Nifty ends above 19,400 level; broader mkt underperforms; IT shares advance.

The Indian equity barometers ended with minor gains on Thursday. The Nifty settled above the 19,400 level. IT, realty and financial services advanced while PSU bank, media and oil & gas declined. Trading was volatile due to expiry of weekly index options on the NSE.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 164.99 points or 0.25% to 65,558.89. The Nifty 50 index added 29.45 points or 0.15% to 19,413.75.

The Nifty and the Sensex hit all-time highs in afternoon trade at 19,567 and 66,064.21, respectively.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index shed 0.64% while the S&P BSE Small-Cap index lost 0.54%.

The market breadth turned weak. On the BSE, 1,332 shares rose and 2,117 shares fell. A total of 140 shares were unchanged.

Investor sentiment was upbeat after weaker-than-expected U.S. inflation data fueled expectations that the Federal Reserve was close to hitting peak interest rates.

While June's consumer price index (CPI) inflation reading pointed to easing overall inflation in the country, core CPI, which ignores volatile food and fuel prices, still remained relatively sticky. This saw investors pricing in an at least 25 basis point rate hike by the Fed in a late-July meeting, with several Fed officials also warning that rates will need to rise further in order to curb sticky inflation.

Back home, the National Stock Exchange of India (NSE) on Wednesday announced a revision on the expiry day of Bank Nifty (BANKNIFTY) index options. Effective from 4 September 2023, the expiry day of Bank Nifty weekly contracts will shift from Thursday to Wednesday. The first Wednesday weekly expiry will be on 6 September 2023.

Economy:

India's retail inflation snapped a four-month decline and grew 4.81% in June as food prices surged, showed government data on Wednesday. CPI inflation was 4.31% in May. Inflation based on the Consumer Price Index (CPI) stood at 4.31% (revised upward from 4.25%) in May and 7% in June 2022.

India's industrial production rose to 5.2% in May from 4.5% in April 2023, mainly due to good performance by the manufacturing and mining sectors, according to the official data released on Wednesday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 19.7% in May 2022.

IPO Updates:

The IPO of Utkarsh Small Finance Bank received bids for 167.17 crore shares as against 12.05 crore shares on offer, according to stock exchange data at 15:36 IST on Thursday (13 July 2023). The issue was subscribed 13.87 times.

The issue opened for bidding 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.

Buzzing Index:

The Nifty IT index advanced 1.75% to 29,628.20. The index declined 0.71% in the past trading session.

Infosys (up 2.53%), Tata Consultancy Services (up 2.47%), Coforge (up 2.27%), Tech Mahindra (up 1.9%) and LTIMindtree (up 1.6%) were the top gainers.

Among the other gainers were Persistent Systems (up 1.39%), Mphasis (up 0.96%), L&T Technology Services (up 0.88%), Wipro (up 0.63%).

Earnings Impact:

Federal Bank declined 5.33%.The private bank's standalone net profit jumped 42.13% to Rs 853.74 crore on 41.05% increase in total income to Rs 5,756.94 in Q1 FY24 over Q1 FY23.

TCS rallied 2.57% The IT major's consolidated net profit declined 2.79% to Rs 11,074 crore in Q1 FY24 as against Rs 11,392 crore reported in Q4 FY23.

5paisa Capital shed 0.94%. The company's consolidated net profit surged 96.8% to Rs 14.54 crore in Q1 FY24 from Rs 7.39 crore reported in Q1 FY23.

HCL Technologies rose 0.09%. The IT major reported 11.27% fall in consolidated net profit to Rs 3,534 crore on 1.17% decline in revenue from operations to Rs 26,296 crore in Q1 FY24 over Q4 FY23.

Anand Rathi Wealth soared 7.82% after the company's consolidated net profit jumped 33.65% to Rs 53.06 crore on 33% increase in net sales to Rs 175.02 crore in Q1 FY24 over Q1 FY23.

Stocks in Spotlight:

Ultratech Cement added 0.50% after the cement major announced the commissioning of 1.3 million tonnes per annum (mtpa) brownfield cement capacity at Sonar Bangla in West Bengal, taking the Unit's capacity to 3.3 mtpa.

