The benchmark indices traded with decent gains in mid-morning trade. The Nifty traded above the 19,250 mark. Oil & gas shares gained for the third consecutive trading session.
The barometer index, the S&P BSE Sensex, was up 296.07 points or 0.46% to 65,014.63. The Nifty 50 index added 86.70 points or 0.45% to 19,275.75.
The Nifty and the Sensex hit all-time highs in morning trade at 19,336.10 and 65,240.57, respectively. Further, the Nifty Bank index also registered its fresh record high at 45,353.20.
In the broader market, the S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index gained 0.59%.
The market breadth was strong. On the BSE, 2,023 shares rose and 1,452 shares fell. A total of 175 shares were unchanged.
Economy:
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) declined to 57.8 in June from 58.7 in May. The PMI has been above the neutral level of 50 consistently for two years now, indicating expansion rather than contraction.
Pollyanna De Lima, economics associate director at S&P Global Market Intelligence, said, June's PMI results again showed robust demand for Indian-made products, both in the domestic and international markets. Positive client interest continued to support the manufacturing industry, driving growth of output, employment, quantities of purchases and input stocks.
IPO Updates:
The initial public offer (IPO) of PKH Ventures received bids for 42.93 lakh shares as against 2.56 crore shares on offer, according to stock exchange data at 11:30 IST on Monday (3 July 2023). The issue was subscribed 0.17 times.
The issue opened for bidding on Friday (30 June 2023) and it will close on Tuesday (4 July 2023). The price band of the IPO is fixed at Rs 140 -148per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Oil & Gas index rose 1.82% to 7,672.85, extending gains for the third straight session. The index rallied 3.28% in three trading sessions.
Hindustan Petroleum Corporation (up 6.45%), Indian Oil Corporation (up 4.38%), Bharat Petroleum Corporation (up 3.63%), Mahanagar Gas (up 3.3%) and Gujarat Gas (up 2.47%) Indraprastha Gas (up 1.82%), Castrol India (up 1.74%), Aegis Logistics (up 1.45%), Oil & Natural Gas Corpn (up 1.06%) and Gujarat State Petronet (up 0.83%) edged higher.
Stocks in Spotlight:
Bajaj Auto fell 1.77% after the auto major's total auto sales declined 2% to 3,40,981 units in June 2023 as against 3,47,004 units sold in June 2022.
TVS Motor Company declined 0.48%. The company said that it has sold 316,411 units of two and three-wheelers in June 2023 as compared with 308,501 units sold in June 2022, thereby registering a growth of 3% on YoY basis.
Hero MotoCorp fell 1.15% after the company's total sales decreased by 9.87% to 436,993 units in June 2023 from 484,867 units in June 2022.
Global Markets:
Asian stocks advanced across the board as investors digest a slew of manufacturing activity reports from the region.
China's factory activity grew at a slower rate in June, according a private survey by Caixin/S&P Global. The country's manufacturing purchasing managers' index fell to 50.5 in June, down from 50.9 in May.
Sentiment among Japan's businesses improved in the second quarter, according to the Bank of Japan's quarterly Tankan survey. The headline index, measuring big manufacturers' mood stood at +5 in June, rebounding from a +1 reading in the first quarter.
US stocks logged strong gains on Friday as inflation showed signs of cooling while Apple closed with a $3 trillion market valuation for the first time.
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