26/06/26, NUVAMA analysed stocks

Nuvama has turned more defensive on Indian equities, arguing that the market’s next challenge is likely to come from weakening demand rather than supply-side shocks. In its latest strategy note, the brokerage said easing geo-political tension and lower oil pricescould reduce supply pressures, but fading tax-cut benefits, weak income growth, slowing capex and El Niño risks could weigh on earnings. 

Against that backdrop, Nuvama is Overweight on consumer, IT, private banks, pharma, cement and chemicals, while staying underweight on industrials, metals, autos and power.Nuvama has built overweight positions in a clutch of large cap and midcap names it believes can hold up better if demand softens, including ICICI Bank, Sun Pharma,  Tech Mainstay,  Grasim Industries, Nestle India,  Shriram Finance,  Eicher, Indigo, Pidilite Industries, Havells India and others. 

The portfolio also carries explicit stock and sector weights versus the Nifty, making the note a positioning guide rather than just a broad strategy call.

“We remain Overweight Consumer, IT, private banks, Pharma, Cement and Chemicals; and Underweight Industrials, Metals, Autos and Power,” Nuvama said.

Why is Nuvama getting more defensive

Nuvama said the risk to earnings is moving from supply to demand side. The brokerage said India Inc. saw a rebound in top-line growth in the second half of FY26, helped by GST cuts, RBI easing, a weak rupee and the AI-linked commodity cycle, but added that the quality of that recovery was not strong enough to justify current FY27 expectations.

According to the report, household incomes remain weak, wage growth is subdued and rural demand could come under pressure if El Niño disrupts the monsoon. Corporate capex is also losing momentum as cash flows weaken and working-capital pressure rises, while government finances remain stretched by softer tax revenues and a higher subsidy burden. Nuvama said that combination could keep earnings downgrades coming and make current market valuations harder to defend in cyclical pockets.

That macro call has shaped the portfolio. Nuvama said it now prefers high-dividend sectors, exporters that benefit from an undervalued rupee, and businesses with steadier earnings profiles, while trimming exposure to expensive cyclicals whose valuations were inflated by the recent supply shock and AI-led commodity optimism.

ICICI Bank, Shriram Finance and Max Financial anchor the BFSI basket

Private financials are one of Nuvama’s preferred pockets in the new setup. The brokerage said private banks are trading at bottom-cycle valuations even as liquidity conditions begin to improve, which could support sentiment and re-rating. It contrasted that with metals, which it said are trading at a premium to private banks despite being far more cyclical.

Within the model portfolio, ICICI bank Ltd is one of the key largecap positions. Shriram Finance and Max Financial Services also feature among Nuvama’s preferred financial names. At the sector level, Nuvama is overweight private banks, while its broader stance within financials favours better quality franchises over more cyclical lenders.

Sun Pharma, Nestle, Tech Mahindra and Pidilite in Nuvama’s top picks 

Pharma, consumer and IT are other clear beneficiaries of Nuvama’s repositioning. In pharma, Sun Pharma is one of the brokerage’s preferred large cap ideas, while the model portfolio also includes Torrent Pharma and Dr Reddy’s. Nuvama’s case is that pharma offers more resilient earnings and lower sensitivity to a domestic demand slowdown than cyclical sectors.

Consumer names also feature prominently. Nuvama’s preferred list includes Nestle India, Pidilite Industries, Havells India, Page Industries and InterGlobe Aviation. These are not all classic staple names, but Nuvama’s common thread is clear: it wants businesses with stronger cash generation, better earnings visibility and less exposure to a broad demand slowdown.

IT is another area where the brokerage sees value after a prolonged de-rating. Nuvama said Indian industrials now trade at an unusual premium to IT on price-to-sales despite similar revenue growth, which it sees as hard to justify. Tech Mahindra is among its top picks, while Infosys, LTIMindtree and TCS also sit in the model portfolio. Nuvama’s argument is that IT offers stronger cash-flow profiles and unusually high dividend yields at a time when the market is still paying up for cyclical sectors with weaker visibility.

Nuvama Overweight on Grasim, Ambuja and JK Cement

Cement is one of the cleanest examples of how Nuvama has translated its macro view into portfolio weights. The brokerage has assigned the cement basket a 5.3% portfolio weight against a 2.3% weight in the Nifty, implying a 300 basis point overweight.

Within that basket, Grasim Industries carries a 3.1% portfolio weight versus a 1.1% Nifty weight, which translates into a 200 basis point overweight. Ambuja Cements has a 1.2% portfolio weight against a zero Nifty weight, while JK Cement has a 1% portfolio weight against a zero Nifty weight.

Nuvama said the cement industry’s microstructure is improving as companies move away from chasing volumes and focus more on profitability. It also noted that cement capex growth has slowed after several years of heavy expansion, while sector profitability remains near weak levels, leaving room for recovery if cost pressures ease. That is the backdrop for its positive stance on Grasim, Ambuja and JK Cement.

Chemicals also get a larger weight, with Coromandel and Aarti among the picks

Nuvama is also overweight chemicals, arguing that a more competitive rupee relative to the Chinese yuan, easing cost pressure and the potential for operating leverage improve the setup for the sector. Coromandel International and Aarti Industries are among its preferred names, while Navin Fluorine also appears in the broader model portfolio.

