The key equity indices ended with strong gains on Thursday, gaining for fourth day in a row. The Nifty closed above the 24,000 level after hitting day’s low of 23,805.40 in early trade. IT, oil & gas and auto stocks were in demand while media, PSU bank and pharma shares declined. Trading was volatile due to monthly F&O series expiry today.

As per provisional closing, the barometer index, the S&P BSE Sensex, was up 568.93 points or 0.72% to 79,243.18. The Nifty 50 index gained 175.70 points or 0.74% to 24,044.50.

The Sensex and Nifty clocked an all-time high of 79,396.03 and 24,087.45 respectively in late trade. Further, the Nifty Bank registered a life high of 53,180.75 in morning trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.28% and the S&P BSE Small-Cap index declined 0.90%.

The market breadth was weak. On the BSE, 1,429 shares rose and 2,427 shares fell. A total of 121 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.12% to 14.03.

IPO Update:

The initial public offer (IPO) of Vraj Iron and Steel received 7,66,91,880 bids for shares as against 61,38,462 shares on offer, according to stock exchange data at 15:25 IST on Thursday (27 June 2024). The issue was subscribed 12.49 times.

The issue opened for bidding on Wednesday (26 June 2024) and it will close on Friday (28 June 2024). The price band of the IPO is fixed between Rs 195 to Rs 207 per share. An investor can bid for a minimum of 72 equity shares and in multiples thereof.

The initial public offer (IPO) of Allied Blenders and Distillers received 71,03,99,068 bids for shares as against 3,93,71,669 shares on offer, according to stock exchange data at 15:25 IST on Thursday (27 June 2024). The issue was subscribed 18.04 times.

The issue opened for bidding on Tuesday (25 June 2024) and it will close on Thursday (27 June 2024). The price band of the IPO is fixed between Rs 267 to Rs 281 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index added 1.90% to 36,079.55. The index shed 0.06% in the previous trading session.

LTIMindtree (up 3.85%), Wipro (up 3.08%), Infosys (up 2.18%), Coforge (up 2.13%) and Persistent Systems (up 2.06%), Tata Consultancy Services (up 2.01%), Tech Mahindra (up 1.4%), L&T Technology Services (up 0.96%), Mphasis (up 0.88%) and HCL Technologies (up 0.72%) edged higher.

Stocks in Spotlight:

India Cements surged 11.09% while Ultratech Cement rallied 5.45% after Ultratech Cement decided to acquire 23% stake at a price of upto Rs 267 per share in India Cements.

Dr Reddy’s Laboratories advanced 2.72% after the firm’s wholly owned subsidiary, Dr. Reddy's Laboratories SA has entered into a definitive agreement with Haleon plc and its associate companies to acquire Nicotinell and related brands.

SJVN added 2.26% after its wholly owned subsidiary, SJVN Green Energy (SGEL), signed a memorandum of understanding (MoU) with AM Green Ammonia for the supply of renewable energy for the green ammonia plants in Andhra Pradesh.

JSW Energy added 3.71% after the company’s subsidiary, JSW Neo Energy has signed power purchase agreements (PPA) with Solar Energy Corporation of India (SECI) and GUVNL for wind and solar projects.

KEC International jumped 3.20% after the company announced that it has secured new orders worth Rs 1,025 crore across its various businesses.

Ramky Infrastructure gained 2.56% after the company received two contracts worth Rs 107 crore and Rs 23 crore from PowerGrid Energy Services.

Rail Vikas Nigam (RVNL) rose 1.17% after the company announced that its joint venture (JV), KRDCL-RVNL has received Letter of Acceptance (LoA) worth Rs 156.47 crore from Southern Railway.

Aurobindo Pharma shed 0.64%. The United States Food and Drug Administration (US FDA) inspected Telangana facility of Eugia SEZ, a 100% step-down subsidiary of Aurobindo Pharma from 19 February to 29 February 2024.

Genesys International Corporation jumped 5.25% after the company announced a strategic partnership with NNG, a leading automotive navigation and connected car technology solutions provider.

Global Markets:

European and Asian stocks traded lower on Thursday as technology shares tracked weakness in their U.S. peers following underwhelming guidance from chipmaking major Micron.

Chinese markets extended losses as lackluster industrial profit data and ongoing trade war anxieties dampened investor confidence. China's industrial profits rose a meager 0.7% year-over-year in May, down from 4.0% growth in April.

US stocks ended a smidge higher in choppy trade. Middling revenue outlook triggered a selloff in chip stocks. Investor sentiment remained cautious ahead of key U.S. data releases, including the PCE price index and the much-anticipated Presidential debate.

Micron plunged nearly 8% in extended trading. Despite exceeding quarterly earnings expectations, the company's revenue guidance for the current quarter fell short of investor hopes, raising concerns about the sustainability of the AI-fueled demand boom. This disappointment also spurred some profit-taking in the previously hot tech sector.