Equity benchmark indices rallied for the third consecutive session and settled at their new all-time high levels on Wednesday following Asian peers and buying in Reliance Industries.
The BSE Sensex climbed 620.73 points or 0.80 per cent to settle at a new closing peak of 78,674.25. The NSE Nifty50 went up by 147.50 points or 0.62 per cent to settle at a record closing peak of 23,868.80. Telecom, cement, oil & gas, and banking sectors led the gains today.
"The domestic market hit a new peak, bolstered by a rally in large-cap stocks, where the valuation is relatively fair. In contrast, mid-and small-cap stocks saw profit-taking due to valuation concerns. Currently, the financials & consumption stocks are catching up driven by improved balance sheets, a strong GDP growth forecast, and softening inflation. Global market sentiments reflected similar trends, with a consensus on imminent rate cuts," said Vinod Nair, Head of Research at Geojit Financial Services.
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Here are the key stocks to watch on June 27:
State Bank of India: SBI, the country’s largest bank, announced on Wednesday it had raised Rs 10,000 crore through its fifth infrastructure bond issuance at a coupon rate of 7.36 per cent. The issuance received strong investor interest, with bids exceeding Rs 19,884 crore, oversubscribing the base issue size of Rs 5,000 crore by nearly four times. A total of 143 bids were received, showing widespread participation and a diverse base of investors.
IIFL Securities: The Securities and Exchange Board of India (SEBI) has launched an investigation into Sanjiv Bhasin, who is associated with IIFL Securities. SEBI officials have reportedly examined Bhasin’s digital devices and collected evidence as part of the investigation. There are allegations of market manipulation and front-running against Bhasin.
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RBL Bank: The private banker’s board of directors meeting is scheduled for June 27, 2024, ahead of the annual general meeting (AGM) on the same day, to discuss raising funds through a Qualified Institutional Placement (QIP).
CSB Bank: FIH Mauritius Investments is expected to sell a 9.72 per cent stake through a block deal, reported CNBC-TV18. The transaction is valued at around Rs 594.5 crore. The floor price for the transaction is Rs 352.5 per share.
PI Industries: The company has announced an offer to Plant Health Care Plc for 32.8 million euros, with a strategic objective to build a differentiated portfolio of integrated solutions for sustainable agriculture.
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