Stock Market Today: Sensex, Nifty Close At Record Highs As RIL, HDFC Bank Lead; FPIs Net Buy Rs 12,350 Crore

Overseas investors remained net buyers of Indian equities on Wednesday.

Foreign portfolio investors mopped up stocks worth Rs 12,350 crore, according to data from the National Stock Exchange. This is the highest value of buying since March 2.

Domestic institutional investors remained net sellers for the second straight day and offloaded equities worth Rs 1,021.01 crore, the NSE data showed.

Foreign institutions have net bought Rs 32,344 crore worth of equities in June. They have been net buyers of Rs 61,603 crore worth of Indian equities so far in 2023, according to the National Securities Depository Ltd.

The yield on the 10-year bond closed flat at 7.06% on Wednesday. It closed at 7.06% on Tuesday as well.

Source: Bloomberg

• The local currency weakened 3 paise to close at 82.06 against the U.S dollar on Wednesday.

• The local currency closed at 82.03 on Tuesday.

Source: Bloomberg

India's benchmark stock indices advanced for the second day to scale fresh life highs through Wednesday. While, pharma and metal sectors advanced, media stocks were under pressure. RIL Ltd., HDFC Bank Ltd., Infosys Ltd. led the positive change on the indices, while HDFC Life Insurance Co. and Kotak Mahindra Bank Ltd. dragged.

Sensex scaled a fresh record high of 64,050.44 points after rising 1% in trade, whereas Nifty jumped 1.03% to hit 19,011.25, intraday.

European stocks opened firmer, while U.S. equity futures were pressured by report of new curbs on artificial intelligence chip sales to China.

The Stoxx Europe 600 Index gained as much as 0.5% as shares bounced from a six-day losing streak that ended on Tuesday. UBS Group AG advanced as the company prepared to cut more than half of Credit Suisse Group AG’s workforce.

Japan and Australia rallied, while Chinese equities fluctuated amid a report that the Biden administration was considering new curbs on exports of artificial intelligence chips to China.

The S&P BSE Sensex Index closed up 500 points or 0.79% at 63,915.42 while the NSE Nifty 50 Index was 155 points or 0.82% higher at 18,972.10.

Reliance Industries Ltd., HDFC Bank Ltd., Infosys Ltd., Larsen & Toubro Ltd. and ITC Ltd. were the positively adding to the change in the Nifty 50 Index.

Whereas, HDFC Life Insurance Co., Tech Mahindra Ltd., Mahindra & Mahindra Ltd., Kotak Mahindra Bank Ltd., and Bajaj Finserv Ltd. were negatively adding to the change.

The broader market indices ended higher; the S&P BSE MidCap Index was up 0.73%, whereas S&P BSE SmallCap Index was 0.08% higher.

All the 19 sectors compiled by BSE advanced with S&P BSE Power and S&P Capital Goods gaining the most.

The market breadth was split between the buyers and sellers. About 1,783 stocks rose, 1,706 declined, while 139 remained unchanged on the BSE.

• HDFC Life has 1.66 crore shares or 0.77% equity change hand in a large trade

• HDFC likely buyer, as it previously got CCI nod to hold over 50% stake in HDFC Life

Source: Bloomberg

• Metal stocks gain after China’s Premier Li Qiang said China was on course to “achieve 5% target economic growth" in 2023.

• -JSW Steel gains over 5% as JSW Vallabh Tinplate & Vardhman Industries merged with JSW Steel Coated Products, effective from June 26.

• Top contributors: JSW Steel, Adani Enterprises, JSPL.

• Nifty took over 20 months or 625 days to reach 19,000 level from the 18,000 mark scaled on Oct. 11, 2021.

• ITC Ltd., Britannia Industries Ltd., Tata Motors Ltd., HCL Technologies Ltd., and L&T Ltd. were the top movers on the Nifty 50 Index in these 288 days.