The report links this call to both macro and stock-specific factors. On the macro side, Nuvama sees the weaker rupee as a support for exporters. At the company level, it expects selected chemical names to benefit from better spreads and a lower-cost base if supply-side pressure keeps easing.

Industrials, metals, autos and power are where Nuvama is cutting exposure

The flip side of the strategy is a more cautious stance on sectors that have been market favourites. Nuvama is underweight industrials, metals, autos and power, arguing that these segments still trade at rich valuations even as the macro setup turns less supportive.

On industrials, Nuvama said the sector’s re-rating has overshot fundamentals. It pointed out that industrial companies now trade at a premium to IT on price-to-sales even though revenue growth has moderated to a similar 10-12% range and earnings estimates have been cut over the past year. It also flagged weakening order inflows across industrial names, especially in power equipment, as a sign that expectations may have run ahead of reality.

The brokerage is similarly cautious on metals, saying valuations are close to past peak levels even though return ratios are much lower than in earlier cycles. In power, it argued that the sector’s re-rating has gone too far relative to defensives, especially with growth now looking broadly similar across both sets of businesses. Autos are also underweight because Nuvama expects the recent boost from GST cuts to fade while household income weakness could begin to show up more clearly in discretionary demand.

The portfolio is tilted toward earnings resilience

The broader takeaway from Nuvama’s note is that it is no longer treating lower oil prices as a clean risk-on trigger for Indian equities. Instead, it sees a market where the headline index could stay range-bound, earnings downgrades may continue, and stock selection will do more of the heavy lifting than broad market exposure.

The large cap basket includes ICICI Bank, Sun Pharma, Nestle India, Shriram Finance, Grasim Industries, Eicher Motors, InterGlobe Aviation, Pidilite Industries and Tech Mahindra. 

The mid- and small cap side adds Havells India, Coromandel International, Max Financial Services, Page Industries, Balkrishna Industries, JK Cement, Container Corporation, PG Electroplast, Aarti Industries and Gravita India.

Report by Shivangini Gupta of Financial Express 

26/06/26, Assurance from the United States. India wanted clarity on future access.

 India has received an assurance from the United States that trusted partners will continue to have access to advanced American artificial intelligence technologies without the risk of sudden restrictions. 

The assurance was shared by S. Krishnan, Secretary of the Ministry of Electronics and Information Technology (MeitY), during the 2nd Pax Silica Summit in Washington. His comments come as India and the US work to strengthen cooperation in AI, semiconductors and other critical technologies. 

India wanted clarity on future access 

Krishnan said India wanted a clear understanding of how the US plans to manage access to advanced AI technologies in the future. He explained that if India is expected to use these technologies across government services and digital infrastructure, access cannot suddenly be cut off. 

“We sought an understanding of how exactly the US is looking at this particular aspect and what their concerns are, and how, in the future, this could be a reliable source of technology, because if it is something which is to be used and made available, we can’t have abrupt cutoffs. We were given an understanding of how the US looks at this particular issue and how, going forward, they will ensure that for trusted partners, access will not be an issue,” Krishnan said. 

He added that India was satisfied with the explanation provided by the US and believes trusted partners will continue to receive stable access to critical technology. 

Why ‘abrupt cutoffs’ matter 

India is exploring partnerships involving advanced AI models such as Anthropic's Claude.As these tools become part of important sectors, the government wants to make sure they remain available over the long term. 

A sudden suspension of access could happen because of changing geopolitical tensions, new export control rules or business decisions taken by technology companies. 

Such a disruption could slow or even halt long-term AI projects, affect digital platforms that depend on these models and hurt India’s bigger picture to build AI-powered public services. 

To avoid that risk, the Indian delegation sought direct clarity from the US government on its long-term approach to AI regulations and technology sharing. According to Krishnan, the discussions produced positive results and laid the foundation for a more secure and predictable partnership. 

US recently tightened AI export controls 

The discussions come shortly after the US Commerce Department introduced new export control rules in June. The directive instructed Anthropic to restrict foreign nationals from using its newly launched AI models, Claude Fable 5 and Mythos 5. 

The move raised concerns that access to advanced AI technologies could become uncertain for countries working closely with the United States. India’s latest discussions were aimed at ensuring that trusted partners would not face unexpected restrictions in the future.

AI should benefit every sector 

Krishnan said the talks also focused on how India and the US can work together as artificial intelligence continues to develop.

“The main issue which got discussed was ways in which India and the United States can collaborate and deepen the relationship in the technology space and what our shared understanding is of how the AI innovation scenario would evolve,” he said.

He added that both countries believe AI should be widely used across manufacturing, agriculture, healthcare, education and governance so that it creates real economic and social benefits.

No country can build the AI ecosystem alone 

Krishnan said there was broad agreement that no single country can build the entire AI ecosystem on its own.

Instead, countries will have to work together to create stronger and more resilient technology supply chains. “There was a recognition that India needs to play a much bigger role in the global supply chain and how it has been developing and growing,” he said.

According to Krishnan, both countries agreed that reducing dependence on any one country or supplier will make the global technology ecosystem stronger.

Speaking about the discussions at the Pax Silica Summit, Krishnan said future cooperation will go beyond AI models.

Countries are expected to work together across the entire AI ecosystem, including energy supplies, data centre infrastructure, semiconductor manufacturing, AI model development, applications, data management and systems that ensure AI benefits society.

