Indian benchmark indices Sensex and Nifty opened slightly lower, trading near their all-time highs. Financial stocks are drawing attention following their recent rally and favorable valuations. Foreign investors made a significant move in the market on Tuesday by buying Indian shares and adding ₹1,176 crore. On the other hand, domestic investors sold shares worth ₹149 crore, indicating differing market sentiment. Silver prices dipped, reaching six-week lows, and followed weakness in other precious metals as caution prevailed ahead of US PCE inflation data this week, which might impact the Federal Reserve’s monetary policy outlook. Gold sank to about $2,310 as markets digested further aggressive comments from Federal Reserve officials regarding the prospects for interest rate cuts. Ahead of the first full budget of the Modi 3.0 government, Corporate India has once again strongly advocated for the removal of the Buy-back Tax (BBT) imposed on listed shares repurchased by a company through open market transactions on recognized stock exchanges. The Production Linked Incentive (PLI) scheme for the textile sector may be expanded to all garments, including those made of cotton, to enable the labor-intensive sector to fully benefit from it. CCI has approved a combination proposal involving the acquisition of majority shareholding of Cigniti Technologies by Coforge Limited. Stock Market Live Updates 26 June 2024: Sensex, Nifty trade flat; financials gain momentum on attractive valuations. Radico Khaitan launched the Jaisalmer Indian Craft Gin ‘Gold Edition,’ featuring saffron and gold filtration for the luxury gin market in India. Meghna Infracon Infrastructure Limited has launched a new residential project, “Rivaan,” in Goregaon West, Mumbai, covering 1 lakh square feet. Samvardhana Motherson International Limited’s subsidiary, SMRC Automotive Holdings Netherlands B.V., plans to issue US dollar-denominated senior secured guaranteed notes under Rule 144A of the U.S. Securities Act of 1933. Top gainers and losers on the NSE at 9.30 am. Crude oil futures traded higher on Wednesday morning despite the industry data showing an increase in inventories in the US. Buy, TP Rs 1490. Management meeting takeaways. Buy, TP Rs 870. Recent capacity expansion across categories. Downgrade to Neutral, TP Rs 1750. Strong narrative; upside Ltd. Extra emphasis is on EAF is leading to a rise in scrap prices which Iron ore can also rise in coming months. Pellet premiums to remain high in the long run. Prefer Godrej and Prestige based on their FY24/25 pre-sales growth momentum and cheaper valuations. CFO Vivek Karve has tendered his resignation. May spending market share rose 27bps MoM, to 16.0%. JLR’s retails in May outperformed luxury peers’ in US, EU & China.
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