Benchmarks pare gains; European mkt opens lower

The domestic equity benchmarks reversed all gains and traded with minor losses in afternoon trade. The Nifty traded below the 24,150 mark after hitting the day�s high of 24,236.35 in early trade. IT, media and realty stocks advanced while banking shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex was down 40.86 points or 0.05% to 79,435.33. The Nifty 50 index lost 28.20 points or 0.12% to 24,113.75.

The Sensex and Nifty clocked an all-time high of 79,855.87 and 24,236.35, respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index declined 0.74% and the S&P BSE Small-Cap index shed 0.08%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,869.53 and 53,297.26, respectively.

The market breadth was negative. On the BSE, 1,819 shares rose and 2,018 shares fell. A total of 113 shares were unchanged.

Gainers & Losers:

Wipro (up 2.51%), Infosys (up 2.18%), Larsen and Toubro (up 2.23%), HDFC Bank (up 1.71%) and Hindalco Industries (up 1.11%) were major Nifty gainers.

Shriram Finance (down 3.31%), Kotak Mahindra Bank (down 3.27%), Tata Motors (down 1.88%), Indusind Bank (down 1.84%) and State Bank of India (down 1.71%) were major Nifty losers.

Larsen & Toubro (L&T) advanced 2.23% after the company�s L&T Energy Hydrocarbon (LTEH) vertical secured a `significant� order from the Oil & Natural Gas Corporation (ONGC) for the eighth phase of pipeline replacement project.

Tata Motors fell 1.88%. The company�s total domestic sales for June 2024 stood at 74,147 vehicles, registering de-growth of 8% compared to 80,383 units in June 2023.

Stocks in Spotlight:

Maruti Suzuki India shed 0.68%. The car major`s total output dipped 2.94% year-over-year, with production reaching 133,095 units compared to 137,133 units in June 2023.

TVS Motor Company declined 1.55%. The company�s Total sales were up 5% year-on-year at 3.33 lakh units in June. 2-wheeler sales went up 6% at 3.22 lakh units, motorcycle sales up 3% at 1.52 lakh units, scooter sales up 6% at 1.28 lakh units, EV sales up 10% at 15,859 units and total exports down 4% at 76,074 units.

Hero MotoCorp declined 1.75%. The company�s total sales went up 15% year-on-year to 5.03 lakh units in June. Domestic sales were up 16% at 4.91 lakh units, exports were down 15% at 12,032 units, and motorcycle sales were up 17% at 4.73 lakh units for the month of June.

IOL Chemicals & Pharmaceuticals jumped 5.51% after China`s National Medical Products Administration (NMPA) approved the company`s Fenofibrate drug.

Global Markets:

European market declined on Tuesday as traders look ahead to the release of the euro zone`s latest inflation data.

Most Asian stocks traded higher as investors assessed the South Korea�s inflation came in at 2.4% for June.

Megacap growth stocks, like Apple and Tesla, propelled the tech-heavy Nasdaq to a strong start for the new quarter. The broader market also participated in the gains, with the Dow and S&P 500 edging higher in pre-holiday trading.

Investors are awaiting key U.S. labor market data later this week, hoping for insights into the Federal Reserve`s interest rate plans. The Dow Jones Industrial Average rose 0.13%, the S&P 500 gained 0.27%, and the Nasdaq Composite surged 0.83%. Notably, the tech sector jumped 1.3% in the first trading session of July.

While the US manufacturing PMI data for June indicated continued contraction, a bright spot emerged: prices paid dropped to a six-month low. This could be a welcome sign for the Fed`s fight against inflation. Despite this, market expectations remain for around two interest rate cuts later this year, beginning in September, according to LSEG FedWatch.

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