SENSEX, NIFTY RISE FOR 6TH DAY; BAJAJ TWINS RALLY

Shrugging mixed global cues, the domestic equity benchmarks advanced for the sixth consecutive day on Tuesday. Strong foreign fund flows and encouraging Q1 business updates supported the momentum on Dalal Street. The Sensex and the Nifty continued hitting new highs today, driven by the positive momentum fueled by IT, banks and financial services stocks.

The barometer index, the S&P BSE Sensex rose 274 points or 0.42% to 65,479.05. The Nifty 50 index added 66.45 points or 0.34% to 19,389.

Bajaj Finance (up 7.17%), Bajaj Finserv (up 5.76%), Infosys (up 0.87%), TCS (up 1.12%) and HDFC Bank (up 0.53%) boosted the indices.

The Nifty and the Sensex hit all-time highs in afternoon trade at 19,434.15 and 65,672.97, respectively. Further, the Nifty Bank index also registered its fresh record high at 45,655.50.

In the broader market, the S&P BSE Mid-Cap index shed 0.22% while the S&P BSE Small-Cap index gained 0.05%.

The market breadth was negative. On the BSE, 1,643 shares rose and 1,860 shares fell. A total of 120 shares were unchanged.

Economy:

India`s services exports in May climbed 7.7% YoY to $27.1 billion, while imports rose 2% to $15.5 billion, showed provisional data by RBI.

India`s coal production surged by 8.4% YoY during the first quarter of FY24 reaching 222.93 million tonne (MT), the Ministry of Coal informed in a statement.

Numbers to track:

The yield on India`s 10-year benchmark federal paper rose 0.07% to 7.122 from previous close of 7.117.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.0250, compared with its close of 81.9175 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement gained 0.37% to Rs 58,491.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.01% to 103.

The United States 10-year bond yield jumped 1.50% to 3.876.

In the commodities market, Brent crude for September 2023 settlement rose 98 cents or 1.31% to $75.63 a barrel.

Global Markets:

Most shares in Europe and Asia declined on Tuesday, with Wall Street set to remain closed on Tuesday in observance of Independence Day.

Elsewhere, China unveiled export controls on two key minerals -- gallium and germanium -- in the latest development of an ongoing war over microchips between Beijing and the West. The metals are crucial in the production of microchips, military equipment, and communications.

US stocks ended higher on Monday in a holiday-shortened session led by a rally in Tesla and strength in bank shares.

New Listing:

Shares of HMA Agro Industries settled at Rs 584.75 on the BSE, representing a discount of 0.04% compared with the issue price of Rs 585.

The scrip was listed at a price of Rs 615, at a premium of 5.13% as compared to the issue price.

The stock has hit a high of 670.45 and a low of 570. On the BSE, over 4.09 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

Eicher Motors slumped 6.26% as competition intensified in the premium motorcycle segment. In an effort to challenge Royal Enfield`s dominance, Hero MotoCorp and Bajaj Auto have made strategic moves by introducing locally-manufactured Harley-Davidson and Triumph motorcycles respectively.

Hero MotoCorp rallied 4.45% as the company prepared to commence bookings for its inaugural co-developed premium motorcycle, the Harley-Davidson X440, nationwide starting from 4:40 pm today, 4 July 2023.

L&T Finance Holdings (LTFH) fell 2.88% after a domestic broker reportedly downgraded the stock to `sell` from `reduce`.

IDFC First Bank tumbled 4.02% and IDFC gained 1.92%. IDFC First Bank said its board has approved the composite scheme of amalgamation amongst IDFC Financial Holding Company and IDFC and the Bank. The share exchange ratio for the amalgamation of IDFC into and with IDFC First Bank shall be 155 equity shares of IDFC First Bank for every 100 equity shares of IDFC.

Reliance Industries (RIL) declined 1.03%. RIL said that its telecom arm Reliance Jio unveiled JioBharat with the objective of empowering every Indian with the power of digital services, especially those who cannot afford a smartphone. Beta trial for first 1 million Jio Bharat phones will begin from 7 July 2023.

Bajaj Finance jumped 7.17%. On a consolidated basis for the quarter ended 30 June 2023, customer franchise stood at 72.98 million as compared to 60.30 million as of 30 June 2022. New loans booked during Q1 FY24 grew by 34% to 9.94 million as compared to 7.42 million in Q1 FY23.

HPL Electric & Power hit an upper circuit of 20% after the company announced that it has received orders worth Rs 903 crore for supplying smart meters.

Avenue Supermarts (DMart) shed 0.25%. The company`s standalone revenue from operations for the quarter ended 30 June 2023 stood at Rs 11,584.44 crore compared with Rs 9,806.89 crore for the quarter ended 30 June 2022. The total number of DMart stores as of 30 June 2023 stood at 327.

Vedanta declined 0.2%. The miner announced that its total aluminum production jumped 2.48% to 5,79,000 tonnes in Q1 FY24 as compared with 5,65,000 tonnes in Q1 FY23.

Hindustan Zinc added 0.47%. The Vedanta Group company on Monday announced that its mined metal production grew by 2% to 257,000 tonnes in Q1 FY24 as against 252,000 tonnes registered in Q1 FY23.

Adani Green Energy rose 0.22%. The board of Adani Green Energy will consider fund raising on Thursday, 6 July 2023. The company is planning to raise funds via issue of equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws.

IPO Updates:

The initial public offer (IPO) of Senco Gold received bids for 65.28 lakh shares as against 94.18 lakh shares on offer, according to stock exchange data at 17:00 IST on Tuesday (4 July 2023). The issue was subscribed 0.69 times.

The issue opened for bidding on Tuesday (4 July 2023) and it will close on Thursday (6 July 2023). The price band of the IPO is fixed at Rs 301-317 per share. An investor can bid for a minimum of 47 equity shares and in multiples thereof.

The IPO of PKH Ventures received bids for 1.67 crore shares as against 2.56 crore shares on offer, according to stock exchange data at 17:00 IST on Tuesday (4 July 2023). The issue was subscribed 0.65 times.

The issue opened for bidding on Friday (30 June 2023) and it will close on Tuesday (4 July 2023). The price band of the IPO is fixed at Rs 140-148 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.

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