Shriram Finance, Power Grid Corp, Wipro, Titan Company, and Adani Enterprises are the top gainers on NSE Nifty 50 index, whreas the top laggards include Maruti Suzuki India, Dr Reddy’s Lab, Ultra Tech Cement, Tata Steel, and Tata Motors.

Purnartha Investment Advisers (Purnartha), a portfolio management service (PMS), has announced that assets under management (AUM) for Portfolio Management Services have surpassed Rs 2,000 Crore. Purnartha was established in 2011 by Mr. Rahul Rathi and Dr. Raghu Sundaram. It is a SEBI-registered investment advisory firm that provides equity investment solutions. This PMS had reached the AUM of Rs 1,000 Crore in September 2022.

Shares of One 97 Communications the parent company of payments aggregator Paytm, surged as much as 4% on Tuesday, driven by two positive developments. Firstly, Zomato, the food delivery aggregator, confirmed to the exchanges on Monday that it was in talks with Paytm to acquire its movies and ticketing business.

Shares of Som Distilleries and Breweries declined by as much as 16% on Tuesday, June 18, after the National Commission for Protection of Child Rights (NCPCR) reported finding 50 children working at the company’s plant in Madhya Pradesh.

Commenting on the dollar and rupee Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas said that Indian Rupee gained by 11 paise today as domestic markets hit fresh all-time highs and fresh FII inflows. Reports of selling of Dollar by state-run banks also supported the Rupee. However, a positive tone in US Dollar and surge in crude oil prices capped sharp gains. US Dollar gained as traders held on to hawkish FOMC meeting.

Choudhary also added that we expect Rupee to trade with a slight positive bias on positive domestic markets and selling of US Dollars by banks. Fresh foreign inflows may further support the domestic currency. However, a rise in crude oil prices may cap sharp upside. Traders may take cues retail sales and industrial production data from the US. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.70.

Shares of microcap company Nandan Denim surged up to 18% on Tuesday, June 18, following the board’s approval of a stock split in the ratio of 1:10. By around 12 pm, the stock was trading 17.24% higher at Rs 51.56 per share on the NSE.

Ixigo’s share price has been locked in the 20% upper circuit at ₹161.99 apiece on the BSE and ₹165.72 per share on the NSE. Mahesh M. Ojha, AVP of Research and Business Development at Hensex Securities Pvt. Ltd., recommends holding the stock for the long term.

Wipro, Power Grid Corp, Shriram Finance, Titan Company are the top gainers on NSE Nifty 50 index whereas the top laggards include Maruti Suzuki India, Ultra Tech Cement, Dr Reddy’s Lab, Divis Lab, and Tata Steel.

Bharti Airtel announced that it has paid Rs 7,904 crore to the Department of Telecommunications (DoT) to settle high-cost deferred liabilities related to spectrum acquired in auctions held in 2012 and 2015. According to a statement released by the company, this payment completes the full settlement of all deferred liabilities associated with the spectrum acquired during those auctions. The shares of Bharti Airtel trade marginally lower at Rs 1420.10 on NSE.

Hyundai’s draft prospectus omits details about the IPO pricing and the company’s valuation. However, according to media reports, Hyundai plans to raise around $2.5-$3 billion, potentially valuing the company at up to $30 billion. If successful, this would rank as one of India’s largest IPOs, second only to the $2.5 billion issue by the Life Insurance Corporation of India in 2022.

Shares of IIFL Finance surged up to 9% to intra-day High of Rs 508.35 on Tuesday, June 18, after the company announced it had addressed all possible concerns raised by the Reserve Bank of India (RBI).

Hyundai’s draft prospectus does not reveal the IPO pricing or the company’s valuation. However, media reports suggest that Hyundai aims to raise approximately $2.5-$3 billion, with a potential valuation of up to $30 billion. This would make it one of India’s largest IPOs, following the $2.5 billion issue by the Life Insurance Corporation of India in 2022.

Zomato has confirmed that the company is in conversation with Paytm to acquire the company’s movie and events business. However, the company has yet not confirmed the evaluation of the deal. Earlier, it was speculated that the deal is pegged at Rs 1500 crore.