“The important element is the way that different countries in the world will come together to build a diversified and resilient supply chain for all that is needed in the AI stack,” he said.

The discussions underline India’s growing role as a trusted technology partner for the United States and its ambition to become a major player in the global AI and semiconductor ecosystem.

Source:Aditi of Financial Express 

26/06/26, Market Holiday Today...Indian equity markets will enjoy a three-day week off as stock exchanges will be closed today, i.e. Friday, June 26, for the occasion of Muharram. This means all the contracts you purchased yesterday will get settled on Monday, June 29, under the T+1 settlement cycle.

Trading on the NSE and BSE will be shut on Friday, followed by the routine weekly closure of stock exchanges on Saturday and Sunday, making it a long weekend for.investors. 

Why are markets closed?

Equity markets are closed for Muharram. The occasion is mainly celebrated among Shia Muslims in remembrance of Imam Hussein. This is the first month of the Islamic calendar and marks the beginning of the Islamic New Year. It is observed differently among Shia and Sunni Muslims.

It’s not just the NSE and BSE, trading in currency derivatives too will remain closed today.

MCX observes partial closure

While trading across key asset classes will remain suspended, the Multi Commodity Exchange (MCX) will observe partial closure and will be closed for its morning session, which commences at 9:00 am and concludes at 5:00 PM.

 MCXwill resume trading for its evening session from 5:00 PM to 11:00 PM (IST), and commodity prices will take cues from international markets.

However, the National Commodity & Derivatives Exchange (NCDEX) will observe a full closure for Muharram.

Upcoming stock market holidays

There are no stock market holidays in the  next two months, July and August. India’s independence day, August 15 will fall on a Saturday, as a result there are no additional holidays.

In October, equity markets will be closed for two days: first on October 2 for Gandhi Jayanti, and second on October 20 for Dussehra.

The remaining part of the year is expected to see three trading holidays, unless otherwise declared.

 In November, markets will be closed on November 10 for the festival of Diwali Balipratipada, and then on November 24 for the occasion of Prakash Gurpurb Sri Guru Nanak Dev.

The last month of the year, December, will see one holiday for stock exchanges on December 25, the day of Christmas.

Source:FinancialExpress

25/06/26, PostMarket REPORT

Benchmark indices Sensex and Nifty fell from their day's high on June 25 to end nearly flat due to various reasons, including profit booking. Sensex fell 700 points from day's high while Nifty was trading near the psychologically important 24,050-mark.

Sensex closed 109.25 points or 0.14% lower at 77,100.47, and the Nifty ended 34.35 points or 0.14% lower at 24,056. About 1,544 shares advanced, 2,488 shares declined, and 180 shares were unchanged.

With crude oil prices around their pre-war levels, state-owned upstream company Oil and Natural Gas Corp. extended its losses in the second half of the session. The stock shed 2% and was the worst performer in the Nifty 50. Its peer Oil India was also down 2% and among the worst performers in the Nifty 200. Energy companies Coal India and Power Grid Corp. shed were down around 2% each.

For the week, the Nifty and Sensex advanced 0.2% and 0.4%, respectively.

Key reasons behind market paring losses:

1) Profit booking

Benchmark Sensex rose 1,700 points in two days while Nifty rose nearly 2% during the same period. Profit booking was seen at higher levels on June 25 after the two-day rally.

The August futures contract of Brent Crude oil came slightly off intraday lows, and was at around $73 per barrel. While automobile and ancillary companies continued to gain, metal and energy companies lagged.

Benchmark indices came off intraday highs and ended marginally up on Thursday as investors booked profits ahead of the long weekend, according to analysts.

2) Metal stocks fall

The Nifty Metal index, down over 1%, was the worst performing sectoral index. Hindustan Zinc, down over 3%, was the worst-hit constituent in the sectoral index, and the worst hit Nifty 200 constituent. The stock was down for the past three sessions, during which it shed nearly 9%. Peers National Aluminium Co and Vedanta were down around 3% each and were also among notable laggards in the Nifty 200 and Nifty 500 indices.

Shares of metal companies were trading lower Thursday as the silver and aluminium prices fell sharply on the London Metal Exchange amid easing supply concerns and a strengthening dollar. Moreover, expectations of an interest rate hike by the US Federal Reserve also weighed on the metal prices.

Metals logged a weekly loss of 4.4%, tracking weaker global prices on rising U.S. rate hike expectations in 2026.

3) Technical reasons

Analysts said Nifty has to stay above 24,250 for more buying to happen in the markets.

"A decisive close above 24,200 remains critical for bulls to regain firm control, as such a breakout would validate the broader structural uptrend and open the door for further upside," said Axis Securities.

"On the higher side, 24,190 remains an immediate resistance level, while on the downside, support has now shifted higher to around 23,800. The broader tone remains constructive as long as Nifty holds above this support band," said Devarsh Vakil, Head of Prime Research at HDFC Securities.

