“Gross Inflows into active equity schemes were up 29% in May 2024 vs April 2024 (month on month) crossing Rs 71,000 crore. This increase can be attributed to the 119% growth in gross inflows into sectoral equity schemes (Rs 25,959 crore in May 2024 vs Rs 11,840 crore in April 2024) which can be attributed to NFOs. If we go further, the growth in flows is not as much as multicap, largecap, and smallcap saw single-digit growth in gross inflows in May 2024 vs April 2024. Midcap bucked the trend by growing 16.5% in gross flows when compared to April, i.e., Rs 6,585 crore in May 2024 vs Rs 5,651 crore in April 2024. Overall, the gross equity flows were up 29% while net equity inflows were up 83% (May 2024 vs April 2024) which is because redemptions were slightly lesser in May. On the debt side, liquid and money market categories got net inflows showing a preference for low-duration scheme categories. In the hybrid space, arbitrage funds continued their good run and had gross inflows of Rs 30,795 crores in May and net inflows of Rs 12,758 crores. This category AUM is now Rs 1.8 lakh crore vs Rs 1.34 lakh crore as of the end of December 2023, a growth of 34.5% in five months,” said Mayukh Dutta, Chief Business Officer at ITI Mutual Fund.

Ultratech Cement, Grasim Industries, Hero MotoCorp, Cipla, and Power Grid were the major gainers in the Nifty 50. While Tech Mahindra, Infosys, Wipro, M&M, and LTIMindtree were the key laggards in the Nifty 50 on June 10.

“Equity-oriented funds witnessed a robust net inflow of Rs 34,697 crores in May, which was sharply higher than the net inflow of Rs 18,917 crores in April. Intermittent corrections provided investors with some buying opportunity in a market that has largely witnessed a secular uptrend for a long time now. Moreover, the expectation of NDA NDA-led government coming back to power also propelled buying from investors, as they would have expected the markets to rally further if the NDA government had indeed formed,” said Himanshu Srivastava, Associate Director of Manager Research at Morningstar Investment Research India.

“The overall trend observed in May was very positive. The total funds mobilized was significantly higher at Rs 71,272 crores compared with Rs 55,368 in April, whereas the redemption amount was almost the same at around Rs 36,500 crores. The number of folios also increased by 33.9 lakhs showing new investors continuing to gravitate towards mutual funds,” said

KEC International jumped 7.9% to an intraday high of Rs 829 after the company got orders worth Rs 1,061 crore across its various business segments.

“KEC International, a global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs. 1,061 crores across its various businesses,” said the company in an exchange filing.

Ultra Tech Cement, Grasim, Powergrid Corp, Hero MotoCorp, and Nestle India are the top gainers on NSE Nifty 50 index whereas the top laggards include Tech Mahindra, Infosys, Wipro, LTIMindtree, and Mahindra & Mahindra.

Courtesy: NSE

The NSE Nifty 50 was up 39 points or 0.17% at 23,329, while the BSE Sensex was up 49 points or 0.06% at 76,741.83.

Suzlon Energy’s shares have retreated by up to 9% from their record peak of ₹52.10, recorded on June 4, 2024. The stock plunged to the 5% lower circuit during early trading today following the resignation of one of the company’s independent directors, Marc Desaedeleer, effective from June 8. Desaedeleer cited corporate governance concerns at the Pune-based firm as the reason for his resignation.

Castrol India Limited unveiled a fresh lineup of performance lubricants under the Castrol EDGE range, specifically tailored for SUVs, hybrids, and European vehicles. These products will be accessible at Castrol workshops and retail outlets throughout India. Concurrently, shares surged by 3.05% to reach Rs 200.90 on the BSE.

Courtesy: NSE

The Ixigo IPO will open for bidding on June 10 and close on June 12. The IPO, valued at Rs 740.10 crore, is a book-built issue comprising a fresh issue of 1.29 crore shares totaling Rs 120 crore and an offer for sale of 6.67 crore shares amounting to Rs 620.10 crore.

