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The key equity benchmarks ended with moderate gains on Tuesday. The Nifty settled above the 19,400 level. Auto, consumer durables and FMCG shares advanced while financial services, bank and metal stocks declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex, added 273.67 points or 0.42% to 65,617.84. The Nifty 50 index advanced 83.50 points or 0.43% to 19,439.40.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.97% while the S&P BSE Small-Cap index rose 0.82%.
The market breadth was positive. On the BSE, 1,944 shares rose and 1,537 shares fell. A total of 121 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 3.94% to 11.01.
Investor sentiment was positive amid expectations that the Federal Reserve was nearing the end of its rate hike cycle for the year. The PBOC's announcement that it will extend financial support for the sector until end-2024 also aided sentiment.
Buzzing Index:
The Nifty Auto index gained 1.39% to 15,617.45. The index fell 0.62% in the past trading session.
Tube Investments of India (up 2.89%), TVS Motor Company (up 2.84%), Balkrishna Industries (up 2.53%), Eicher Motors (up 2.44%), Ashok Leyland (up 2.18%) Samvardhana Motherson International (up 1.76%), Tata Motors (up 1.71%), Maruti Suzuki India (up 1.68%), MRF (up 1.53%) and Mahindra & Mahindra (up 1.23%) advanced.
Stocks in Spotlight:
Larsen and Toubro rose 1.37%. The company's Kattupalli Shipyard near Chennai has been undertaking voyage repairs of the Military Sealift Command vessels.
Tata Communications jumped 6.92%. The firm said that its Singapore-based subsidiary, Tata Communications International has entered into a share purchase agreement to acquire remaining equity ownership of Oasis Smart Sim Europe SAS.
State Bank of India (SBI) fell 0.63%. SBI proposes to participate in an initial public offering (IPO) of National Securities Depositories Limited (NSDL) by way of offer for sale of up to 2% equity stake held by the Bank in NSDL (being up to 40,00,000 equity shares).
SBI Cards and Payment Services declined 0.13%. The company announced that Rama Mohan Rao Amara has tendered his resignation from the position of managing director & chief executive officer (CEO) of the company with effect from the close of business hours on 11 August 2023.
Vedanta fell 1.68%. Foxconn Technology Group has reportedly pulled out of its joint venture with Vedanta which had planned to invest $20 billion in India for setting up a semiconductor fabrication unit, display unit and semiconductor assembly and testing unit.
Suzlon Energy advanced 2.94%. The company received order from The KP Group for the development of a 47.6 (megawatt) MW wind power project located at Vagra, Gujarat.
Minda Corporation surged 3.62%. The company secured a significant contract from a leading OEM to produce battery chargers for electric vehicles (EVs) worth Rs 750 crore.
Premier Explosives hit an upper circuit of 20% after the company announced that it has received orders worth Rs 552.26 crore from the Ministry of Defence for procurement of flares and chaffs. The chaffs order is valued at Rs 292.11 crore, and the flares order stood at Rs 260.15 crore.
Global Markets:
European and Asian stocks advanced on Tuesday, tracking moves on Wall Street as U.S. markets snapped a three-day losing streak.
Meanwhile, heavyweight Chinese technology stocks rose on Tuesday, extending a recent run of strong gains as traders bet on a clearer regulatory outlook for the sector, while expectations of more stimulus measures also aided sentiment.
The country's biggest technology stocks saw a three-day rally as recent government fines on Alibaba's Ant Group and Tencent spurred bets that the government had now ended its regulatory crusade against the sector.
Slowing growth also spurred bets that Beijing will roll out more stimulus measures to support the economy, which in turn triggered buying into local stocks.
Chinese property stocks rose on Tuesday after the PBOC extended recent emergency spending measures for the sector.
US stocks edged higher marginally on Monday as investors awaited inflation data, due to be released on Wednesday.
Investors are bracing for a slew of inflation data later in the week, including June inflation numbers from the U.S., which will give clues to the Federal Reserve's hiking path.
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