BAROMETERS TURN RANGEBOUND; M&M PLUNGES 6.87%

The domestic equity barometers traded in a narrow range with moderate losses in the afternoon trade. The Nifty traded below the 24,300 level after hitting day`s high of 24,461.05 in early trade. FMCG and consumer durables stocks edged higher while metal, auto and media shares witnessed a bit of a selling pressure.

At 13:28 ST, the barometer index, the S&P BSE Sensex, was down 569.76 points or 0.71% to 79,781.88. The Nifty 50 index declined 155.30 points or 0.64% to 24,277.90.

In the broader market, the S&P BSE Mid-Cap index slipped 0.73% and the S&P BSE Small-Cap index tumbled 0.94%.

The market breadth was weak. On the BSE, 1,165 shares rose and 2,684 shares fell. A total of 110 shares were unchanged.

Gainers & Losers:

HDFC Life Insurance Company (up 2.10%), Britannia Industries (up 1.95%), SBI Life Insurance Company (up 1.93%), Maruti Suzuki India (up 1.49%) and Divi�s Laboratories (up 1.31%) were major Nifty gainers.

Mahindra & Mahindra (down 6.87%), Hindalco Industries (down 2.75%), Tata Steel (down 1.98%) Tata Consultancy Services (down 1.93%), and HCL Technologies (down 1.57%) were major Nifty losers

New Listing:

Shares of Emcure Pharmaceuticals were currently trading at Rs 1,357.90 at 13:20 IST on the BSE, representing a premium of 34.71% as compared with the issue price of Rs 1,008.

The scrip was listed at Rs 1,325.05, exhibiting a 31.45% premium to the issue price.

So far, the stock has hit a high of 1,384 and a low of 1,325.05. On the BSE, over 10.36 lakh shares of the company were traded in the counter so far.

Shares of Bansal Wire Industries were currently trading at Rs 349.10 at 13:21 IST on the BSE, representing a premium of 36.37% as compared with the issue price of Rs 256.

The scrip was listed at Rs 352.05, exhibiting a 37.52% premium to the issue price.

So far, the stock has hit a high of 368.70 and a low of 335.85. On the BSE, over 23.26 lakh shares of the company were traded in the counter so far.

Stocks in Spotlight:

JSW Steel declined 1.43%. The steel major has reported consolidated crude steel production of 6.35 million tonnes for the first quarter of FY 2024-25, which is lower by 1% as compared with production volume of 6.43 million tonnes posted in Q1 of FY 2023-24.

Delta Corp added 0.11%. The company�s consolidated net profit tumbled 68.2% to Rs 21.68 crore in Q1 FY25 as compared with Rs 68.18 crore in Q1 FY24. Revenue from operations dropped 30.32% YoY to Rs 180.65 crore in Q1 FY25.

Rail Vikas Nigam (RVNL) jumped 8.25% after the firm emerged as the lowest bidder for Rs 203 crore railway contract from Southeastern Railway and signed an MoU with Tatweer Middle East and Africa to execute rail-based work in the MENA Region and European countries. The company has also received a project worth Rs 187 crore from Maharashtra Metro Rail Corp. to construct six elevated metro stations in Nagpur.

Shilpa Medicare shed 1.68%. The company said that ANVISA-Brazil successfully completed good manufacturing practice (GMP) inspection at its subsidiary, Shilpa Pharma Lifesciences� Active Pharmaceutical Ingredient (API) manufacturing facility, Unit II situated in Karnataka.

Global Markets:

Most European markets advance while Asian stocks traded mixed on Wednesday after the comments made by Federal Reserve Chair Jerome Powell provided little indication about the timing of expected U.S. rate cuts later this year, despite signaling increased confidence in the moderation of inflation.

Japan`s wholesale inflation accelerated in June due to a weaker yen and rising import costs. This is likely to lead to an interest rate hike by the central bank in the near future. Wholesale inflation rose 2.9% year-on-year in June, the fastest pace since August 2023. The index hit a record high for the seventh consecutive month.

Chinese consumer inflation shrank in June amid persistent economic concerns, limiting spending, while producer inflation contracted for a 20th consecutive month, though at a slower pace. Consumer price index inflation grew 0.2% year-on-year in June, down from 0.3% in the prior month.

In US, the S&P 500 and Nasdaq closed at record highs on Tuesday, extending their winning streak to six days. This surge comes as investors remain optimistic about potential interest rate cuts by the Federal Reserve. However, the Dow Jones Industrial Average ended the day slightly down. The recent US economic slowdown has fueled expectations of the Fed easing monetary policy to boost the economy.

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