Benchmark equity indices ended lower on Monday after hitting their all-time high levels in early trade amid selling in large-cap IT stocks and HDFC Bank. After surpassing the 77,000 mark during the early trade, the BSE Sensex came settled 203.28 points or 0.27 per cent lower at 76,490.08. The NSE Nifty fell 30.95 points or 0.13 per cent to settle at 23,259.20.
However, broader market ended in green with Midcap100 up 0.1 per cent while Smallcap100 rallied 1.5 per cent. IT largely dragged the market today with a loss of 1.8 per cent, followed by metals. Fertilizer stocks also saw buying interest after the Prime Minister released the latest installment of the Kisan Samman Nidhi. While cement stocks gained on expectations of a government push to the housing sector and lowering of GST on cement.
“Post the government formation, the market is awaiting fresh triggers and will pick up cues from the key cabinet portfolio allocation. On the global front, sentiments got dented post strong non-farm payroll data which led to hopes diminishing with regards to rate cuts in second half of the year. Investors are now awaiting US Fed and BoJ policy outcome this week along with US and India CPI data. Thus market is likely to consolidate this week till the clarity emerges,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Here Are The Key Stocks To Watch On June 11:
InterGlobe Aviation: InterGlobe Enterprises, the holding company of the Rahul Bhatia family, is expected to sell a 2 per cent stake in the budget airlines through block deals. The transaction will involve the sale of 77 lakh shares at a base price of Rs 4,266 per share, reflecting a 7 per cent discount.
IRB Infrastructure: Cintra, a transport infrastructure developer and subsidiary of the Spanish infrastructure group Ferrovial, is likely to sell up to a 5 per cent stake in IRB Infrastructure Developers through a block deal. The deal is prices in the range of Rs 63-70.16 per share, representing up to a 10.2 per cent discount to the last closing price.
Mphasis: Global investment firm Blackstone, promoter of Mphasis, divested a 15.08 per cent stake in information technology and consulting company for Rs 6,735 crore through an open market transaction on the NSE. The shares were sold at an average price of Rs 2,363.37. Kotak Mahindra Mutual Fund, Morgan Stanley Asia Singapore Pte, and Societe Generale bought a total of 80.32 lakh shares at an average price of Rs 2,363 per share, taking the deal value to Rs 1,898.04 crore. Details of other buyers could not be ascertained.
RVNL: The state-owned company said the Siemens-RVNL consortium has received a letter of acceptance from Bangalore Metro Rail Corporation for a project valued at Rs 394 crore. The project involves the engineering, supply, erection, testing, and commissioning of 33 KV distribution systems for phases 2A and 2B of the Bangalore Metro.
Vodafone Idea: The cash-strapped telecom company announced that its board of directors will meet on Thursday, June 13, 2024, to deliberate on various proposals, including the issuance of equity shares and/or convertible securities to vendors on a preferential basis.
