Stock Market Live: Markets at all-time highs! Nifty nears 23,700, Sensex at 78,000. Bank Nifty rises over 900 points, trading above 52,600 – Market News

Mumbai-based private lender ICICI Bank’s shares rose more than 2% on Tuesday, helping it reach a market capitalization of $100 billion, making it the sixth Indian company to cross the $100 billion mark.

In terms of share price performance, Borosil stock has shown mixed returns across multiple time frames. Over the past month, the stock has delivered a respectable return of 5.61%, indicating its stability and growth potential. Over the past six months, the stock has generated a return of 3.31%, indicating a strong upward trend.

Borosil shares have risen 5.40% so far this year, strengthening the stock’s positive performance so far this year, but looking at the broader picture, the stock has posted a negative return of 16.51% over the past 12 months.

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Provided by: BSE

Muthoot Microfin shares rose 6.2% on the NSE to hit an intraday high of Rs 257, the highest since January 31, after the company said it had received a corporate agency licence from the Insurance Regulatory and Development Authority of India.The licence approval will enable the microfinance lender to offer insurance plans tailored to its customer base, the company said in an exchange notice.

Axis Bank, HDFC Bank, ICICI Bank, L&T and UltraTech Cement were among the top gainers in the NSE Nifty 50 index, while the top losers included BPCL, Coal India, ONGC, Eicher Motors and Adani Ports and SEZ.

Allied Blenders and Distillers, known for brands like Officer’s Choice Whisky, Sterling Reserve, Officer’s Choice Blue and ICONiQ Whisky, has launched open bids for its IPO, worth Rs 1,500 crore. The price band for the IPO has been set at Rs 267 to Rs 281 per share and subscriptions will close on June 27.

The NSE Nifty 50 rose 50 points, or 0.21 per cent, to 23,586.35 and the BSE Sensex rose 220 points, or 0.28 per cent, to 77,561.

Commenting on the technical outlook for Nifty, Rupak De, Senior Technical Analyst, LKP Securities, said Nifty turned down at the start of trade but bulls were able to defend near the 55 EMA on the hourly chart. As long as it remains above 23,300, the trend remains positive in the short term and a dip-buying strategy may work in favour of traders. On the upper end, resistance is seen at 23,600. A decisive move above 23,600 could lead to call writers liquidating their positions.

Automotive battery maker Amara Raja’s shares rose nearly 19% on Tuesday, June 25, after the company said on Monday that its wholly owned subsidiary, Amara Raja Advanced Cell Technologies Pvt. Ltd., has signed a technology licensing agreement with GIB Energy X Slovakia Ltd., a subsidiary of Gotion Hitech Pvt. Ltd.

“Bank Nifty index continued to remain firm and rebounded sharply after testing the support zone of 51,200-51,000. The immediate resistance is at 52,000 where call side open interest is highest. If the index manages to cross this level, it is likely to move further up towards the 52,400-52,800 range,” said Kunal Shah, Senior Technical & Derivatives Analyst, LKP Securities.

Divis Lab, Coal India, UltraTech Cement, Hindalco Industries and Cipla were among the top gainers in the NSE Nifty 50 index, while Hero MotoCorp, Asian Paints, Bajaj Finserv, SBI Life Insurance and Hindustan Unilever were among the top losers.

Commenting on the pre-market outlook, Prashant Tapus, senior vice president (research) at Mehta Equities, said the bull market trajectory for the rest of 2024 hinges on two key factors — Finance Minister Nirmala Sitharaman’s upcoming Union Budget and a potential dovish shift by the Federal Reserve amid easing inflation and robust economic growth in the US. A favourable budget and a dovish Fed could boost confidence in Indian corporate earnings, which are central to stock performance.

Taps added that despite current challenges such as net selling by FIIs and DIIs, delayed monsoon progress, rising India VIX and high crude oil prices, the Nifty has shown resilience and is poised to target a record high of 23,667.Key economic data such as US PCE Price Index, GDP, India’s fiscal deficit and infrastructure output due to be released later this week will be crucial.

Meanwhile, Mehta Equities’ top recommended trades for today include buying Nifty and Bank Nifty at current levels as well as bullish picks on PI Industries, HDFC AMC and Jindal Steel & Power.

NSE added Balrampur Chini Mills, Chambal Fertilisers & Chemicals, GNFC, Granules, Indus Tower, Punjab National Bank, Sail and Piramal Enterprises to its F&O on June 25, 2024.

As per provisional data available with NSE, on June 24, 2024, foreign institutional investors (FIIs) sold shares worth Rs 6,539.7 crore while domestic institutional investors (DIIs) sold shares worth Rs 8,247 crore.

Asia-Pacific stocks are trading in positive territory on Tuesday morning, with the Asian Dow up 0.26%, Japan’s Nikkei up 0.51%, Hong Kong’s Hang Seng Index up 0.83% and China’s benchmark Shanghai Composite up 0.21%.

On Tuesday morning, WTI crude oil prices were trading at $81.86, up 0.13%, while Brent crude oil prices were trading at $86.17, up 0.18%.

The US Dollar Index (DXY), which measures the greenback’s value against six foreign currencies, fell 0.04% to 105.47.

On Monday, the Dow Jones Industrial Average surged to a one-month high while the Nasdaq fell more than 1% as investors shifted focus from AI-related stocks to laggards in anticipation of a Federal Reserve rate cut this year. Nevertheless, the S&P 500 and Nasdaq closed lower due to a rotation out of technology stocks, which have been driving much of this year’s gains. However, nine of the 11 major sectors in the S&P 500 rose, according to Reuters. The technology-heavy Nasdaq Composite Index fell 192.54 points, or 1.09%, to close at 17,496.82. The S&P 500 fell 16.75 points, or 0.31%, to close at 5,447.87. Meanwhile, the Dow Jones Industrial Average rose 62.51 points, or 0.16%, to close at 39,473.72.