Share Market Today Live Updates June 11, 2024: Apple stock climbs 4% to hit record high on AI announcements

• Apple Inc. stock climbed 4 per cent to hit a record high in morning session on Tuesday, following its long-awaited AI strategy, presented at its annual developer conference

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• NMDC shares have gained nearly 20 per cent on a year-to-date (YTD) basis and the mineral PSU

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• JM Financial expects Trent Ltd and Bharat Electronics Ltd (BEL) to join the Nifty50 index in this rebalancing exercise. If included, Trent Ltd and BEL could see expected inflows of $412 million and $392 million, respectively.

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• The Dow Jones fell 0.19%, the S&P 500 was lower 0.15%, the Nasdaq dropped 0.19%

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• FMCG shares surge up to 10% post election verdict, driven by defensive characteristics and positive outlook. Favorable factors like monsoon-driven rural resurgence and margin buoyancy support sector growth, says Anand Rathi.

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• Stocks to buy: Axis Bank, Dr Lal Pathlabs among four stock picks by SMC Global for this week

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• Modi 3.0: India’s Finance Minister Nirmala Sitharaman’s first term was marked by fiscal consolidation and a sharp economic recovery post-COVID. Her second term brings high hopes for continued growth and market stability.

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• Shares in shipping and logistics providers came under heavy selling pressure as investors digested news of a possible cease-fire between Israel and Hamas, which could see merchant vessels return to the Red Sea and send freight rates sharply lower.

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• Ola Electric gets SEBI nod to launch ₹5,500 crore IPO, according to media reports.

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• GAIL stock has increased nearly 30 per cent in 2024 so far, and has risen by more than 100 per cent over the past 12 months.

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• Railway PSU stocks extend winning streak with gains of up to 8.5%. Investors upbeat on policy continuity and railway modernisation efforts under BJP’s third consecutive term.

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• Top Gainers and Losers Today : The Sensex lost 33.49 points, or -0.04, to settle at 76490.08, while the Nifty gained 5.65 points, or 0.02, to close at 23259.2.

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• The century-old business group is expanding into various sectors.

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• United Cotfab IPO consists of 5,184,000 equity shares at ₹10 face value. Proceeds will be used for working capital, corporate purposes, and issue expenses. Beeline Capital Advisors is the lead manager. United Cotfab IPO GMP is +18.

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• Axis Securities picks Trent, Westlife Foodworld, and Relaxo Footwear as top retail stock choices post Q4FY24 results season. Premium retailers maintain growth, value retailers show recovery, and QSR face challenges.

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• Muted discretionary IT spending amid a weak global macro-economic situation and slower client decision-making have also made it difficult to predict a revenue recovery for the IT sector

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• Stock market today: Sensex ended 28 points, or 0.04 per cent, lower at 76,461.77 while the Nifty 50 settled flat at 23,259.

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• Modi government is committed to increase ethanol blending in petrol fuel to around 20 percent which is at around 14 percent only, say experts

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• Equirus Securities has revised its target price higher to ₹2,362 apiece from an earlier target of ₹1,887 apiece, maintaining a ‘Long’ view on Whirlpool. Taking the stock’s previous closing price into account, the target price signals 39% more upside.

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• GP Eco Solutions India IPO commences for subscription on June 14 and concludes on June 19 with a price band of ₹90-94 per share. The company plans to issue 32,76,000 Equity Shares via book-building process. Distribution includes solar inverters and panels.

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• The market regulator’s proposals to revise the eligibility criteria for stock derivatives will make manipulation tougher and protect investor interests
• The changes could result in new stocks being included in the derivatives segment, and others excluded

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• Share India board has set stock split record date on 27th June 2024

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• Nuvama rates Suzlon Energy as a ‘good to have’ stock, maintaining ‘BUY’ thesis with a target price of ₹53, supported by wind sector upturn and financial turnaround.

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• Anil Ambani-owned Reliance Power share price has risen around 22% in one week

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• Silver prices have dropped 10.53% in the last nine sessions, currently trading at $29.2 per ounce on Comex. Recent data showed that China’s central bank paused its purchases of precious metals, including gold and silver, in May.