Source: Bloomberg

• Sensex took nearly seven months or 210 days to climb the 64,000 level from the previous 63,000 mark scaled on Nov. 30, 2022.

• Tata Motors Ltd., ITC Ltd., Larsen & Toubro Ltd., UltraTech Cement Ltd., and Titan Co. were the top movers on the Sensex Index in these 210 days.

Source: Bloomberg

Shares of Artefact Projects Ltd. rose on Wednesday after it bagged two project with contracted fees of Rs 9 crore.

The company has been awarded two projects from the National Highway Authority of India for its consultancy services. The projects that the company has to supervise are:

• Construction of Agra Bypass of Yamuna Expressways in the district of Mathura on EPC mode, in Uttar Pradesh.

• Construction of left out portion of Agra Inner Ring Road on EPC mode, in the city.

Shares of Artefact Projects rose 3.95% intraday, before trading 0.14% higher as of 10:45 a.m., compared to a 0.51% increase in the S&P BSE Sensex.

The total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was 54.40, implying that the stock is neither overbought, nor oversold.

India's benchmark stock indices hit a record high in pre-market trades and have been scaling fresh life highs through midday on Wednesday. While, metal and energy sectors advanced, media stocks were under pressure. RIL Ltd., and Adani Enterprises Ltd. led the positive change on the indices after GQG partners and other investors bought shares worth $1 billion in Adani group companies.

Sensex scaled a fresh record high of 63,948.84 points after rising 0.84% in trade, whereas Nifty jumped 0.87% to hit 18,982.05, intraday.

Share futures were mixed as investors awaited clues from top central bankers for direction of their monetary policies. European equity contracts gained 0.4% after the Stoxx Europe 600 Index had closed little changed on Tuesday, halting a six-day losing streak. U.S. stock futures edged lower.

Japan and Australia rallied, while Chinese equities fluctuated amid a report that the Biden administration was considering new curbs on exports of artificial intelligence chips to China.

As of 12:27 p.m., the S&P BSE Sensex Index was up 492 points or 0.78% at 63,908.27 while the NSE Nifty 50 Index was 153.35 points or 0.81% higher at 18,970.75.

Reliance Industries Ltd., Adani Enterprises Ltd., Infosys Ltd., HDFC Bank Ltd., and JSW Steel Ltd. were the positively adding to the change in the Nifty 50 Index.

Whereas, Kotak Mahindra Bank Ltd., ICICI Bank Ltd., HDFC Life Insurance Ltd., HCL Technologies Ltd., and Mahindra & Mahindra Ltd. were negatively adding to the change.

The broader market indices were trading higher; the S&P BSE MidCap Index was up 0.37%, whereas S&P BSE SmallCap Index was 0.31% higher.

All the 20 sectors compiled by BSE advanced with S&P BSE Services and S&P BSE Metal gaining the most.

The market breadth was skewed in the favour of the buyers. About 1,884 stocks rose, 1,453 declined, while 149 remained unchanged on the BSE.

• BEML secures orders worth Rs 385 crore from Bharat Dynamics and Bharat Electronics for the supply of high mobility vehicles.

Source: Exchange filing

• GQG, IHC and other investors bought Adani Group shares worth nearly $1 billion in today’s block deal.

• GQG, IHC & other investors bought shares of Adani Enterprises Ltd. and Adani Green Energy Ltd. from the Adani family.

• Alert: Adani Green Energy had about 11.4 lakh shares or 2.2% equity change hand in 24 large trade.

• Alert:Adani Enterprises had about 1.8 crore shares or 1.6% equity change hand in a large trade.

Source: Sources to BQ Prime

• Sensex hits fresh record high at 63,948.84 points, whereas Nifty hit a record at 18,982.05 points.

• Nifty took 209 days or seven months since Dec. 1, 2023 to reach the 18,982.05 level, crossing earlier record high of 18,887.60.

• Sensex hit the previous life high in 203 days or over six months since Dec. 1, 2023. at 62,601.71 on June 22. It further hit a fresh record after six days on Wednesday, June 28.

