Benchmark indices recovered their losses to settle at record high levels on Friday with the RBI policy throwing up no major negative surprise and turning out on the expected lines, and more clarity on the formation of government by NDA. The Reserve Bank of India (RBI) revised upwards the GDP growth projection to 7.2 per cent for FY25.
The BSE Sensex settled at a record high of 76,693.36, up 1,618.85 points, or 2.16 per cent. The NSE Nifty ended with a jump of 468.75 points, or 2.05 per cent, at an all-time closing high of 23,290.15.
”This week, the market experienced extreme volatility, with investor emotions on a roller coaster ride. Poor poll results in Uttar Pradesh were a major setback for the BJP, triggering a panic fall on Tuesday. However, the market rebounded strongly, wrapping up the week at an all-time high,” said Vikram Kasat, Head of Advisory at Prabhudas Lilladher Pvt Ltd.
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“Significant momentum was observed in the cement, IT, and consumption sectors. The RBI's decision to keep the repo rate unchanged at 6.5 per cent, along with an upward revision in the growth rate to 7.2 per cent from 7 per cent, boosted market sentiment. This indicates solid performance for the domestic economy,” he added.
Here Are The Key Stocks To Watch June 10:
Adani Enterprises: Adani Airport Holdings Limited (AAHL) handled over one million tonnes of air cargo in financial year 2023-24, capturing an impressive 30.1 per cent market share. This shows a 7 per cent YoY increase to 10,13,115 metric tonnes of cargo compared to the previous fiscal when the total cargo tonnage was 9,44,912 metric tonnes. The company’s international cargo tonnage increased 9 per cent YoY, the company said in an exchange filing.
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Dr Reddy’s Laboratories: US Food and Distribution Authority (USFDA) issued a form 483 with four observations for its API manufacturing facility (CTO-6) in Srikakulam, Andhra Pradesh. The facility was inspected between May 30 to June 7, 2024. The company said it will address the observations within the stipulated time.
KEC International: The company has received new orders worth Rs 1,061 crore across various sectors. The T&D business won projects in India, East Asia Pacific, and the Americas. The Railways business received orders in both technologically advanced and conventional segments within India. In addition, the cables business bagged orders for supplying conductors and cables to a prominent infrastructure player in India. The year-to-date order intake now stands at Rs 3,000 crore.
RVNL: The company JV with KRDCL emerged as the lowest bidder for a project worth Rs 156 crore from Southern Railway for “Provision of Automatic Signalling” on Ernakulam Thiruvananthapuram Division in Southern Railway.
Jubilant Pharmova: The USFDA has concluded an audit of a contract manufacturing facility in Spokane, Washington, and issued three observations. The company will submit an action plan to address these observations.
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