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The key equity indices extended gains in afternoon trade. The Nifty traded above the 19,500 mark. European markets opened mostly higher while majority of the markets in Asia traded in the positive territory.
The barometer index, the S&P BSE Sensex, was up 302.66 points or 0.46% to 65,861.55. The Nifty 50 index gained 92.30 points or 0.48% to 19,506.05.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.53% while the S&P BSE Small-Cap index advanced 0.94%.
The market breadth was strong. On the BSE, 2,098 shares rose and 1,267 shares fell. A total of 136 shares were unchanged.
Economy:
The annual rate of inflation based on all India Wholesale Price Index (WPI) number is - 4.12% (provisional) for the month of June 2023 (over June 2022) against -3.48% recorded in May 2023.
The decline in the rate of inflation in June, 2023 is primarily due to fall in prices of mineral oils, food products, basic metals, crude petroleum & natural gas and textiles. The month over month change in WPI index for the month of June 2023 stood at - 0.40% as compared to May 2023.
Primary Market:
The IPO of Utkarsh Small Finance Bank received bids for 494.95 crore shares as against 12.05 crore shares on offer, according to stock exchange data at 13:30 IST on Friday (14 July 2023). The issue was subscribed 41.06 times.
The issue opened for bidding on on Wednesday (12 July 2023) and it will close on Friday (14 July 2023). The price band of the IPO is fixed at Rs 23-25 per share. An investor can bid for a minimum of 600 equity shares and in multiples thereof.
Stocks in Spotlight:
Wipro was up 0.04%. The IT major's consolidated net profit declined 6.65% to Rs 2,870.1 crore on 1.55% decrease in revenue form operations to Rs 22,831 crore in Q1 FY24 over Q4 FY23. On a year on year (YoY) basis, the IT firm's net profit jumped 11.96% while revenue rose 6.05% in Q1 FY24.
For the quarter ending 30 September 2023, Wipro expects revenue from its IT Services business segment to be in the range of $2,722 million to $2,805 million. This translates to sequential guidance of -2% to +1% in constant currency terms.
JBM Auto soared 14.83%. The company and its subsidiaries has received orders for supplying approximately 5,000 electric buses to various STUs in different states and multiple Fortune 500 companies.
Gland Pharma advanced 2.79% to Rs 1135.90 after the company announced the conclusion of US FDA's GMP inspection at its Hyderabad-based Dundigal facility.
Tata Metaliks reported a net profit of Rs 4.55 crore in Q1 FY23 as against a net profit of Rs 1.22 crore in Q1 FY23, recording a growth of 273% YoY. Net sales fell by 2.4% YoY to Rs 650.46 crore during the quarter.
Global Markets:
Markets in Europe and Asia mostly advanced on Friday, taking cues from an overnight rally on Wall Street, as producer price index data further showed that inflation in the world's largest economy was cooling.
This in turn spurred bets that the Federal Reserve was close to reaching peak interest rates in its current cycle, sparking strong gains in technology stocks.
Singapore's economy avoided a technical recession in the second quarter, growing 0.7% year-on-year and 0.3% quarter-on-quarter, advanced estimates showed.
US stocks extended recent gains to end higher on Thursday as data showed the annual increase in U.S. producer inflation was the smallest in nearly three years.
The U.S. producer price index rose in June less than anticipated, climbing 0.1% year on year, while core PPI, which strips out volatile food and energy prices, climbed 0.1% ? also lower than expectations.
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