📷 Image Credits: BusinessLine
The Indian stock market witnessed a positive momentum on June 24, 2024, as the Sensex climbed 130 points to settle at 77,341, and the Nifty was up by 36 points to close at 23,537. This movement was attributed to mixed global cues and ongoing F&O settlement week, causing analysts to anticipate continued volatility.
In the stock market updates, BSE Sensex rose by 131.18 points or 0.17%, closing at 77,341.08, while Nifty 50 saw an increase of 36.75 points or 0.16% to end at 23,537.85. Auto and FMCG stocks performed well, with Route Mobile witnessing a 15% rally due to its partnership for WhatsApp-based ticket booking in different metro cities.
Prestige Estates Projects surged by 3% following board approval for fundraising plans via qualified institutional placement (QIP) worth ₹5,000 crore. On the other hand, Cipla, IndusInd Bank, Adani Ports, Coal India, and Tata Steel saw declines, while Mahindra and Mahindra, Shri Ram Finance, Grasim Industries, Power Grid Corporation of India, and Sun Pharmaceuticals witnessed gains.
Additionally, various companies made notable announcements, such as Ashok Leyland Limited’s investment in its subsidiary, Satin Creditcare Network Limited’s expansion into Nagaland, and Tea prices witnessing a decrease in Coonoor auctions.
Moreover, the Gems and Jewellery Export Promotion Council (GJEPC) reported a significant increase in overall imports of gems & jewellery for May 2024, while gross exports declined, attributed to global market uncertainties. Kama Jewelry’s MD highlighted the industry challenges due to geopolitical tensions and upcoming elections.
On the financial front, Motilal Oswal Financial Services signed an MoU with IIM Mumbai, and C.E. Info Systems launched ClarityX in partnership, enhancing their services. Man Industries achieved CE Certification for its Anjar plant, Seamec Limited demobilized vessels for a project, and Hilton Metal Forging launched Wagon Axle for railways.
In another notable development, Century Textiles subsidiary acquired land in Pune, aiming to develop residential housing, and Easy Trip Planters Ltd. expanded its presence with a new franchise store in Bhopal.
The Indian stock market showed resilience amidst global market trends, setting the stage for potential growth and investment opportunities.