Source: Bloomberg

Shares of Titagarh Rail Systems Ltd. rose as it received a letter of acceptance for a new project from the Gujarat Metro Rail Corporation. The order is valued at around Rs 857 crore, and execution is expected to begin 76 weeks after the contract is signed.

The project entails designing, manufacturing, supplying, testing, commissioning, and training of 72 Standard Gauge Cars for Surat Metro Rail Phase-I Project.

The shares were trading 5.44% higher at Rs 514 as of 10:18 a.m., compared to a 1.06% rise in the NSE Nifty 50.

The total traded quantity so far in the day stood at 0.5 times the 30-day average volume. The stock’s relative strength index stands at 81, indicating that the stock may be overbought.

Out of the five analysts tracking the stock, all five recommend a buy rating, according to Bloomberg. The consensus price estimate indicates a 0.8% upside over the next 12 months.

Shares of TCNS Clothing Co. and Aditya Birla Fashion and Retail Ltd. advanced as the Competition Commission of India approved the acquisition of 51% of the expanded share capital of the former by Abfrl.

Aditya Birla Fashion and Retail Ltd. is engaged in retailing of branded products, including apparel, footwear and accessories, whereas TCNS Clothing Co. is a women's branded apparel company.

Shares of TCNS Clothing Co. advanced 0.90% to Rs 418.55 apiece as of 10:02 a.m., compared to a 0.38% advance in the NSE Nifty 50. The scrip rose as much as 2.22%, intraday, the most in over seven weeks since May 5, 2023. The relative strength index was at 50.

Out of the nine analysts tracking the company, two maintain a 'buy' rating, four recommend a 'hold' and three suggest to 'sell' the stock, as per the Bloomberg data.

The average calculated from the 12-month price target given by analysts implies a potential upside of 5.7%

Shares of Aditya Birla Fashion and Retail Ltd. advanced 1.11% to Rs 213.25 apiece as of 10:02 a.m., compared to a 0.38% advance in the NSE Nifty 50. The scrip rose as much as 1.85%, intraday. The stock has risen over 4.5% in the last three sessions. The relative strength index was at 57.

Out of the 25 analysts tracking the company, 14 maintain a 'buy' rating, six recommend a 'hold' and five suggest to 'sell' the stock, as per the Bloomberg data.

The average calculated from the 12-month price target given by analysts implies a potential upside of 7.5%.

Shares of Adani Enterprises Ltd. jumped the most in five weeks after about 1.8 crore shares or 1.6% equity change hand in a large trade on Wednesday, as per the Bloomberg data.

The scrip advanced 3.04% to Rs 2,353.8 apiece as of 9:54 a.m., compared to a 0.41% advance in the NSE Nifty 50. The scrip rose as much as 4.62%, intraday, the most in five weeks since May 23, 2023.

The average traded volume so far in the day stood at 2.7 times its monthly average. The relative strength index was at 51.

One analyst tracking the company maintains a 'buy' rating on the stock, as per the Bloomberg data.

Source: Bloomberg

• Adani Green Energy has about 11.4 lakh shares or 2.2% equity change hand in 24 large trades

• Adani Enterprises has about 1.8 crore shares or 1.6% equity change hand in a large trade

• The buyers and sellers were not known immediately

Source: Bloomberg

The broader market indices outperformed its larger peers; the S&P BSE MidCap Index was up 0.46%, whereas S&P BSE SmallCap Index was 0.56% higher.

Eighteen out of the 20 sectors compiled by BSE advanced with S&P BSE Services gaining the most. On the other hand, S&P BSE Utilities and S&P BSE Power declined.

The market breadth was skewed in the favour of the buyers. About 1,837 stocks rose, 539 declined, while 102 remained unchanged on the BSE.

Source: BSE

State Bank of India, Adani Enterprises Ltd., Infosys Ltd., Reliance Industries Ltd., and ITC Ltd. were the negatively adding to the change in the Nifty 50 Index.

