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Stocks in News

* ELECTROSTEEL CASTING: The company will undertake a planned shutdown of its MBF production facility at the Khardah unit and main plant from June 18 for around 10–12 days to carry out maintenance work.

* URGO CAPITAL: The bank will acquire SME lender Profectus Capital for Rs.1,400 crore in a single tranche.

* POLYCAB INDIA: The company has signed a Rs.6,447.54 crore agreement with BSNL for designing, supplying, constructing, and installing Bharat Net in Karnataka, Goa, and Puducherry telecom circles.

* AVENEUE SUPERMART: The company opened a new store at Ratan Mall in Agra, taking its total store count to 421.

* EMS LTD: The company emerged as the lowest bidder for a Rs.184 crore order from UP Jal Nigam.

* SANGHVI MOVERS: The government approved renaming the company’s arm from Samo Renewables to Sangreen BioRenew.

* BHARAT FORGE: The company signed an MoU with Turgis Gaillard to offer the AAROK UAV, designed for long-range, high-altitude surveillance, in alignment with India's Defence Ministry.

* RAILTEL CORP: The company received a letter of intent for a Rs.43.9 crore order from Zoram Electronics.

* BSE: SEBI approved Thursday as the revised expiry day for BSE's derivative contracts, while NSE has been allotted Tuesday.

* PUNJAB NATIONAL BANK: The bank sold its entire 20.90% stake in associate company MIS India SME Asset Reconstruction Company for Rs.34 crore.

Economic News

* Govt permits exports of up to 25,000 tn of pharma grade sugar per fiscal under restricted category: The government has authorized the export of up to 25,000 tonnes of pharma-grade sugar annually, under strict regulations, exclusively for legitimate pharmaceutical exporters. Furthermore, the Directorate General of Foreign Trade (DGFT) has enhanced the Trade Connect ePlatform by introducing the 'Source from India' feature, facilitating connections between international buyers and verified Indian exporters.

Global News

* China's housing market weakens further as price declines deepen despite policy support: China’s new home prices fell 0.2% MoM in May, marking a continued two-year stagnation despite multiple policy support measures. The decline follows a flat April and reflects renewed pressure post-peak season due to weak demand, policy fatigue, and buyer caution. The property sector, once contributing a quarter of GDP and housing 70% of household wealth, remains in a prolonged slump since 2021, worsened by developer debt issues. Though a private survey showed a 0.3% MoM price rise across 100 cities, official data revealed a 10.7% YoY drop in property investment and a 2.9% fall in sales (Jan-May). Smaller Tier 3/4 cities continued to decline, with prices down 0.3% in May. Analysts warn of steeper drops without stronger, city-specific policy actions. The government has pledged further steps to boost demand and stabilise the sector.

Technical Snapshot

Key Highlights:

NIFTY SPOT: 24853.4 (-0.37%)

TRADING ZONE:

Resistance :24950 (Pivot Level) and 25100 (Key Resistance)

Support: 24700 (Multiple Touches) & 24500 (Key Support).

BROADER MARKET: UNDERPERFORMED

MIDCAP 150: 58379.3 (-0.66%), SMALLCAP 250: 18420.35 (-0.69%)

VIEW:Bullish till above 24500 (Key Support).

BANKNIFTY SPOT: 55714.15 (-0.41%)

TRADING ZONE:

Resistance: 56000 (Multiple Touches) / 56500 (Key Resistance)

Support: 55000 (Pivot Level) / 54700 (Key Support).

VIEW: Bullish till above 54700 (Key Support).

SEBI Registration number is INH000000081.

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