Nifty50: 18,826 ▲ 137 (+0.7%)
Sensex: 63,384 ▲ 466 (+0.7%)
Hello, friends !
With the monsoon skies casting a grey pall, here’s a heartwarming story. A food delivery agent walked 3 kilometres to deliver an order to a customer because he had no money to rent a bike. After hearing this and finding out that the agent was a qualified engineer, the customer helped him get an office job through a professional networking site. Talk of coming a long way! Even the markets warmed investors’ hearts today by ending the week on a high. More on that later.
- After a positive opening, benchmark indices saw strong buying and closed near their lifetime-high levels
- In all, 38 of the Nifty50 stocks closed in the green
- Eurozone inflation eased to 6.1% in May 2023, lowest since February 2022.
Among the Nifty sectoral indices, PSU Bank (+1.4%) and Media (+1.0%) were the top gainers, while IT (-0.3%) and Realty (-0.2%) saw minor losses.
| Top gainers | Today's change |
| HDFC Life | 610 ▲ 33 (+5.8%) |
| SBI Life | 1,281 ▲ 40 (+3.2%) |
| Bajaj Finserv | 1,509 ▲ 34 (+2.3%) |
| Top losers | Today's change |
| Wipro | 380 ▼ 8.5 (-2.2%) |
| Bajaj Auto | 4,638 ▼ 83 (-1.7%) |
| TCS | 3,177 ▼ 39 (-1.2%) |
What’s trending
⭐ Markets end on high note
Benchmark indices ended the week on a positive note, recording gains for the fourth consecutive week. The Nifty 50 index closed above the 18,800 mark this week, supported by strong traction in banking stocks. Nifty50 and BSE Sensex have closed near to their respective lifetime highs.
⭐HDFC Life gains on robust outlook
Shares of HDFC Life insurance jumped nearly 6% intraday following robust commentary from its management. Company’s management expects higher policy sales in June 2023 as well. In May 2023, there was double-digit growth in the number of policies. So far in 2023, the company's shares have gained over 7%.
⭐ Rites bags new order
Shares of railway engineering services provider Rites Ltd jumped over 5% intraday after signing an agreement with the National Railways of Zimbabwe (NRZ) to supply rolling stock. The size of this new order is $81.1 million (₹664 crore). During the March quarter, the company secured new orders worth ₹775 crore.
⭐ IKIO Lighting makes strong debut
LED lighting provider IKIO Lighting made a strong debut on the exchanges today. The company's shares were listed at a 37% premium above the IPO issue price of ₹285. The ₹606.5 crore IPO was subscribed 66 times.
⭐Crude oil trades in range
International crude oil prices traded in a range on Friday after witnessing a sharp rise in the previous trading session. This comes after China’s central bank cut its key policy rates to boost the economy. Meanwhile, China, the largest oil importer, reported oil refinery throughput, which is the volume of crude oil processed, rose 15.4% YoY in May 2023.
In Focus
Organised jewellers to gain market share
Shares of listed jewellery retailers are on the rise this month. So far in June 2023, Titan, Kalyan Jewellers and PC Jewellers have gained between 4 to 24%. This rise comes after an industry report stated that organised jewellers are likely to witness double-digit revenue growth and gain market share in FY24. Let's explore the key factors behind this.
High gold prices to boost revenue
Sustained high gold prices, which are around ₹60,000 per 10 grams in domestic markets, are expected to boost revenue of organised jewellers in FY24. Prices of the yellow metal have gained steadily in the international markets due to the US Fed’s policy action and a gradual recovery in gold buying in China.
Besides this, increased penetration of the goods and services tax, mandatory hallmarking, rising disposable income and changing consumer preferences could shift the market share towards organised players, which currently account for one-third of the industry.
Rapid expansion
To capture this golden opportunity, organised jewellers are also on an expansion spree by opening additional stores. Titan, which operates Tanishq outlets, added 12 new stores in FY23, taking the total count to 763 outlets. Meanwhile, Kalyan Jewellers increased its store count to 149 stores during the same period.
All in all, jewellery makers could glitter due to a combination of rising gold prices as well as rapid expansion.
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