Weekly Trading Diary: 03rd June to 07th June 2024

[Tradingqna]

Welcome to the weekly trading diary, a thread for discussing your trades, strategies, ideas, news, stories, etc.

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Nifty and Sensex soared over 3% to end at record highs, fueled by optimism from exit poll predictions for the general elections. US futures are trading slightly higher.

Brent Crude: 80.98 -0.15%
USD INR Spot: 83.146 -0.38%.
India 10Y Bond yield: 6.951 -0.50%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

Power Finance Corporation was the top gainer.

IPCA Laboratories was the top loser.

News

Japan Airlines (JAL) and IndiGo have agreed on a codeshare partnership to enhance travel options between Japan and India. Initially, the partnership will strengthen JAL’s connectivity into India and later offer IndiGo customers more travel options on JAL’s extensive network.

SoftBank Group is expected to exit Paytm, facing investment losses of around $150-200 million. Its stake in the platform has decreased to 1.4% as it has been divesting over the past years. The exit is likely this month, ending a 7-year association.

Passenger car dispatches to dealers rose moderately in May as the automobile market entered a period of seasonally slow sales. Wholesale shipments grew by 4.4% to over 350,000 from a year earlier, following two consecutive years of record sales in 2023-24 and 2022-23.

Tata Motors is set to make Tamil Nadu a hub for exporting electric vehicles based on Jaguar Land Rover’s Electrified Modular Architecture, including JLR models made in India and Tata EVs using the EMA platform.

SEBI has issued a 31-point advisory to investment bankers, mandating stricter disclosures and due diligence for IPOs; non-compliant offer documents will be returned.

[Tradingqna]

Nifty and Sensex tumbled around 8% in their worst fall since 2020 amid concerns over uncertain election outcomes. Dow and Nasdaq futures are trading lower.

Brent Crude: 77.11 -1.6%
USD INR Spot: 83.579 0.57%.
India 10Y Bond yield: 7.035 1.27%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

Dabur India was the top gainer.

REC was the top loser.

News

Several consumer-facing firms, including Hindustan Coca-Cola Beverages and Wai Wai noodles maker CG Foods, are set to launch IPOs this year, adding to India’s vibrant primary market, reports ET.

NTPC plans a significant nuclear expansion, aiming for 10GW capacity with a Rs 1.5 lakh crore investment over a decade, per Mint. Chairman Gurdeep Singh noted discussions with states and a pending request for subsidiary approval from the central government.

Startup funding stagnated at $3.9 billion in the initial five months of 2024, with 465 deals compared to 758 last year, as per Tracxn. Despite fewer deals, the average value rose 40% to $10.1 million from $6.1 million in the same period last year.

The RBI is tightening oversight on bad loan buyers, requiring risk profiling and KYC verification for borrowers even if their details are available from lenders, as reported by the Mint. Auditors stress that merely acquiring KYC-compliant assets isn’t enough, regular verification is crucial.

Kalyan Jewellers India signed a definitive agreement to acquire the remaining 15% stake in Candere from Rupesh Jain for Rs. 42 crore, making Candere a wholly-owned subsidiary and transitioning to omni-channel commerce.

[Tradingqna]

Nifty and Sensex rebound to pre-exit poll levels, boosted by strength in the banking and auto sectors, despite election uncertainties. Dow and Nasdaq futures are trading higher.

Brent Crude: 77.7 0.26%
USD INR Spot: 83.421 -0.2%.
India 10Y Bond yield: 7.024 -0.11%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

Aditya Birla Fashion and Retail was the top gainer.

Larsen and Toubro was the top loser.

News

Maruti Suzuki India aims to invest Rs 450 crore in renewable energy projects, including solar power and biogas, over the next three years to enhance its environmental sustainability and green operations.

Coal India Ltd’s contribution to the government’s exchequer fell by 2.2% to Rs 9,560.28 crore in April-May this fiscal, down from Rs 9,777.64 crore in the same period last year.

SpiceJet plans to raise approximately $250 million in the coming months to enhance its operations, addressing challenges such as lessor and debt issues, according to Chief Ajay Singh.

KEC International Ltd. has bagged over Rs 1,000 crore worth of new orders in India, including residential projects and the construction of official residences for defense officials.

[Tradingqna]

Nifty and Sensex surged over 2% for the third day, driven by positive monetary policy and political news, continuing their winning streak. US futures are showing mixed trends.

Brent Crude: 80.17 0.38%
USD INR Spot: 83.403 -0.08%.
India 10Y Bond yield: 7.019 0.07%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

L&T Finance was the top gainer.

Page Industries was the top loser.

News

Bajaj Finance’s housing finance subsidiary plans to raise Rs 4,000 crore via an IPO to meet RBI regulations, as per a stock exchange filing.

India’s fuel consumption rose in May compared to the previous month, driven by robust industrial activity and general elections, according to data from the PPAC.

Hero MotoCorp’s board approved buying an extra 2.2% stake in Ather Energy for Rs 124 crore, after increasing their stake by 3% last year for Rs 340 crore. Ather Energy recently raised Rs 286 crore from founders and Stride Ventures through a mix of debt and equity.

Canada Pension Plan Investment Board and Cube Highways are finalizing bids for the road assets of the National Investment and Infrastructure Fund’s Athaang Infrastructure, with JP Morgan overseeing the transaction valued at around Rs 4,000 crore.

Acko General Insurance seeks Indian government intervention in the China trademark issue as Shenzhen MengLang applies for the Acko trademark in the insurance category, with Acko’s objection rejected. Approval status is unclear.

Zoho Corporation is seeking a license to construct a compound semiconductor fabrication plant in Chennai, allocating $200 million for the project, which could attract a total investment of $600 million and will include a technology partner.