The headline equity indices were trading with modest gains in early trade on buying demand in index pivotals. The Nifty scaled above the 19,350 mark. Media, financial services and IT stocks were in demand while oil & gas, metal and FMCG shares declined.
The barometer index, the S&P BSE Sensex, was up 240.36 points or 0.37% to 65,445.41. The Nifty 50 index added 59.10 points or 0.31% to 19,381.65.
The Nifty and the Sensex hit all-time highs in early trade at 19,413.50 and 65,586.60, respectively. Further, the Nifty Bank index also registered its fresh record high at 45,362.80.
In the broader market, the S&P BSE Mid-Cap index rose 0.18% while the S&P BSE Small-Cap index gained 0.36%.
The market breadth was strong. On the BSE, 1,700 shares rose and 1,004 shares fell. A total of 113 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,995.92 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 337.80 crore in the Indian equity market on 3 July, provisional data showed.
Stocks in Spotlight:
Reliance Industries (RIL) declined 0.74%. RIL said that its telecom arm Reliance Jio unveiled JioBharat with the objective of empowering every Indian with the power of digital services, especially those who cannot afford a smartphone. Beta trial for first 1 million Jio Bharat phones will begin from 7 July 2023.
Bajaj Finance jumped 7.36%. On a consolidated basis for the quarter ended 30 June 2023, customer franchise stood at 72.98 million as compared to 60.30 million as of 30 June 2022. New loans booked during Q1 FY24 grew by 34% to 9.94 million as compared to 7.42 million in Q1 FY23.
IDFC First Bank tumbled 4.39% and IDFC shed 0.05%. IDFC First Bank said its board has approved the composite Scheme of Amalgamation amongst IDFC Financial Holding Company and IDFC and the Bank. The Share Exchange Ratio for the amalgamation of IDFC into and with IDFC First Bank shall be 155 equity shares of IDFC First Bank for every 100 equity shares of IDFC.
Avenue Supermarts fell 0.25%. Standalone revenue from operations for the quarter ended 30 June 2023 stood at Rs 11,584.44 crore as compared to Rs 9,806.89 crore for the quarter ended 30 June 2022.
Lupin rose 0.74%. Global pharma major Lupin announced that it has received approval from the United States Food and Drug Administration (U.S. FDA) for its Abbreviated New Drug Application for Cyanocobalamin Nasal Spray, 500 mcg/spray (One Spray per Device), a generic equivalent of Nascobal Nasal Spray, 500 mcg/spray of Par Pharmaceutical, Inc.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper shed 0.01% to 7.115 from previous close of 7.117.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.9050, compared with its close of 81.9175 during the previous trading session.
MCX Gold futures for 4 August 2023 settlement gained 0.09% to Rs 58,328.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 103.
The United States 10-year bond yield jumped 1.03% to 3.858.
In the commodities market, Brent crude for September 2023 settlement rose 45 cents or 0.60% to $75.10 a barrel.
Global Markets:
Asian stocks were trading mixed on Tuesday following marginal overnight gains in equities on Wall Street ahead of the Independence Day holiday.
US stocks ended higher on Monday in a holiday-shortened session led by a rally in Tesla and strength in bank shares. US markets will remain closed Tuesday in observance of Independence Day.
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