MRF touches Rs. 100,000 mark, Mankind Pharma surges on JP Morgan overweight rating

Indian Markets:

• The domestic benchmarks closed near the day’s high, recording significant gains on Tuesday.
• The Nifty started strongly and maintained a positive bias throughout the day, oscillating within a range before settling above the 18,700 level.
• Except for the Nifty Auto index, all sectoral indices ended higher, with notable rallies observed in Realty, FMCG, and media shares.
• The market sentiment has been buoyed by India’s moderating inflation and robust IIP (Index of Industrial Production) growth figures.
• The upcoming release of US inflation data and the FOMC (Federal Open Market Committee) announcement are eagerly awaited, with an optimistic outlook for interest rates to remain unchanged.

Global Markets:

• Markets in Europe and Asia rose on Tuesday, boosted by gains in US equity markets and expectations of a Federal Reserve interest rate pause following a Fed policy meeting this week.
• US stocks advanced on Monday as traders looked ahead to the Feds June meeting. The S&P 500 and the Nasdaq rallied on Monday to their highest closing levels since April 2022.
• Investors are closely monitoring U.S. Consumer Price Index (CPI) data, due to be released on Tuesday, and Producer Price Index (PPI) data, due out Wednesday, for a reading of how well the Feds tightening cycle has managed to curb inflation.

Stocks in Spotlight:

• India achieved a significant milestone on June 13 with Madras Rubber Factory (MRF) becoming the country’s first stock to reach a six-digit value. However, it’s important to note that MRF experiences thin trading volumes, with an average of approximately 9,000 shares traded over the past month. Despite this, the stock managed to surge by 1 percent to reach Rs 100,000 on June 13, driven by approximately 12,000 shares changing hands.
• Mankind Pharma witnessed a significant surge of 3 percent on June 13, reaching a 52-week high at Rs 1,540. The boost came following the initiation of coverage by foreign brokerage firm JP Morgan, which assigned an ‘overweight’ rating to the pharmaceutical company’s shares. With a target price set at Rs 1,700, indicating a 10-percent upside potential from the recent high.
• Zee Entertainment witnessed a challenging start on June 13, with its shares opening 4 percent lower following the Securities and Exchange Board of India’s (SEBI) decision to bar chairman Subhash Chandra and CEO Punit Goenka from holding key managerial positions due to allegations of power abuse. However, as the trading day progressed, the stock managed to recover most of its losses and closed flat. SEBI investigators highlighted the significant decline in ZEEL’s share price from Rs 600 to Rs 200 between FY19 and FY23, despite the company’s profitability, which raised concerns about the company’s overall health.

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