The week gone by was volatile and had plenty of action and drama as well. Many things happened on expected lines and it appeared in hind sight that it was designed for the capital markets. The issue from Space-X happened, NSE filed its DRHP and at the Reliance AGM, the IPO from JIO Platforms has also been announced and filed. More importantly we have one mainboard IPO which has opened on Friday and two more which would open on Tuesday. Eventful week no doubt. 

Markets gained on four of the five trading sessions and lost on one. BSESENSEX gained 1,274.95 points or 1.69% to close at 76,802.90 points while NIFTY gained 390.20 points or 1.65% to close at 24,013.10 points. BANKNIFTY gained 870.95 points or 1.53% to close at 57,685.75 points. The broader markets saw BSE100, BSE200 and BSE500 gain 1.97%, 2.16% and 2.35% respectively. BSEMIDCAP gained 5.68% while BSESMALLCAP was up 6.26%. The top sectorial gainer was BSE CAPGOODS which gained 5.97% while the top loser was BSEIT which lost 1.25%. As a matter of fact, BSEIT was the only sectorial loser. 

The highs and lows which were made on BSESENSEX and NIFTY during the week were as follows. Lows were made on Monday, the first day of the week itself at 76,140.44 points and 23,817.80 points. The highs were made on Thursday at 77,492.33 points and 24,189.25 points. 

The Indian Rupee gained 38 paisa or 0.40% to close at Rs 94.45 to the US Dollar. Dow Jones gained on three of the four trading sessions and lost on one. It gained 362.44 points or 0.71% to close at 51,564.70 points. The US FED has kept rates unchanged at its latest meeting held on 16th and 17th of June. Rates would continue at 3.5% to 3.75%. The decision was unanimous by a vote of 12-0. 

The issue from Turtlemint Fintech Solutions Limited has opened from Friday 19th June to Tuesday 23rd of June. The issue consists of a fresh issue of 4.35 crore shares and an offer for sale of 1.46 crore shares in a price band of Rs 144-152. The company is a digital Insurance distribution platform. It enables the need for guidance and advisory for selection of right insurance product for the masses, a subject which is of high importance. We all understand and agree that insurance is highly underpenetrated in India and needs to be used by a much larger population than presently what number is. Along with under penetration, knowledge of why insurance and what insurance is virtually missing. This platform addresses these issues. In terms of performance the company sold 2.18 crore policies in the period April 22 to December 25, a period of 45 months. In terms of financial performance, they are yet to break even and make profits. However, they have done the hard work and should report profits in the year ending March 2027. 

The company is a long term play and meant only for investors with a medium to long term duration. 

The second issue is from Jewellery maker Advit Jewels Limited which is tapping the markets with its entirely fresh issue for 119.68 lakh shares in a price band of Rs 130-138. The issue opens on Tuesday the 23rd of June and closes on Thursday the 25th of June. The company is a manufacturer of exquisite Jadau Jewellery including, polki, minakari and emeralds and precious stones. This is legacy Jewellery which is hand crafted by skilled artisans and worn by brides of the HNI category and men as well. Jewellery is bound together by gold and various stones, emeralds and other precious stones are set in 14K and 18K gold. This Jewellery is not commercial gold Jewellery and is rarely recycled but passed down through generations. What began as bridal wear by the Marwari and Gujarati communities, is now much more widely accepted and is part of any celebrity wedding. Margins at the PAT level in this company are at 20% only because of the extensive nature of hand crafted Jewellery. Currently the company is basically a B to B player but post the issue intends to enter the B to C space as well which is highly lucrative. It premier showroom in Jaipur is expected to open around Diwali 2026 and would be a big boost for the company. The share is meant for medium term investment and it has interesting prospects looking at the business growth plan. 

The third and final issue is from Waterways Leisure Tourism Limited which is tapping the capital markets with its entirely fresh issue of Rs 585 crores. The company is a cruise liner and currently operates with one ship, MV Empress. It has contracted two more ships which would operate in fiscal 2027 and 2028, making a total of three ships. With these three ships, the company would be able to offer multiple choices and routes to customers domestically and internationally. The government has also been encouraging the operation of its inland waterways and passenger terminals have been built to facilitate passenger comfort. The ship operates 365 days a year and is currently offering various packages across one day, two days, three days extending to five and six day packages. Its occupancy is around the 90% level and the company is profitable for the year ended March 2026. The PE multiple of the company is at 96.01 to 100.75 times its earnings for March 26 financial year. There is no other competitor operating in this space making it virtually a monopoly. For sake of comparison, the company has compared itself with listed Hospitality companies. The addition of the second ship in little over a quarter and the third ship 5-6 quarters later, would add to the companies operational excellence as flexibility in routes and capacity would be available. Inventory of over three times would then be available on offer. 

