Nifty above 24,600 level; European mkt opens lower

The domestic equity benchmarks traded with minor gains in afternoon trade. The Nifty traded above the 24,600 level. Realty, FMCG and auto shares advanced while media, pharma and PSU bank shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 101.33 points or 0.13% to 80,766.19. The Nifty 50 index rose 46.35 points or 0.19% to 24,633.05.

The Sensex and Nifty clocked an all-time high of 80,898.3 and 24,661.25 respectively in mid-morning trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.07% and the S&P BSE Small-Cap index gained 0.45%. The S&P BSE Mid-Cap index hit an all-time high at 48,175.21.

The market breadth was strong. On the BSE, 2,196 shares rose and 1,614 shares fell. A total of 136 shares were unchanged.

Gainers & Losers:

Hindustan Unilever (up 3.52%), Coal India (up 3.18%), Bharat Petroleum Corporation (up 3.10%), Tata Consumer Products (up 2.21%) and Bharti Airtel (up 1.90%) were major Nifty gainers.

Shriram Finance (down 1.64%), Kotak Mahindra Bank (down 1.55%), Dr Reddy`s Laboratories (down 1.29%), Reliance Industries (down 1.16%) and UltraTech Cement (down 1.09%) were major Nifty losers.

Hindustan Unilever (HUL) gained 3.52% after the company said that it has signed an agreement with A. O. Smith, a leading global water technology company, for the sale of its Indian water purification business, which was carried under the `Pureit� brand.

Stocks in Spotlight:

Angel One declined 0.82%. The company reported 32.56% jumped in consolidated net profit (from continuing operations) to Rs 292.73 crore in Q1 FY25 as against Rs 220.82 crore recorded in Q1 FY24. Revenue from operations jumped 74.05% YoY to Rs 1,405.45 crore in Q1 FY25.

Jio Financial Services fell 2.83% after the NBFC reported a 5.81% decline in consolidated net profit to Rs 312.63 crore in Q1 FY25 from Rs 331.92 crore posted in Q1 FY24.

Vedanta rose 0.34%. The company announced that its board approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 461.26 per share.

Global Markets:

European markets declined as investors digest Powell`s comments on cutting rates

Asian stocks traded mixed on Tuesday, dismissing gains on Wall Street due to concerns of a potential second term for Donald Trump, leading to worries about trade and geopolitical issues. China and Hong Kong shares fell amid fears of Trump`s proposed tariffs.

Investor concerns grew as China`s GDP growth unexpectedly slowed, primarily due to weakened consumer spending undermining export growth. The implications have raised pressure on policymakers to boost support measures at an upcoming economic meeting.

In the U.S., the Dow Jones Industrial Average surged to an all-time high after Trump announced JD Vance as his running mate, leading to a 31% increase in Trump Media & Technology Group Corp. Trump`s growing odds of victory have positively influenced various industries.

Meanwhile, Federal Reserve Chair Jerome Powell expressed confidence in the second-quarter economic data, hinting at possible near-term interest-rate cuts but refrained from specifying the timing.

On Monday, the Dow Jones Industrial Average moved up 0.5% and the S&P 500 gained 0.28%. The tech-heavy Nasdaq composite climbed 0.42%.

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