Report by J. Jagannath

25/06/26, IDBI FIRST BANK

25/06/26, The equity benchmark indices Sensex and Nifty traded higher on Friday, tracking broader Asia after oil prices fell to pre-Iran war levels ​as stranded tankers exited the Strait of Hormuz following ‌an initial peace deal between the U.S. and Iran. At 9:30 a.m., the Sensex was up 371.78 points or 0.48 percent at 77,363, while the broader Nifty advanced to 24,137.10, up 115.45 points or 0.48 percent. Key factors behind market rise 1) Crude oil prices decline: Brent crude fell 1.8% ​to $72.4 a barrel, easing concerns about growth and inflation outlook ⁠in the world's No. 3 oil importer and consumer. 2) Firm global cues: Other Asian ​stock markets rose 1.3%, helped by lower oil prices and as ​strong earnings and forecasts from chip giants Micron and Qualcomm helped ease fears about the red-hot AI rally.

25/06/26, The government's stake sales in listed public sector undertakings (PSUs) through the offer-for-sale (OFS) route have hit an 11-year high so far in 2026, as it looks to shore up resources and meet fiscal targets amid mounting expenditure pressure from geopolitical tensions and rising crude oil prices

The government has raised around Rs 25,491 crore so far this year by selling stakes in eight listed PSUs through the OFS route, marking its biggest such fundraising since 2015, when it had raised about Rs 35,291 crore through stake sales in five listed companies.

Including private sector issuances, 24 listed companies have together raised around Rs 29,445 crore through OFS this year, just short of the 2024 high of Rs 30,178 crore raised by 28 companies and the 2015 peak of Rs 35,566 crore raised by 19 firms, according to data from Prime Database.

Among PSU companies, stake sales have been carried out in Bharat Heavy Electricals (BHEL), Indian Railway Finance Corporation (IRFC), Central Bank of India, Coal India, NHPC, NLC India and General Insurance Corporation. On the private sector side, East India Drums & Barrels, Eastern Silk Industries, Swan Defence & Heavy Industries, HMA Agro Industries and String Metaverse have also tapped the OFS route to raise funds.

These PSU stocks have largely seen a muted reaction since their respective OFS launches, even as Indian equity markets have witnessed sharp volatility amid continued foreign institutional investor selling, geopolitical tensions and elevated crude oil prices. BHEL has been the standout performer, surging 62 percent above its OFS floor price, while the rest of the pack has posted far more modest moves. IRFC is down 3 percent from its February OFS floor price, Central Bank of India has gained 6 percent since its May OFS, Coal India is up nearly 9 percent from its May OFS floor price, NHPC has risen 9 percent from its June OFS floor price, NLC India is up just 1 percent, and General Insurance Corporation of India has gained 4 percent from its mid-June OFS floor price.

Experts note that while current stock prices for most of these counters are trading above their OFS levels, the more typical pattern is for stock prices to react negatively in the run-up to an OFS, as the market braces for the additional supply.

Ajay Bagga, market expert, explained that since OFS issues are typically priced at a 3 percent to 10 percent discount to the prevailing market price, an arbitrage opportunity opens up for investors, who sell existing holdings and bid for shares in the OFS instead. This dynamic, he said, is largely a short-term phenomenon, but existing shareholders effectively get diluted at a discount, prompting institutional money to exit such counters before looking to re-enter at lower levels.

Experts also pointed to a clear front-loading of PSU divestment this year, with the overall target for the fiscal pegged at Rs 80,000 crore. Divestment activity typically gathers pace in the last quarter of the fiscal year, and targets have often been missed in recent years when market conditions turned unfavourable. With strategic divestment largely on the back burner, OFS has emerged as the government's preferred route to raise resources, helped in some cases by support from other PSU companies.

Analysts also pointed out that by offloading tiny tranches of typically 1 percent to 2 percent at a time, as seen in the Coal India and IRFC deals, the government is steadily increasing the free float, or shares available for public trading, in these companies. A higher free float makes these stocks eligible for inclusion in global indices, which in turn could draw long-term passive fund inflows from foreign investors.

Deepak Jasani, independent analyst, said the government is also under pressure to bring its shareholding below the mandated 75 percent threshold in several PSUs, where its stake still remains above that mark. The additional resources raised early in the year are expected to help meet higher subsidy requirements on food, fertiliser and cooking gas.

Some experts flagged it as somewhat surprising that the government has chosen to disinvest at relatively lower valuations after two years of subdued markets, attributing the move largely to a revenue shortfall stemming from the excise duty cut on crude oil and surging fertiliser and cooking gas subsidies. They noted the absence of a methodical, formula-based approach to PSU stake sales, and suggested it would be more prudent for the government to frame internal guidelines that trigger sales when valuations are elevated and conserve stakes when valuations are weak.

Bagga added that defence sector valuations, for instance, remain elevated and present a good opportunity for stake sales, while PSU banks, which have shown a strong turnaround in profitability, offer scope for the government to retain a controlling stake while gradually selling down the rest over time.

Source:Network18

24/06/26, RBI’s recent announcements aimed at attracting NRI dollar deposits have yet to demonstrate their effectiveness. The full impact of these measures will only be visible from RBI’s June 2026 data onwards. The timing of the RBI’s program allowing banks to offer higher rates on FCNR(B) deposits is crucial.

According to RBI year-end data, FCNR(B) outstanding balances edged up from $32,809 million at end-FY2024-25 to $33,756 million at end-FY2025-26, a rise of $947 million or 2.89 per cent. Although year-end FCNR(B) balances increased slightly from $32.8 billion to $33.7 billion, the April 2026 data is a matter of concern. The April 2026 FCNR(B) inflows decreased by 39% to $166 million from $272 million in April 2025.

