The key equity barometers ended with minor gains after a volatile session on Monday. The Nifty settled a tad above the 19,350 mark. Metal and oil & gas stocks advanced while IT, media and realty stocks corrected.
As per provisional closing data, the barometer index, the S&P BSE Sensex, gained 63.72 points or 0.10% to 65,344.17. The Nifty 50 index added 24.10 points or 0.12% to 19,355.90.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 0.45% while the S&P BSE Small-Cap index declined 0.26%.
The market breadth was negative. On the BSE, 1,480 shares rose and 2,196 shares fell. A total of 154 shares were unchanged.
New Listing:
Shares of Cyient DLM closed at Rs 422.05 on the BSE, representing a premium of 59.26% compared with the issue price of Rs 265.
The scrip was listed at a price of Rs 401, at a premium of 51.32% as compared to the issue price.
So far, the stock has hit a high of 426.45 and a low of 401. On the BSE, over 14.19 lakh shares of the company were traded in the counter so far.
Buzzing Index:
The Nifty IT index declined 1.24% to 29,194.70. The index tumbled 2.17% in three trading sessions.
HCL Technologies (down 2.81%), LTIMindtree (down 2.22%), Persistent Systems (down 1.73%), Coforge (down 1.7%), Tata Consultancy Services (down 1.69%), Wipro (down 1.52%), Tech Mahindra (down 0.87%), L&T Technology Services (down 0.59%), Infosys (down 0.16%) declined.
Stocks in Spotlight:
Reliance Industries (RIL) jumped 3.85%. RIL said its subsidiary Reliance Retail's board of directors has approved a proposal to reduce the equity share capital to the extent held by shareholders other than its Promoter and holding company, namely, Reliance Retail Ventures. A consideration of Rs 1,362 per share, determined on the basis of valuation obtained from two independent registered valuers, shall be paid towards the capital reduction.
Separately, RIL has fixed 20 July 2023 as the record date for the purpose of determining the equity shareholders who are entitled to receive shares of Reliance Strategic Investments (RSIL). Under the scheme of arrangement, RSIL will allot one fully paid-up equity share of RSIL for every share of RIL as of the record date. RSIL will then be renamed as Jio Financial Services (JFSL). The counter hit 52-week high at Rs 2,755 in intraday today.
HDFC Bank fell 0.09%. The country's largest private sector lender has said that it will participate in the initial public offering (IPO) of National Securities Depository Limited (NSDL), by way of an offer for sale of up to 2% equity stake held by the bank in NSDL (being up to 40,00,000 equity shares), as stated in the draft red herring prospectus, filed with Securities and Exchange Board of India on 8 July 2023.
Tata Motors gained 0.17%. The Tata Motors Group's global wholesales in Q1 FY24, including Jaguar Land Rover, amounted to 322,159 units, up by 5% as compared to Q1 FY23.
Larsen & Toubro rose 0.10% after the company and Navantia, Spain signed a teaming agreement (TA) for the purpose of submission of a techno-commercial bid for the Indian Navy's prestigious P75 (India) submarine program. P75 is expected to be valued at over Euro 4.8 billion, the project is the India's largest defence acquisition project. This would also be followed by a 30-year lifecycle sustenance contract of similar value.
Separately, the EPC major announced that it has completed the transition of $150 million term loan with Bank of America into a sustainability linked loan (SLL) on 30 June 2023. This SLL reiterates Larsen & Toubro's continued commitment to its environmental, social and governance (ESG) goals.
Vedanta rose 0.61%. The miner on Friday announced the addition of semiconductors and display glass manufacturing ventures to its diversified portfolio. Vedanta said that its board has approved the acquisition of 100% of Vedanta Foxconn Semiconductors (VFSPL) and Vedanta Displays (VDL), wholly owned subsidiaries of Twin Star Technologies (TSTL) via share transfer at face value.
Indian Oil Corporation (IOCL) shed 1.87%. IOCL said that its board approved raising of capital by way of issue of equity shares on right basis upto an amount not exceeding Rs 22,000 crore.
Adani Enterprises rose 1.31%. The company informed that its wholly owned subsidiary, Adani Digital Labs (ADL) has acquired 29.81% stake of Stark Enterprises (SEPL) for Rs 3.56 crore on 7 July 2023.
Global Markets:
Markets in Europe advanced while Asian stocks ended mixed on Monday ahead of key inflation reports this week, including the U.S. consumer price index report due Wednesday and the producer price index on Thursday.
U.S. Treasury Secretary Janet Yellen concluded her visit to Beijing and said that the talks were ?direct? and ?productive,? putting bilateral ties on ?surer footing.?
Wall Street's main indices ended lower on Friday in a seesaw session, as investors digested a US jobs report that showed weaker-than-expected growth and awaited more economic data and corporate earnings in the weeks ahead.
The Labor Department's June jobs report showed payrolls increased less than expected, cooling down from May. Nonfarm payrolls rose by 209,000, while the unemployment rate came in at 3.6%.
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