Nifty50: 18,816 ▲ 61 (+0.3%)
Sensex: 63,327 ▲ 159 (+0.2%)
Hello, friends !
With the summer holiday season going on, we’re all getting photos from friends and families travelling around the world. But NASA has shared an image that’s literally out of this world! After spending 11 years on Mars, the Curiosity rover has sent a “postcard” that shows the rocky terrain and hills from the red planet. As we collectively marvel at this latest cosmic correspondence, let’s take a look at how the markets ended today.
- After trading in the red for most of the day, last-hour buying helped markets close in the green
- In all, 36 of the Nifty50 stocks closed in the green
- China’s central bank reduced its one-year loan prime rate by 0.1% to 3.55%
Among the Nifty sectoral indices, IT (+0.7%) and Auto (+0.7%) were the top gainers, while Media (-1.2%) and Pharma (-0.1%) were the top losers.
| Top gainers | Today's change |
| Tata Motors | 583 ▲ 17 (+3.0%) |
| HCL Tech | 1,170 ▲ 32 (+2.8%) |
| Power Grid | 249 ▲ 6.6 (+2.7%) |
| Top losers | Today's change |
| Bajaj Finance | 7,253 ▼ 133 (-1.8%) |
| Sun Pharma | 992 ▼ 9 (-0.9%) |
| M&M | 1,391 ▼ 11 (-0.8%) |
What’s trending
⭐Tata Motors hits 52-week high
Shares of the automaker touched a new 52-week high today. So far in 2023, Tata Motors stock has raised over 50% supported by increased sales in the passenger vehicles division due to a positive demand cycle. At the same time, company’s Jaguar Land Rover (JLR) business witnessed a significant turnaround in operational and financial performance as the chip supply issues eased.
⭐ IndiGo places largest order by Indian airline
IndiGo has placed an order for 500 Airbus A320 aircraft worth $50 billion. This order is also the largest-ever single aircraft purchase by an airline globally with Airbus. The deliveries are scheduled between 2030 and 2035. Currently, IndiGo operates 310 aircraft and has 60% of the domestic market share.
⭐ Automotive AC makers’ stocks rise
Shares of automotive air conditioner manufacturers Subros and Amber Enterprises rose today after the transport minister said that AC driver cabins for trucks will soon be made mandatory. Subros shares soared 20% to their 52-week high of ₹434.50. Meanwhile, Amber Enterprises shares surged 13.2% to ₹2,384 apiece on the BSE with a 7.8% gain.
⭐ Crude oil gains on China rate cut
International oil prices rose in early morning trade after China’s central bank cut two benchmark lending rates by 10 basis points (0.1%) each to boost its economic growth. Experts believe a rate cut in China, which is one of the largest oil importers, is expected to boost oil demand.
In Focus
Headwinds for agrochem companies from delayed monsoon?
Agrochemical firms, including PI Industries, Dhanuka Agritech and Sumitomo Chemicals have been in the spotlight. So far in June 2023, shares of these companies have jumped in the range of 7 to 11%, despite experts predicting a below-average monsoon this year. Then why are these stocks on the rise? Let’s find out.
Strong inventory position
Experts believe rain delays are likely to have minimal impact on agrochemical companies. The reason being that these companies have optimal inventory levels at dealerships, which could aid volume growth. Previously, a delay in sowing and expensive raw material costs led to a buildup of high-cost inventories, impacting the volumes and profitability of agrochemical companies.
Stable demand-side factors
Besides this, stable domestic crop prices, government’s thrust on improving farm incomes and expectations of special aid in case of crop damage ahead of the Lok Sabha elections next year are expected to benefit the agrochemical sector.
All in all, the agrochemicals space holds a positive outlook. However, extreme bad weather due to El Nino could impact crop production and remains a key risk for companies in the agrochemicals sector.
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