Early in the year, it became clear that the Indian rupee was losing ground to the US dollar, and an RBI dollar scheme akin to the one from 2013 was anticipated. That may have led NRIs to restrict their flows into FCNR deposits. The dip in inflows is likely to continue in the May data when it gets released next month. The April data predates all of this, and the impact will reflect from June 2026 onwards.

The RBI’s June 2026 Bulletin indicates that NRI deposit flows remained stable year-on-year, rising only marginally from $164,677 million to $165,654 million by March 2026. However, the April to March 2025–2026 inflow data show a total of $14,413 million (P).

Total NRI deposit

India’s non-resident deposit flows held nearly flat in April 2026, but the headline stability conceals a sharp divergence across the three main NRI deposit schemes. Total NRI deposit flows stood at $764 million in April 2026, up just 1.73 per cent from $751 million in April 2025. Beneath that near-stillness, the three categories moved in opposite directions.

Fresh inflows into Foreign Currency Non-Resident (Bank) deposits fell sharply, declining 38.97 per cent year-on-year to $166 million in April 2026 from $272 million in April 2025.

The weakness reflects a structural problem that persisted through much of FY2025-26: with US dollar rates holding above 4 per cent, Indian banks were unable to offer competitive FCNR(B) rates after absorbing hedging costs estimated at around 3.5 per cent.

Despite weak inflows, outstanding FCNR(B) balances rose from $33,081 million in April 2025 to $33,922 million in April 2026, an increase of $841 million, likely reflecting exchange-rate valuation effects and existing deposit rollovers rather than fresh mobilisation.

The full trajectory is visible in the outstanding data: FCNR(B) balances were as low as $26,216 million in April 2024 before climbing sharply to $32,809 million by March 2025, a build-up driven by the large FCNR(B) mobilisation of FY25. The FY26 inflow deceleration has since moderated further growth.

RBI Measures

The RBI moved aggressively to reverse this in June 2026. On June 8, it opened a special swap facility under which it absorbs the entire hedging cost on fresh three-to-five-year FCNR(B) deposits mobilised until September 30, 2026. On June 17, it lifted the interest rate ceiling on such deposits entirely, allowing banks to price freely.

Banks responded quickly. HDFC Bank, Bank of Baroda, PNB, Yes Bank, ICICI Bank, Axis Bank, and AU Small Finance Bank, amongst many others, raised their USD FCNR(B) rate to as high as 7.10 per cent.

NRE and NRO Deposits

NRE deposit flows were the clear outperformer in April 2026, rising 40.43 per cent year-on-year to $528 million from $376 million in April 2025. However, outstanding NRE balances actually declined from $101,112 million in April 2025 to $98,474 million in April 2026, a fall of $2,638 million, or 2.61 per cent year-on-year.

Non-Resident Ordinary deposit flows fell 31.07 per cent year-on-year to $71 million in April 2026 from $103 million in April 2025. NRO accounts are used to manage income earned within India — rent, dividends, pension, interest — and are not fully repatriable, making them less sensitive to global rate differentials and more dependent on domestic income events.

Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. Data and estimates cited are sourced from publicly available reports and expert statements. Interest rates and scheme terms are subject to change as per RBI guidelines. Readers are advised to consult a qualified financial advisor before making any investment decisions.

24/06/26, PostMarket REPORT

The benchmark equity indices Sensex and Nifty sharply rebounded on Wednesday after suffering sharp losses in the previous session, supported by lower crude oil prices and buying in blue-chip stocks, particularly in the IT and private bank pack.

The Sensex settled 790.54 points or 1.04 higher at 76,991.22, and the Nifty was up 197.55 points or 0.83 percent at 24,021.65.

 On Tuesday, the Sensex had tanked 893.39 points, or 1.16 percent to settle at 76,200.68, while the Nifty dropped 278.80 points, or 1.16 percent to close at 23,824.10.

Among sectoral indices, all Nifty gauges traded higher except auto, metal and consumer durables.

Key factors behind market rise

1) Lower crude prices: Brent crude, the global oil benchmark, declined 1.02 percent to USD 76.29 per barrel, hovering near four-month lows amid signs that more oil tankers stranded in the Gulf since the start of the Iran war are set to move out of the Strait of Hormuz.

"The crash in Brent crude to below USD 77 has removed the macro headwinds for India. Rupee has stabilised. FII selling appears to have tapered off. This is positive for the market," VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said.

2) FII buying: Foreign Institutional Investors (FIIs) bought equities worth Rs 17.86 crore on Tuesday, lending support to market sentiment.

3) India-US trade deal hopes: 

4) Firm Asian markets: In Asia, South Korea's Kospi and Hong Kong's Hang Seng Index were trading higher, providing positive cues to domestic equities.

5) Buying in IT shares: Buying in information technology stocks supported the market. The NiftyIT index rose nearly 1%, outperforming the broader Nifty50's 0.3% gain. Among the gainers, Tech Mahindra climbed 2.6 percent, while Infosys gained 1.3 percent and Tata Consultancy Services advanced 0.6 percent.

6) Buying in private banks: Heavyweight bank shares like ICICI Bank and HDFC Bank led the gains in the benchmarks with Bank Nifty surging over 1.5%.

