Sensex Today Trades Higher | Nifty Above 23,550 | City Union Bank Climbs 5%, Suzlon Energy 4%

Thu, 20 Jun 10:30 am

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Asian markets traded mixed as investors awaited China's one- and five-year loan prime rates.

Japan's Nikkei 225 fell 0.28%, while the Topix eased 0.12%. South Korea's Kospi rose 0.06%.

US markets were closed on Wednesday on observance of Juneteenth.

The S&P 500 rose to a fresh record as artificial intelligence darling Nvidia continued its march to new highs, topping Microsoft as the most valuable public company on Tuesday.

Here's a table showing how US stocks performed on Tuesday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	176.45	-2.33	-1.30%	178.91	175.62	182.08	115.83
Apple	214.29	-2.38	-1.10%	218.63	213	220.2	164.08
Meta	499.49	-7.14	-1.41%	506	495.02	531.49	274.38
Tesla	184.86	-2.58	-1.38%	187.2	182.37	299.29	138.8
Netflix	685.67	9.84	1.46%	687.06	674.64	687.06	344.73
Amazon	182.81	-1.25	-0.68%	184.29	181.43	191.7	118.35
Microsoft	446.34	-2.03	-0.45%	450.14	444.89	450.94	309.45
Dow Jones	38834.86	56.76	0.15%	38936.93	38727.67	40077.4	32327.2
Nasdaq	19908.86	6.11	0.03%	19940.5	19837.86	19977.84	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 111 points higher and NSE Nifty is trading 28 points higher.

Hindalco, Tata Motors and HDFC Bank among the top gainers today.

Sun Pharma, HCL Tech and Bajaj Finance the other hand are among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets are trading on negative note. The BSE Midcap index is trading 0.2% higher and the BSE Smallcap index is trading 0.5% higher.

Sectoral indices are trading mixed today, with socks in power sector and banking sector witnessing most buying. Meanwhile stocks in power sector and capital goods sector witnessing selling pressure.

The rupee is trading at Rs 83.436 against the US dollar.

In commodity markets, gold prices are trading marginally higher at Rs 71,831 per 10 grams today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of the stock market, in a recent video, Rahul Shah, Co-Head of Research at Equitymaster, discusses the essential quality for a successful investor aiming to outperform the market index by at least 5% annually.

Drawing inspiration from legendary investors like Warren Buffett, Shah emphasizes the importance of strategically adjusting one's investment style, shifting between aggressive and defensive approaches and selecting high-quality stocks at attractive valuation.

The author recommends using the Sensex PE ratio to determine when to be aggressive (PE < 20) or defensive (PE > 22) in the Indian stock market.

Tune into below video for more details.

Tata Motors to Hike Prices

Automaker Tata Motors on Wednesday, 19 June, announced that it will increase the prices of its commercial vehicles, effective 1 July 2024, by up to 2%. The price increase is to offset the impact of rising commodity prices.

This is the third increase in CV prices this year announced by Tata Motors. The automaker had announced the first increase in commercial vehicle prices from 1 January up to 3%, followed by 2% from 1 April.

The automaker said that a price increase will be implemented across their entire range of commercial vehicles. The extent of the price hike will vary depending on the specific model and variant.

The company, which is separating its commercial vehicle and passenger vehicle businesses, is reportedly considering an eventual merger of its electric vehicles business-a step-down subsidiary-with the PV unit after the demerger exercise concludes.

On 4 March this year, Tata Motors announced a value-unlocking exercise to demerge its businesses into two separate listed entities. One would be the CV business and its related investments, and the other would be the PV businesses, including the EV unit, JLR (Jaguar Land Rover), and related investments.

Sun Pharma Receives USFDA Warning Letter

India's largest drugmaker, Sun Pharmaceuticals Ltd., informed the exchanges on Wednesday that it has received a warning letter from the United States Food & Drug Administration (USFDA) for its Dadra facility.

The warning letter summarizes violations of Current Good Manufacturing Practice (cGMP) regulations.

USFDA will make public the contents of the warning letter in due course.

Sun Pharma's Dadra unit received an Official Action Indicated (OAI) status from the USFDA on April 11 this year. This was after the regulator had inspected the facility between 4 December to 15 December 2023.

An OAI status is the most stringent regulatory action from the USFDA. It means that more regulatory or administrative measures are likely to be recommended for the facility, or even both.

Sun Pharma's Dadra unit is involved in the production of oral solid dosage forms and in the manufacturing of the generic Revlimid, which has been a key driver of sales for many pharma companies including Dr Reddy's, in recent times.

For more details on Sun Pharma, check out Best Pharma Stock: Sun Pharma vs Cipla.

Som Distilleries Licence Cancelled

The Madhya Pradesh Excise Department has suspended the licence of Som Distilleries and Breweries after reports of child labour at its Bhopal unit surfaced earlier this week.

According to the excise department notification, there was a rescue operation held where 39 underage boys and 20 underage girls were rescued from the liquor factory in the Raisen District in Madhya Pradesh.

The department further said that the minors were appointed by a unit of Som Distilleries without police verification. The suspension will be for 20 days or until the Labour Department approves for resumption of activities, whichever happens later.

In an exchange filing on June 19, Som Distilleries said that the concerns highlighted are related to a private limited company, which is an associate of the listed entity. The associate company deals mainly in country liquor. The filing also said that no department has taken any action against the listed company.

Company on 17 June the company said that the labour for the associate company is supplied by contractors who may not have done proper age verification before allowing workers at the factory.

Som Distilleries' Bhopal plant currently has a capacity of 15.2 million cases of beer per annum and 0.6 million cases of Indian Made Foreign Liquor. It also caters to regions of Rajasthan, Jharkhand and Uttar Pradesh from the Bhopal plant.

The Bhopal plant, according to the company's March quarter earnings call, had a capacity utilisation of 70%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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