Dr. Reddy's Laboratories fell 0.81%. The drug maker announced that the biologics license application (BLA) for its proposed biosimilar rituximab candidate DRL_RI has been accepted for a substantive review by the U.S. Food and Drug Administration (USFDA). DRL's rituximab biosimilar has already been approved for marketing in India and over 25 emerging markets.

Adani Green Energy rose 0.84% after the company's sale of energy for solar portfolio increased 6% YoY at 2,925 million units in Q1 FY24 as against 2,751 million units in Q1 FY23.

Hindalco Industries gained 2.64% after the company said that its board has approved a proposal to sell a land at Kalwa, Maharashtra, for Rs 595 crore. The land will be sold to Birla Estates, a subsidiary of Century Textiles and Industries for a total sum of Rs 595 crore, which is to be received in multiple tranches over a period of time.

The Ramco Cements rose 0.80% after the company's board has approved the execution of share subscription and purchase agreement to sale its entire shareholding in Lynks Logistics to Bundl Technologies (Swiggy).

Granules India declined 1.94%. The company informed that the US drug regulator issued an establishment inspection report (EIR) for Gagillapur facility of the company located in Hyderabad.

Godrej Properties rose 2.01% after the firm emerged as the highest bidder and secured letter of intent (LoI) to develop two group housing plots through e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP).

Global Markets:

Markets in Europe and Asia were trading higher on Thursday after the U.S. inflation rate for June came in lower than expected.

South Korea's central bank held its benchmark interest rate unchanged at 3.5%, the fourth straight meeting the Bank of Korea has done so after last hiking rates in January. The BOK also forecasted that inflation will rise to around 3% after August, and added the need for an additional hike will be judged ?while assessing the changes in domestic and external policy conditions.?

Wall Street stocks advanced Wednesday following a surprisingly benign US inflation report that raised hopes the Federal Reserve will soon end its monetary tightening campaign.

Headline and core inflation in the U.S. rose at a slower-than-expected pace in June. The Bureau of Labor Statistics' closely watched consumer price index increased by 3.0% annually, down from 4.0% in May. Meanwhile, core CPI, which strips out more volatile items like food and energy, cooled to 4.8% yearly and 0.2% monthly.

Indices trade with significant gains, realty shares advance.

The domestic equity barometers traded with strong gains in early afternoon trade. The Nifty traded above the 19,500 level. Realty stocks extended gains for the second consecutive trading session. Trading could be volatile due to expiry of weekly index options on the NSE.

The barometer index, the S&P BSE Sensex, was up 537.08 points or 0.82% to 65,930.98. The Nifty 50 index added 144.80 points or 0.75% to 19,529.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.24% while the S&P BSE Small-Cap index gained 0.52%.

The market breadth was positive. On the BSE, 1,794 shares rose and 1,519 shares fell. A total of 136 shares were unchanged.

Investor sentiment was upbeat after weaker-than-expected U.S. inflation data fueled expectations that the Federal Reserve was close to hitting peak interest rates.

While June's consumer price index (CPI) inflation reading pointed to easing overall inflation in the country, core CPI, which ignores volatile food and fuel prices, still remained relatively sticky. This saw investors pricing in an at least 25 basis point rate hike by the Fed in a late-July meeting, with several Fed officials also warning that rates will need to rise further in order to curb sticky inflation.

Back home, the National Stock Exchange of India (NSE) on Wednesday announced a revision on the expiry day of Bank Nifty (BANKNIFTY) index options. Effective from 4 September 2023, the expiry day of Bank Nifty weekly contracts will shift from Thursday to Wednesday. The first Wednesday weekly expiry will be on 6 September 2023.

Economy:

India's retail inflation snapped a four-month decline and grew 4.81% in June as food prices surged, showed government data on Wednesday. CPI inflation was 4.31% in May. Inflation based on the Consumer Price Index (CPI) stood at 4.31% (revised upward from 4.25%) in May and 7% in June 2022.

India's industrial production rose to 5.2% in May from 4.5% in April 2023, mainly due to good performance by the manufacturing and mining sectors, according to the official data released on Wednesday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 19.7% in May 2022.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.49% to 11.07. The Nifty 27 July 2023 futures were trading at 19,601.30, at a premium of 72.2 points as compared with the spot at 19,529.10.

