Market View 25th June, 2024

View on market: Volatility Prevails, Market is searching for better value

The market defended the 23,400 levels on a closing basis for another session, which is indicating good support in the immediate term. The Nifty 50 closed 37 points higher at 23,538 after showing a healthy recovery from the day’s low on June 24.

Aasian markets traded higher, even as US big tech stocks sold off in favour of other sectors such as banking and energy, Nikkei + 0.33%, Kospi +0.33%, Hang Seng+ 0.16%, Sanghai -0.05%.  US stock market ended mixed on monday with the dow jones hitting a one-month high as it logs 5 day win street  while the Nasdaq falling over 1%

Securities in ban period: BALRAMPUR, CHAMBAL, GNFC, GRANULES, INDUSTOWER, PEL, PNB, SAIL

Economic Calendar:

• INR: Bank loan and Deposit growth on 28^th June
• INR : manufacturing PMI on 1^st July 24
• INR :  24th June, 2024 to 3rd July, 2024.

IPO Watch:

Brokerage Radar:

CLSA gives buy call on Zomato,

says as per Prosus’ annual report for FY24, Swiggy’s overall gross order value (food delivery + quick-commerce) grew by 26% YoY which lagged Zomato’s corresponding growth of 36% during the same period

Morgan Stanley gives overweight call on L&T

Co targets carbon neutrality by 2040 and expects its GHG emissions to peak out by FY26. It sees energy efficiency (35%), decarbonizing energy uses (55%), and offsets (10%) driving its Net Zero goal

JPMorgan gives neutral call on Amara Raja

Partnership with Gotion to boost Lithium-ion cell manufacturing capabilities. Believe recent tech tie-up developments to be significantly positive session  and enhances co’s capabilities in transition to lithium-ion cell manufacturing

International Markets:

U.S & Europe:

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

RBI Borosil opens QIP today, Sets floor price at ₹331.75/share

Borosil January-March current account surplus at $5.7 bn, Y24 CAD at $23.2 bn, 0.7% of GDP, FY24 CAD at $23.2 bn vs $67.0 bn (YoY)

Hind copper Adani, Hindalco show interest as Hindustan Copper plans to develop two mines: Report

Telecom 5G spectrum auction to begin on June 25

Amaraja Subsidiary Amara Raja Advanced Cell Technologies signed a technical licensing agreement with GIB EnergyX Slovakia

Waaree Energies Company secures a contract for a 412 MWp solar project in Rajasthan. (Positive)

Source: Moneycontrol, Bloomberg Quint, Investing 

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