The BSE Sensex closed the tumultuous session down 118 points at 72,987, while the Nifty 50 was down 17 points to 22,201. On the broader market front, the Nifty Midcap 100 and Smallcap 100 indices rose 1% and 0.6 percent, respectively, on bullish breadth.
Let’s have a look at today’s Nifty trends.
GIFT Nifty The Latest Trends
The GIFT Nifty Trends point to a favourable opening for India’s broader index.
The Indian stock benchmark indices, the Sensex and Nifty 50, are set to extend their surge and open higher on Friday, following bullish momentum in global peers.
US Markets
Wall Street’s three major indexes closed at new highs on Wednesday, with the benchmark S&P 500 and Nasdaq both up more than 1%, after a smaller-than-expected rise in consumer inflation boosted investors’ prospects for Federal Reserve interest rate reduction.
The Dow Jones Industrial Average jumped 349.89 points, or 0.88 percent, to 39,908.00, while the S&P 500 advanced 61.47 points, or 1.17 percent, to 5,308.15. The Nasdaq Composite index rose 231.21 points, or 1.4 percent, to 16,742.39.
Asian Markets
Asian markets advanced, but US stock market indices closed with small gains as Treasury yields fell.
On Thursday, Indian stock market indices extended their run, with the Sensex breaking 79,000 and the Nifty 50 exceeding 24,000 for the first time.
The Sensex rose 568.93 points, or 0.72%, to close at 79,243.18, while the Nifty 50 advanced 175.70 points, or 0.74%, to 24,044.50.
“The market’s rise has been slow thus far (with the exception of the last four days), as investors are concerned about the high valuations. They are also concerned about a severe period of profit taking, which has not occurred thus far. Q1FY25 results are also projected to be disappointing due to election-related disruption. Though market breadth is negative, we expect it to improve shortly if markets remain at record highs,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Bank Nifty Prediction
The Bank Nifty index bowed to profit booking at record highs, snapping a three-day winning streak and closing 59 points lower at 52,811, forming a High Wave candlestick pattern on the daily charts. The index reached a new high of 53,180 throughout the session via Nifty Trends.
“The Bank Nifty index was volatile, moving in a wide range with support at 52,700 and resistance at 53,100. The index must firmly persist above 53,000 in order to continue its climb towards the 53,400 / 53,700 level.
However, it is trading in overbought zone, and failing to maintain above 53,000 may result in a pullback to the 52,500 / 52,000 levels.
Asian stock markets rallied on Thursday, lifted by Wall Street’s leap to all-time highs overnight after a lower US inflation report raised expectations that the Federal Reserve will slash interest rates twice this year.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.5 percent. Hong Kong’s Hang Seng and Australia’s market benchmark both rose roughly 1.6 percent.
Stocks in News
Reliance Industries Ltd's:
The market valuation has topped Rs 21 lakh crore following a more than 20% stock jump this year, making it the first Indian business to reach this milestone.
At 10.30 a.m on 28 June 2024, the stock surged 1.5 percent to a record Rs 3,129 per share.
The stock increased after Reliance Jio Infocomm Ltd announced new unlimited plans starting July 3. The new pricing range from Rs189 for 2 GB/month to Rs3,599 for a 2.5 GB/day annual plan, with unlimited 5G data for plans with 2 GB/day or more.
On June 28, Jefferies boosted Reliance’s price objective to Rs3,580 from Rs 3,380, representing a 17% increase from Thursday’s closing and the highest target on the street. The firm maintained a ‘Buy’ recommendation, expecting that Jio’s sales and profit will expand at an annual rate of 18% and 26%, respectively, from FY24 to FY27.
Morgan Stanley also maintained a ‘Overweight’ rating with a target price of Rs 3,046 per share, adding that rate hikes are in line with forecasts and that new energy cashflow streams are expected by the year-end market itself on nifty trends. The investment bank predicts no more tariff increases until FY27, but says a 20% tariff increase next year might enhance profitability by 10-15%.
DMart
Avenue Supermarts, the retail firm that manages the DMart supermarket chain, had its shares fall more than half a percent on June 28, despite Morgan Stanley issuing an overweight call on the stock with a target price of Rs 5,123 per share.
The international brokerage noted that the competitive environment in the online grocery business remains strong, as evidenced by Amazon Fresh’s intentions to expand from 60 to 130 cities.
JioMart has, for the first time, surpassed DMart’s online business DMart Ready in product discounting techniques.
Meanwhile, Big Basket leads DMart Ready in terms of SKU availability. Morgan Stanley reported that JioMart and DMart Ready are both experimenting with speedier delivery options, reflecting a focus on enhancing customer experience and operational efficiency.
Ultratech Cement
The Street praised Ultratech Cement’s acquisition of a 23 percent stake in Chennai-based India Cements for Rs 1,889 crore, sending the stock to a record high of Rs 11,875 per share on June 27. Analysts expect that this agreement will result in a greater stake purchase and the establishment of a new ‘Thalaiva’ (dominant player) in the Southern market.
This decision occurred two weeks after the Adani Group’s Ambuja Cements announced the acquisition of Penna Cements, a South Indian company, for Rs 10,422 crore.
Investec analysts remarked that Ultratech’s acquisition might increase its capacity share in South India from 11% to 18%, particularly in Telangana, where it previously had no operations.
Learn More About Ultratech Cement Stakes In Chennai.
Infosys:
The IT major announced a collaboration with SAP Emarsys, a cloud-based, omnichannel customer engagement platform, to help organisations meet the growing demand for omnichannel consumer engagement.
Bharti Airtel:
Gopal Vittal, managing director and CEO of the telecom company, stressed the need for’substantial tariff correction’ in the market, citing the existing ‘absurdly low’ tariff levels.
TVS Motor Company:
The company has begun operations in Italy, with intentions to introduce a variety of both conventional and electric scooters and motorbikes.
Eicher Motors:
Eicher Motors’ subsidiary, VE Commercial Vehicles (VECV), has formed a joint venture arrangement with iTriangle Infotech.
Colgate-Palmolive (India):
Colgate-Palmolive (India) plans to extend its business beyond toothpaste and toothbrushes by launching new items from its worldwide range of personal and home care brands.
HDFC Life Insurance:
HDFC Life Insurance awarded a record-breaking bonus of Rs 3,722 crore to approximately 22.23 lakh customers for participating plans.
HDFC Life Insurance:
HDFC Life Insurance awarded a record-breaking bonus of Rs 3,722 crore to approximately 22.23 lakh customers for participating plans.
EaseMyTrip:
EaseMyTrip partnered with Google Wallet for a more convenient travel experience. The combination of the two platforms enables users to handle bookings and boarding permits from a single wallet.
Quick Heal Technologies:
Quick Heal Technologies has teamed with Europe-based EET Group to expand its cybersecurity capabilities.
FII & DII Data
FII and DII Data FIIs sold shares totaling Rs 2,832.83 crores. DIIs invested Rs 3,788.38 crore in equities on May 15.
You can also Learn
Results Today
Today’s results include Mahindra & Mahindra, GAIL (India), Vodafone Idea, Biocon, CONCOR, Crompton Greaves Consumer Electricals, Hindustan Aeronautics, KIMS, and Info Edge. Learn More About the Latest Nifty Trends.
Stocks under F&O ban on NSE
Stocks with F&O prohibition on NSE include Biocon, Granules India, India Cements, LIC Housing Finance, Balrampur Chini Mills, Birlasoft, GMR Airports Infrastructure, Hindustan Copper, Vodafone Idea, Piramal Enterprises, SAIL, and Zed Entertainment Enterprises.