corporation (BPCL) (down 2.44%), Tata Steel (down 1.32%), Adani Ports and Special Economic Zone (APSEZ) (down 1.23%) Eicher Motors (down 1.23%) and Oil & Natural Gas Corporation ONGC (down 1.19%) were major Nifty losers

Stocks in Spotlight:

Cipla fell 0.34%. The company said that US Food and Drug Administration (USFDA) classified the inspection conducted at Patalganga, Maharashtra facility as Voluntary Action Indicated (VAI).

JSW Steel shed 0.50%. JSW Steel USA, a subsidiary of JSW Steel has planned to invest $110 million in steel plate mill modernization projects with sustainable technology and equipments within its manufacturing facilities in Baytown, Texas.

Bandhan Bank declined 2.02% after the company said that the Reserve Bank of India has appointed Arun Kumar Singh as an additional director on the board of the bank, for a period of one year from 24 June 2024 to 23 June 2025 or till further orders, whichever is earlier.

AU Small Finance Bank declined 0.23%. The bank announced that the meeting of its board of directors will be held on 27 June 2024, to consider the proposal of raising of funds by issue of equity shares.

Craftsman Automation surged 12% after the company announced that it has has entered into a memorandum of understanding (MoU) with Sunbeam Lightweighting Solutions Private (Sunbeam) and Kedaara Capital Fund II LLP (Kedaara).

RBL Bank rose 0.14%. The bank announced that its board will consider the proposal of raising of funds on 27 June 2024, through qualified institutional placement (QIP).

Amara Raja Energy & Mobility soared 16.39% after its subsidiary Amara Raja Advanced Cell Technologies signed a technical licensing agreement with GIB EnergyX Slovakia s.r.o., a subsidiary of Gotion High-Tech Co Ltd.

Hitachi Energy India rose 1.25% after it bagged an order from its fellow subsidiary, Hitachi Energy Australia towards execution of project worth Rs 790 crore.

Global Markets:

Most European shares declined while Asian shares traded mixed on Tuesday, with investor eyes set on Friday`s crucial U.S. inflation data. The upcoming U.S. presidential debate on Thursday and the first French election round this weekend are also adding to the cautious sentiment, as investors weigh potential political impacts on their holdings.

Wall Street closed with mixed results overnight. The Nasdaq suffered a significant drop of over 1%, led by a 7% plunge in AI leader Nvidia. This decline suggests investors are shifting out of technology stocks for now. However, the Dow Jones bucked the trend, climbing 0.7% to reach a one-month high. The S&P 500 ended slightly lower, down 0.31%.

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