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Budget News

  • Market trading firm in early trade; breadth strong
  • June 24,2021  09:35
  • Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 211.89 points or 0.41% at 52,517.97. The Nifty 50 index was up 58 points or 0.37% at 15,744.95. The Sensex moved above the 52,500 level in opening trade.

    The S&P BSE Mid-Cap index was up 0.03%. The S&P BSE Small-Cap index was up 0.31%.

    The market breadth, indicating the overall health of the market, is strong. On the BSE, 1699 shares rose and 712 shares fell. A total of 86 shares were unchanged.

    F&O expiry:

    Trading could be volatile as traders roll over positions in the F&O segment from the near month June series to July series. The June 2021 F&O contracts will expire today, 24 June 2021.

    Stocks in news:

    Reliance Industries (RIL) fell 0.08%. RIL will conduct its 44th AGM virtually today, 24 June 2021, at 14:00 IST. The oil-to-telecom conglomerate may reportedly make announcements across its telecom, retail and O2C businesses.

    Tata Motors rose 0.09%. In a regulatory filing made after trading hours yesterday, said that Guenter Butschek would be stepping down from his role as CEO & MD from 30 June 2021. Butschek had informed the company about his desire to relocate to Germany at the end of the contract for personal reasons.

    Apollo Hospitals Enterprise lost 2.61%. Apollo Hospitals Enterprise on Wednesday announced the creation of India's largest omni-channel healthcare platform called 'Apollo HealthCo' by merging its online and offline pharmacies and telemedicine businesses through slump sale.

    Piramal Enterprises fell 0.97%. Piramal Enterprises said the board of directors of the company will be held on Monday, 28th June, 2021, to consider and approve the issue of Secured, Rated, Listed Redeemable Principal Protected Market Linked Non-Convertible Debentures up to Rs. 100 crores along with an option to retain oversubscription up to Rs. 900 crores, the total size aggregating up to Rs. 1,000 crores on private placement basis.

    Orchid Pharma lost 10% to Rs 1187.85. Promoter Dhanuka Laboratories proposed to sell 32,80,115 equity shares, representing 8.04% of total paid-up equity via offer for sale, on June 24 and June 25. The floor price for the sale is Rs 375 per share.

    UCO Bank rose 0.81%. UCO Bank said the board of directors of the bank approved the proposal for raising of Tier II capital upto Rs.500 crore.

    Global Markets:

    Overseas, Asian stocks are trading mostly steady Thursday after U.S. shares moved in narrow ranges as traders digested commentary from Federal Reserve officials on the outlook for stimulus.

    In US, the S&P 500 erased modest gains earlier and closed in the red on Wednesday as the market's comeback rally took a breather. The Nasdaq hovered near its all-time high on Wednesday.

    Dallas Fed President Robert Kaplan, who's penciled in a rate hike next year, said the economy will likely meet the Fed's threshold for tapering asset purchases sooner than people think. His Atlanta counterpart Raphael Bostic said the central bank could decide to slow such purchases in the next few months. Neither are currently voting members of the Fed's rate setting committee.

    A measure of U.S. factory activity climbed to a record high in June. Data firm IHS Markit said on Wednesday its flash U.S. manufacturing PMI rose to a reading of 62.6 this month. That was the highest since the survey was expanded to cover all manufacturing industries in October 2009 and followed a final reading of 62.1 in May.

    The U.S. current account deficit increased to a 14-year high in the first quarter. The Commerce Department said on Wednesday the current account deficit, which measures the flow of goods, services and investments into and out of the country, rose 11.8% to $195.7 billion last quarter. That was the largest shortfall since the first quarter of 2007.

    Back home, key indices reversed early gains and closed near the day's low with modest losses on Wednesday. The barometer index, the S&P BSE Sensex, fell 282.63 points or 0.54% at 52,306.08. The Nifty 50 index lost 85.80 points or 0.54% at 15,686.95.

    Foreign portfolio investors (FPIs) bought shares worth Rs 3,156.53 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,317.20 crore in the Indian equity market on 23 June, provisional data showed.

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