7) India Vix declines: The fear gauge or the volatility index declined 2.65 percent to 13.57 level, indicating reduced market uncertainity.

Technical Outlook

Rajesh Palviya, Head of Research at Axis Direct, said "the undertone remains cautious as long as the Nifty trades below 23,950. A sustained move above this level could trigger a relief rally towards 24,100–24,150, while immediate support is placed at 23,780. A decisive breach below this support may accelerate profit booking towards the 23,600 zone. Although oversold conditions after the expiry session could support a near-term pullback, investors should remain watchful of global technology stocks, which are likely to continue dictating market sentiment in the near term."

Disclaimer: The views and investment tips expressed by investment experts are their own and not of us. We advise readers and investors  to check with certified experts before taking any investment decisions.

24/06/26, Gift Nifty at 23,865 provides little cues for market direction. Ahead of holiday (Muharram on Friday) and NSE monthly F&O settlement (on Tuesday), traders will go light on their position, analysts said.Domestic markets are likely to open on flat to negative note on Wednesday as global stocks remain under pressure. Gift Nifty at 23,865 provides little cues for market direction. Ahead of holiday (Muharram on Friday) and NSE monthly F&O settlement (on Tuesday), traders will go light on their position, analysts said.

SENSEX Daily

 NIFTY 50

24/06/26, Stocks for Today

The Government of India is set to sell a 2 percent stake in IRFC, including a greenshoe option of an additional 1 percent stake, via offer-for-sale on June 24-25.

The floor price has been fixed at Rs 91 per share.

Honass Consumer 

The beauty and personal care company announced the acquisition of a 58 percent majority stake in Fluence Pharma, a science-backed nutraceuticals company. The strategic acquisition marks Honasa's entry into the high-growth nutraceuticals segment.

 Rashi Peripherals 

Rashi Peripherals has entered into definitive agreements to acquire a 67 percent stake in VDA Infosolutions for Rs 368.50 crore, subject to the fulfilment of customary closing conditions.

The remaining 33 percent stake will be acquired in three equal annual tranches of 11 percent each in August 2027, August 2028, and August 2029, respectively.

The acquisition of the full 100 percent stake is expected to be completed by August 2029.

 City Union Bank

The board has approved August 14 as the date for the Annual General Meeting and fixed July 31 as the record date for the dividend.

Further, the board has also approved raising up to Rs 500 crore through the QIP route.

 Yes Bank

The Board of Directors will meet on June 29 to consider raising funds through the issuance of equity and debt securities.

SIS

The Board of Directors of the company will meet on June 29 to consider a proposal for the buyback of equity shares.

Imagicaaworld Entertainment 

Considering the rainfall in the catchment area and the resources currently available, the company is ready to recommence operations at Imagicaa Water Park in Khopoli, Maharashtra, with effect from June 26.

The company estimated the revenue loss at approximately Rs 50 lakh and said it had taken steps for water conservation and to ensure business continuity in light of the disruption.

Bulk and Block Deals

Vedanta 

Promoter entity Twin Star Holdings has offloaded 6.5 crore shares, representing a 1.66 percent stake in Vedanta, at Rs 291.36 per share, amounting to Rs 1,895.96 

croreDelhivery

Nexus Ventures III sold 43.23 lakh shares, representing a 0.57 percent stake in Delhivery, for Rs 207.97 crore. The shares were sold at Rs 481 apiece.

During the current quarter, Nexus Venture Partners also sold 1.04 crore shares, representing a 1.39 percent stake in the company, on April 8, 2026. With this, the total stake sold by Nexus during the current quarter stood at 1.97 percent, against its shareholding of 4.48 percent as of March 2026.

 Sky Hold and Diamonds

Vikas Navratanmal Ganna and Jinesh Navratanmal Ganna sold a combined 1.48 percent stake in Sky Gold and Diamonds.

Vikas Navratanmal Ganna sold 11.53 lakh shares at Rs 490.41 per share, valued at Rs 56.56 crore, while Jinesh Navratanmal Ganna offloaded 11.41 lakh shares worth Rs 56.04 crore at Rs 491.13 per share. Both held a 1.98 percent stake each (around 30.7 lakh shares) in the company as of March 2026.

DP Wires

Bollywood star Amitabh Harivansh Rai Bachchan was a net seller of 82,056 shares worth Rs 1.64 crore in steel wires and plastic pipes manufacturer DP Wires.

According to the bulk deals data, Amitabh bought 41,566 shares at Rs 199.90 per share, while he sold 1.23 lakh shares at Rs 200.84 per share. The March 2026 shareholding pattern showed that the film star held a 2.11 percent stake (3.27 lakh shares) in DP Wires.

Craftsman Automation 

Promoter Srinivasan Ravi sold 5.25 lakh shares, representing a 2 percent stake in the paid-up equity capital of Craftsman Automation, for Rs 485.62 crore. He held a 40.15 percent stake in the company out of the promoters' total shareholding of 44.42 percent as of March 2026.

However, HDFC Mutual Fund, Invesco Mutual Fund, Franklin Templeton Mutual Fund, Merrill Lynch Investment Managers, Abu Dhabi Investment, Axis Mutual Fund, Edelweiss Mutual Fund, Tata AIA Life Insurance Company, and HDFC Standard Life Insurance Company were among the buyers of the 2 percent stake sold by the promoter.

