SENSEX, NIFTY HIT FRESH RECORD HIGHS; BANKING SHARES RALLY

The domestic equity indices ended with strong gains on Wednesday. Sensex touched 80,000 levels in intraday today while the Nifty settled above the 24,250 mark. Barring the Nifty Media index, all the other sectorial indices on the NSE ended in the green.

As per provisional closing data, the barometer index, the S&P BSE Sensex was up 545.35 points or 0.69% to 79,986.80. The Nifty 50 index gained 162.65 points or 0.67% to 24,286.50.

The Sensex and Nifty clocked an all-time high of 80,074.30 and 24,309.15, respectively in today�s trade. Further, the Nifty Bank also hits record high at 53,256.70 in morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.86% and the S&P BSE Small-Cap index jumped 0.86%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,863.01 and 53,490.12, respectively.

The market breadth was strong. On the BSE, 2,355 shares rose and 1,567 shares fell. A total of 99 shares were unchanged.

Economy:

Rising from 60.2 in May to 60.5 in June, the seasonally adjusted HSBC India Services Business Activity Index pointed to a sharp expansion in output. Demand strength and rising intakes of new business were cited as the key determinants of growth.

Supporting the upturn in total new business was a record expansion in international orders. Asia, Australia, Europe, Latin America, the Middle East and the US were all cited as sources of new work from abroad.

The HSBC India Composite Output Index recovered from 60.5 in the previous month to 60.9, highlighting a sharp rate of expansion that was considerably above the long-run series average. Manufacturing led the rise for the fifth straight month.

Supporting the stronger increase in output were faster expansions in new business at both goods producers and service providers. Aggregate sales rose sharply, helped by a near-record upturn in exports.

New Listing:

Shares of Vraj Iron and Steel closed at Rs 251.95 on the BSE, representing a premium of 21.71% as compared with the issue price of Rs 207.

The scrip was listed at Rs 240, exhibiting a 4.98% premium to the issue price.

The stock has hit a high of 251.95 and a low of 240 On the BSE, over 2.85 lakh shares of the company were traded in the counter.

IPO Updates:

The initial public offer (IPO) of Bansal Wire Industries received 2,82,48,030 bids for shares as against 2,14,60,906 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (03 July 2024). The issue was subscribed 1.32 times.

The issue opened for bidding on Wednesday (03 July 2024) and it will close on Friday (05 July 2024). The price band of the IPO is fixed between Rs 243 to Rs 256 per share. An investor can bid for a minimum of 58 equity shares and in multiples thereof.

The initial public offer (IPO) of Emcure Pharmaceuticals received 1,34,35,058 bids for shares as against 1,37,03,538 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (03 july 2024). The issue was subscribed 0.98 times.

The issue opened for bidding on Wednesday (03 July 2024) and it will close on Friday (05 July 2024). The price band of the IPO is fixed between Rs 960 to Rs 1,008 per share. An investor can bid for a minimum of 14 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Private Bank index jumped 2.02% to 26,504.65. The index fell 0.93% in the past trading session.

RBL Bank (up 4.38%), Bandhan Bank (up 4.11%), Federal Bank (up 3.65%), IDFC First Bank (up 2.55%), Kotak Mahindra Bank (up 2.51%), HDFC Bank (up 2.16%), City Union Bank (up 2.02%), Axis Bank (up 1.97%), IndusInd Bank (up 1.79%) and ICICI Bank (up 0.9%) advanced.

HDFC Bank advanced 2.16% on speculation of a potential increase in its weightage within the MSCI index.

Federal Bank rallied 3.65% after the bank reported 20% growth in gross advances to Rs 2,24,139 crore as on 30 June 2024 from Rs 1,86,593 crore as on 30 June 2023.

Stocks in Spotlight:

NTPC rose 0.68%. The company informed that it has recorded a power generation of 113.87 million units in Q1 FY25, a growth of 9.5% as compared to the corresponding period of previous year.

Hindustan Zinc rallied 3.33% after the company announced that its mined metal production stood at 263,000 tonnes in Q1 FY25, registering a growth of 2% year on year (YoY) with improved mined metal grades.

Force Motors slipped 2.51% after the company registered 2.85% decline in total sales to 2,553 units in June 2024 as against 2,628 units sold in June 2023.

Mahindra & Mahindra Financial Services rose 0.03%. The company informed that its overall disbursement increased 3% YoY to approximately Rs 4,370 crore in June 2024.

MOIL jumped 6.86% after the company achieved its best ever quarterly sales in April-June 2024, with a growth of 14.5% YoY.

Yes Bank added 0.42%. The private lender reported 14.84% increase in loans & advances to Rs 2,29,920 crore as against Rs 2,00,204 crore as on 30 June 2023.

Piramal Enterprises rallied 4.28% after the company announced that its board has approved the issuance of non-convertible debentures (NCDs) with a green shoe option aggregating to Rs 180 crores on private placement basis.

KEC International advanced 2.47% after the civil construction firm bagged new orders worth Rs 1,017 crore in transmission & distribution (T&D) and renewable businesses.

Sundaram-Clayton zoomed 9.98% after the company`s board approved to raise funds not exceeding Rs 400 crore in one or more tranhces.

JSW Infrastructure added 0.01%. The company said that its subsidiary JSW Tuticorin Multipurpose Terminal has entered into a concession agreement with V.O. Chidambaranar Port Authority, Tamil Nadu.

Indian Energy Exchange (IEX) rose 0.03%. The company informed that it has achieved electricity volume of 10,185 million units (MU) in June 2024, registering a growth of 24.7% YoY basis.

Global Markets:

European stocks advanced on Wednesday, as sentiment remains on edge ahead of two national parliamentary elections, with the U.K. heading to the polls on Thursday followed by France on Sunday.

Most Asian stocks ended higher on Wednesday as investors weighed the possibility of interest rate cuts by the Federal Reserve. This follows comments from Jerome Powell, Chair of the Fed, suggesting recent economic data, including a slowdown in China`s service sector, points towards disinflation.

China`s Caixin Services PMI for June came in at 51.2, down from 54.0 in May. While still indicating expansion, the pace of growth has weakened.

US stocks continued their upward climb on Tuesday. Investors reacted positively to Powell`s comments regarding the "disinflationary path" of the economy, despite data showing a higher-than-expected number of job openings in May (8.14 million). The S&P 500 closed above 5,500 for the first time ever, the Nasdaq Composite achieved a record close, and the Dow Jones Industrial Average also advanced.

While encouraged by cooler inflation, Powell emphasized the need for further evidence before the Fed cuts rates. He noted that recent inflation readings "suggest" a path towards disinflation, but caution is warranted.

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