The Enforcement Directorate (ED) has issued a fresh order to attach assets worth ₹1,021 crore as part of a money laundering investigation against the Reliance Anil Ambani Group. The probe found systematic diversion of public funds worth ₹15,548 crore.
The Indian stock market is expected to remain volatile in the coming week, with the Nifty and IT index under pressure. However, the broader market, including midcaps and smallcaps, is expected to continue its outperformance. Traders should focus on stock-specific opportunities, adopting a selective approach and focusing on stocks exhibiting strong relative strength, positive price structures, and favorable earnings prospects.
Midcap and smallcap mutual funds have witnessed a surge in investor interest, with midcap funds attracting the highest inflows among all equity mutual fund categories at Rs 6,090 crore in June. Experts attribute the renewed interest in these categories to the better performance of broader market stocks, which has encouraged investors to increase allocations to midcap and smallcap mutual funds.
The Indian stock market witnessed a rally on Friday, driven by a combination of factors including a decline in global oil prices and a strengthening of the rupee. The NSE Nifty 50 and BSE Sensex closed at 24,206.9 and 77,569.39, respectively, with the banking and IT sectors leading the market rally.
Equity mutual fund flows saw a significant surge in June, driven by investors’ preference for mid and small caps. The uptick in inflows marks a reversal from the 40% decline in May, driven by concerns over the West Asia conflict. Investors should consider allocating to resilient mid and small cap segments to stay ahead of the market.
Justdial, a leading Indian online directory and classifieds platform, has reported a significant profit of ₹166 crore in the first quarter of the financial year. CEO VSS Mani has announced his decision to step down, marking a significant change in the company’s leadership. With a strong online presence and expanding services, Justdial is poised for continued growth and profitability.
The Power Finance Corporation (PFC) has successfully raised USD 300 million through the issuance of floating rate bonds, marking a significant milestone in the company’s financial journey. The bonds will be listed on NSE IFSC and India INX, increasing transparency and liquidity in the market.
State Bank of India (SBI) has sold a 1.42% stake in its asset management arm, SBI Funds Management Ltd (SBIFM), to 30 investors for ₹1,655 crore ahead of its ₹11,600 crore IPO. The sale is part of the pre-IPO placement and the IPO is set to open on July 14.
The Indian stock markets sustained their morning gains through the midday session, with the BSE Sensex and NSE Nifty 50 indices trading at 77,394.76 and 24,165.75, respectively. Financial and infrastructure stocks led the market’s gains, with Jio Financial Services, HDFC Life Insurance, Adani Enterprises, and Adani Ports being the top gainers. Market breadth remained firmly in favour of buyers, with 2,786 stocks advancing against 1,222 declines.
The government has raised ₹20,000 crore through the Offer for Sale (OFS) mechanism in FY27, achieving a four-year high in disinvestment proceeds. With a strong pipeline of OFS, the government has enough headroom to go for minority stake sale and earn a significant amount of money.
