Equity benchmark indices touched record highs on Thursday as buying in large-cap stocks like Infosys, Reliance Industries and TCS helped the markets extend gains to the fourth consecutive session.
The BSE Sensex jumped 568.93 points or 0.72 per cent to settle at a new closing peak of 79,243.18 amid the expiry of monthly contracts in the derivatives segment. The NSE Nifty50 ended at a fresh record high of 24,044.50, rising 175.70 points or 0.74 per cent.
“The benchmark indices exhibited bullish momentum, buoyed by expected revival in the IT sector and consolidation in the cement industry. However, the broader market remained sideways due to valuation concerns and FII selling owing to rising US bond yields,” said Vino Nair, Head of Research at Geojit Financial Services.
“Meanwhile, the US market put up a mixed performance, with investor sentiment remaining cautious ahead of key US data releases for the week, including the PCE price index, which could provide new impetus for rate cuts," he added.
Here are the key stocks to watch on June 28:
Reliance Industries: Reliance Jio on June 27 announced a tariff hike ranging from 12 per cent to 25 per cent on its prepaid and postpaid plans – the first increase in prices in two and a half years. The new plans will come into effect from July 3. This comes a day after Jio acquired 14.4 MHz of spectrum in the 1800 MHz band, amounting to Rs 973 crore, in the just-concluded auction. Bharti Airtel and Vodafone Idea are also expected to raise their tariffs soon.
Raymond: Shareholders of Raymond have approved the reappointment of Gautam Hari Singhania as Chairman and Managing Director for a five-year term starting on July 1, 2024. Singhania received majority votes during the company’s Annual General meeting on Thursday.
BHEL: The state-owned engineering company has received a Rs 13,300 crore order to establish a 1,600 MW thermal power plant in Koderma, Jharkhand from Damodar Valley Corporation (DVC). DVC finalised the tender for the engineering, procurement, and construction (EPC) package of Koderma TPS (2*800 MW) with BHEL on June 26, 2024, according to a statement by the power ministry. The investment is expected to raise DVC’s installed thermal generation capacity by 8,140 MW by 2030.
AU Small Finance Bank: The private sector bank will raise up to Rs 5,000 crore through Qualified Institutional Placement (QIP) and other methods, and plans to borrow up to Rs 6,000 crore by issuing debt instruments.
JSW Infrastructure: The company said it will acquire a 70.37 per cent stake in Navkar Corporation for around Rs 1,012 crore, paving the way for its foray into the logistics industry. The company has entered into a share purchase agreement with certain promoters and members of the promoter group (sellers) of Navkar Corporation (Navkar) to acquire 10,59,19,675 equity shares, equal to 70.37 per cent of Target’s total equity share capital, at a price of Rs 95.61 per share, according to a filing by JSW Infrastructure.