The Nifty option chain for the 27 July 2023 expiry showed maximum Call OI of 31.5 lakh contracts at the 19,500 strike price. Maximum Put OI of 53.3 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty Realty index rose 1.99% to 538.70. The index advanced 2.25% in two trading sessions.

Macrotech Developers (up 5.55%), Phoenix Mills (up 3.46%), Godrej Properties (up 1.95%), Sobha (up 1.67%) and Oberoi Realty (up 1.37%), Mahindra Lifespace Developers (up 0.93%), DLF (up 0.84%), Brigade Enterprises (up 0.71%) and Indiabulls Real Estate (up 0.32%) edged higher.

Godrej Properties rose 1.95% after the firm emerged as the highest bidder and secured letter of intent (LoI) to develop two group housing plots through e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP).

Stocks in Spotlight:

Hindalco Industries gained 2.80% to Rs 436.55 after the company said that its board has approved a proposal to sell a land at Kalwa, Maharashtra, for Rs 595 crore. The land will be sold to Birla Estates, a subsidiary of Century Textiles and Industries for a total sum of Rs 595 crore, which is to be received in multiple tranches over a period of time.

Dreamfolks Services rallied 5.29% to Rs 687.70 after the company said that it has announced strategic collaboration with Plaza Premium group to expand global lounge network, enhance travel experience for Indian passengers.

Global Markets:

Asian stocks rose across the board Thursday after the U.S. inflation rate for June came in lower than expected.

South Korea's central bank held its benchmark interest rate unchanged at 3.5%, the fourth straight meeting the Bank of Korea has done so after last hiking rates in January. The BOK also forecasted that inflation will rise to around 3% after August, and added the need for an additional hike will be judged ?while assessing the changes in domestic and external policy conditions.?

Wall Street stocks advanced Wednesday following a surprisingly benign US inflation report that raised hopes the Federal Reserve will soon end its monetary tightening campaign.

Headline and core inflation in the U.S. rose at a slower-than-expected pace in June. The Bureau of Labor Statistics' closely watched consumer price index increased by 3.0% annually, down from 4.0% in May. Meanwhile, core CPI, which strips out more volatile items like food and energy, cooled to 4.8% yearly and 0.2% monthly.

Barometers snaps 2 day gaining streak; nifty settles below 19,400 level.

The key equity indices ended a volatile session with modest losses on Wednesday, snapping a two day winning streak. The Nifty settles below the 19,400 level after hitting the day's high of 19,507.70 in early trade. PSU Bank, media and pharma shares advanced while IT, private bank and bank shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 223.94 points or 0.34% to 65,393.90. The Nifty 50 index lost 55.10 points or 0.28% to 19,384.30.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.48% while the S&P BSE Small-Cap index gained 0.57%.

The market breadth was positive. On the BSE, 1,752 shares rose and 1,708 shares fell. A total of 141 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index rose 0.83% to 4,462. The index declined 0.76% in two trading sessions.

Punjab & Sind Bank (up 6.06%), Indian Bank (up 4.35%), Central Bank of India (up 2.8%), UCO Bank (up 1.94%) and Bank of India (up 1.93%) were the top gainers.

Among the other gainers were Punjab National Bank (up 1.82%), Indian Overseas Bank (up 1.33%), Union Bank of India (up 1.29%), Bank of Maharashtra (up 0.79%) and State Bank of India (up 0.11%).

Stocks in Spotlight:

Tata Consultancy Services (TCS) declined 0.45% while HCL Technologies shed 0.74%. IT bellwethers Tata Consultancy Services (TCS) and HCL Technologies will announce their Q1FY24 results today, 12 July 2023.

Adani Enterprises lost 1.31%. The company has raised Rs. 1,250 crores by allotment of 125,000 secured, unrated, unlisted, redeemable, non-convertible debentures (NCDs) of the face value of Rs 1 lakh each on private placement basis.

Shares of Delta Corp (down 23.01%) and Nazara Technologies (down 3.18%) declined in trade on Wednesday after GST council agreed to levy 28% on online gaming, horse racing and casinos at its 50th meet.

Nazara Technologies, in an exchange filing, said that the 28% GST implementation will have minimal impact on overall revenue.

