INDICES TRADE WITH MINOR GAINS; EUROPEAN MKT OPENS HIGHER

The domestic equity indices traded with small gains in afternoon trade. The Nifty traded above the 24,050 mark in early afternoon trade. Oil & gas, PSU bank and realty shares advanced while private bank, financial services and bank shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 30.82 points or 0.02% to 79,273.87. The Nifty 50 index rose 25.95 points or 0.11% to 24,070.45.

The Sensex and Nifty clocked an all-time high of 79,671.58 and 24,174, respectively in morning trade.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.47% and the S&P BSE Small-Cap index rallied 0.62%.

The market breadth was positive. On the BSE, 2,075 shares rose and 1,734 shares fell. A total of 128 shares were unchanged.

Gainers & Losers:

Dr Reddy`s Laboratories (up 2.58%), Oil & Natural Gas Corporation (up 2.54%), Tata Motors (up 2.31%), Relinace industries (up 1.99%) and Tata Consumer Products (up 1.56%) were major Nifty gainers.

ICICI Bank (down 1.64%), Axis Bank (down 1.61%) Bharti Airtel (down 1.29%), Kotak Mahindra Bank (down 1.28%) and Eicher Motors (down 0.84%) were major Nifty losers.

Stocks in Spotlight:

JSW Infrastructure added 1.60% after the company�s wholly owned subsidiary, JSW Port Logistics (JSW Port) has entered into a share purchase agreement with Navkar Corporation (NCL) to acquire 70.37% stake from the promoters of NCL.

Meanwhile, the company has received Letter of Acceptance (LoA) from Southern Railway, Chennai Division for construction & operation of Gati Shakti Multi-Modal Cargo Terminal (GCT) at Arakkonam, Chennai, Tamil Nadu.

Aether Industries rallied 4.40% after the company announced the signing of a strategic supply agreement with Baker Hughes for an initial term is 5 years, extendable by 3 additional one year terms and thereafter extendable on yearly basis.

AU Small Finance Bank rose 1.08% after the bank announced that its board has approved of raising funds aggregating upto Rs 11,000 crore through various modes.

RBL Bank rose 0.67%. The bank�s board approved of raising funds through qualified institutional placement (QIP) and issue of debt securities aggregating upto Rs 6,500 crore.

KPI Green Energy advanced 2.60% after the company received a sanction letter for Rs 686 crore in credit facilities for a 200 MW solar project in Khavda. Rs 225 crore raised through a QIP earlier will be used to partially fund the project.

Inox Wind rose 0.96%. The company announced that it has incorporated a wholly-owned subsidiary, Pokhran Wind Energy, as a special purpose vehicle (SPV) to develop wind farms in India.

Alembic Pharmaceuticals rose 0.11%. The company announced that it has received final approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Doxycycline capsules.

Global Markets:

Most of the European and Asian stocks traded higher on Friday as investors look forward to U.S. core PCE data later today, which could solidify expectations of a Fed rate cut.

Tokyo consumer prices rose in June. While headline Consumer Price Index (CPI) inflation rose to 2.3% year-on-year in June, compared to 2.2% in May, core inflation print that excludes both fresh food and energy prices, grew to 1.8% in June from 1.7% in May.

US stock market ended with minor gains on Thursday as treasury yields eased ahead of the fresh inflation data. The Dow Jones Industrial Average gained 0.09%, while the S&P 500 rose 0.09%. The Nasdaq Composite ended 0.30%.

Alphabet shares rose 0.83% and Meta Platforms stock price gained 1.25%. Amazon shares rallied 2.19%, while Nvidia shares declined 1.90%.

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