KEY INDICES AT THE HIGH POINT OF THE DAY; METAL STOCKS IN DEMAND

The domestic equity benchmarks extended gains and hit fresh intraday high in morning trade. The Nifty traded above the 19,550 level. Metal shares witnessed across the board buying.

At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 628.13 points or 0.96% to 66,022.03. The Nifty 50 index added 174.45 points or 0.9% to 19,558.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.39% while the S&P BSE Small-Cap index gained 0.60%.

The market breadth was strong. On the BSE, 1948 shares rose and 1149 shares fell. A total of 146 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.

Results Today:

Wipro (up 1.53%), Angel One (up 2.85%), Federal Bank (down 4.10%), Sterling & Wilson Renewable Energy (up 0.70%), Tata Metaliks (up 0.85%), Avantel (up 0.66%) and Bhansali Engineering Polymers (down 1.84%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty Metal index rose 1.12% to 6,434.30. The index had declined 0.34% in the past two sessions.

Hindalco Industries (up 2.81%), Ratnamani Metals & Tubes (up 1.62%), Steel Authority of India (up 1.56%), Jindal Steel & Power (up 1.53%) and Tata Steel (up 1.39%) were the top gainers.

Among the other gainers were National Aluminium Company (up 1.36%), Welspun Corp (up 1.19%), Jindal Stainless (up 1.14%), Vedanta (up 1.13%) and Hindustan Copper (up 1.09%).

Stocks in Spotlight:

Adani Green Energy rose 1.42% to Rs 968.10 after the company`s sale of energy for solar portfolio increased by 6% YoY at 2,925 million units in Q1 FY24 as against 2,751 million units in Q1 FY23.

Aurobindo Pharma on Wednesday announced that its wholly owned subsidiary company, APL Healthcare has received a final approval from the US Food & Drug Administration (USFDA) to manufacture and market Sevelamer Hydrochloride tablets.

Deep Industries rose 5.60% to Rs 207.35 after the company said it received a letter of award (LoA) from ONGC for a project worth Rs 130 crore.

5paisa Capital rallied 5.72% to Rs 440.20 after 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. Total income rose marginally on year on year (YoY) basis to Rs 84.58 crore in the quarter ended 30 June 2023.

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