Chembond Chemicals rose 1.73%. The company said that its wholly owned subsidiary Phiroze Sethna has entered into deed of assignment with Engineers Enterprises for transfer and assignment of plant located at Thane, Maharashtra.

Kalpataru Projects International rose 0.91% said that its Brazilian subsidiary KPBPL has acquired balance 49% equity stake in Fasttel, making it a wholly owned subsidiary of KPBPL.

Marksans Pharma rallied 9.41% after the company has received final approval from US Food and Drug Administration (USFDA) for its abbreviated new drug application for Acetaminophen and Ibuprofen Tablets.

Tatva Chintan Pharma declined 0.84%. The company said that its board has approved the proposal for raising further capital upto Rs 200 crore, by issuing equity shares and/or equity-linked instruments via public or private offering, through QIP or any combination thereof.

Global Markets:

Shares in Europe and Asia edged higher on Wednesday ahead of the key inflation data from India and the US to be released later today.

Japan's corporate goods price index rose at a slower pace of 4.1% year-on-year in June, the sixth straight month that growth has slowed. Also known as the wholesale inflation gauge, the 4.1% figure is lower than May's revised print of 5.2%, and also the slowest inflation rate recorded since April 2021.

US stocks ended higher on Tuesday, helped by optimism ahead of key inflation reports and as JPMorgan and other financial shares gained before earnings later this week.

US consumer price data is due on Wednesday, while a producer prices report is due on Thursday. Investors are looking for further clues on whether price pressures are abating and if the Federal Reserve is nearing the end of its interest rate hiking cycle.

Nifty trades below 19,450 level; IT shares edge lower ahead of TCS, HCL earnings.

The key equity indices continued to trade near the flat line in morning trade as the bourses continued to witness bouts of volatility. The Nifty traded below the 19,450 level. IT shares witnessed some bit of selling.

The barometer index, the S&P BSE Sensex, was up 0.91 points or 0.02% to 65,618.75. The Nifty 50 index lost 5.40points or 0.03% to 19,434.00.

In the broader market, the S&P BSE Mid-Cap index rose 0.14% while the S&P BSE Small-Cap index gained 0.52%.

The market breadth was strong. On the BSE, 1852 shares rose and 1261 shares fell. A total of 172 shares were unchanged.

Results today:

Tata Consultancy Services (down 0.25%), HCL Technologies (up 0.35%), Anand Rathi Wealth (up 0.59%), Steel Strips Wheels (down 0.86%), 5Paisa Capital (up 2.94%) and National Standard (India) (up 1.13%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty IT slipped 0.64% to 29,137.25. The index had advanced 0.45% to end at 29,324.80 yesterday.

Coforge (down 1.66%), Infosys (down 1.06%), LTIMindtree (down 0.86%), Mphasis (down 0.73%) and Persistent Systems (down 0.68%) were the top losers.

Among the other losers were L&T Technology Services (down 0.37%), Tech Mahindra (down 0.36%), Tata Consultancy Services (down 0.13%).

Happiest Minds Technologies fell 1.33%. The company fixed Rs 972.16 as the floor price for the issue under qualified institutional placements. The company had, in October 2022, planned to raise Rs 1400 crore through various means.

Stocks in Spotlight:

Shares of Delta Corp (down 20%) and Nazara Technologies (down 4.65%) declined in trade on Wednesday after GST council agreed to levy 28% on online gaming, horse racing and casinos at its 50th meet.

Nazara Technologies, in an exchange filing, said that the 28% GST implementation will have minimal impact on overall revenue.

PVR-Inox advanced 0.10%. The GST Council agreed to reduce GST on food and beverages at cinema halls to 5% from the previous 18%.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose 0.01% to 7.096 from its previous close of 7.095.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.3250, compared with its close of 82.4150 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement advanced 0.22% to Rs 58,900.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.31% to 101.42.

The United States 10-year bond yield fell 0.53% to 3.959.

In the commodities market, Brent crude for September 2023 settlement gained 6 cents or 0.08% to $79.46 a barrel.

Global Markets:

Asian stocks are trading mixed on Wednesday ahead of the key inflation data from India and the US to be released later today.

