Indian markets are expected to open lower on Thursday due to rising crude oil prices and escalating geopolitical tensions in the Middle East. According to CNBC-TV18, the Sensex closed up 64.42 points (0.09%) at 73,983.18 while the Nifty 50 declined 27.15 points (0.12%) at 23,214.95 after giving up most intraday gains due to late-session profit booking. GIFT Nifty was trading higher at around 23,205, indicating a firm start for domestic equities despite weak global cues with most Asian markets trading lower and US stocks ending in negative territory overnight.
Concord Biotech is recommended as a buy at ₹1,330.7 with a target of ₹1,544 and stop-loss at ₹1,225. As reported by Bonanza, the stock has shown signs of a meaningful trend reversal after a prolonged correction, breaking above a falling trendline resistance and reclaiming key short-term moving averages. Carysil is suggested at ₹1,192 with a target of ₹1,380 and stop-loss at ₹1,100, having delivered a decisive breakout above its long-standing resistance zone around ₹1,150. Welspun Enterprises is recommended at ₹556 with a target of ₹646 and stop-loss at ₹511, having delivered a strong breakout from a prolonged consolidation phase.
Jindal Steel is recommended as a sell at ₹1,121.1 with a target of ₹1,040 and stop-loss at ₹1,155. According to SBI Securities, the stock has broken below its upward-sloping trendline and momentum indicators favor the bears. Bajaj Finserv is suggested at ₹1,664.2 with a target of ₹1,610 and stop-loss at ₹1,710, exhibiting a bearish price structure with lower-top and lower-bottom formation. Raymond is recommended at ₹552.9 with a target of ₹590 and stop-loss at ₹524, showing healthy consolidation near higher levels.
Lenskart Solutions is in focus as Platinum Jasmine, an investment vehicle owned by the Abu Dhabi Investment Authority (ADIA), is likely to sell a 2.3% stake worth ₹1,944 crore through a block deal at a floor price of ₹486 per share. Meesho witnessed significant institutional activity with Fidelity Investments selling a combined 1.31% stake worth ₹988 crore through block deals, while Central Bank of India raised deposit rates by up to 253 basis points, taking rates to as high as 6% for 3-5 year FCNR(B) deposits. Power Grid Corporation approved ₹485.04 crore for SCADA system upgrades and secured JPY 80 billion in unsecured term loans from JBIC.
Foreign Institutional Investors (FIIs) continued their selling streak on June 10, offloading equities worth ₹2,124 crore, while Domestic Institutional Investors (DIIs) remained net buyers, purchasing equities worth ₹3,123 crore, providing crucial support to the domestic market amid persistent foreign fund outflows. This divergence in institutional flows highlights the resilience of domestic investors despite foreign selling pressure and the current cautious market sentiment.