Whereas, Power Grid Corp of India Ltd., Axis Bank Ltd., Kotak Mahindra Bank Ltd., Hindustan Unilever Ltd., and Maruti Suzuki Ltd. were positively adding to the change.

India's benchmark stock indices opened higher after hitting a fresh record high in pre-open session on Wednesday. The headline indices advanced the most in over a week on Tuesday as July 1, 2023 was announced as the effective date for the merger of the HDFC twins.

Asian markets were mixed after a rally on the Wall Street that was fueled by strength in U.S. consumer confidence and home sales. The yen strengthened and the Australian dollar slumped on soft inflation data.

The Aussie fell as much as 1% and the nation’s stock market jumped 1.4% after inflation eased more than expected in May, improving the prospects for the central bank to pause in its rate-hike campaign.

Stocks also advanced in Japan, but fell in Hong Kong and mainland China. U.S. stock futures declined following a late-breaking Wall Street Journal report that the Biden administration was considering new curbs on exports of artificial intelligence chips to China.

Nasdaq 100 jumped almost 2% and the S&P 500 halted a two-day drop, on Tuesday. Tech megacaps led the rebound in U.S. equities. Tesla Inc. rallied after a 6% plunge, Snowflake Inc. jumped on an artificial intelligence-related partnership with Nvidia Corp.

At pre-open, the S&P BSE Sensex Index was up 286 points or 0.45% at 63,701.78 while the NSE Nifty 50 Index was 91 points or 0.48% higher at 18,908.15.

At pre-open, the S&P BSE Sensex Index was up 286 points or 0.45% at 63,701.78 while the NSE Nifty 50 Index was 91 points or 0.48% higher at 18,908.15.

Source: Bloomberg

• Nifty hits record high at 18,908.15 points in pre-open session.

• Sensex hits record high at 63,701.78 5 points in pre-open session.

Source: Bloomberg

• The yield on the 10-year bond opened flat at 7.07% on Wednesday.

Source: Cogencis

• The local currency strengthened 3 paise to open at 82 against the U.S dollar on Wednesday.

• The local currency closed at 82.03 on Tuesday.

Source: Bloomberg

• U.S. Dollar Index at 102.6

• U.S. 10-year bond yield at 3.76%

• Brent crude up 0.14% at $72.36 per barrel

• Nymex crude up 0.15% at $67.80 per barrel

• SGX Nifty up 0.26% at 18,856 as of 8:10 a.m.

• Bitcoin down 0.44% at $30,519.19

• Price Band Revised From 10% To 5%: Hawdwyn India

• Ex-Date Dividend: SKF India

• Ex-Date Annual General Meeting: Aditya Birla Money, Dodla Dairy

• Move Into Short-Term ASM Framework: Apollo Micro Systems

• Move Out Of Short-Term ASM Framework: Hindware Home Innovation

• HDFC Life Insurance Company: Promoter HDFC bought 12.22 lakh shares on June 26.

• Rolex Rings: Promoters Ashok Dayashankar Madeka sold 1.45 lakh shares, Bharat Jiten Madeka sold 25,000 shares, Hemal Paresh Madeka sold 37,460 shares, Mihir Rupeshkumar Madeka sold 25,000 shares, Manesh Dayashankar Madeka sold 55,000 shares, Bhautik Dayashankar Madeka sold 92,500 shares, Rupesh Dayashankar Madeka sold 55,000 shares, Jiten Dayashankar Madeka sold 55,000 shares, Pinakin Dayashankar Madeka sold 80,000 shares, and Sanjay Bhagwanji Bole sold 80,000 shares between June 23 and 26.

• Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji and Company sold 35 lakh shares on June 23.

• Star Cement: Promoter Ratna Chamaria sold 5,000 shares on June 23.

• Reliance Home Finance: Promoter Reliance Capital sold 53.6 lakh shares between June 23 and 26.

