The domestic stocks clawed their way back on Thursday, ending slightly higher after a volatile session. Despite weekly options expiry shaking things up, the Nifty 50 managed to stay above 23,550. The action was sector-specific, with investors favoring realty, metals and private banks while taking profits in pharmaceuticals, autos and state-owned lenders. This highlights the ongoing trend of rotation, with money moving into undervalued large caps and out of previously hot counters. Even the broader market, which has been on a tear, seems to be taking a breather.
Posts in category Business Standard
Japan Markets Rise Slightly After Exports Data (20-06-2024)
The yen fluctuated following a five-session drop as data showed Japanese exports rose for a sixth straight month in May.
Chinese Market Edge Lower Modestly (20-06-2024)
Chinese markets ended modestly lower as the People’s Bank of China left benchmark lending rates unchanged at a monthly fixing and the central bank governor warned of weaker credit growth.
Nirlon inducts Arjun Khullar as nominee director (20-06-2024)
Arjun Khullar is an Advisor to the Integrated Strategies Group (ISG) at GIC and a member of their Investment Committee.
Brahmaputra Infrastructure secures work order of Rs 59.84 cr (20-06-2024)
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Goa Carbon launches its first branded product ‘gcarb+’ (20-06-2024)
Goa Carbon announced the launch of its first branded product, “gcarb+,” aimed at revolutionizing the recarburiser & carbon additive markets.
Jupiter Electric Mobility achieves milestone in its battery technology for India Railways (20-06-2024)
Jupiter Electric Mobility, a subsidiary of Jupiter Wagons (JWL), in partnership with Log9 Materials – a leading Indian company in deep tech innovation and energy storage technologies, announced a key milestone in the development and certification of its Lithium-Ion Phosphate (LFP) battery technology, enhancing the efficiency and sustainability of rail transport in India.
Colab Cloud Platforms diversifies into sports management and sports tech space (20-06-2024)
Colab Cloud Platforms announced its strategic diversification into the Sports Management and Sports Technology industry.
JSL supplies stainless steel for ‘Made in India’ freight wagons shipped to Mozambique (20-06-2024)
Jindal Stainless recently supplied stainless steel to manufacture 100 ‘Made in India’ freight wagons, being exported to Mozambique. These wagons, made up of grade IRSM 44 stainless steel specially developed by Jindal Stainless for Indian Railways freight stock, were exported from Gujarat’s Deendayal Port to South Africa’s Mozambique’s Port of Nacala with the support of the Ministry of Ports, Shipping and Waterways, Government of India. The ministry hailed the development as a major step forward in India’s improving export capabilities and its growing prowess in manufacturing and logistics.
INR Plunges To Fresh Record Lows (20-06-2024)
The Indian rupee hit fresh record low against the dollar on Thursday tracing strength in dollar overseas coupled with wide swings in the local equities through the day. The domestic currency plunged to an intraday low of Rs 83.68 per dollar before paring losses to end the day at 83.61 in the spot market, losing 0.17% on the day. Benchmark indexes swung between gains and losses all through the day due to the weekly F&O expiry. The 30-share S&P/BSE Sensex ended the session up 141.34 points, or 0.18 percent, at 77,478.93 while the broader NSE Nifty index closed up 51 points, or 0.22 percent, at 23,567. Meanwhile, surging crude oil prices due to renewed geopolitical tensions in the Middle East also weighed on the local unit. At the interbank foreign exchange market, the local unit opened at 83.43 and touched the intra-day high of 83.42 against the greenback.