Indian equity indices ended the trading session on a high note on July 3, with the Nifty surpassing 24,250 amidst widespread buying across various sectors, except for media.
By the close, the Sensex had risen by 545.35 points, or 0.69%, to settle at 79,986.80, while the Nifty climbed 162.70 points, or 0.67%, to finish at 24,286.50. The market breadth was positive, with 2,075 shares advancing, 1,372 shares declining, and 66 shares remaining unchanged.
The top performers on the Nifty included Tata Consumer Products, Adani Ports, Kotak Mahindra Bank, Axis Bank, and HDFC Bank. On the flip side, the biggest laggards were TCS, Titan Company, Reliance Industries, Tata Motors, and Hindalco Industries.
Sectorally, all indices ended in the green, barring media. Notable gains were seen in power, capital goods, banking, and metal sectors, each rising by 1-2%. The BSE midcap and smallcap indices also posted gains of nearly 1% each.
On the currency front, the Indian rupee closed marginally lower at 83.53 per dollar on Wednesday, compared to Tuesday's close of 83.50.
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Jul 03, 2024, 3:49 pm IST
Market Posts Record Close
Indian equity indices ended the trading session on a high note on July 3, with the Nifty surpassing 24,250 amidst widespread buying across various sectors, except for media.
By the close, the Sensex had risen by 545.35 points, or 0.69%, to settle at 79,986.80, while the Nifty climbed 162.70 points, or 0.67%, to finish at 24,286.50. The market breadth was positive, with 2,075 shares advancing, 1,372 shares declining, and 66 shares remaining unchanged.
Jul 03, 2024, 3:26 pm IST
Gujarat Gas Hikes Industrial Gas Prices
Leading natural gas producer in India and backed by government, Gujarat Gas in a bold move hiked price of industrial gas by Rs 2 per standard cubic metre (scm) to Rs 44.68 for Morbi customers. The new prices will come into effect from July 4, 2024. The announcement was made on July 3.
Jul 03, 2024, 2:55 pm IST
Rail Vikas Nigam Secures Lowest Bid For Central Railway Contract
Rail Vikas Nigam Limited (RVNL) has emerged as the lowest bidder for a significant contract valued at Rs 132.6 crore from Central Railway. This contract entails the Overhead Equipment (OHE) modification work, upgrading the existing 1 x 25 kV electric traction system to a 2 x 25 kV Autotransformer (AT) feeding system. The project is located in the Wardha-Ballarshah section of the Nagpur division and aims to meet a 3000 MT loading target.
Jul 03, 2024, 2:54 pm IST
BansalWire IPO fully subscribed on Day 1
Bansal Wire IPO fully subscribed on the day 1 of its initial public offering. The IPO is a fresh issue of equity shares worth Rs 745 crore with no offer-for-sale component. The price band for the issue is set between Rs 243 and Rs 256 per share. Public subscription for the IPO will be open from July 3 to July 5.
Jul 03, 2024, 2:29 pm IST
IREDA At Record High
The shares of Indian Renewable Energy Development Agency Ltd. (IREDA) reached record highs on Wednesday, surpassing its previous high of Rs 214 to hit an intraday peak of Rs 220.65.
Jul 03, 2024, 2:23 pm IST
Gold Prices In India Unchanged Today
Gold prices in India on July 3 were unchanged despite international prices dipping mildly on the backdrop of the soft dollar. This comes after the latest comment of US Federal Reserve's chair Jerome Powell which was slightly dovish. 24K Gold Prices: 100 grams here is at Rs 7,23,800, while 10 grams is at Rs 72,380, 8 grams at Rs 57,904, and 1 gram at Rs 7,238.
Jul 03, 2024, 2:08 pm IST
Emcure Pharma IPO Sees 67% Subscription On Opening Day
Emcure Pharmaceuticals' initial public offering (IPO) had a modest start on July 3, with the public issue receiving a subscription of 67% on the first day of bidding. The Rs 1,952.03-crore IPO garnered bids for 91.88 lakh shares against the total offering of 73.07 crore shares, according to exchange data.
Non-institutional investors led the subscriptions, bidding 1.10 times their allotted quota, while retail investors subscribed to 0.84 times of their reserved portion. Employees of the company showed significant interest, bidding 1.55 times their allocated shares.
As of now, the portion reserved for Qualified Institutional Buyers (QIBs) has not received any bids.
Jul 03, 2024, 1:56 pm IST
Wockhardt Stock Surges Almost 40% In Five-Day Rally
Wockhardt's shares have soared nearly 40% over the course of five consecutive trading sessions, reaching a 52-week high of Rs 943 on July 3. The bullish momentum is driven by optimism surrounding the impending launch of two promising antibiotics by the company in the Indian market.