• Ethos: Promoter KDDL bought 120 shares on June 23, and promoter Mahen Distribution sold 120 shares on June 23.

• Paisalo Digital: Promoter Equilibrated Venture Cflow bought 10.12 lakh shares between June 26 and 27.

• Cosmo First: Promoter Gayatri and Annapurna, through its partner Ashok Jaipuria, bought 16,200 shares between June 26 and 27.

• Mukand: Promoter Baroda Industries bought a total of 19,275 shares on June 23 and 26.

• Satia Industries: Promoter Ajay Kumar Satia bought two lakh shares on June 26.

• Mindspace Business Parks REIT: Promoter Cape Trading bought 24,005 shares on June 26.

• Zydus Wellness: Promoter Zydus Family Trust bought 2.6 lakh shares on June 26.

• Emami: Promoter Suraj Finvest revoked a pledge of six lakh shares on June 22, while it created a pledge of 15 lakh shares on June 26, and Promoter Diwakar Finvest revoked a pledge of 15 lakh shares on June 23.

• Chambal Fertilisers and Chemicals: Promoter Zuari Industries created a pledge of 3.5 lakh shares on June 23.

• Amber Enterprises (I): BNP Paribas Arbitrage bought 1.77 lakh shares (0.52%) at Rs 2254.71 apiece.

• HDFC Life Insurance Company: HDFC bought 1.48 crore shares (0.7%) at Rs 667.1 apiece.

• Solara Active Pharma: Spiracca Ventures bought two lakh shares (0.55%) at Rs 371.54 apiece, and Karuna Business Solutions sold two lakh shares (0.55%) at Rs 371.53 apiece.

Sapphire Foods India: WWD Ruby sold 30 lakh shares (4.76%), Societe Generale ODI bought 4.73 lakh shares (0.74%), Nomura Trust and Banking Co. bought 4.38 lakh shares (0.68%), Goldman Sachs (Singapore) bought 3.42 lakh shares (0.53%), ICICI Prudential Life Insurance bought three lakh shares (0.47%), Nippon India Mutual Fund bought 4.65 lakh shares (0.73%), Kotak Funds India Midcap Fund bought 1.48 lakh shares (0.23%), among others at Rs 1377.1 apiece.

1. Cyient DLM: The Rs 592 crore IPO, which opened for subscription on June 27, was subscribed 2.65 times as of 5:00 p.m. on the first day. Institutional investors subscribed 0.03 times, or 3%, while non-institutional investors subscribed 3.57 times. Retail investors subscribed 9.82 times, and the portion reserved for employees was subscribed 0.29 times, or 29%.

2. IdeaForge Technology: The initial stake sale of IdeaForge Technology was subscribed to 3.69 times on the first day and 13.27 times on the second day. The bidding was spearheaded by retail investors subscribing 36.36 times, followed by the employee-reserved portion at 26.26 times. Institutional and non-institutional investors subscribed 1.34 times and 21.59 times, respectively.

• Aditya Birla Fashion and Retail, TCNS Clothing: The Competition Commission of India has approved the acquisition of 51% of the expanded share capital of TCNS Clothing Company by Aditya Birla Fashion and Retail.

• Housing Development Finance Corp.: The Reserve Bank of India, through a letter on Tuesday, removed restrictions on HDFC Credila from onboarding customers. The relaxation is subject to HDFC Bank applying for a change in shareholding in HDFC Credila by July 31.

• State Bank of India: The bank has decided to acquire the entire 20% stake held by SBI Capital Markets in SBI Pension Funds. Separately, S&P Global Ratings raised the standalone credit ratings for SBI to BBB from BBB-.

• Hindustan Aeronautics: The company recommended a stock split of the existing one equity share of face value of Rs 10 each, fully paid up, into two equity shares of Rs 5 each, fully paid up. It also recommended a final dividend of Rs 15 per equity share for fiscal 2022–23.

