ONGC, Tata Motors, L&T, Adani Ports and SEZ, and Hero MotoCorp were the top gainers in the Nifty 50. While Kotak Bank, Divi’s Lab, Dr. Reddy’s lab, Reliance Industries, and ITC were the major losers in the Nifty 50 on June 11.

Housing Finance stocks rose after the first Cabinet meeting of the Modi 3.0 government on Monday approved assistance to construct 3 crore additional rural and urban houses under Pradhan Mantri Awas Yojana (PMAY).

In the Cabinet meeting, it was decided to assist 3 crore additional rural and urban households for the construction of houses, to meet the housing requirements arising out of the increase in the number of eligible families, said media reports.

The stock of Homes First Finance rose 11.4% to an intraday high of Rs 963. Those of Aavas Financiers surged 9.2% to hit a new 52-week high of Rs 1,894.

Other housing Finance like PNB Housing, NBCC, GIC Housing Finance, and HUDCO rose in a range of 7.1% to 8.5%. To compare, the benchmark index Nifty 50 gave a return of 6% in the past five days.

Courtesy: NSE

Courtesy: NSE

The stock of Vodafone Idea surged 2.7% to an intraday high of Rs 16.25 as the company got in-principle approval for Rs 14,00 crore loan from SBI-led consortium.

“The price of gold has undergone a correction as stronger-than-expected US jobs data indicate robust labour market activity, thus diminishing expectations of early rate cuts. Strength in the dollar index and US Treasury yields has also increased the opportunity cost of holding gold, maintaining pressure on the yellow metal’s prices,” said Chintan Mehta, CEO of Abans Holdings.

“Meanwhile, central bank purchases from China have paused after an 18-month streak of consecutive buying, driven by safe-haven demand due to geopolitical tensions and instability. This pause is leading to muted demand for the yellow metal.

Participation in gold has remained at high levels. This may lead to 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 upwards.

Currently, we are noting support near Rs 70,700. Gold might undergo a correction to around Rs 69,900 on the downside, while on the upside, it could potentially reach levels of Rs 72,350,” he said.

The NSE Nifty 50 was up 62 points or 0.27% at 23,321. While the BSE Sensex was up 161 points or 0.21% at 76,651.

Shares of InterGlobe Aviation fell by 4% after a block deal involving 83.7 lakh shares, representing a 2.2% stake in the company, took place on the exchanges. The block deal was executed at an average price of Rs 4,406 per share, amounting to a total of Rs 3,689 crore, Moneycontrol reported. 

Also Read: IndiGo shares slump 4% as parent InterGlobe Enterprises offloads 2.2%

“The Bank Nifty Index encountered resistance at the 50000 mark, where the highest open interest is built up on the call side. The index needs to decisively surpass the 50000 mark to continue its upward move towards the 50600/51000 levels. Lower-end support is visible at 49000, which will act as a cushion in case of declines,” said  Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Courtesy: BSE

Courtesy: NSE

Hindustan Construction Company (HCC) shares surged over 8% in Tuesday’s session after domestic brokerage Elara Capital initiated coverage with a buy recommendation, expressing confidence in the company’s potential to reclaim its former glory. Elara set a target price of Rs 63 per share for HCC, indicating a 54% rise from current levels. Today, HCC shares opened at an intraday low of Rs 41.04 apiece on the BSE, reaching an intraday high of Rs 42.99 apiece.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said “The Nifty Index encountered resistance at higher levels and was unable to close above the 23300 mark. Immediate support for the index stands in the 23000-22900 zone, with a break below this range likely to trigger aggressive selling pressure. In the near term, the index is expected to consolidate within a broad range of 23000-23500.

Eicher Motors, Adani Ports and SEZ, L&T, Hindustan Unilever, and Tata Motors ae the top gainers on NSE Nifty 50 index whereas the top losers include ICICI Bank, ITC, Dr Reddy’s Lab, SBI Life Insurance, and Bajaj Finance.

ONGC, NTPC, Apollo Hospitals, Power Grid, and Coal India were the major gainers in the Nifty 50. While BPCL, Dr. Reddy’s Lab, ICICI Bank, SBI Life Insurance, and Shriram Finance were the key laggards in the Nifty 50 on June 11.

The NSE Nifty 50 opened 0.11% higher at 23,283.75, while the BSE Sensex opened 0.25% higher at 76,680.90.

Commenting on the pre-open outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that this Tuesday brings multiple positives: the monsoon hits Mumbai early, Nirmala Sitharaman returns as finance minister ensuring policy continuity, Nifty and Sensex reached record highs, FIIs and DIIs were net buyers with significant purchases, and Wall Street trades higher with the Fed likely to maintain rates

Tapse also added that the market is expected to trade with a positive bias, bolstered by this news and upcoming key economic data releases. Notably, TDP MP Ram Mohan Naidu is the new Civil Aviation Minister.

“Preferred trades are Nifty at 23100-23150 (targets 23500/23751) and Bank Nifty at 49300-49500 (targets 50100/50701). Bullish stocks include Balkrishna Industries, Bank of Baroda, IEX, and Indigo,” further said Tapse.

“This Tuesday brings multiple positives: the monsoon hits Mumbai early, Nirmala Sitharaman returns as finance minister ensuring policy continuity, Nifty and Sensex reached record highs, FIIs and DIIs were net buyers with significant purchases, and Wall Street trades higher with the Fed likely to maintain rates. The market is expected to trade with a positive bias, bolstered by this news and upcoming key economic data releases. Notably, TDP MP Ram Mohan Naidu is the new Civil Aviation Minister. Preferred trades are Nifty at 23100-23150 (targets 23500/23751) and Bank Nifty at 49300-49500 (targets 50100/50701). Bullish stocks include Balkrishna Industries, Bank of Baroda, IEX, and Indigo,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

The NSE added  Balrampur Chini Mills, SAIL, India Cement, and Zee Entertainment Enterprises in F&O on June 11, 2024.

Foreign institutional investors (FII) bought shares worth Rs 2,572 crore, while domestic institutional investors (DII) mopped shares worth Rs 2,764 crore on June 10, 2024, according to the provisional data available on the NSE.

On Tuesday morning, WTI crude prices are trading at $78.03, down by 0.26%, while Brent crude prices are trading at $81.87, up by 0.30%.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.02% at 105.16.

The S&P 500 and Nasdaq achieved record closing highs on Monday, despite investor caution ahead of this week’s consumer prices report and a Federal Reserve policy announcement, according to Reuters. The tech-heavy Nasdaq Composite rose by 59.40 points, or 0.35%, ending at 17,192.53. The S&P 500 increased by 13.80 points, or 0.26%, closing at 5,360.79. Meanwhile, the Dow Jones Industrial Average gained 69.05 points, or 0.18%, to finish at 38,868.04.