SENSEX RALLIES 569 PTS, NIFTY ENDS ABOVE 24K; IT STOCKS CLIMB

Domestic equity barometers stocks notched gains for a fourth day, capping a volatile session fueled by monthly derivatives expiry. The Nifty50 index climbed above 24,000, shrugging off early weakness. IT, oil & gas, and auto stocks led the advance, reflecting optimism around specific sectors. However, broader market participation remained subdued due to valuation worries and foreign investor selling amid rising US yields. The global market picture offered little direction, with caution prevailing ahead of crucial US economic data releases that could influence future interest rate decisions.

The barometer index, the S&P BSE Sensex, was up 568.93 points or 0.72% to 79,243.18. The Nifty 50 index gained 175.70 points or 0.74% to 24,044.50. Both the indices hit record closing high levels. The 50 unit index has risen 2.31% in four straight sessions.

The Sensex and Nifty clocked an all-time high of 79,396.03 and 24,087.45 respectively in late trade. Further, the Nifty Bank registered a life high of 53,180.75 in morning trade.

Infosys (up 2.09%), TCS (up 2.01%) and Reliance Industries (up 1.11%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index rose 0.17% and the S&P BSE Small-Cap index declined 0.57%.

The market breadth was weak. On the BSE, 1,434 shares rose and 2,463 shares fell. A total of 111 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal rose 0.04% to 7.000 as compared with previous close 6.997.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4450, compared with its close of 83.5750 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement gained 0.23% to Rs 71,249.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.12% to 105.92.

The United States 10-year bond yield rose 0.37% to 4.331.

In the commodities market, Brent crude for August 2024 settlement added 27 cents or 0.32% to $84.74 a barrel.

Global Markets:

Most European and Asian declined on Thursday as technology shares tracked weakness in their U.S. peers following underwhelming guidance from chipmaking major Micron.

Chinese markets extended losses as lackluster industrial profit data and ongoing trade war anxieties dampened investor confidence. China`s industrial profits rose a meager 0.7% year-over-year in May, down from 4.0% growth in April.

US stocks ended a smidge higher in choppy trade. Middling revenue outlook triggered a selloff in chip stocks. Investor sentiment remained cautious ahead of key U.S. data releases, including the PCE price index and the much-anticipated Presidential debate.

Micron plunged nearly 8% in extended trading. Despite exceeding quarterly earnings expectations, the company`s revenue guidance for the current quarter fell short of investor hopes, raising concerns about the sustainability of the AI-fueled demand boom. This disappointment also spurred some profit-taking in the previously hot tech sector.

Stocks in Spotlight:

India Cements surged 11.49% to Rs 293.15 while Ultratech Cement rallied 5.07% after Ultratech Cement said it will acquire 7.06 crore equity shares (23% stake) of India Cements at Rs 267 per share.

Dr Reddy�s Laboratories advanced 2.82% after the firm�s wholly owned subsidiary, Dr. Reddy`s Laboratories SA has entered into a definitive agreement with Haleon plc and its associate companies to acquire Nicotinell and related brands.

SJVN added 2.20% after its wholly owned subsidiary, SJVN Green Energy (SGEL), signed a memorandum of understanding (MoU) with AM Green Ammonia for the supply of renewable energy for the green ammonia plants in Andhra Pradesh.

JSW Energy added 3.17% after the company�s subsidiary, JSW Neo Energy has signed power purchase agreements (PPA) with Solar Energy Corporation of India (SECI) and GUVNL for wind and solar projects.

KEC International jumped 3.50% after the company announced that it has secured new orders worth Rs 1,025 crore across its various businesses.

Ramky Infrastructure gained 2.61% after the company received two contracts worth Rs 107 crore and Rs 23 crore from PowerGrid Energy Services.

Rail Vikas Nigam (RVNL) rose 1.19% after the company announced that its joint venture (JV), KRDCL-RVNL has received Letter of Acceptance (LoA) worth Rs 156.47 crore from Southern Railway.

Aurobindo Pharma shed 1%. The United States Food and Drug Administration (US FDA) inspected Telangana facility of Eugia SEZ, a 100% step-down subsidiary of Aurobindo Pharma from 19 February to 29 February 2024.

Genesys International Corporation jumped 5.22% after the company announced a strategic partnership with NNG, a leading automotive navigation and connected car technology solutions provider.

IPO Update:

The initial public offer (IPO) of Vraj Iron and Steel received bids for 10,37,65,824 shares as against 61,38,462 shares on offer, according to stock exchange data at 17:00 IST on Thursday (27 June 2024). The issue was subscribed 16.90 times.

The issue opened for bidding on Wednesday (26 June 2024) and it will close on Friday (28 June 2024). The price band of the IPO is fixed between Rs 195 to Rs 207 per share. An investor can bid for a minimum of 72 equity shares and in multiples thereof.

Allied Blenders and Distillers` IPO received bids for 92,49,01,092 shares as against 3,93,71,669 shares on offer, according to stock exchange data at 17:00 IST on Thursday (27 June 2024). The issue was subscribed 23.49 times.

The issue opened for bidding on Tuesday (25 June 2024) and it will close on Thursday (27 June 2024). The price band of the IPO is fixed between Rs 267 to Rs 281 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

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