Benchmark equity indices settled higher on a weekly basis for the fourth consecutive week, marking their best month so far in 2024. However, on Friday the markets snapped their four-day winning streak to settle in red.
On Friday, the BSE Sensex fell 210.45 points or 0.27 per cent to settle at 79,032.73. The NSE Nifty50 slipped 33.90 points or 0.14 per cent to close at 24,010.60. The broader market outperformed with Nifty Midcap 100 up 0.6 per cent and Nifty Smallcap 100 up 0.8 per cent. Except for Banking and financials, all sectors ended in green.
“The telecom sector was in focus after Reliance and Bharti Airtel announced a price hike. Cement space too was in momentum on the back of sectorial consolidation after Ultratech announced the acquisition of a 23 per cent stake in India Cement. Nifty and Sensex have crossed historic milestones with both the indices making fresh highs of 24,174 and 79,671 levels respectively. We expect this positive momentum to continue at a steady pace with stock-specific action. However, the release of economic data points next week would keep a little volatility in the market. The sector like Auto is expected to be in the limelight as OEMs would release their monthly auto Sales number,” said Siddhartha Khemka, Senior Group VP, Head - Research, Broking & Distribution, Motilal Oswal Financial Services Ltd.
Here are the key stocks to watch on July 1:
Bharat Electronics: The company signed a contract valued at Rs 3,172 crore with Armoured Vehicles Nigam (AVNL) on June 28, 2024. The project involves the supply and installation of an advanced, indigenously designed and developed sighting and fire control system (FCS) for the upgrade of BMP 2/2K Tanks of the Indian army, along with comprehensive engineering support package
Godrej Properties: The company has acquired leasehold rights for an 11-crore land parcel in Pune, offering a developable potential of 2.2 million square feet with an estimated revenue potential of Rs 1,800 crore. The development project will primarily include group housing and high-street retail. In addition, the company acquired 7 acres of land in North Bengaluru on an outright basis for the development of a high-end residential project.
Punjab & Sind Bank: The state-owned lender plans to raise Rs 2,000 crore in the second half of the fiscal through Qualified Institutional Placement (QIP) to fund business growth. The board has already given approval, and merchant bankers should be on-boarded by August," MD and CEO Swarup Kumar Saha told PTI. The fundraising can be concluded in the second quarter or third quarter, depending on market conditions.
Cochin Shipyard: The company’s unit signed a pact with Norway’s Wilson ASA for constructing four 6,300 TDW dry cargo vessels and agreement for 4 additional vessels to be formally contracted within September 19, 2024. The overall project cost for 8 vessels in around Rs 1,100 crore.
JSW Energy: JSW Neo Energy, a wholly-owned subsidiary of the company, has received a letter of award for wind-solar hybrid power projects of 300 MW from SJVN, for settling up of 1,500 MW ISTS connected with wind-solar hybrid power projects (Hybrid-2).
