Stock Market LIVE: Sensex, Nifty poised for subdued start ahead of inflation print, US Fed outcome

Jun 12, 2024

Stock Market LIVE on June 12: The GIFT Nifty futures also indicated a subdued start, as they quoted 16 points lower than Nifty50 futures at 23,295 levels

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Photo: Bloomberg

Stock Market LIVE on Wednesday, June 12, 2024: Indian bourses may see a flat to negative start on Wednesday tracking mixed trends among global peers. The GIFT Nifty futures also indicated a subdued start, as they quoted 16 points lower than Nifty50 futures at 23,295 levels.

Asia-Pacific markets displayed a mixed performance on Wednesday, as investors awaited inflation data from India and assesed the inflation print of China. China’s inflation increased by 0.3 per cent in May against an expectaion of 0.4 per cent. Investors are also eyeing the upcoming decision by the US Federal Reserve, scheduled for Wednesday. 

India’s inflation rate is expected to experience a marginal increase to 4.89 per cent, according to a Reuters poll of economists. This projection is slightly higher than April’s 4.83 per cent uptick.

In the Asian market, Japan’s Nikkei 225 dropped by 0.79 per cent higher, while the broader Topix index slipped by 0.63 per cent.

South Korea’s Kospi was up 0.35 per cent, while the small-cap Kosdaq index surged by 0.37 per cent.

However, Australia’s S&P/ASX 200 experienced a decline of 0.72 per cent. Meanwhile, Hong Kong’s Hang Seng index futures were down 0.78 per cent. 

Overnight on Wall Street, the S&P 500 index and the Nasdaq Composite rose to fresh closing highs, gaining 0.27 per cent and 0.88 per cent, respectively. On the other hand, the Dow Jones Industrial Average shedded 0.31 per cent.

Stocks to watch:

HCL Tech: Inking a deal worth $278 million, HCL Technologies has partnered with apoBank, Germany’s largest cooperative primary bank, for a duration of 7.5 years.

Cipla: Facing a setback, Cipla received an adverse ruling from the Patna Tax Office regarding input tax credit. The company intends to appeal to a higher authority against this ruling.

TCS: Recently, TCS unveiled a new IoT engineering lab in Ohio, catering to manufacturing, energy, and consumer solutions.

8:41 AM

Gains for Bata hinge on recovery hopes, rising premium portfolio

The stock of footwear major Bata India has been the highest gainer among larger listed footwear companies since the start of the month on expectations of a recovery in the value segment, new launches and measures by the new government to boost consumption.

The third largest footwear maker by market capitalisation has been trailing its peers over the past few quarters due to the slowdown in the mass segment market which accounts for a significant chunk of its revenues. The stock is up eight per cent this month outperforming its peers as well as the benchmarks. Read more

8:29 AM

Gold Strategy: Yellow metal uncertain before Fed outcome; support at $2,277

Spot gold traded with a bearish bias on Tuesday as most of the commodities were under pressure due to the rise of far-right parties in the recently concluded European elections. Risk appetite was poor. Spot gold once again fell below $2300 in the Asian session before recovering in the US session; silver was hit harder than gold.

The metal got some support from softer US yields, though European bonds faced a sell-off on political concerns due to projected victory of far-right parties in exit polls. Usually, the US bonds are well bid in the run up to the FOMC decision; investors seeking refuge amid the European political concerns may also have boosted the US bonds. Read more

8:20 AM

Top stocks to track today: Union Bank, Brightcom, BL Kashyap, Wipro, Quess

Here’s a list of stocks to keep on radar on Wednesday:

Quess Corp: Quess Corp has announced the launch of Jobspot, a blue-collar recruitment hub, to address the growing demand for talent in the industrial sector. 

The first two Jobspot centres were inaugurated at Narasapura, Karnataka, and Hosur, Tamil Nadu, to cater to over 200 walk-in job seekers per day.

Wipro: The Information Technology (IT) company has launched its Lab45 artificial intelligence (AI) platform, which leverages generative AI (GenAI), machine learning (ML), and deep learning technologies to help companies increase efficiencies, transform business functions, and enable industry-specific solutions. Read more

8:13 AM

Bhavish Aggarwal’s Ola Electric gets Sebi approval for Rs 7,250-crore IPO

Ola Electric, the electric vehicle startup by Bhavish Aggarwal, has secured approval from the Securities and Exchange Board of India (Sebi) for its Rs 7,250 crore initial public offering (IPO), said people aware of the development. Following the market regulator’s nod, Ola Electric is set to become the first Indian EV company to go public.

