Stock Market LIVE: GIFT Nifty signals gap-up start for Sensex, Nifty; Asian markets mixed

Stock Market LIVE on Thursday, June 13, 2024: Indian equities are looking to continue the bull run on Thursday buoyed by easing inflation figures. The headline retail inflation eased to a 12-month low at 4.75 per cent in May as against 4.83 per cent in April.

The GIFT Nifty futures also indicated a gap-up start, quoting 105 points higher than Nifty50 futures at 23,460 levels

In the Asian market, Japan’s Nikkei 225 rose by 0.15 per cent higher, while the broader Topix index slipped by 0.49 per cent.

South Korea’s Kospi was up 1.61 per cent, the small-cap Kosdaq index surged by 0.55 per cent.

Australia’s S&P/ASX 200 experienced a rise of 0.51 per cent. Meanwhile, Hong Kong’s Hang Seng index futures rallied 1.61 per cent. 

Overnight on Wall Street, markets inched slightly higher following the Federal Reserve’s decision to hold interest rate steady and a May consumer inflation data that came in cooler than expected. S&P 500 futures rose by 0.85 per cent, while Nasdaq 100 futures saw a gain of 1.53 per cent. 

However, Dow Jones Industrial Average futures experienced a slight decline of 0.09 per cent.

Stocks to watch

L&T Finance: Bain Capital, a private equity giant, is reportedly set to sell its 3.54 per cent stake in L&T Finance Holdings. The sale, likely to occur at a floor price of Rs 169.17 per share, encompasses approximately 88.2 million shares and is part of a strategic divestment move.

Sobha: Realty firm Sobha announced plans to raise Rs 2,000 crore through a rights issue of shares. The proposed issuance includes 1.21 crore rights equity shares, each on a partly-paid basis. Assuming full subscription and payment of call monies, the company anticipates raising the targeted amount.

Torrent Pharma: Torrent Pharma disclosed that the USFDA conducted pre-approval and GMP inspections at its Indrad facility from June 3 to June 12, 2024. Following the inspection, the company received a form 483 with five observations, none of which pertain to data integrity issues.

Global investors who’ve bought Indian government bonds to piggyback on their inclusion in a flagship debt gauge are likely to remain invested and not take a quick profit, according to Citigroup Inc.’s top local trader.

Gold Price Today: The price of 24-carat gold jumped Rs 10 in early trade on Thursday, with ten grams of the precious metal trading at Rs 72,170, according to the GoodReturns website. The price of silver also jumped Rs 100, with one kilogram of the precious metal selling at Rs 91,400.

Here is a list of stocks to watch on Thursday: 

Here is a list of stocks to watch out today:

The acquisition will be completed on or before July 31, 2024.

The healthcare sector Q4FY24 revenue, Ebitda and PAT growth of 14 per cent, 22 per cent and 24 per cent YoY.

• Ebitda margin improved 115bp YoY to 18 per cent.
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• Both hospitals and diagnostics reported strong numbers.
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• Hospitals’ revenues led by 11 per cent ARPOB and 3 per cent volume growth.
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• Barring Medanta and Max, volume growth is muted. 
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• Ebitda margin narrowed for KIMS, Medanta and APHS; up at Fortis. 
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• Bed addition plan on track; hospitals eying 30–65 per cent addition to net block in 2–3 years.
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• Diagnostics on a steady footing; with revenue/EBITDA growing 15 per cent and 22 per cent YoY
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• Fortis and Vijaya beat estimates; Max, APHS, DLPL, Metropolis are in-line;
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• KIMS, Rainbow and Medanta missed estimates.

Source: Nuvama Research

SBI Mutual Fund’s ascent to Rs 10 trillion in assets under management (AUM) is buoyed by the post-Covid rally in the equity market and bolstering of its distribution channels, says DP Singh, deputy managing director and joint CEO, SBI Mutual Fund. In an interview with Business Standard, Singh believes the AUM can touch Rs 20 trillion over the next five years if the market remains supportive. Read more

Mutual funds (MFs) cashed in on their investments in public sector undertaking (PSU) ahead of the general election results. In May, MFs were the net sellers in several PSUs, as they deployed Rs 47,600 crore in equities during the month.

Campus:

After a period of consolidation in the approximate range of Rs 242-266, Campus has successfully broken out of a bearish trendline that had persisted for 8 months. The stock is now comfortably maintaining its position above this trendline, indicating a strong upward movement. 

Stocks Recommendations  

NMDC LIMITED | LTP: Rs 263 | Buy |Target: Rs 286 | Stop-loss: Rs 252

Pre-stock market update for Thursday, June 13, 2024:The Sensex and the Nifty are likely to open with a significant gap-up this morning backed by positive cues from overseas peers. The benchmark indices may attempt to scale new record highs amid the renewed optimism on economic growth.