The stock market is set for an eventful start to the week as promoter stake divestments and contract signings grab the spotlight. Promoter Haridas Thakarshi Kanani has divested a 5.67% stake in a specialty chemicals company, which garnered attention from SBI Mutual Fund and White Oak Group. Another notable development is the commissioning of new capacity by UltraTech. Additionally, Vodafone Idea has announced a hike in tariffs for both pre-paid and post-paid customers, and Cochin Shipyard has signed a significant contract with Norway for the design and construction of dry cargo vessels.
Investors will also be keeping an eye on the upcoming sales figures for the auto industry to be reported for the month of June. The stock watch for the day includes updates on auto stocks and the impact of Vodafone Idea’s tariff hike.
Last week, the Indian stock market witnessed a mix of ups and downs with the Nifty 50 and BSE Sensex experiencing both gains and losses. The market closed with the Nifty 50 sliding 33 points to 24,010, and the BSE Sensex shedding 210 points to finish at 79,032. However, the small-cap and mid-cap indices outperformed the frontline indices, closing positively.
Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, is optimistic about the overall sentiment of the Indian stock market, emphasizing the Nifty 50 index’s crucial support at 23,500. With the index gaining around 800 points last week, market analysts are eyeing a potential move towards the 24,500 mark.
In conclusion, Monday’s stock market focus centers around the dynamics of promoter stake divestment, contract signings, and significant fund-raising activities announced by major companies. As investors gear up for the trading session, the impact of these developments on various stocks and market indices will undoubtedly be closely scrutinized.
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I compiled the latest stock market news focusing on promoter stake divestments, contract signings, and market performance for Monday. The article highlights prominent movements in the stock market and sets the tone for the trading session ahead. If you need further modifications or additional content, feel free to reach out.