Sebi’s approval, coupled with a buoyant market, could potentially enable the company to launch its IPO within a month, according to those familiar with the matter. However, this timeline remains unconfirmed. Efforts to reach the company for comment were unsuccessful. Read more

Bhavish Agarwal

8:08 AM

India Inc’s profit-to-GDP ratio soars to 15-year-high in FY24, shows data

India Inc’s profit as a percentage of gross domestic product (GDP) has risen to a 15-year high led by improvement in the bottom line of financials, energy and automobile companies.

The profit-to-GDP ratio for Nifty 500 companies rose to 4.8 per cent in 2023-24 (FY24), up from 4 per cent at the end of preceding financial year FY23, according to an analysis done by Motilal Oswal. Read more

8:05 AM

Stocks to Watch, June 12:L&T, Cipla, Patanjali Foods, TCS, TVS Supply Chain

Larsen and Toubro:The engineering major expects private capex to pick up gradually post general elections in India in FY25.

In its Annual Report for FY24, it said while private industrial capital spending has been measured in FY24, it is expected to pick up in the next fiscal year with the ongoing global supply chain diversification trends and investors’ response to the government’s Production Linked Incentive (PLI) scheme to boost key targeted manufacturing industries.

Cipla: The Additional Commissioner of State Tax (Appeal), Central Division, Patna, has upheld the order of Office of Joint Commissioner of State Taxes, Special Circle, Patna, against the company, for claiming inadmissible input tax credit during FY 2017-18, Cipla said in an exchange filing. The company will file necessary appeal with the higher appellate authority in this regard, it added. Read more


8:00 AM

Sebi bans former TV anchor Pandya, 7 others from mkt for 5 yrs, slaps fine

Markets regulator Sebi on Tuesday barred Pradeep Pandya, who was anchoring stock market shows on a television channel, and seven other entities from securities market for five years and imposed a fine of Rs 2.6 crore collectively for indulging in fraudulent trading activities.

Apart from Pandya, others banned by Sebi are Alpesh Furiya, Manish Furiya, Alpa Furiya, Alpesh Vasanji Furiya HUF, Manish V Furiya HUF, Mahan Investment and Toshee Trade. Read more


7:52 AM

RVNL, Zensartech: Top two picks by Vinay Rajani of HDFC Sec for June 12

Buy RVNL (CMP: Rs 390): | Target Rs 430| Stop-loss Rs 365

Stock has retraced more than 61.8 per cent of the entire fall which was seen from the swing high of Rs 425 towards the recent swing low of Rs 312, which indicates negation of a down trend.

Stock is now placed above all important moving averages, which indicates bullish trend on all time frames. Read more

PSUs sale

7:47 AM

Time to buy Nifty IT on dips and sell Pvt Bank on rise? What charts reveal

The Nifty Private Banks Index is currently positioned to attract profit booking on any rise, making a sell-on-rise strategy the most suitable approach for traders. The index is expected to encounter resistance, prompting a potential pullback. Read more

In the April-June quarter of FY20, Wipro paid a retention bonus of ~1,00,000 to the freshers, who were hired via campus placement and completed one year

7:45 AM

Stock market today Jun 12: Inflation, US Fed outcome to guide Sensex, Nifty

Pre-stock market update for Wednesday, June 12, 2024: Equity benchmark indices may witnessed another choppy ride today as market participants brace-up for the May inflation numbers, factory output for the month of April.

On Tuesday, the Sensex and the Nifty ended on a flat note despite holding notable gains for a significant part of the trading day. Meanwhile, the Indian Rupee settled at a record closing low of 83.57 against the US dollar yesterday tracking the rise in Dollar index. Read more

Bombay Stock Exchange, Stock market, BSE

7:39 AM

Gift Nifty futures suggest flat to negative start

The GIFT Nifty Futures quoted 6 points lower to Nifty50 futures at 23,303 levels.

7:36 AM

Asian markets largely in red zone on Wednesday morning

7:33 AM

US markets ended mixed on Tuesday

7:23 AM

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First Published: Jun 12 2024 | 7:26 AM IST

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