Jul 03, 2024, 1:55 pm IST
Yes Bank Reports Strong Growth In Deposits And Advances
Yes Bank, the private sector lender, saw robust performance in Q1FY25 with a 14.8% year-on-year (YoY) growth in loans and advances, amounting to Rs 2.29 lakh crore. Deposits also surged by 20.8% YoY, reaching Rs 2.64 lakh crore for the quarter, according to provisional data.
Jul 03, 2024, 1:38 pm IST
Alembic Pharma Receives 11 USFDA Product Approvals In Q2FY25
During the quarter ended June 30, 2024, Alembic Pharmaceuticals secured 11 new product approvals from the US Food and Drug Administration (USFDA). This brings the company's cumulative total to 206 ANDA approvals, comprising 179 final approvals and 27 tentative approvals.
Jul 03, 2024, 1:20 pm IST
M&M Financial Services Sees 3% Growth In Disbursements For June
In June 2024, M&M Financial Services recorded disbursements of approximately Rs 4,370 crore, marking a 3% year-on-year (YoY) increase. For Q1FY25, disbursements totaled about Rs 12,730 crore, reflecting a 5% YoY growth. The collection efficiency for June 2024 stood at 95%, compared to 96% in June 2023.
Jul 03, 2024, 12:58 pm IST
M&M Chooses ABB For Advanced Paint Solutions
Mahindra & Mahindra Ltd (M&M) has opted for ABB's cutting-edge PixelPaint technology for its upcoming electric vehicle paint facility.
Jul 03, 2024, 12:41 pm IST
Sundaram-Clayton To Raise Funds, Appoints New Independent Director
The board of directors of Sundaram-Clayton has approved seeking shareholders' consent for the appointment of Mr. P Kaniappan as a Non-Executive Independent Director for a five-year term starting July 3, 2024. Additionally, the board has approved a special resolution to raise funds in one or more tranches through the issuance of equity shares and/or other securities to eligible investors.
Jul 03, 2024, 12:10 pm IST
Indian Energy Exchange (IEX) Sees Surge In Electricity Volume In June
Indian Energy Exchange (IEX) reported an increase in electricity volume for June 2024, achieving 10,185 MU, a 24.7% year-on-year (YoY) rise. The green market volume soared to 744 MU, up 173.4% from 272 MU in June 2023. The Day-Ahead Market (DAM) volume grew by 18.2% YoY to 4,849 MU, while the Real-Time Electricity Market (RTM) volume increased by 20.1% YoY to 3,213 MU in June 2024.
Jul 03, 2024, 11:53 am IST
Hindustan Zinc Shares See Uptick Following Q1 Production Data
Hindustan Zinc reported a 2% year-on-year (YoY) increase in mined metal production for Q1FY25, reaching 2.63 lakh tonnes, driven by improved metal grades. Saleable metal production also saw a 1% YoY rise, totaling 2.62 lakh tonnes. Refined zinc production climbed by 1% YoY to 2.11 lakh tonnes, while refined lead production rose by 2% YoY, reaching 51,000 tonnes in the June FY25 quarter.
Jul 03, 2024, 11:40 am IST
JSW Infra Subsidiary Signs Concession Agreement with VO Chidambaranar Port Authority
On July 2, 2024, JSW Tuticorin Multipurpose Terminal, a subsidiary of JSW Infra, entered into a concession agreement with the VO Chidambaranar Port Authority in Tamil Nadu. The agreement is for the development and mechanization of North Cargo Berth-III (NCB-III) to handle dry bulk cargo on a Design, Build, Finance, Operate, and Transfer (DBFOT) basis. This project involves developing a new 7 MPTA Cargo Berth III at the port.
Jul 03, 2024, 11:29 am IST
Avenue Supermarts Sees 18.4% Surge In Q1FY25 Revenue
Avenue Supermarts reported a standalone revenue from operations of Rs 13,711.87 crore for the quarter ended June FY25, reflecting an 18.4% increase from Rs 11,584.44 crore in Q1 FY24. As of June 2024, the total number of stores stood at 371.
Jul 03, 2024, 11:11 am IST
MOIL Achieves 14.5% Sales Growth In Q1FY25
MOIL, a leading manganese ore mining company, reported a 14.5% year-on-year increase in sales for the June quarter of FY25. This growth was driven by a record quarterly production of 4.70 lakh tonnes, marking a 7.8% year-on-year increase.