Japan's corporate goods price index rose at a slower pace of 4.1% year-on-year in June, the sixth straight month that growth has slowed. Also known as the wholesale inflation gauge, the 4.1% figure is lower than May's revised print of 5.2%, and also the slowest inflation rate recorded since April 2021.

US stocks ended higher on Tuesday, helped by optimism ahead of key inflation reports and as JPMorgan and other financial shares gained before earnings later this week.

US consumer price data is due on Wednesday, while a producer prices report is due on Thursday. Investors are looking for further clues on whether price pressures are abating and if the Federal Reserve is nearing the end of its interest rate hiking cycle.

Nifty ends above 19,400 level; auto shares gears up; VIX slips nearly 4%.

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.

Nifty below 19,450 level; consumer durables shares advance.

 

The domestic equity indices further pared gains in mid-afternoon trade. The Nifty traded below the 19,450 mark after hitting day's high of 19,515.10 in afternoon trade. Consumer durable stocks witnessed some bit of bargain buying after declining for the past two trading sessions.

The barometer index, the S&P BSE Sensex, was up 295.88 points or 0.45% to 65,640.05. The Nifty 50 index advanced 90 points or 0.46% to 19,445.90.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.87% while the S&P BSE Small-Cap index added 0.72%.

The market breadth was positive. On the BSE, 1,891 shares rose and 1,539 shares fell. A total of 134 shares were unchanged.

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 Consumer Durables index gained 0.91% to 27,341.35. The index declined 0.99% in the past two trading sessions.

Dixon Technologies (India) (up 2.78%), Crompton Greaves Consumer Electricals (up 2.06%), Bata India (up 1.44%), Havells India (up 1.38%) Rajesh Exports (up 1.27%), Amber Enterprises India (up 1.26%), Whirlpool of India (up 1.02%), Kajaria Ceramics (up 0.72%), TTK Prestige (up 0.31%) and Voltas (up 0.26%) advanced.

On the other hand, V-Guard Industries (down 0.62%), Relaxo Footwears (down 0.39%) and Blue Star (down 0.05%) declined.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper fell 0.71% to 7.098 from its previous close of 7.149.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.4125, compared with its close of 82.5975 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement advanced 0.31% to Rs 58,891

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.18% to 101.79

The United States 10-year bond yield fell 1.07% to 3.963.

In the commodities market, Brent crude for September 2023 settlement advanced 43 cents or 0.55% to $78.12 a barrel.

Stocks in Spotlight:

Elecon Engineering Company soared 14.02%. The company's consolidated net profit surged 72.44% to Rs 72.96 crore in Q1 FY24 from Rs 42.31 crore in Q1 FY23. Revenue from operations increased 26.43% year on year to Rs 414.34 crore in the quarter ended 30 June 2023.

Zen Technologies surged 11.70%. The company announced that it has bagged an export order valued at approximately Rs 340 crore (approximately $41.5 million).

Gainers & Losers:

Eicher Motors (up 2.49%), Sun Pharmaceutical Industries (up 1.90%), Apollo Hospitals Enterprise (up 1.85%), Maruti Suzuki (up 1.81%) and Larsen & Toubro (up 1.50%) were major Nifty gainers.

UPL (down 2.41%), HCL Techologies (down 0.98%), Hero MotoCorp (down 0.78%), JSW Steel (down 0.64%) and Bajaj Finance (down 0.61%) were top Nifty losers.

Larsen & Toubro rose 1.50%. The company's Kattupalli Shipyard near Chennai has been undertaking voyage repairs of the Military Sealift Command vessels.

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.

Nifty ends above 19,350 mark; broader market under performs.

 

The key equity barometers ended with minor gains after a volatile session on Monday. The Nifty settled a tad above the 19,350 mark. Metal and oil & gas stocks advanced while IT, media and realty stocks corrected.

As per provisional closing data, the barometer index, the S&P BSE Sensex, gained 63.72 points or 0.10% to 65,344.17. The Nifty 50 index added 24.10 points or 0.12% to 19,355.90.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 0.45% while the S&P BSE Small-Cap index declined 0.26%.

The market breadth was negative. On the BSE, 1,480 shares rose and 2,196 shares fell. A total of 154 shares were unchanged.

New Listing:

Shares of Cyient DLM closed at Rs 422.05 on the BSE, representing a premium of 59.26% compared with the issue price of Rs 265.

