SENSEX UP 264 PTS; EUROPEAN MKT OPENS HIGHER

The headline equity benchmarks traded with modest gains in afternoon trade. The Nifty traded above the 23,950 mark after hitting day�s low of 23,805.40 in early trade. IT, oil & gas and private bank shares advanced while PSU bank, media and realty shares declined. Trading could be volatile due to monthly F&O series expiry today.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 264.04 points or 0.33% to 78,938.60. The Nifty 50 index gained 86.20 points or 0.36% to 23,968.00.

The Sensex and Nifty clocked an all-time high of 79,240.08 and 24,036.60 respectively in afternoon trade. Further, the Nifty Bank registered a life high of 53,180.75 in morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.02% and the S&P BSE Small-Cap index shed 0.36%.

The market breadth was negative. On the BSE, 1,565 shares rose and 2,231 shares fell. A total of 146 shares were unchanged.

Gainers & Losers:

Grasim Industries (up 2.93%), LTIMindtree (up 2.78%), Ultratech Cement (up 2.53%), Wipro (up 2.44%) and Dr Reddy�s Laboratories (up 2.14%) were major Nifty gainers.

Shriram Finance (down 1.35%), Coal India (down 1.14%) Larsen & Toubro (down 1.09%), Bajaj Auto (down 0.89%) and Bajaj Finance (down 0.83%) were major Nifty losers.

Dr Reddy�s Laboratories advanced 2.18% 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.

India cements surged 9.17% while Ultratech Cement added 2.53% after Ultratech Cement decided to acquire 23% stake at a price of upto Rs 267 per share in India Cements.

Stocks in Spotlight:

Rail Vikas Nigam (RVNL) rose 0.55%. The company announced that its joint venture (JV), KRDCL-RVNL has received Letter of Acceptance (LoA) worth Rs 156.47 crore from Southern Railway.

KEC International jumped 4.75% after the company announced that it has secured new orders worth Rs 1,025 crore across its various businesses.

JSW Energy added 2.60% 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.

Ramky Infrastructure gained 3.49% after the company received two contracts worth Rs 107 crore and Rs 23 crore from PowerGrid Energy Services.

SJVN added 1.08% 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.

Global Markets:

European stocks advanced while Most Asian stocks fell 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.

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