The broad terms of the Iran-USA agreement entail a ceasefire of 60 days between the US and Israel on one side and Iran and Lebanon on the other. Further the Strait of Hormuz would be opened up and it be cleaned of all mines. Thirdly all frozen money of Iran would be released and sanctions imposed on Iranian oil be lifted. Issues about operations and nuclear would be debated and discussed over the next sixty days. While the digital signing happened some three days ago, things are again at a standstill because Israel attacked Lebanon.  I believe the final discussion will be time consuming and contentious. One step forward, two steps backward and so on. It will keep people occupied with no major impact. It would however offer trading opportunities. 

Coming to the markets they will look to settle down in a broad band. It appears that currently support exists at around 23,800 points and resistance at around 24,600 points. For markets to become bullish, we need to cross 24,600 decisively. Can it happen right away? Looks doubtful. Signs however are good. FPI’s have stopped selling and are making small purchases instead. This means that their view is changing. The current quarter has been a challenging one for almost all concerned. Results for the quarter April-June 2026 will start rolling out in another fortnight. One hopes that we would have some positive companies showing promise emerging. India has signed some trade agreements and hopefully even the US deal would happen sometime now. All of this augurs well going forward. 

The strategy for the week ahead would be to play in the broad market band of 23,800-24,600 points and one can also take overnight positions as there is substantial clarity now available. For any decisive breakout or breakdown, levels have been spelt out which makes matter clear. 

Trade cautiously and maybe with the primary market becoming active all over again we should see better traction in the markets as well.

Markets continued their choppy and volatile behavior. They were negative at the end of four days and then Friday happened, when for the first time it looked as if the Iran-US war would have an agreement on the weekend. Wonder why? The G-7 meets in the early part of the week in France and Donald Trump has to have something to talk about. Even though on the one hand a peace agreement is talked about, even as this article is being written on Sunday morning, Iran has attacked US assets in the Middle East. Iran knows how to pile on the pressure. It’s not a done deal till it’s signed and Iran has the upper hand. 

BSESENSEX gained on three of the five trading sessions while NIFTY gained on two of the five trading sessions. BSESENSEX gained 1,284.61 points or 1.73% to close at 75,527.95 points while NIFTY gained 256.20 points or 1.10% to close at 23,622.90 points. BANKNIFTY gained 2,318.55 points or 4.25% to close at 56,814.80 points. The broader markets saw BSE100, BSE200 and BSE500 gain 0.97%, 0.67% and 0.57% respectively. BSEMIDCAP lost 2.73% while BSESMALLCAP was down 2.35%. The intraweek high and low on BSESENSEX and NIFTY were at 75,608.02 points and 23,645.35 points, and 73,318.94 points and 23,070.15 points respectively. The lows were made on Monday while the highs were made on Friday. In what is significant is that markets were negative at the end of Thursday and it is Friday’s rally of 1,695 points on BSESENSEX and 461 points on NIFTY on Friday, which actually turned the tide. 

The Indian Rupee rallied strongly on the fall in the price of crude and gained 12 paisa or 0.13% to close at Rs 94.83 to the US Dollar. Dow Jones gained on three of the five trading sessions and lost on two. It was up 335.48 points or 0.66% up to close at 51,202.26 points.   

There were two mainboard listings during the week gone by. The first was from CMR Green Technologies Limited which had allotted shares at Rs 192. Shares listed on Wednesday and opened at Rs 275.40 on BSE and Rs 268 on NSE. They closed at the lower circuit of the day at Rs 247.90 on BSE and Rs 241.20 on NSE. While the share gained Rs 55.90 on BSE and Rs 49.20 on NSE, the record book will say that shares closed at lower circuit. By the end of the week, the shares gained further to close at Rs 252, a gain of Rs 60 or 31.25%. 

The second share to list was Hexagon Nutrition Limited which had issued shares at Rs 45. The share listed on Friday and closed at upper circuit of Rs 50.39, a gain of Rs 5.39 or 9.54%. 

Markets were week during the opening of the week, yet levels of 23,000 points held strong and were not violated. The support for next week therefore exists at the levels of 23,000 points and lower at 22,800 points. With NIFTY making a high of 23,645 points and closing at 23,622 points, first resistance comes at levels of 23,800 and further higher at 24,250 points. 

Coming to the markets, G-7 will be held between 15th and 17th June in Evian in France. Donald Trump has to talk about how great his diplomacy is and therefore he will do everything in his power to prove that the Iran-US war is resolved. This is probably an agreement to be finalized over the next 60 days. The key factor is that oil prices have begun to soften and that would be a relief to world markets. In news of market relevance, USA has become the world’s top exporter of crude for the 3rd consecutive month in a row. They have sold oil from their strategic reserves and have timed the same to perfection with the Iran deal. 

Iran and the US have agreed to a ceasefire and would sign an accord on the 19th of June. The stumbling block could be Israel and its continued aggression on Lebanon. While Trump will have something to talk about at the G-7, it is not a signed deal as yet.  

While Monday morning is likely to see fireworks, Trump being Trump, one needs to hold your horses. The strategy would be to continue with intraday trades and avoid large overnight positions for the coming week. G-7 summit will be crucial and important. 

Trade cautiously.