Nifty Ended Flat after Hitting Record Highs

Indian equity indices gained after continuous decline in the previous two trading session but ended flat on Wednesday. The Nifty opened at 23,344.45 up 79.60  points from Tuesday’s close and made an all-time high of 23,441.95 but closed lower at 23,322.95 up 58.10 points or 0.25%. The S&P BSE Sensex ended 149.98 points, or 0.2%, higher at 76,606.57. Heavy-weight stocks like HDFC Bank, Reliance Industries, Larsen & Toubro, Power Grid Corp., and Coal India contributed in the gains of Nifty 50. While Mahindra & Mahindra, Infosys, Hindustan Unilever, Tata Consultancy Services, and Axis Bank weighed on the index.

The broader market outperformed the benchmark index; The S&P BSE Midcap ended 1.07% higher, while the S&P BSE Smallcap closed 1.06% higher. On BSE, 2,550 stocks advanced, 1,336 stocks declined and 105 remained unchanged. Among the Sectoral index, the Nifty Media index (up 1.89%), the Nifty PSU Bank index (up 1.16%) and the Nifty Healthcare index (up 0.84%) outperformed the Nifty 50 index. Meanwhile, the Nifty FMCG index (down 0.51%), the Nifty Auto index (down 0.05%) and the Nifty Realty Bank index (down 0.04%) underperformed the Nifty 50 index.

Nifty may see some consolidation going forward; Recent Resistance could be seen at 23,500 and support at 23,000.

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• Nifty 50 index hit yet another record high in trade but ended off highs, still managing to close with modest gains on June 12. The Midcap index scaled record highs for a third day, and the Nifty Bank index tested the 50,000 level but failed to hold on to it, still ending in the green. At close, Sensex was up 150 points or 0.2 percent at 76,606, and the Nifty 50 was up 44 points or 0.2 percent at 23,308. About 2,288 shares advanced, 1,149 shares declined, and 77 shares unchanged.

 

• Prestige Estates Projects has appointed JM Financial, JP Morgan, and CLSA as bankers for the initial public offering (IPO) of its hospitality business, hinting at the launch of its IPO soon, a report said on June 12. The top real estate player is looking to raise Rs 2,000 crore to Rs 3,000 crore through the IPO, sources aware of the development told CNBC-TV18.

 

• The owners of Haldiram Snacks Pvt Ltd. are exploring a possible initial public offering for the food producer and restaurant operator as plans to sell it to foreign investors have stalled, people familiar with the matter said. The Agarwal family is considering a listing as bids in the region of $8 billion to $8.5 billion didn’t meet its valuation expectations of about $12 billion, according to the people, who asked not to be identified discussing private information..

 

Source: Moneycontrol, Economic Times,  Indian Express, Business Today, Livemint, Business Standard

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