The transaction was executed at a price of Rs 9,250 per share.

Source: Network18 

24/06/26, VEDANTA

Vedanta Resources Ltd. plans to sell an 11.9% stake in a US-based unit to raise about $372 million to develop its Zambian copper mining complex.

The division, CopperTech Metals Inc., said Tuesday that it intends to put about 23.5 million shares up for sale after applying earlier this month to list in New York. The net proceeds could rise to $429 million if underwriters exercise an option to purchase additional stock.

CopperTech was established last year as Vedanta pivoted to the US to mobilize funds for the group's Konkola Copper Mines business. Vedanta, owned by Indian billionaire Anil Agarwal, regained control of its 80% stake in KCM in 2024 after resolving a long-running dispute with the Zambian government.

The offering, if it goes ahead, will reduce Vedanta's interest in CopperTech to at least 88.1%. The proceeds will go toward completing the underground Konkola Deep operation, which will be crucial to reaching the company's copper production target of 270,000 tons a year.

Mining executives are increasingly focused on copper amid expectations that supply will struggle to keep pace with demand from electric vehicles, renewable energy, power grids and AI infrastructure.

Vedanta's Zambian mines are “one of the few operations positioned to help meet US demand for copper,” CopperTech said in its prospectus. The company said it is positioned “to capitalize on what we believe will be an unprecedented copper demand cycle.”

Zambia is Africa's second-biggest supplier of the metal, producing a record 890,000 tons last year, and relies on copper for most of its export earnings. Mines owned by First Quantum Minerals Ltd. and Barrick Mining Corp. accounted for 60% of output in 2025.

CopperTech is inviting potential shareholders to invest in a major mining complex in Zambia's Copperbelt Province that comprises open pits, underground shafts, concentrators, a smelter, and a refinery. Vedanta first acquired the assets in 2004, several years after they were privatized. A state-controlled investment firm, which retains a 20% stake in KCM, owned and ran the operations from 2019 to 2024.

Following operating losses in recent fiscal years, there is currently “substantial doubt” about KCM's “ability to continue as a going concern,” CopperTech said on Tuesday. However, Vedanta has undertaken to provide the Zambian firm with necessary financial support for at least 12 months, it said – anticipating that the mines will be able to generate positive cash flows “over the long term.”

CopperTech said it may raise additional capital or take on additional debt to meet Vedanta's $1 billion loan commitment to KCM, which has already been partially funded.

The company wants to spend $2.7 billion by early next decade as it aims to more than double copper output, with a third of that volume due to come from smelting metal supplied from other mines.

Report by Bloomberg 

Source: Network18 

23/06/26, PostMarket REPORT

Investors turned cautious after the recent rally, while attention shifted to the progress of the monsoon as a key near-term trigger for market directionDomestic benchmark indices extended losses in afternoon trade on Tuesday after flat opening, with IT and metal stocks dragging the market despite easing geopolitical tensions in West Asia. Investors turned cautious after the recent rally, while attention shifted to the progress of the monsoon as a key near-term trigger for market direction.At 12.36 pm, the BSE Sensex was down 523.80 points, or 0.68 per cent, at 76,570.27 after touching an intraday low of 76,501.52. The NSE Nifty 50 declined 164.15 points, or 0.68 per cent, to 23,938.75, slipping below the psychologically important 24,000 mark.

BSE Sensex dragged 592.55 points from the previous close, while Nifty 50 slumped 185.6 points.

The weakness was visible across the broader market as well. The Nifty Midcap 100 index fell 0.83 per cent, while the Nifty Smallcap 100 index declined 0.63 per cent. Market volatility rose sharply, with the India VIX surging nearly 8 per cent to approach the 14 mark.IT, metal stocks lead declineSelling pressure was concentrated in information technology and metal counters. The Nifty IT index fell ahead of Infosys’ annual general meeting later in the day. Among frontline IT names, TCS, Infosys, Wipro and Mphasis declined between 2 per cent and 3 per cent, while Oracle Financial Services Software was the lone gainer in the sector, rising around 1 per cent.Metal stocks also witnessed sharp profit-booking. Vedanta and National Aluminium Company slumped up to 8 per cent, leading losses in the Nifty Metal index, which emerged as one of the worst-performing sectoral gauges.

Sectorally, all major indices traded in the red except healthcare and pharmaceuticals. The Nifty Pharma index outperformed the broader market, supported by gains in Cipla, Sun Pharma and Dr Reddy’s Laboratories.Nifty 50 movers todayAmong Nifty 50 constituents, Cipla, Sun Pharma, Dr Reddy’s Laboratories, Shriram Finance and Asian Paints were the top gainers, while TCS, Infosys, Hindalco Industries, Wipro and Tata Steel were the biggest drags.Market breadth remained decisively negative. Of the 3,254 stocks traded on the NSE, 990 advanced, 2,173 declined and 91 remained unchanged. As many as 132 stocks touched their 52-week highs, while 11 hit fresh 52-week lows. Additionally, 99 stocks were locked in the upper circuit and 46 hit the lower circuit.

