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The key equity indices ended a volatile session with modest losses on Wednesday, snapping a two day winning streak. The Nifty settles below the 19,400 level after hitting the day's high of 19,507.70 in early trade. PSU Bank, media and pharma shares advanced while IT, private bank and bank shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 223.94 points or 0.34% to 65,393.90. The Nifty 50 index lost 55.10 points or 0.28% to 19,384.30.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.48% while the S&P BSE Small-Cap index gained 0.57%.
The market breadth was positive. On the BSE, 1,752 shares rose and 1,708 shares fell. A total of 141 shares were unchanged.
Buzzing Index:
The Nifty PSU Bank index rose 0.83% to 4,462. The index declined 0.76% in two trading sessions.
Punjab & Sind Bank (up 6.06%), Indian Bank (up 4.35%), Central Bank of India (up 2.8%), UCO Bank (up 1.94%) and Bank of India (up 1.93%) were the top gainers.
Among the other gainers were Punjab National Bank (up 1.82%), Indian Overseas Bank (up 1.33%), Union Bank of India (up 1.29%), Bank of Maharashtra (up 0.79%) and State Bank of India (up 0.11%).
Stocks in Spotlight:
Tata Consultancy Services (TCS) declined 0.45% while HCL Technologies shed 0.74%. IT bellwethers Tata Consultancy Services (TCS) and HCL Technologies will announce their Q1FY24 results today, 12 July 2023.
Adani Enterprises lost 1.31%. The company has raised Rs. 1,250 crores by allotment of 125,000 secured, unrated, unlisted, redeemable, non-convertible debentures (NCDs) of the face value of Rs 1 lakh each on private placement basis.
Shares of Delta Corp (down 23.01%) and Nazara Technologies (down 3.18%) declined in trade on Wednesday after GST council agreed to levy 28% on online gaming, horse racing and casinos at its 50th meet.
Nazara Technologies, in an exchange filing, said that the 28% GST implementation will have minimal impact on overall revenue.
Chembond Chemicals rose 1.73%. The company said that its wholly owned subsidiary Phiroze Sethna has entered into deed of assignment with Engineers Enterprises for transfer and assignment of plant located at Thane, Maharashtra.
Kalpataru Projects International rose 0.91% said that its Brazilian subsidiary KPBPL has acquired balance 49% equity stake in Fasttel, making it a wholly owned subsidiary of KPBPL.
Marksans Pharma rallied 9.41% after the company has received final approval from US Food and Drug Administration (USFDA) for its abbreviated new drug application for Acetaminophen and Ibuprofen Tablets.
Tatva Chintan Pharma declined 0.84%. The company said that its board has approved the proposal for raising further capital upto Rs 200 crore, by issuing equity shares and/or equity-linked instruments via public or private offering, through QIP or any combination thereof.
Global Markets:
Shares in Europe and Asia edged higher on Wednesday ahead of the key inflation data from India and the US to be released later today.
Japan's corporate goods price index rose at a slower pace of 4.1% year-on-year in June, the sixth straight month that growth has slowed. Also known as the wholesale inflation gauge, the 4.1% figure is lower than May's revised print of 5.2%, and also the slowest inflation rate recorded since April 2021.
US stocks ended higher on Tuesday, helped by optimism ahead of key inflation reports and as JPMorgan and other financial shares gained before earnings later this week.
US consumer price data is due on Wednesday, while a producer prices report is due on Thursday. Investors are looking for further clues on whether price pressures are abating and if the Federal Reserve is nearing the end of its interest rate hiking cycle.
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