Stock Market Today: On June 24, trade on D-street is likely to be affected by several factors such as crude oil prices and the ongoing conflict between Israel and Iran. Market participants are also expected to see whether the broader markets will be able to hold onto the gains made by key indices such as the Nifty MidCap 100 and the Nifty SmallCap 100 amid declines in the benchmark indices. Notably the headline indices closed lower on June 23 with the Sensex ending at 81,896.79 down by 511.38 points or 0.62 per cent and the 50-share Nify finished 140.5 points or 0.56 per cent lower at 24,971.9.
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On June 24 the headline indices opened the session higher with the Sensex surging 637.82 points or 0.77 per cent to start the session at 82,534.61. On the other hand the Nifty 50 started the session at 25179.9 up by 208 points or 0.83 per cent.Here’s a look at the key factors which are likely to impact trade on D-street today:
Iran – Israel News
US President Donald Trump declared on June 23 that Iran and Israel have agreed to a ‘ceasefire’ following twelve days of intense conflict between the two countries. However neither of the two countries has confirmed the announcement. On the other hand the Israeli military claimed that it had detected missiles launched from Iran in the early hours of June 24, according to a Reuters report. According to the report Iranian Foreign Minister Abbas Araqchi has also said that if Israel stops its "illegal aggression" against the Iranian people, Iran has no intention of continuing its response. Notably the end of the conflict if confirmed by both the countries is expected to lift investor sentiment as it can mean a potential reduction in uncertainty.
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Crude Oil Prices Today
Following the news of de-escalation in the Iran-Israel conflict, crude oil prices which had been rising for the past few sessions witnessed declines in early trade. The price of West Texas Intermediate traded around $66.81 per barrel down by $1.7 or 2.48 per cent. On the other hand the price of Brent Crude declined by1.77 or2.48 per cent.
Gold Prices Today
Prices of the yellow metal dipped in the early hours of June 24. Gold prices declined amid news of the ceasefire. Any descalation in geopolitical conflicts typically decreases the demand for safe haven assets such as gold which in turn lowers the price of the yellow metal. According to the goodreturns website the price of one gram of 24 karat gold was Rs 10,068, the price of gold of 22 karat purity was around Rs 9,229 and the price of one gram of 18 karat gold was Rs 7,551.
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Stocks In Focus Today
Tata Motors
Tata Motors share price is likely to be in focus today as the company after the company revealed the launch prices of its electric SUV offering Harrier.ev.
Dixon Technologies
Dixon Technologies shares are likely to be in focus today as the company’s promoter Sunil Vachani pared 2.77 per cent stake through an open market transaction, raising over Rs 2,221 crore according to reports.
Larsen & Toubro
L&T shares are likely to be in focus on June 24 as the company has successfully listed India’s first Environmental, Social, and Governance bonds on the NSE and has raised Rs 500 crore through non-convertible debentures (NCDs).
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Cochin Shipyard
Cochin Shipyard shares are likely to be in focus today as the state-owned company informed the exchanges that its subsidiary Hooghly Cochin Shipyard Limited (Hooghly CSL), has bagged an orders worth a Rs 100 crore and Rs 250 crore from Heritage River Journeys Private Ltd.
HG Infra Engineering
HG Infra Engineering shares are expected to be in focus after the company informed the exchanges that it has emerged as the lowest bidder for an infrastructure project awarded by the Military Engineer Services (MES).
Sona BLW Precision
Shares of Sona BLW Precision are likely to be in focus today after the company announced that Jeffrey Mark Overly will be the new Chairperson of the company following the demise of Sunjay Kapur. Kapur has also been honoured with a ‘Chairman Emeritus’ title.
US Markets On June 23
Wall Street indices ended in the green on June 23. The Dow Jones Industrial Average closed higher by 374.96 points or 0.89 per cent at 42,581.78. The Nasdaq Composite and the S&P 500 also finished the session higher by 0.94 per cent and 0.96 per cent respectively.
How Asian Markets Are Trading Today
Asian markets opened on a positive note on June 24, hours after Trump’s ceasefire announcement. At the time of writing Japan’s Nikkei 225 and Hong Kong’s Hang Seng both traded higher by 1.08 per cent and 2.06 per cent respectively. On the other hand South Korea’s KOSPI and China’s Shanghai Composite index also traded higher by up to 2.74 per cent.