Within the midcap space, Info Edge (Naukri), Laurus Labs, Aurobindo Pharma, Alkem Laboratories and SRF gained between 2 per cent and 4 per cent. On the losing side, National Aluminium Company, Voltas, Ashok Leyland and NMDC declined 3-6 per cent.Among smallcaps, Cohance Lifesciences, PPL Pharma, Neuland Laboratories and Meesho rose 5-15 per cent, while Triveni Turbine, Netweb Technologies, Aster DM Healthcare and Pine Labs fell 2-4 per cent.Market participants said the correction reflects a combination of profit-booking in rate-sensitive and cyclical sectors following the recent rebound in equities. With concerns around West Asia easing for now, investors are increasingly focusing on domestic factors, particularly monsoon progress and its implications for rural demand, inflation and economic growth in the coming months.

Source: BusinessLine

23/06/26, IDBI FIRST BANK, Nifty 50, Sensex

 NIFTY 50

IDFC FIRST BANK

23/06/26, FinancialMarket Today

 Holiday curtailed week to see muted participationIndian markets are likely to open on flat-to-negative note on Tuesday amid volatile global cues. Analysts expect consolidation phase to continue. Gift Nifty at 24,125 indicates cautious start. Analysts expect also profit taking and low participation of ahead of holiday. Market is closed on Friday due to Muharram.However, FPI buying will stabilise markets, they said.

Ponmudi R, CEO of Enrich Money, said: Comments from the US Vice President that there is a “good foundation” for finalising the proposed agreement (between the US and Iran) have reinforced optimism that talks remain on a constructive path, bolstering hopes of a lasting resolution in the Middle Eas

Investor attention will also be focused on the ongoing India–U.S. trade negotiations, with India seeking tariff concessions as part of efforts to finalise a bilateral trade agreement, he said adding that the U.S. Trade Representative Jamieson Greer is expected to visit India this week for discussions with Commerce Minister Piyush Goyal, with any progress likely to be viewed positively by markets given its potential to strengthen trade ties and support long-term economic growth.Meanwhile, equities across Asia Pacific region are mixed in early deal on Tuesday. Rajesh Palviya, Head of Research, Axis Direct, said Asian markets traded mixed this morning, reflecting the cautious global risk sentiment, while Brent crude remained below the $80 mark, a supportive factor for India’s macro outlook through lower inflationary pressures. GIFT Nifty indicates a mildly positive start for domestic equities.India VIX remained stable at 12.84, continuing to reflect a low-volatility environment that has supported the recent uptrend, said Om Mehra, Technical Research Analyst, SAMCO Securities.

Source:BusinessLine

23/06/26, weak corporate governance

Repeated guidance cuts, disclosure lapses and weak cash conversion undermined investor confidence despite 33% revenue growth and an ₹8,000 crore order bookGovernance concerns need not involve fraud to erase billions in market value. Kaynes Technology's nearly 60 per cent decline from its October 2025 peak shows how repeated guidance revisions, disclosure lapses, weak cash conversion and stretched working capital can undermine investor confidence despite strong revenue growth, according to a report by corporate governance advisory firm InGovern.Kaynes has undergone one of the sharpest valuation resets in the Indian EMS space due to “a combination of guidance revisions, elevated working-capital intensity, cash-flow concerns and heightened scrutiny of certain financial disclosures.” According to the report, investor focus gradually shifted from the company's growth prospects to “cash conversion, execution discipline, disclosure quality and governance oversight.”

During FY26, Kaynes reported revenue of ₹3,626 crore, up 33 per cent year-on-year, EBITDA of ₹574 crore with a margin of 15.8 per cent and profit after tax of ₹364 crore. The company also maintained an order book of over ₹8,000 crore.However, the report said that the company materially missed its original FY26 revenue guidance of ₹4,500 crore after successive downward revisions during the year. Working capital stood at 125 days at the end of FY26, against the company's earlier guidance of 85 days.“A key area of investor focus was the gap between the original FY26 revenue guidance of ₹4,500 crore and the reported FY26 revenue of ₹3,626 crore,” the report said.Multiple downward revisions over the year indicate that management's forward visibility was weak, or its guidance discipline was too aggressive for the underlying cash and execution reality.Accounting ScrutinyThe report also revisited the disclosure-related developments that surfaced in December 2025 following observations made by Kotak Institutional Equities on related-party transaction disclosures, inter-company balances and accounting treatment for acquisitions and intangible assets.Kaynes had clarified that certain transactions were inadvertently omitted from standalone financial statement disclosures but were eliminated appropriately during consolidation and that the issue related to disclosure and presentation rather than recognition of the underlying transactions.From a governance perspective, InGovern said the episode showed “the importance of maintaining consistency and completeness across statutory filings”, adding that it increased stakeholder focus on financial reporting controls and review processes.The developments lead to CRISIL placing certain bank facilities under “Rating Watch with Developing Implications”, citing accounting and reporting-related observations along with working-capital intensity, while CARE Ratings reaffirmed its ratings with a stable outlook, recognising the company's operating capabilities and market position.Despite the governance concerns, Kaynes continues to retain attractive long-term positioning through its differentiated EMS and OSAT capabilities and its growing presence in industrial end markets, the report said.Going forward, it said rebuilding investor confidence will depend on demonstrable improvement in working-capital efficiency, cash-flow generation, disclosure controls, predictable execution and transparent communication.

Source: BusinessLine