The frontline indices reversed gains and ended with minor losses on Friday, snapping a four-day winning streak. The Nifty settled below the 24,050 mark after hitting the day's high of 24,174 in morning trade. Oil & gas, pharma and realty stocks advanced while private bank, bank and financial services shares declined.

As per provisional closing, the barometer index, the S&P BSE Sensex, was down 210.45 points or 0.27% to 79,032.73. The Nifty 50 index shed 39.90 points or 0.14% to 24,010.60.

The Sensex and Nifty clocked an all-time high of 79,671.58 and 24,174, respectively in morning trade.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.41% and the S&P BSE Small-Cap index rallied 0.56%.

The market breadth was positive. On the BSE, 2,186 shares rose and 1,718 shares fell. A total of 108 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.28% to 13.69.

New Listing:

Shares of Stanley Lifestyles closed at Rs 475.80 on the BSE, representing a premium of 28.94% as compared with the issue price of Rs 369.

The scrip was listed at Rs 499, exhibiting a 35.23% premium to the issue price.

The stock has hit a high of 510 and a low of 470.25. On the BSE, over 55.84 lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer (IPO) of Vraj Iron and Steel received 69,48,47,880 bids as against 61,38,462 shares on offer, according to stock exchange data at 15:25 IST on Friday (28 June 2024). The issue was subscribed 113.20 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.

Buzzing Index:

The Nifty Oil & Gas index added 1.72% to 12,228.70. The index rallied 4.02% in the three trading session.

Mahanagar Gas (up 6.06%), Indraprastha Gas (up 4.18%), Petronet LNG (up 2.98%), Oil India (up 2.57%), Oil & Natural Gas Corpn (up 2.41%), Reliance Industries (up 2.23%), Aegis Logistics (up 1.86%), Indian Oil Corporation (up 1.22%), GAIL (India) (up 0.46%) and Gujarat Gas (up 0.06%) edged higher.

On the other hand, Castrol India (down 1.09%), Adani Total Gas (down 0.75%) and Bharat Petroleum Corporation (down 0.34%) slipped.

Stocks in Spotlight:

KPI Green Energy was locked in upper circuit of 5% after the company received a sanction letter for Rs 686 crore in credit facilities for a 200 MW solar project in Khavda. Rs 225 crore raised through a QIP earlier will be used to partially fund the project.

JSW Infrastructure gained 2.91% after the company’s wholly owned subsidiary, JSW Port Logistics (JSW Port) has entered into a share purchase agreement with Navkar Corporation (NCL) to acquire 70.37% stake from the promoters of NCL.

Meanwhile, the company has received Letter of Acceptance (LoA) from Southern Railway, Chennai Division for construction & operation of Gati Shakti Multi-Modal Cargo Terminal (GCT) at Arakkonam, Chennai, Tamil Nadu.

AU Small Finance Bank rose 0.86%. The bank announced that its board has approved of raising funds aggregating upto Rs 11,000 crore through various modes.

RBL Bank rose 0.11%. The bank’s board approved of raising funds through qualified institutional placement (QIP) and issue of debt securities aggregating upto Rs 6,500 crore.

Inox Wind added 1.10% after the company announced that it has incorporated a wholly-owned subsidiary, Pokhran Wind Energy, as a special purpose vehicle (SPV) to develop wind farms in India.

Aether Industries rallied 3.23% after the company announced the signing of a strategic supply agreement with Baker Hughes for an initial term is 5 years, extendable by 3 additional one year terms and thereafter extendable on yearly basis.

Alembic Pharmaceuticals shed 0.49%. The pharma major announced that it has received final approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Doxycycline capsules.

NHPC added 2.03% after the firm signed the power purchase agreement (PPA) with Gujarat Urja Vikas Nigam (GUVNL) on 27 June 2024 for 200 MW capacity solar power project.

Alok Industries rose 0.86%. The company announced that its board has approved the appointment of Anil Kumar Mungad as chief financial officer (CFO) with effect from 01 July 2024.

Global Markets:

Markets in Europe and Asia advanced on Friday as investors look forward to U.S. core PCE data later today, which could solidify expectations of a Fed rate cut.

Tokyo consumer prices rose in June. While headline Consumer Price Index (CPI) inflation rose to 2.3% year-on-year in June, compared to 2.2% in May, core inflation print that excludes both fresh food and energy prices, grew to 1.8% in June from 1.7% in May.

US stock market ended with minor gains on Thursday as treasury yields eased ahead of the fresh inflation data. The Dow Jones Industrial Average gained 0.09%, while the S&P 500 rose 0.09%. The Nasdaq Composite ended 0.30%.

Alphabet shares rose 0.83% and Meta Platforms stock price gained 1.25%. Amazon shares rallied 2.19%, while Nvidia shares declined 1.90%.