The upcoming Ixigo IPO has a price band set at Rs 88 to Rs 93 per share. Axis Capital Limited, Dam Capital Advisors Ltd (formerly IDFC Securities Ltd), and JM Financial Limited are the book-running lead managers for the IPO, with Link Intime India Private Ltd serving as the registrar for the issue.

The Grey Market Premium (GMP) for the Ixigo IPO stands at Rs 23 With the IPO’s price band set at Rs 93.00, analysts estimate the IPO’s listing price to be around Rs 116. This suggests an expected percentage gain per share of 24.73%.

Courtesy: BSE

“Bank Nifty has shown bullish momentum, taking support near its 10-day moving average and forming a bullish engulfing candle on the daily chart. It closed near its resistance level, indicating strong buying interest. The key resistance level for Bank Nifty is 50,500, while 49,200 will act as crucial support. This setup suggests potential for further upward movement if the resistance is breached.,” said  Rupak De, Senior Technical Analyst, LKP Securities.

The stock of Mahanagar Gas (MGL) rose 6.5% to an intraday high of Rs 1,471 as the company’s management reiterated FY25 volume guidance of 6-7% on year. The company will also add 90 CNG stations, including 30 in UEPL. Also, MGL guided for a capital expenditure of Rs 10 billion for FY25.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said “The Nifty moved up significantly after a flat closing in the previous trading session. The short-term trend looks very positive as the index closed near an all-time high. Going forward, the market remains a buy on dips as long as 23000 is not broken. On the higher end, the index might move towards 23500-23600. On the lower end, profit booking might occur only below 23000.

Adani Ports and SEZ, Power Grid Corp, Shriram Finance, Coal India and Bajaj Auto are the top gainers on NSE Nifty 50 index whereas the top laggards include Tech Mahindra, Infosys, LTIMindtree, Hindalco Industries, and Dr Reddy’s Lab.

The NSE Nifty 50 opens up by 0.12% at 23,319.15, while the BSE Sensex gains 0.32% to 76,935.41 in the opening trade.

“Last week, Nifty saw significant gains, with the Sensex hitting a historic high of 76,795.31. With Narendra Modi sworn in for a third term as Prime Minister and the RBI raising India’s GDP growth projection to 7.2% for FY24-25, markets are expected to trade positively. Nifty’s major support is at 23,000/22,507, with hurdles at 23,500/24,000. Options data suggests a trading range of 22,000-24,000, with significant call writing at 24,000 and put writing at 23,000,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

The NSE added  Balrampur Chini Mills, SAIL, Zee Entertainment Enterprises in F&O on June 10, 2024.

“After the roller coaster ride last week, the market is likely to take a breather in the near-term. It is important to understand that the major driving force in this bull market is the Indian retail investors including HNIs. Big selling by FIIs is getting eclipsed by the aggressive buying of DIIs and retail investors. The fact that retail investors bought equity for Rs 21179 crores on June 4th, the day Nifty tanked 5.9%, indicates the buying power and optimism of the retail investors. This is a structural long-term trend. FII selling on concerns of high valuations will be easily absorbed by DII plus retail buying. So, if FIIs swim against this trend, they will underperform in one of the best-performing stock markets in the world. That said, retail investors should not chase highly valued mid and smallcaps. Safety is in largecaps,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Foreign institutional investors (FII) bought shares worth Rs 4,391.02 crore, while domestic institutional investors (DII) offloaded shares worth Rs 1,289.75 crore on June 07, 2024, according to the provisional data available on the NSE.

WTI crude prices are trading at $75.53 up by 0.20%, while Brent crude prices are trading at $79.62 unchanged, on Monday morning.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, rose by 0.15% to trade at 105.10.

Global stocks retreated from an all-time high on Friday following unexpectedly strong U.S. monthly jobs data, which dampened hopes that the Federal Reserve would soon follow the eurozone and Canada in cutting interest rates, leading to a spike in Treasury yields, Reuters reported. The tech-heavy Nasdaq Composite fell by 39.99 points, or 0.23%, to close at 17,133.13. The S&P 500 dropped by 5.99 points, or 0.11%, ending at 5,346.99, while the Dow Jones Industrial Average decreased by 87.18 points, or 0.22%, to 38,798.99.