The scrip was listed at a price of Rs 401, at a premium of 51.32% as compared to the issue price.

So far, the stock has hit a high of 426.45 and a low of 401. On the BSE, over 14.19 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty IT index declined 1.24% to 29,194.70. The index tumbled 2.17% in three trading sessions.

HCL Technologies (down 2.81%), LTIMindtree (down 2.22%), Persistent Systems (down 1.73%), Coforge (down 1.7%), Tata Consultancy Services (down 1.69%), Wipro (down 1.52%), Tech Mahindra (down 0.87%), L&T Technology Services (down 0.59%), Infosys (down 0.16%) declined.

Stocks in Spotlight:

Reliance Industries (RIL) jumped 3.85%. RIL said its subsidiary Reliance Retail's board of directors has approved a proposal to reduce the equity share capital to the extent held by shareholders other than its Promoter and holding company, namely, Reliance Retail Ventures. A consideration of Rs 1,362 per share, determined on the basis of valuation obtained from two independent registered valuers, shall be paid towards the capital reduction.

Separately, RIL has fixed 20 July 2023 as the record date for the purpose of determining the equity shareholders who are entitled to receive shares of Reliance Strategic Investments (RSIL). Under the scheme of arrangement, RSIL will allot one fully paid-up equity share of RSIL for every share of RIL as of the record date. RSIL will then be renamed as Jio Financial Services (JFSL). The counter hit 52-week high at Rs 2,755 in intraday today.

HDFC Bank fell 0.09%. The country's largest private sector lender has said that it will participate in the initial public offering (IPO) of National Securities Depository Limited (NSDL), by way of an offer for sale of up to 2% equity stake held by the bank in NSDL (being up to 40,00,000 equity shares), as stated in the draft red herring prospectus, filed with Securities and Exchange Board of India on 8 July 2023.

Tata Motors gained 0.17%. The Tata Motors Group's global wholesales in Q1 FY24, including Jaguar Land Rover, amounted to 322,159 units, up by 5% as compared to Q1 FY23.

Larsen & Toubro rose 0.10% after the company and Navantia, Spain signed a teaming agreement (TA) for the purpose of submission of a techno-commercial bid for the Indian Navy's prestigious P75 (India) submarine program. P75 is expected to be valued at over Euro 4.8 billion, the project is the India's largest defence acquisition project. This would also be followed by a 30-year lifecycle sustenance contract of similar value.

Separately, the EPC major announced that it has completed the transition of $150 million term loan with Bank of America into a sustainability linked loan (SLL) on 30 June 2023. This SLL reiterates Larsen & Toubro's continued commitment to its environmental, social and governance (ESG) goals.

Vedanta rose 0.61%. The miner on Friday announced the addition of semiconductors and display glass manufacturing ventures to its diversified portfolio. Vedanta said that its board has approved the acquisition of 100% of Vedanta Foxconn Semiconductors (VFSPL) and Vedanta Displays (VDL), wholly owned subsidiaries of Twin Star Technologies (TSTL) via share transfer at face value.

Indian Oil Corporation (IOCL) shed 1.87%. IOCL said that its board approved raising of capital by way of issue of equity shares on right basis upto an amount not exceeding Rs 22,000 crore.

Adani Enterprises rose 1.31%. The company informed that its wholly owned subsidiary, Adani Digital Labs (ADL) has acquired 29.81% stake of Stark Enterprises (SEPL) for Rs 3.56 crore on 7 July 2023.

Global Markets:

Markets in Europe advanced while Asian stocks ended mixed on Monday ahead of key inflation reports this week, including the U.S. consumer price index report due Wednesday and the producer price index on Thursday.

U.S. Treasury Secretary Janet Yellen concluded her visit to Beijing and said that the talks were ?direct? and ?productive,? putting bilateral ties on ?surer footing.?

Wall Street's main indices ended lower on Friday in a seesaw session, as investors digested a US jobs report that showed weaker-than-expected growth and awaited more economic data and corporate earnings in the weeks ahead.

The Labor Department's June jobs report showed payrolls increased less than expected, cooling down from May. Nonfarm payrolls rose by 209,000, while the unemployment rate came in at 3.6%.