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%.

Equity barometers extend gains; PSU banks rise for 9th day.

The key equity barometers extended gains and edged higher in morning trade. The Nifty traded marched towards the 19,400 level. PSU banks witnessed buying demand for ninth day in a row.

The barometer index, the S&P BSE Sensex, was up 285.99 points or 0.44% to 65,566.44. The Nifty 50 index added 54.15 points or 0.28% to 19,385.95.

In the broader market, the S&P BSE Mid-Cap index shed 0.15% while the S&P BSE Small-Cap index rose 0.04%.

The market breadth was negative. On the BSE, 1,547 shares rose and 1,731 shares fell. A total of 182 shares were unchanged.

New Listing:

Shares of Cyient DLM were currently trading at Rs 404.55 on the BSE, representing a premium of 52.66% 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 424.40 and a low of 401. On the BSE, over 7.35 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Cyient DLM was subscribed 67.31 times. The issue opened for bidding on 27 June 2023 and it closed on 30 June 2023. The price band of the IPO was fixed at Rs 250 -265 per share.

Buzzing Index:

The Nifty PSU Bank index rose 0.55% to 4,483.45. The index has added 12.5% in nine sessions.

Union Bank of India (up 1.88%), Punjab National Bank (up 1.82%), Punjab & Sind Bank (up 1.82%), Central Bank of India (up 1.78%) and Indian Overseas Bank (up 1.52%) were the top gainers.

Among the other gainers were Bank of Maharashtra (up 1.09%), Canara Bank (up 0.93%), State Bank of India (up 0.86%), Indian Bank (up 0.6%).

On the other hand, Bank of India (down 0.5%) and Bank of Baroda (down 0.24%), moved lower.

Stocks in Spotlight:

Vedanta rose 0.69%. 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.

Hindustan Zinc fell 3.95%. The miner's board approved an interim dividend of Rs 7 per equity share for the financial year 2023-24.

Indian Oil Corporation (IOCL) shed 0.35%. 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 shed 0.78%. 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:

Asian stocks traded 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%.

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.