Eicher Motors, Adani Ports & SEZ, M&M, Shriram Finance, and Titan were the top gainers in the Nifty 50. While Tech Mahindra, TCS, Wipro, HCL Tech, and Kotak Mahindra Bank were the major losers in the Nifty 50 on June 14.

The NSE Nifty 50 is at a new all-time high of 23,490.40. Sensex above 77,000. The Nifty Midcap 100 also touched a fresh lifetime high of 55,262.15.

“RBI tightening taps may push NBFCs overseas. Buoyant ECB demand and potential US Fed rate cuts could make overseas funding cheaper, offering an attractive option for NBFCs seeking liquidity. As a close observer of the financial sector, I believe this trend could gain momentum in the coming months,” said Nishant Srivastava, CEO of TORUS Wealth.

Courtesy: NSE

“We expect the Indian rupee to trade with a slight negative bias on strong US Dollar and weak global markets. However, a positive tone in the domestic markets and expectations of fresh foreign inflows may support the Rupee at lower levels. Traders may take cues from India’s trade balance data. Traders may also take cues from Michigan consumer sentiment and inflation expectations data from the US. USDINR spot price is expected to trade in a range of Rs 83.30 to Rs 83.80,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.

“International and domestic crude oil futures eased on Thursday as the Fed lowered expectations for a near-term rate cut, and supply remains ample amid moderate demand.

The US dollar rose following the Fed’s decision and weighed on prices. Additionally, Iraq and Kurdistan appear to be closing in on a deal that could trigger a fresh wave of supply and weigh on prices. However, the downside was capped after OPEC saw oil demand growing by 25 million barrels per day in the developing world through 2045, with China and India alone contributing 10 million barrels per day.

International crude oil futures have started weaker this early Friday morning in Asian trade amid likely risk-off sentiment in the market,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.

“Participation in gold has remained at high levels. This may lead to a price correction as some participants unwind their positions. We believe that gold will correct from its current prices. Nonetheless, the risk of increasing geopolitical tensions might further push the prices upward.

Currently, we are noting support near Rs 70,820. Gold might undergo a correction to around Rs 69,900 on the downside, while on the upside, it could potentially reach levels of Rs 72,050,” said Chintan Mehta, CEO of Abans Holdings.

Courtesy: NSE

The NSE Nifty 50 was up 35 points or 0.15% at 23,434. While the BSE Sensex was up 85 points or 0.11% at 76,896.

The share price of Vodafone Idea jumps 2% to intra-day high of Rs 16.38 after the company announced plans to raise up to Rs 2,458 crore through a preferential share issue to its European equipment vendors Nokia and Ericsson. This move aims to clear a portion of their pending dues and support the telco’s expansion of 4G services and rollout of 5G technology.

Courtesy: BSE

“Bank Nifty is facing stiff resistance at the 78.6% Fibonacci retracement level (50050) and has been unable to sustain above it. So, strength is missing at higher levels. There can be a consolidation in the near term before resuming next leg of upmove. Ideally, dips towards 49500 – 49400 should be used as a buying interest for the target of 50500 – 50600,” Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

Ambuja Cements’ share price surged over 3% to reach a 52-week high in early trade on Friday following the announcement of its acquisition of Penna Cement Industries Ltd (PCIL) by the Adani Group firm. The shares rallied as much as 3.86% to a new high of Rs 690.00 apiece on the BSE.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty remained sideways following a gap-up start. The index has been consistently flat for the last four days, indicating a pause before a sharp move. The direction of this move is not yet known, at least not before any directional breakout. From here, a decisive move above 23,500 might lead to the covering of call writing, which could take the index higher towards 23,800. On the lower end, support is placed at 23,300, below which the index might weaken.

Shriram Finance, Hindustan Unilever, Britannia Industries, Titan Company, and Mahindra & Mahindra are the top gainers on NSE nifty 50 index, whereas the top laggards include HCL Technologies, Kotak Mahindra Bank, JSW Steel, NTPC, and Tech Mahindra.

The NSE Nifty 50 opened 0.28% higher at 23,464.95, while the BSE Sensex gained 0.13% to 76,912.39 in the opening trade.

Commenting on the pre-market outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that Yesterday’s session saw Nifty reach a new record high of 23,481.05 and Sensex peak at 77,145.45. Nifty’s crucial support is at 22,950 with its 200 DMA at 21,226. Investors anticipate consolidation amid uncertainties, awaiting India’s FY25 Budget announcement and the Federal Reserve’s next rate cut. Positive news includes the US 10-year Treasury yield dropping below 4.27%.

Tapse also added that Key stocks in focus are L&T, securing a major order from ONGC, and sugar stocks potentially benefiting from an MSP increase. Preferred trades are Nifty and Bank Nifty buys at CMP with specific target zones. Top stock pick is TITAN, recommended for its momentum play.

Foreign institutional investors (FII) offloaded shares worth Rs 3,033 crore, while domestic institutional investors (DII) bought shares worth Rs 553.88 crore on June 13, 2024, according to the provisional data available on the NSE.

Shares in the Asia-Pacific region are trading with mixed results on Friday morning. The Asia Dow is up by 0.85%, while Japan’s Nikkei 225 is in the red, down by 0.17%. Hong Kong’s Hang Seng index has risen by 0.97%, and the benchmark Chinese index Shanghai Composite is trading lower by 0.08%.

On Friday morning, WTI crude prices are trading at $77.79, down by 0.18%, while Brent crude prices are trading at $81.98, down by 0.93%.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, increased by 0.53% to trade at 105.26.

The S&P 500 and Nasdaq achieved record closing highs for the fourth consecutive session on Thursday, driven by a continued rally in technology shares. Meanwhile, the number of Americans filing new claims for unemployment benefits increased last week, and another report indicated an unexpected decline in producer prices in May. These factors have fueled hopes for a potential interest rate cut by the Federal Reserve, according to Reuters. The tech-heavy Nasdaq Composite rose by 59.12 points, or 0.34%, to close at 17,687.56. The S&P 500 gained 12.71 points, or 0.23%, ending at 5,433.74, while the Dow Jones Industrial Average fell by 65.11 points, or 0.17%, to close at 38,647.10.