Benchmark equity indices settled higher on Wednesday, with Nifty hitting its new record closing level, after buying in power, capital goods, and industrial stocks amid a largely positive trend in global equities. In addition, heavy buying in select index-heavyweight stocks like HDFC Bank and Reliance Industries also boosted the market sentiment.
In a highly volatile trade, the BSE Sensex jumped 149.98 points or 0.20 per cent to settle at 76,606.57. The NSE Nifty gained 58.10 points or 0.25 per cent to end at a new closing peak of 23,322.95.
Retail inflation continued its downward slide to reach a one-year low of 4.75 per cent in May due to a marginal decline of prices in the food basket and remained within the RBI's comfort zone of below 6 per cent, according to government data released on Wednesday.
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"Ahead of US inflation data and FOMC meeting, global markets largely remained positive. The consensus indicates expectations of stable US inflation, but the trajectory of potential rate cuts holds significant importance for future direction, as rate cut expectations have tempered to 2 from 3 earlier. While the domestic market is trading at a new high on expectations of the final budget with a focus on growth, which was amplified by the RBI's upgrade in GDP growth forecast," said Vinod Nair, Head of Research, Geojit Financial Services.
Here Are The Key Stocks To Watch On June 13:
Nestle India: The company will continue paying the royalty licence fee at the current rate of 4.5 per cent to parent firm Société des Produits Nestlé S.A. The decision has been made after 57 per cent of the shareholders of Nestle India had on May 18 voted against the proposal to increase increase royalty payout to Swiss parent, the company informed exchanges.
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L&T Finance: Private equity major Bain Capital, through its affiliates BC Asia Investment VI and BC Asia Growth Investment, is planning to make a complete exit from L&T Finance by selling its existing stake of 3.54 per cent at a floor price of Rs 169.17 per share through block deals. This represents approximately 88.2 million shares and is part of a clean-up trade.
Sobha: The realty firm announced its plans to raise Rs 2,000 crore through a rights issue of shares. The company intends to issue 1.21 crore rights equity shares on a partly-paid basis. An assumption of full subscription and payment of call monies will result in the company raising the targeted Rs 2,000 crore.
PTC India Financial Services: SEBI has fined former MD & CEO Pawan Singh Rs 25 lakh and barred him from taking Director’s post in a listed company for two years. In addition, the regulator fined Rajib Kumar Mishra Rs 10 lakh and barred him from taking a director’s post in a listed company for six months.
Whirlpool India: The company has entered into a joint marketing agreement with Hindustan Unilever for three years.
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