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:

The provisional figures of Direct Tax collections for the Financial Year 2024-25 (as on 17.06.2024) show that Net collections are at Rs 4,62,664 crore, compared to Rs 3,82,414 crore in the corresponding period of the preceding Financial Year (i.e. FY 2023-24), representing an increase of 20.99%, data from Ministry of Finance showed.

The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2024-25 stand at Rs 5,15,986 crore compared to Rs 4,22,295 crore in the corresponding period of the preceding financial year, showing a growth of 22.19% over the collections of FY 2023-24.

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

Powered by Capital Market – Live News

First Published: Jun 19 2024 | 1:34 PM IST