• Macrotech Developers: Morgan Stanley slashed the company’s price target to Rs 572.50 from Rs 1,145 previously, citing that the company has issued bonus shares, resulting in a doubling of the share count.

• HDFC Bank, ICICI Bank: S&P Global Ratings raised standalone credit ratings for HDFC to A- from BBB+ and for ICICI Bank to BBB from BBB-.

• Bajaj Finance: S&P Global Ratings raised standalone credit ratings to BBB-/Stable/A-3 from BB+/Positive/B.

• Hero FinCorp: S&P Global Ratings raised standalone credit ratings to BB+/Stable/B from BB/Stable/B.

• Shriram Finance: S&P Global Ratings raised standalone credit ratings to BB/Stable/B from BB-/Stable/B.

• Union Bank of India: S&P Global Ratings raised standalone credit ratings to BBB-/Stable/A-3 from BB+/Stable/B.

• Titagarh Wagons: The company has received a letter of acceptance from Gujarat Metro Rail Corporation to design, manufacture, supply, test, commission, and train 72 standard gauge cars for Surat Metro Rail. The order is worth Rs 857 crore, and execution will start 76 weeks after the contract is signed. The project is scheduled to be completed within 132 weeks after execution starts.

• Ramco Cements: The company has commissioned a Line III clinker manufacturing facility at its Ramamasamy Raja Nagar plant.

• ITC: The company acquired 857 compulsorily convertible preference shares of Rs 10 each from Mother Sparsh for a consideration of Rs 11.54 crore. ITC now holds 26.50% of Mother Sparsh’s share capital.

• Infosys: The software exporter, has signed a memorandum of understanding with Skillsoft to foster digital learning. Infosys will offer learners free access to Skillsoft’s learning content through the Infosys Springboard platform.

• Gland Pharma: The U.S. Food and Drug Administration issued one observation listed under Form 483 after it inspected the company’s Pashamylaram facility at Hyderabad between June 15, 2023, and June 27, 2023. It had conducted a pre-approval inspection for seven products and a good manufacturing practice inspection at this facility. The observation is procedural in nature, and the company will submit preventive actions for this to the U.S. FDA.

• Meghmani Finechem: The company commissioned its wind-solar hybrid power plant of about 18.34 megawatts and said the power flow has started.

Asian markets were mixed following a rally on Wall Street fueled by strength in U.S. consumer confidence and home sales. The yen strengthened, and the Australian dollar slumped on soft inflation data.

Stocks advanced in Japan and Australia but fell in Hong Kong and mainland China. U.S. stock futures also declined following a late-breaking Wall Street Journal report that the Biden administration was considering new curbs on exports of artificial intelligence chips to China. The Nasdaq 100 jumped almost 2% and the S&P 500 halted a two-day drop on Tuesday. Tech megacaps led the rebound in U.S. equities. 

Investors in Asia will be watching the release of figures for Chinese industrial profits amid calls for Beijing to provide more stimulus and Australian inflation data, which will help shape the central bank’s thinking on interest rates.

Brent crude declined to $72 a barrel, and West Texas Intermediate was trading below the $68 mark. The yield on the 10-year U.S. bond was trading at 3.76%, whereas Bitcoin was below the $30,600 level.

At 8:10 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.26%, or 48 points, at 18,859.

Indian stock benchmark indices held on to their steady gains through Tuesday to end higher, led by advances from non-banking financial companies and the real estate sector. The local currency closed flat at 82.03 against the U.S. dollar on Tuesday.

Overseas investors became net buyers of Indian equities on Tuesday, ending a three-day selling streak. Foreign portfolio investors mopped up stocks worth Rs 2,024.05 crore, according to data from the National Stock Exchange. This is the highest value of buying in 12 days since June 15. Domestic institutional investors turned net sellers and offloaded equities worth Rs 1,991.35 crore, the NSE data showed. This is the highest single-day sales in nearly seven weeks since May 31.