Indian Stock Market: Key Stocks to Watch on June 11

Market Update: Stocks to Watch on June 11

The Indian stock market ended slightly lower on Tuesday as investors booked profits after a recent rally. The market sentiment remains positive, with experts predicting a continuation of the uptrend.

Market Outlook

Rupak De, Senior Technical Analyst at LKP Securities, noted that the Nifty has sustained above the previous consolidation zone on the daily timeframe, indicating a potential uptrend. The key support level is 24,850, and a move above 25,350 could trigger an extended rally.

Stocks in Focus on June 11

• Reliance Infrastructure: Reliance Defence, a part of Reliance Infrastructure, has deepened its partnership with German defence company Diehl Defence to supply Vulcano 155mm precision-guided ammunition to the Indian Armed Forces.
• Wipro: Wipro has extended its partnership with Metro AG, a global food wholesaler, for another two years, strengthening its IT services presence in the retail and wholesale sector.
• Maruti Suzuki: India’s largest carmaker is adjusting the production of its upcoming electric SUV, the e-VITARA, due to a shortage of rare earth magnets.
• IndiGo: IndiGo plans to expand its global operations with direct flights to three major cities in Central Asia – Almaty, Tashkent, and Tbilisi.

Other Stocks to Watch

• Oriental Carbon & Chemicals: Shares may be active after Bank of America purchased 53,428 shares in the company via a block deal.
• IIFL Finance: The company will raise up to Rs 600 crore by issuing non-convertible debentures to support its lending activities.
• Texmaco Rail and Engineering: Texmaco Rail has received a fresh order worth Rs 44.04 crore from the Mumbai Railway Vikas Corporation.
• Kaynes Technology: Kaynes Semicon, a fully-owned subsidiary, has signed an asset purchase deal with Fujitsu General Electronics Limited, Japan.
• Max Financial: Max Financial has appointed Sumit Madan as the new Managing Director and CEO of Axis Max Life.
• CreditAccess Grameen: The microfinance firm has secured a $100 million loan facility to strengthen its lending operations.
• Liquor Companies: Shares of liquor companies may come under pressure after the Maharashtra government increased excise duties.

Conclusion

The Indian stock market is expected to remain volatile, with various stocks in focus due to company-specific developments and market trends. Investors will closely monitor these stocks for potential opportunities.