Sensex tops 53,000 at open, Nifty climbs 35 points; PSU banks lead

• Follow

Benchmark equity indices opened with nearly a quarter per cent gains tracking Asian peers, as investors bet that higher inflation will be temporary as the economy continues to recover from the pandemic. In early trade, Sensex jumped 111 points or 0.21% at 53,036, close to its lifetime high of 53,216. While the broader market index Nifty 50 advanced 35 points or 0.22% to 15,880.

Asian Paints, rising 1.02%, was the top Sensex gainer followed by SBI, NTPC, HDFC, and Dr Reddy’s. TCS, L&T, Maruti, Bajaj Finserv and Titan were among the laggards.

On the sectoral front, Nifty PSU Bank was the star performer rallying up to 1.75%, followed by Nifty Pharma, up 0.71%, Nifty Bank and Nifty Realty, up 0.20% each and Nifty Metal gaining 0.05%. On the downside, the Nifty IT slipped 0.51% and Nifty Auto index lost 0.19%.

The broader market outperformed benchmark indices as the BSE MidCap index rose 1.03% and the BSE SmallCap index up 0.40%. Even the market breadth was positive as 1,273 shares advanced compared to 531 stocks declining and 495 scrips remained unchanged.

New listings

Two companies will list on the bourses on Monday, namely (KIMS) Krishna Institute of Medical Sciences and Dodla Dairy. The two IPOs that raised money between June 16-18 were subscribed 3.86 times and 45.62 times, respectively.

Earnings today

Hindustan Aeronautics, National Aluminium Company, Graphite India, ISGEC Heavy Engineering, IFCI, Federal-Mogul Goetze (India), Savita Oil Technologies, Sunrise Universal, GFL, Sadbhav Infrastructure Project, GIC Housing Finance, Tamilnadu Petroproducts,  HPL Electric & Power, Zee Media Corporation, Eros International Media, Linc Pen & Plastics amongst others will be reporting their quarterly earnings today.

Stocks in spotlight

Shares of Dodla Dairy will make their debut on the bourses today, 28 June 2021. Dodla Dairy offer closed for subscription on June 18 after being subscribed 45.62 times. The issue price is Rs 428 per share.

Shares of Krishna Institute of Medical Sciences (KIMS) will debut on the bourses today, 28 June 2021. KIMS Hospitals public offer witnessed an oversubscription of 3.86 times during June 16-18. The issue price is Rs 825 per share.

Reliance Industries (RIL) said that the Fluidized Catalytic Cracker Unit (FCCU) in SEZ refinery at Jamnagar which was taken for an emergency shutdown on June 6, 2021 has been restarted after carrying out necessary repairs. The Unit has since been stabilized and normal throughput has been reached. Lupin announced the launch of Emtricitabine and Tenofovir Disoproxil Fumarate Tablets 200 mg/300 mg, having received approval from the United States Food and Drug Administration (FDA).

Thyrocare Technologies said that Docon Technologies (“Acquirer”) along with. API Holdings (“PAC ”), in its capacity as the person acting in concert with the Acquirer, have announced an open offer for the acquisition of up to 1,37,55,077 equity shares from the Public Shareholders of the company, representing 26% of the Expanded Voting Share Capital, at Rs 1,300 per share aggregating to total consideration of Rs 17,88,16,00,100 payable in cash.

Barbeque-Nation Hospitality said the company’s board of directors approved raising up to Rs 99.99 crore via a share issue. The company will issue 11.77 lakh shares at Rs 849 per share to Massachusetts Institute of Technology, 238 Plan Associates LLC and Motilal Oswal Equity Opportunities Fund Series – II.

Zuari Agro Chemicals said that the Competition Commission of India (CCI) has approved the acquisition of the Goa plant of the company by Paradeep Phosphates.

SpiceJet informed that the board of directors of the company in its meeting scheduled on 30th June 2021 will discuss and consider, interalia, options for raising fresh capital through issue of equity shares/debt instrument on preferential/qualified institutions placement basis.

Dhunseri Tea & Industries said that the company’s board of directors has recommended the issue of bonus shares in a ratio of 1:2 i.e., one bonus share for every two shares held as of the record date 6th August 2021.