Sensex slides 505 pts; Nifty ends below 19,350; media shares outperform.

The benchmark indices ended with major losses after a volatile session on Friday. The Nifty settled below the 19,350 mark after hitting the day's high of 19,523.60 in morning trade. Media, PSU bank and auto stocks advanced while FMCG, realty and private bank stocks corrected.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 505.19 points or 0.77% to 65,280.45. The Nifty 50 index lost 165.50 points or 0.85% to 19,331.80.

In the broader market, the S&P BSE Mid-Cap index slipped 0.76% while the S&P BSE Small-Cap index declined 0.28%.

The market breadth was negative. On the BSE, 1,501 shares rose and 1,966 shares fell. A total of 113 shares were unchanged.

New Listing:

Shares of Ideaforge Technology closed at Rs 1,295.50 on the BSE, representing a premium of 92.78% compared with the issue price of Rs 672.

The scrip was listed at a price of Rs 1,305.10, at a premium of 94.21% as compared to the issue price.

So far, the stock has hit a high of 1,344 and a low of 1,257.80. On the BSE, over 6.50 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Media index surged 3.91% to 1,895.55. The index jumped 8.83% in six trading sessions.

Zee Entertainment Enterprises (up 8.63%), PVR Inox (up 4.58%), Dish TV India (up 3.44%), Network 18 Media & Investments (up 1.18%), TV18 Broadcast (up 0.77%) and Hathway Cable & Datacom (up 0.32%) gained.

On the other hand, Navneet Education (down 1.28%), New Delhi Television (down 0.97%) and Sun TV Network (down 0.44%) edged lower.

Stocks in Spotlight:

Reliance Industries (RIL) fell 0.42%. The National Company Law Tribunal, Mumbai Bench (NCLT), has sanctioned the Scheme of Arrangement between RIL and its shareholders and creditors & Reliance Strategic Investments Limited. The company and Reliance Strategic Investments Limited will take necessary steps including fixing the record date for allotment and listing of equity shares of Reliance Strategic Investments Limited.

Titan Company rose 1.06%. The company recorded revenue growth of 20% YoY for Q1 FY24 with all key consumer businesses exhibiting double digit growth in the quarter. Jewellery Division rose 21 % YoY in Q1 FY24.

Tata Motors advanced 2.94% after the company said that Jaguar Land Rover (JLR) has recorded 30% growth in wholesales to 93,253 units in Q1 FY24 over Q1 FY23. Wholesales volumes were slightly lower (down 1%) compared to the prior quarter ending 31 March 2023 reflecting shipping schedules, while production was up quarter on quarter.

Dabur India slipped 3.28%. The company said that the trends in both urban and rural India had shown signs of improvement during the quarter, primarily due to reduction in inflation. The company said that its consolidated business, including recently acquired Badshah Masala, is expected to register growth exceeding 10%.

Tata Steel declined 0.93%. Tata Steel India crude steel production stood at 5.01 million tons in Q1 FY24, , with a growth of 2% YoY primarily driven by ramp up at Neelachal Ispat Nigam Limited. Production was lower QoQ on planned maintenance shutdowns. Deliveries at 4.8 million tons were higher by 18% on YoY basis, driven by rise in domestic deliveries.

Kalyan Jewellers India rallied 4.61% after the company's consolidated revenue growth for the Q1 FY24 was around 31% as compared to the same period in the previous financial year.

FSN E-Commerce Ventures (Nykaa) shed 2.40%. The company expects its consolidated revenue for Q1 FY24 to grow in the mid-twenties on year on year (YoY) basis. The firm added that its BPC business NSV for the quarter is expected to grow in the early twenties YoY. This is supported by strong urban demand in the category.

Olectra Greentech jumped 18.02% after consortium of the company and Evey Trans has received Letter of Intent (LOI) from Maharashtra State Road Transport Corporation (MSRTC) to supply 5,150 electric Buses.

Suzlon Energy rose 1.36% after the company announced that its board has approved the conversion of 1.59 crore partly paid-up equity shares aggregating to Rs 3.97 crore.

Global Markets:

Markets in Europe traded mixed while Asian stocks tumbled on Friday after Wall Street sold off on stronger-than-expected U.S. jobs data, leaving room for more rate hikes ahead by the Federal Reserve.

U.S. Secretary of Treasury Janet Yellen is in Beijing for a four-day trip to meet Chinese officials, marking a deepening thaw in ties between the U.S. and China.

Wall Street's main indexes ended sharply lower on Thursday in a broad sell-off after data showing a strong labor market boosted bond yields and fanned fears the Federal Reserve will be aggressive in raising U.S. interest rates.

Companies created far more jobs than expected in June, payroll processing firm ADP reported Thursday. Private sector jobs surged by 497,000 for the month. May's total was revised lower to 267,000, down 11,000 from the initial estimate.

The number of Americans filing new claims for unemployment benefits increased moderately last week. Initial claims for state unemployment benefits rose 12,000 to a seasonally adjusted 248,000 for the week ended July 1, the Labor Department said on Thursday.

