Pre-Market Analysis

Date: 10th June 2024

1. Overview:

Indices:
● The domestic equity market indices, Sensex and Nifty 50, are
expected to open on a tepid note Monday tracking mixed cues from
global peers.

● Asian markets traded mixed, while the US stock market eased last
week, after stronger US jobs data pushed forward hopes of interest
rate cuts from the US Federal Reserve.

● Meanwhile, the Indian stock market is also likely to react to the

formation of the new government as Narendra Modi and his 71
ministers took oath of office and secrecy on Sunday.

● On Friday, the Indian stock market indices ended at their fresh

closing highs, extending gains into the third consecutive session,
after the Reserve Bank of India (RBI) kept the repo rate and policy
stance unchanged while raising the GDP estimates for FY25 and
retaining the inflation target.

● The Sensex jumped 1,618.85 points, or 2.16%, to close at 76,693.36,

while the Nifty 50 settled 468.75 points, or 2.05%, higher at
23,290.15.
 ● NIFTY

Nifty registered another significant up move on June 7 and closed the day
with sharp gains of around 2%.

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
23,000 is not broken. On the higher end, the index might move towards
23,500 - 23,600

● The index started the day near its 22800 support level

● We saw some more recovery in the index, reaching above 23000

level, almost near its ALL TIME HIGH

● Resistance at 23340 and 22500

● Support at 23056
 ● BANK NIFTY

The Bank Nifty index rallied 511.30 points, or 1.04%, to close at 49,803.20
on Friday.

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 support

● The index started the day near its 49400 support level

● The index saw a good momentum in the first half and then
consolidated the whole second half of the session

● Broke its 49500 resistance level and is sustaining above

● Resistance at 49940

● Support at 48640
2. Top gainers and losers

Company Current % Gain

L&T Finance 168.45 5.91

M&M 2,857.45 5.84

Ramco Cements 831.80 5.73

Vodafone Idea 15.85 5.67

Wipro 484.55 5.11

Company Current % Loss

Metropolis 2,002.20 -1.3

Glenmark 1,194.15 -1.3

SBI Life Insura 1,425.85 -1.18

Page Industries 38,349.45 -1.14

Oberoi Realty 1,889.50 -0.77

3. SECTORS

● The GIFT Nifty is trading 37.5 points lower on June 10, compared to
the Nifty 50 close, indicating a negative start for the day. Nifty futures
were trading at 23,292.5 at 07:00 am IST.
● Asian markets were mixed on Monday after a stronger-than-expected
U.S. jobs report on Friday revealed hiring and wage growth picked up
in May.At 07:00 am IST
● The Dow Jones Industrial Average fell 87.18 points, or 0.22%, to
38,798.99, the S&P 500 lost 5.97 points, or 0.11%, to 5,346.99 and
the Nasdaq Composite lost 39.99 points, or 0.23%, to 17,133.13.
● The market mood index is at 51.53 up from 43.45 indicating greed
entering among the traders and the investors.
 4. IPO

​ Magenta Lifecare
Open Date 05 Jun, 2024

Close Date 07 Jun, 2024

Lot Size 4,000

Minimum ₹140,000.00
Investment

Issue Price ₹ 35

Listing Date 12 Jun, 2024

Listing On BSE

Issue Size ₹ 7.00 Cr

Face Value ₹ 10

Total Shares Offered 2,000,000

Offered To Public 948,000

Retail Max 4,000/₹140,000

(Shares/Amount)
Important Dates

​ 05 Jun 2024 - Opening date

​ 07 Jun 2024 - Closing date
​ 10 Jun 2024 - Basis of Allotment
​ 11 Jun 2024 - Initiation of Refunds
​ 11 Jun 2024 - Credit of Shares
​ 12 Jun 2024 - Listing date
​
​
​
​
​
Category Subscription Times

Qualified Institutional Buyers 0x

Retail Individual Investor 454.61x

Non-Instituional Investor 312.88x

Others 0x

Total 379.85x
5. Top Stock News

● Dr Reddy’s Laboratories: The pharmaceutical company has

reported that the US FDA issued a Form 483 with four observations
at its API manufacturing facility (CTO-6) in Srikakulam, Andhra
Pradesh on June 7. The company has stated that it will address these
issues within the stipulated timeline.

● Mphasis: BCP Topco IX Pte, a Singapore-based private limited

company linked to Blackstone, is set to sell a 10.6% stake in Mphasis
at a base price of ₹2,350 per share. The transaction, valued at
₹4,700 crore, could potentially increase to 15.1%, raising the deal’s
total potential value to ₹6,697 crore. The deal includes a 180-day
lock-in period for the shares involved in the block deals.

● IDBI Bank: The bank has received an income tax refund order
amounting to ₹2,701.62 crore for the assessment year 2016-17. The
bank is currently evaluating the implications of this refund order on its
financial statements.

● KEC International: The company has secured new orders totalling

₹1,061 crore across its various business segments. These include
orders for transmission lines and substations in India, a transmission
line project in Malaysia, and supply of towers, hardware, and poles in
the Americas.

● Gland Pharma: The company has appointed Srinivas Sadu as

executive chairman and CEO, effective from June 10, 2024. Sadu,
 who has served as managing director (MD) and CEO since April 25,
2019, brings over two decades of experience to his new role.

● Wardwizard Innovations & Mobility: WIML has secured a big order

worth $1.29 billion from Beulah International Development
Corporation of the Philippines. The order is part of a strategic
collaboration to revolutionize the public transportation system in the
Philippines with electric vehicles.

● Borosil Renewables: The company has announced that it will raise

up to ₹450 crore through a rights issue. The company has informed
stock exchanges that it has approved the Draft Letter of Offer (DLOF)
to be filed with the market regulator, Sebi. The proceeds from the
rights issue will be used to prepay part of the term loans.

● Jubilant Pharmova: The company announced that the US FDA has

issued three observations for its contract manufacturing facility
operated by Jubilant HollisterStier LLC in Spokane, Washington.

● Reliance Infrastructure: Anil Ambani-promoted Reliance

Infrastructure plans to raise $350 million ( ₹3,000 crore) through
foreign currency convertible bonds (FCCB) to repay its rupee debt
and start new businesses such as electric power generation.

● Suzlon Energy: Marc Desaedeleer, an independent director on the

board of wind energy major Suzlon Energy, resigned from the
company’s board due to concerns regarding compliance and
transparency.
 6. Key takeaways

● The benchmark Sensex and Nifty indices are expected to open lower
on June 10 following indications from GIFT Nifty, which is trading
lower at 23,292.5.
● Track latest updates on GIFT Nifty right here on Moneycontrol.
● Indian benchmark indices ended on a positive note for the third
straight session on June 7 with BSE Sensex hitting all-time high while
Nifty 50 index inched closer to its record high level.
● At close, the Sensex was up 1,618.85 points, or 2.16 percent, at
76,693.36, and the Nifty was up 468.80 points, or 2.05 percent, at
23,290.20.
● Now hopes have revived that the US Federal Reserve might cut
interest rates in the September meet based on recent macro data
points. This week, focus will be on allocation of key cabinet portfolios
such as Finance, Defense, Roads, Energy, Commerce, and
Railways. The market will continue to be volatile with upward
biasedness,
● This week, stock market investors will watch out for global and
domestic triggers including the US Federal Reserve policy, Bank of
Japan interest rate decision, US inflation data, India’s retail inflation
data, and key policy decisions of the BJP-led coalition government.
DISCLAIMER

Investing involves risks, and decisions should be made with caution.

Explore investment opportunities to inspire your journey. This
guidance is intended to share perspectives, with the final
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