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Domestic equity barometers traded with modest gains in early trade on buying demand in index pivotals. The Sensex climbed above the 67,000 level while the Nifty traded above the 19,800 mark. Both these indices attainted record high levels. Media, consumer durables and private bank stocks were in demand while auto and PSU bank shares declined.
The barometer index, the S&P BSE Sensex, was up 227.46 points or 0.34% to 67,022.60. The Nifty 50 index rose 72.25 points or 0.37% to 19,821.50.
The Nifty and the Sensex hit all-time highs in early trade at 19,829.55 and 67083.42, respectively.
In the broader market, the S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index gained 0.46%.
The market breadth was strong. On the BSE, 1,874 shares rose and 792 shares fell. A total of 126 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,115.84 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,317.56 crore in the Indian equity market on 18 July, provisional data showed.
Stocks in Spotlight:
State Bank of India (SBI) added 0.18%. The Competent Authority of the bank has approved to set up a new Trustee Company as a Wholly Owned Subsidiary of the bank for managing Corporate Debt Market Development Fund for which SBI Funds Management is identified as the Investment Manager cum Sponsor of the Fund.
IndusInd Bank gained 2.71%. The private lender's standalone net profit surged 32.45% to Rs 2,123.62 crore on 27.98% rise in total income to Rs 12,939.42 crore in Q1 FY24 over Q1 FY23. IndusInd Bank's consolidated net profit stood at Rs 2,124.50 crore in quarter ended 30 June 2023 as compared to Rs 1,631.14 core posted in Q1 FY23, registering a growth of 30.25%.
L&T Technology Services (LTTS) shed 0.21%. The company reported 8.5% fall in consolidated net income to Rs 311.1 crore in Q1 FY24 as against Rs 340.1 crore in Q4 FY23. Revenue fell 2.9% to Rs 2301.4 crore during the quarter from Rs 2370.6 crore posted in Q4 FY23.
The company announced that it has secured a $50 million contract with a global technology company, to enable new opportunities for digital media platforms.
Avanti Feeds rose 1.75%. A subsidiary company named Avanti Pet Care was incorporated for manufacturing and trading of pet food & pet care products.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper added 0.04% to 7.061 from its previous close of 7.058.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.0950, compared with its close of 82.0450 during the previous trading session.
MCX Gold futures for 4 August 2023 settlement added 0.02% to Rs 59,773.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.08% to 100.02.
The United States 10-year bond yield declined 0.50% to 3.771.
In the commodities market, Brent crude for September 2023 settlement lost 24 cents or 0.30% to $79.39 a barrel.
Global Markets:
Most of the Asian stocks declined on Wednesday as investors digest better-than-expected results from Wall Street.
US stocks ended higher on Tuesday led by gains in technology and banking shares amid better than expected quarterly results from key banks
US retail sales rose less than expected in June. Retail sales increased 0.2% last month, the Commerce Department said on Tuesday. Data for May was revised higher to show sales gaining 0.5% instead of 0.3% as previously reported.
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