The benchmark indices ended a volatile session with significant gains on Thursday. Trading was volatile due to expiry of weekly index options on the NSE. The Nifty closed around the 19,500 level. Realty, oil & gas and media stocks were in demand while IT and FMCG shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex rose 339.60 points or 0.52% to 65,785.64. The Nifty 50 index added 98.80 points or 0.51% to 19,497.30.
The Nifty 50 and the Sensex hit all-time highs in late trade at 19,512.20 and 65,832.98, respectively.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.79% while the S&P BSE Small-Cap index gained 0.67%. Both the indices hit record high in today's intraday session.
The market breadth was positive. On the BSE, 2,055 shares rose and 1,397 shares fell. A total of 144 shares were unchanged.
Automobile Sales Grow 10% YoY In June: FADA
According to the report released by the Federation of Automobile Dealers Associations (FADA), Auto retail sales in June demonstrated a 10% YoY growth, encompassing positive performances across all vehicle categories including 2W, 3W, PV, Tractor and CV with respective growth rates of 7%, 75%, 5%, 41%, and 0.5%.
Despite a slight decline of -3% compared to pre-COVID levels, the overall retail figures relatively improved, except 2W sales (-14%) being the primary segment which continued to experience setback. For the first time, CV came out of the effect of covid and grew by 1.5% when compared to June'19.
IPO Updates:
The IPO of Senco Gold received bids for 63.30 crore shares as against 94.18 lakh shares on offer, according to stock exchange data at 15:39 IST on Thursday (6 July 2023). The issue was subscribed 67.21 times.
The issue opened for bidding on Tuesday (4 July 2023) and it will close on Thursday (6 July 2023). The price band of the IPO is fixed at Rs 301-317 per share. An investor can bid for a minimum of 47 equity shares and in multiples thereof.
Stocks in Spotlight:
Tata Power Company advanced 3.72% after the company has received Letter of Award 'LoA' to implement smart metering project in Chhattisgarh State Power Distribution Company Limited (CSPDCL). The value of project awarded to Tata Power is about Rs 1,744 crore and the project will be spanned over a period of 10 years.
JSW Steel added 0.57%. The steel major said that its consolidated crude steel production in Q1 FY24 stood at 6.43 million tonnes, recording a growth of 11% from 5.77 million tones posted in Q1 FY23. Meanwhile, JSW Steel will replace Housing Development Finance Corporation (HDFC) in the 30-share benchmark S&P BSE Sensex, with effect from 13 July 2023. The rejig is a result of the completion of the biggest corporate merger of HDFC with HDFC Bank.
Adani Green Energy rose 0.88%. The power generation company announced that its board has approved a proposal to raise funds upto Rs 12,300 crore through qualified institutional placement (QIP).
Marico fell 1.94% after the FMCG major said that its India business reported low-single digit volume growth in Q1 FY24 due to significant trade destocking in Saffola edible oils and channel inventory adjustments in core portfolios. The company stated that the domestic volumes grew in low-single digits, with a minor volume drop in Parachute coconut oil, low double digit volume growth in saffola edible oils and flattish quarter for Value Added Hair Oils.
Hindustan Zinc jumped 7.93% after the company said its board will meet on Saturday, 8 July 2023, to consider interim dividend on equity shares, if any, for the Financial Year 2023-24. The record date for eligibility of interim dividend, if any so declared will be Saturday, 15 July 2023.
Adani Wilmar added 0.01% after the edible oil major announced that it has reported 25% year on year volume growth in Q1 FY24, driven by robust consumer demand in both food and edible oil categories.
G M Breweries declined 1.02%. The company reported 23.21% rise in net profit to Rs 19.91 crore on 5.09% increase in revenue from operations to Rs 579.39 crore in Q1 FY24 over Q1 FY23. Sequentially, the company's net profit slumped 43.28% and revenue declined by 3.97% in Q1 FY24.
BSE jumped 3.68% after the company announced that its board has approved a share buyback of upto Rs 374.80 crore at a price not exceeding Rs 816 per equity share via tender offer route.
Biocon rallied 0.78%. Biocon Biologics (BBL), a subsidiary of Biocon announced that the company has completed the integration of the acquired biosimilars business in over 70 countries in emerging markets effective 1 July 2023, increasing the scale and scope of its business.
Puravankara gained 9.62% to Rs 103.27 after its sales value zoomed 119% to Rs 1,126 crore in Q1 FY24 from Rs 513 crore recorded in Q1 FY23.
Global Markets:
Markets in Europe and Asia tumbled on Thursday following overnight losses in the US stocks after hawkish signals from the Federal Reserve's latest meeting minutes.
US stocks dipped after the minutes from the Federal Reserve's June monetary policy meeting showed officials intend to resume raising interest rates after a pause last month. The minutes come ahead of US payrolls data, due out on Friday.
?Almost all? officials who participated in the June Federal Open Market Committee meeting said that additional increases in interest rates would be appropriate, citing risks including the ?tight? labour market, the minutes revealed on Wednesday.
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