Indian Stock Markets Profit-Booking Amid Global Pressures

If you want to invest in NSE unlisted shares through a top online platform, here are some great insights to get high returns. The Indian stock market showcased a minor profit-booking session during June, 2024, with the benchmark indices Sensex and Nifty ending the day lower amid global market pressures and concerns over slow progress of monsoon. The 30-share BSE Sensex declined 269.03 points or 0.35% to settle at 77,209.90, while NSE Nifty fell 65.90 points or 0.28% to end at 23, 501.10. 

Vinod Nair,Head of Research at Geojit Financial Services, attributed the profit-booking to concern over the slow progress of the monsoon, resulting in underperformance in the FMCG sector. Nair noted that heatwaves in Northern India were driving up consumer durables stocks. On a global front, the markets were subdued as weak guidance from Accenture led to profit-booking in US tech stocks. However, domestic IT stocks saw buying interest as market participants appeared to have factored in weaker earnings.

Attention focused upon the upcoming GST meeting, where the potential rationalization of GST rates in certain sectors is under discussion. Within a broader market, Rail Vikas Nigam Ltd (RVNL) emerged as lower bidder for INR 191.53  crore contract from South Eastern Railway, leading to a 5.80% surge in its stock on NSE. Kirloskar Pneumatic Company Ltd’s shares rose 3.65% after the company signed a memorandum for understanding to achieve a majority stake in Systems & Components India Private Ltd. (S&C).

In the insider trading space,  Mutual Fund bought 1.2 lakh shares (0.51%) of Heubach Colorants India at INR 453.57 per share, while Anutham Realty Private bought 1.07 crore shares (4.51%) of Piramal Enterprises at Rs 906 per share, and The Srikrishna  Trust sold 1.07crore shares (4.51%) of Piramal Enterprises at the same price. The Dee Development Engineers initial public offering (IPO) also closed for subscription on June 21, 2024, with INR 418 crore issue being subscribed 9 times at the end of Day-2 on Thursday. The domestic markets are likely to open on a flat note, with Gift Nifty at 23, 595 indicating flat opening for NSE Nifty50. Analysis expects the market to remain lackluster until the Union Budget is presented.

Osho Krishnan, Senior Analyst, Technical & Derivatives at Angel One Ltd highlighted active involvement of different sectors is driving positive market sentiment and contributing to a bullish trend. In the stock-specific news, GRM Overseas Ltd has approved raising funds through the issue and allotment of up to 91, 00, 000 share warrants, each warrant convertible into one equity share of face value of INR2 to certain Promoters and Non-Promoter Investors on a preferential basis at an issue price of INR 150 per warrant,  aggregating up to a maximum amount of Rs 136.50crore. Overall, the domestic markets witnessed a mixed session, with profit-booking in some sectors and buying interest in others. Investors would be closely watching the upcoming GST meeting and Union Budget for further cues. 

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