Nifty below 19,500; bank shares decline.

The domestic equity barometers traded with minor losses in morning trade. The Nifty traded below the 19,500 level after hitting day's high of 19,523.60 in morning trade. Bank shares saw a bit of selling pressure.

The barometer index, the S&P BSE Sensex, was down 78.81 points or 0.12% to 65,706.83. The Nifty 50 index lost 25.10 points or 0.13% to 19,472.20.

In the broader market, the S&P BSE Mid-Cap index slipped 0.11% while the S&P BSE Small-Cap index gained 0.16%.

The market breadth was positive. On the BSE, 1,752 shares rose and 1,380 shares fell. A total of 148 shares were unchanged.

New Listing:

Shares of Ideaforge Technology were currently trading at Rs 1,296.65 at 10:28 IST on the BSE, representing a premium of 92.95% compared with the issue price of Rs 672.

The scrip was listed at a price of Rs 1,305.10, at a premium of 94.21% as compared to the issue price.

So far, the stock has hit a high of 1,344 and a low of 1,257.80. On the BSE, over 3.80 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Bank index advanced 0.42% to 45,151. The index rose 0.42% in the past trading session.

AU Small Finance Bank (down 1.53%), Federal Bank (down 0.85%), IndusInd Bank (down 0.79%), Punjab National Bank (down 0.68%), ICICI Bank (down 0.64%), Kotak Mahindra Bank (down 0.28%), IDFC First Bank (down 0.25%), HDFC Bank (down 0.22%), State Bank of India (down 0.14%) declined.

On the other hand, Axis Bank (up 0.33%), Bandhan Bank (up 0.17%) and Bank of Baroda (up 0.07%) edged higher.

Stocks in Spotlight:

Indian Oil Corporation (IOCL) rose 1.95% while Praj Industries (Praj) jumped 7.69%. IOCL and Praj Inds signed a term sheet to advance plans to strengthen biofuels production capacities in India. Various biofuels are covered under this MoU include Sustainable Aviation Fuel (SAF), Ethanol, Compressed Bio-Gas (CBG), Biodiesel and Bio-bitumen among others. Earlier in October 2021, both the Companies had entered into an agreement to form a 50:50 joint venture to this end.

Sobha advanced 4% after the company's total sales value jumped 27.87% to Rs 1,464.7 crore in Q1 FY24 as compared with Rs 1,145.5 crore recorded in corresponding quarter last year.

Dabur India fell 1.23%. The company said that the trends in both urban and rural India had shown signs of improvement during the quarter, primarily due to reduction in inflation. The company said that its consolidated business, including recently acquired Badshah Masala, is expected to register growth exceeding 10%.

Global Markets:

Asian stocks declined across the board after Wall Street sold off on stronger-than-expected U.S. jobs data, leaving room for more rate hikes ahead by the Federal Reserve.

U.S. Secretary of Treasury Janet Yellen is in Beijing for a four-day trip to meet Chinese officials, marking a deepening thaw in ties between the U.S. and China.

Wall Street's main indexes ended sharply lower on Thursday in a broad sell-off after data showing a strong labor market boosted bond yields and fanned fears the Federal Reserve will be aggressive in raising U.S. interest rates.

Companies created far more jobs than expected in June, payroll processing firm ADP reported Thursday. Private sector jobs surged by 497,000 for the month. May's total was revised lower to 267,000, down 11,000 from the initial estimate.

The number of Americans filing new claims for unemployment benefits increased moderately last week. Initial claims for state unemployment benefits rose 12,000 to a seasonally adjusted 248,000 for the week ended July 1, the Labor Department said on Thursday.

Nifty ends near 19,500; Sensex adds 340 pts; realty shares climb.

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.

Indices nudge higher, Nifty above 19,400.

The key equity indices were trading with decent gains in early trade. The Nifty traded above the 19,400 level. Realty, media and PSU bank stocks advanced while IT, metal and financial services shares saw a bit of selling pressure.

The barometer index, the S&P BSE Sensex, was up 59.69 points or 0.09% to 65,505.73. The Nifty 50 index added 20.75 points or 0.11% to 19,419.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index gained 0.50%.

The market breadth was strong. On the BSE, 1,842 shares rose and 785 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,603.15 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 439.01 crore in the Indian equity market on 5 July, provisional data showed.

Stocks in Spotlight:

Tata Power advanced 2.37%. Tata Power 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.

Biocon added 0.16%. 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.

KEC International jumped 2.83%. The global infrastructure EPC major secured new orders of Rs. 1,042 crore across its various business verticals.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper advanced 0.39% to 7.133 from previous close of 7.105.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.3950, compared with its close of 82.2575 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement gained 0.28% to Rs 58,638.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 103.38.

The United States 10-year bond yield jumped 0.30% to 3.957.

In the commodities market, Brent crude for September 2023 settlement shed 13 cents or 0.17% to $76.52 a barrel.

Global Markets:

Asian stocks were trading lower 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.