Bank Nifty faced stiff resistance at the 78.6% Fibonacci retracement level (50050) and has been unable to sustain above it. The consolidation is now five trading sessions old and can resume its upmove during the upcoming week. In case of dips towards 49500–49400, it should be used as a buying interest for the target of 50500–50600, said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

Auto stocks experienced a robust rally today following the announcement that Hyundai Motors has filed a Draft Red Herring Prospectus (DRHP) for its upcoming initial public offering (IPO). Stocks such as Mahindra & Mahindra, Apollo Typres, Ashok Leyland, gained over 1% whereas stocks such as Eicher Motors, Hero Motocorp are marginally higher.

ixigo shares made a strong debut on the stock exchanges today, opening significantly higher than the issue price. On the NSE, ixigo shares opened at Rs 138.10 per share, a 48.5% increase from the issue price of Rs 93. On the BSE, the shares opened at Rs 135 apiece, up 45.16% from the issue price.

Also Read: ixigo makes a stellar debut, list at 48% premium

Shares of Paras Defence and Space Technologies soared up to 18% on Tuesday, marking their fifth consecutive session of gains. Last Friday, the stock hit a 20% upper circuit after rising 7% on Thursday. The stock surged after the Abu Dhabi Investment Authority (ADIA) acquired a 1.44% stake in the company through bulk deals on Friday. The stake was purchased at an average price of Rs 1,120.71 per share.

On Friday, “the Nifty remained within the defined range of 23,300–23,500. The short-term sentiment is likely to remain more or less positive. Support levels are seen at 23,400/23,300, where the put writers have built significant positions. A decisive fall below these levels might shift the market balance in favour of the bears. Until then, it’s a buy-on-dips market. On the higher end, a decisive move above 23,500 might lead to a sharp upside in the near term,” said Rupak De, Senior Technical Analyst at LKP Securities.

The shares of Hindustan Aeronautics jump over 5% to intra-day high of Rs 5,479 on Tuesday after the Defence Ministry has issued the Request for Proposal (RFP) for procuring 156 Light Combat Helicopters. This also includes 90 units for Indian Army and 66 units for the Indian Airforce.

Adani Enterprises, Wipro, Adani Ports and SEZ, Mahindra & Mahindra, and Titan Company are the top gainers on NSE Nifty 50 index whereas the top laggards include Dr Reddy’s Lab, Maruti Suzuki India, TCS, HDFC Life Insurance, and Divis Lab.

The NSE Nifty 50 opens up by 0.45% at 23,570.80, while the BSE Sensex gains 0.32% to 77,235.31 in the opening trade.

Commenting on the pre market outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that with Nifty hitting a new record high of 23490.40 and Sensex peaking at 77145.45, the bull market appears unstoppable. Key catalysts include lower inflation at 4.75%, a robust growth outlook with a 6.7% GDP growth forecast by the World Bank, and net FII buying of Rs 2031 crores.

Tapse also adds that as Finance Minister Nirmala Sitharaman prepares for her 7th Union Budget, investors are hopeful for reforms to push India towards a $5 trillion economy by 2047. Preferred trades:

On the buy side Tapse recommends Buy on Nifty at 23465 with targets at 24000-24250 and Bank Nifty at 50002 with targets at 51500-52500. Stock pick: Buy HDFC AMC at CMP 4014 with targets at 4140/4203, aggressive target at 4351

Foreign institutional investors (FII) bought shares net worth Rs 2,175.86 crore. Similarly, domestic institutional investors (DII) bought shares net worth Rs 655.76 crore on June 18, 2024, according to the provisional data available on the NSE.

Asian markets are set to open higher following the overnight US markets’ gains. Japan’s Nikkei 225 was trading up 0.71% at 38,373. The Korean index Kospi was up 0.91% at 2,769. Last night, the Asia Dow was trading 1.07% lower at 3,494. Hang Seng was down 0.03% to trade at 17,936. The benchmark Chinese index Shanghai Composite was down 0.55% at 3,016. 

WTI crude prices were trading at $80.35 down by 0.33%, while Brent crude prices were trading at $84.31 up by 0.08%, on Tuesday morning.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, fell by 0.21% to 105.30.