The domestic equity indices ended with robust gains on Tuesday, rising for the second day in a row. The Sensex and the Nifty, both, attained record closing high levels. The Nifty settled above the 23,700 level. Financial services, private bank and bank stocks advanced while realty, metal and media shares declined.

As per provisional closing, the barometer index, the S&P BSE Sensex, was up 712.44 points or 0.92% to 78,053.52. The Nifty 50 index gained 183.45 points or 0.78% to 23,721.30.

The Sensex and Nifty clocked an all-time high of 78,164.71 and 23,754.15 respectively in late trade. Further, the Nifty Bank hit an all-time high of 52,746.50 in late trade.

In the broader market, The S&P BSE Mid-Cap index fell 0.26% and the S&P BSE Small-Cap index shed 0.03%.

The S&P BSE Small-Cap index hit an all-time high at 52,542.41.

The market breadth was negative. On the BSE, 1,805 shares rose and 2,077 shares fell. A total of 118 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 1.18% to 14.13.

Economy:

India's telecom spectrum auction starts today (June 25th) offering airwaves worth Rs 96,318 crore. The government reportedly aims for Rs 10,000 crore. This auction includes frequencies from 800 MHz to 26 GHz bands and offers 20-year validity with options for sharing or surrendering spectrum after 10 years.

IPO Update:

The initial public offer (IPO) of Allied Blenders and Distillers received 1,35,84,165 for shares as against 3,93,71,669 shares on offer, according to stock exchange data at 15:25 IST on Tuesday (25 June 2024). The issue was subscribed 0.35 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.

The initial public offer (IPO) of Stanley Lifestyles received 90,16,66,440 for shares as against 1,02,41,507 shares on offer, according to stock exchange data at 15:25 IST on Tuesday (25 June 2024). The issue was subscribed 88.04 times.

The issue opened for bidding on Friday (21 June 2024) and it will close on Tueday (25 June 2024). The price band of the IPO is fixed between Rs 351 to Rs 369 per share. An investor can bid for a minimum of 40 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Financial Services index added 2.02% to 23,537.50. The index advanced 2.22% in the two consecutive trading sessions.

LIC Housing Finance (up 4.88%), HDFC Asset Management Company (up 3.76%), Shriram Finance (up 3.7%), Axis Bank (up 3.37%), Muthoot Finance (up 3.01%), HDFC Bank (up 2.18%), ICICI Bank (up 2.12%), HDFC Life Insurance Company (up 2.04%), State Bank of India (up 1.19%) and Bajaj Finserv (up 1.04%) edged higher.

On the other hand, Power Finance Corporation (down 0.79%), ICICI Prudential Life Insurance Company (down 0.72%) and Cholamandalam Investment & Finance Company (down 0.12%) slipped.

Stocks in Spotlight:

Amara Raja Energy & Mobility soared 19.74% after its subsidiary Amara Raja Advanced Cell Technologies signed a technical licensing agreement with GIB EnergyX Slovakia s.r.o., a subsidiary of Gotion High-Tech Co Ltd.

The scope of licensing provides access to cell technology IP, support in establishing Gigafactory facilities conforming to latest generation process technologies, integration with Gotion’s global supply chain network for critical battery materials, and customer technical support for solution deployment.

Craftsman Automation surged 12.51% after the company announced that it has has entered into a memorandum of understanding (MoU) with Sunbeam Lightweighting Solutions Private (Sunbeam) and Kedaara Capital Fund II LLP (Kedaara).

Alkem Laboratories added 1.58% after the pharma company said that it has received the establishment inspection report (EIR) from the US drug regulator for its manufacturing facility in Baddi, Himachal Pradesh.

Cipla fell 0.38%. The company said that US Food and Drug Administration (USFDA) classified the inspection conducted at Patalganga, Maharashtra facility as Voluntary Action Indicated (VAI).

Balaxi Pharmaceuticals jumped 3.11% after the company announced strategic hospital partnerships in Angola and securing of tender business in Latin America.

JSW Steel shed 0.47%. JSW Steel USA, a subsidiary of JSW Steel has planned to invest $110 million in steel plate mill modernization projects with sustainable technology and equipments within its manufacturing facilities in Baytown, Texas.

Bandhan Bank declined 1.95%. The bank said that the Reserve Bank of India has appointed Arun Kumar Singh as an additional director on the board of the bank, for a period of one year from 24 June 2024 to 23 June 2025 or till further orders, whichever is earlier.

AU Small Finance Bank rose 0.29%. The bank announced that the meeting of its board of directors will be held on 27 June 2024, to consider the proposal of raising of funds by issue of equity shares.

RBL Bank shed 0.60%. The bank announced that its board will consider the proposal of raising of funds on 27 June 2024, through qualified institutional placement (QIP).

Shilpa Medicare declined 1.58%. The company announced that its facility in Nacharam, Hyderabad, Telangana was inspected by US Food & Drug Administration (US FDA) from 26 Feb 2024 to 1 March 2024.

Jubilant Pharmova fell 0.36%. The company announced that its subsidiary, Jubilant Pharma Holdings Inc., USA (JPHI) has completed the voluntary prepayment of $75 million term loan, equivalent to Rs 626 crore.

Global Markets:

Most European shares declined while Asian shares ended higher on Tuesday, with investor eyes set on Friday's crucial U.S. inflation data. The upcoming U.S. presidential debate on Thursday and the first French election round this weekend are also adding to the cautious sentiment, as investors weigh potential political impacts on their holdings.

Wall Street closed with mixed results overnight. The Nasdaq suffered a significant drop of over 1%, led by a 7% plunge in AI leader Nvidia. This decline suggests investors are shifting out of technology stocks for now. However, the Dow Jones bucked the trend, climbing 0.7% to reach a one-month high. The S&P 500 ended slightly lower, down 0.31%.