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• The wind energy company has crafted a successful turnaround marked by debt reduction and efficient working capital management
• But the market was spooked when independent director Marc Desaedeleer resigned earlier this week citing concerns over compliance and transparency

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• Kotak Institutional Equities says concerns over the stability of the coalition government are premature, and the government may remain fiscally prudent and use populism opportunistically.

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• ONGC’s shares rose almost 5% after Jefferies’ positive outlook citing policy continuity. The stock has gained 1.5 percent in June.

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• ixigo IPO: ixigo IPO subscription was 4.69 times oversubscribed on the second day, with retail investors bidding 12.32 times and non-institutional investors 8.20 times. Analysts expect potential listing gains of over 20% due to high interest.

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• Modi cabinet 2024: Experts have recommended these nine PSU stocks to buy today — IRFC, RVNL, IRCTC, BoB, Canara Bank, Coal India, Union Bank of India, IOC, and PNB

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• In the previous trading session, the stock was locked in the 20% upper circuit limit after the company secured a significant order worth USD 1.29 billion from Beulah International Development Corporation.

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• Shares of debt-ridden Vodafone Idea fell 1.08% to ₹15.64 on June 11 ahead of a crucial board meeting on June 13 to discuss issuing equity shares and convertible securities to vendors. The company’s market cap reached ₹1.05 lakh crore.

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• Honasa Consumer share price dropped 5% after a ₹291 crore block deal on the bourses involving 66.20 lakh shares at an average price of ₹439 per share. Fireside Ventures and Sofina Ventures likely sold up to 2% of Mamaearth’s parent company.

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• Suncity Synthetics: Overall, year-to-date, the stock has surged over 211 percent, while over the past year, it has soared by 359 percent.

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• Following shares hit their 52 week low today – Neueon Towers, Shubhlaxmi Jewel Art, POPULAR VEHICLES AND SERVICES ORD, QUEST LABORATORIES ORD

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• Following shares hit their 52 week high today – Ultratech Cement, Samvardhana Motherson International, Torrent Pharmaceuticals, Divis Laboratories, Cipla

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• Mid-and small-cap segments continue to outperform Sensex in 2024, driven by solid economic growth, retail investor rise, and capital inflow. Analysts warn of premium valuation concerns limiting upside potential.

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• Gold rate today is in the ₹70,500 to ₹71,800 range, whereas spot gold price today is expected to remain in the $2,280 to $2,330 per ounce range, say experts

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• Gold And Silver Prices Today:Gold And Silver Prices Today: 10 gm of 24 carat gold was at Rs.73027.0 in Delhi whereas 1 kg of silver was Rs.89110.0 in Delhi.

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• Shares of HUDCO and NBCC surged in early trade as the new Cabinet approved government assistance for the construction of three crore houses under PMAY. HUDCO shares gained 8.5% to reach ₹290, while NBCC saw an 8.4% spike, touching ₹155.

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• Stocks in focus: Ruchit Jain of 5paisa has recommended two stocks today – Aarti Industries Ltd, and Dalmia Bharat Ltd.

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• HCC share price surged 8% after Elara Capital’s buy recommendation with a target price of ₹63. Analyst Rajesh Bhosale highlighted a significant gap-up opening, suggesting a long-term breakout if the stock closes above the resistance at ₹41, aiming for levels of 65 and 79.

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• ixigo IPO GMP today: Shares of ixigo brand’s parent Le Travenues Technology Ltd are available at a premium of ₹24 in the grey market today, say observers

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• The trends on Gift Nifty also indicate a start for the Indian benchmark index. The Gift Nifty was trading around 23,279.50 level, a premium of nearly 50 points from the Nifty futures’ previous close (23,230.00).

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• Here are a few stocks likely to be in focus on Tuesday, June 11:

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• Stocks to buy today: Experts have recommended buying these five buy or sell stocks — Zensar Technologies, VA Tech Wabag, PNB, AWL, and LT

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• Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — UPL, Chambal Fertilisers, and SRF

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• Dividend stocks: Asian Paints had declared a final dividend of ₹28.15 per equity share for FY24, Jindal Saw had declared a final dividend of ₹4 per equity share

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