Jul 03, 2024, 10:48 am IST
Federal Bank Q1 Update; Shares Jump 4%
Federal Bank's stock saw a 4% rise following its Q1 update. The bank reported total deposits of Rs 2,66,082 crore, marking a 20% increase from Rs 2,22,496 crore as of June 30, 2023.
Customer Deposits Surge
Customer deposits, excluding interbank deposits and certificates of deposit, reached Rs 2,51,991 crore. This represents a significant growth of 20% compared to Rs 2,10,422 crore as of June 30, 2023.
Advances Show Strong Growth
The bank's gross advances also experienced a robust increase. They grew by 20%, reaching Rs 2,24,139 crore from Rs 1,86,593 crore as of June 30, 2023.
Jul 03, 2024, 10:47 am IST
Vraj Iron and Steel Share listing at 16% premium over Issue price
Vraj Iron and Steel made a good start to its stock exchange debut. Stock listing at 16 premium Rs 240, a premium of 16 percent over the issue price of Rs 207 on July 03.
Jul 03, 2024, 10:40 am IST
Paytm's Health Saathi Plan: Affordable Protection for Your Health and Income
Paytm has introduced a new health insurance plan called Health Saathi, aimed at providing affordable health and income protection. This plan is designed to cater to the needs of individuals seeking comprehensive coverage without breaking the bank.
The Health Saathi plan offers a range of benefits, including coverage for hospitalisation expenses, pre and post-hospitalisation costs, and day-care procedures. Additionally, it provides income protection in case of job loss due to illness or injury.
Comprehensive Coverage
One of the standout features of the Health Saathi plan is its extensive coverage. It includes hospitalisation expenses, which cover room rent, ICU charges, doctor fees, and other related costs. Moreover, it also covers pre and post-hospitalisation expenses for up to 60 days before and 90 days after hospitalisation.
The plan also covers day-care procedures that do not require a 24-hour hospital stay. This ensures that policyholders are protected even for minor surgeries or treatments that can be completed within a few hours.
Motilal Oswal Financial Services has been issued an administrative warning by SEBI. The warning, dated June 28, 2024, was received on July 2, 2024.
The advisory from SEBI pertains to minor operational issues. Motil Oswal Financial Services has been advised to exercise caution in the future regarding these matters.
Jul 03, 2024, 10:32 am IST
Rupee Trades Flat
Indian Rupee trades marginally lower at 83.51 versus Tuesday's close of 83.50 agains US Dollar.
Jul 03, 2024, 10:22 am IST
Britannia Industries share in Focus
Britannia Industries has appointed new additional Non-Executive Independent Directors on the board of the company. FMCG Company appointed Former RBI governor Urjit Patel and Sunil Lalbhai for a period of five years, according to an exchange filing on July 2.
Jul 03, 2024, 9:52 am IST
What Is Driving Market Today?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: The focus of market activity today will be HDFC Bank which will continue its upward move factoring in the news of potentially increasing the weightage of the stock in the MSCI Index. The delivery based buying in the stock witnessed in the last many days has the potential to continue for a few more days pushing the stock further up and imparting resilience to it. As the weightage of HDFC Bank in Nifty increases there will be more delivery based buying by ETFs and also active funds. There can be a marginal negative impact on other high weightage stocks in the Nifty like RIL, TCS, Infosys and ICICI Bank.
The latest Fedspeak on US inflation is also positive news for equity markets globally. Responding to the inflation print of 2.6% with zero month on month increase Fed chief Powell yesterday made a dovish remark that the US is on a disinflationary path. The Fed’s next rate action is likely to be a rate cut. RBI also is likely to follow suit with a rate cut in the next policy meeting.
Jul 03, 2024, 9:38 am IST
HDFC Bank Star Performer
In the early trade of July 3, HDFC Bank share price touched a new 52-week high of Rs 1,791.90 apiece. At the time of writing, the stock traded at Rs 1770.20 apiece, up by 2.31% with market cap of Rs 13,46,637.65 crore. HDFC Bank is the top gainer of Sensex and Nifty.
Jul 03, 2024, 9:28 am IST
Sensex, Nifty At New Record High
After touching a new record high of 80,039.22, Sensex is trading at 79,872.99 up by 431.54 points or 0.53%. While Nifty 50 jumped to new lifetime high of 24,292.15 before trading at 24,242 up by 118.15 points or 0.5%.
Jul 03, 2024, 9:05 am IST
Bank Nifty, Bankex Outlook Today
Prabhudas Lilladher said: BankNifty with some heavy profit booking witnessed in some counters has indicated a Bearish Engulfing candle formation on the daily chart to slightly weaken the bias having 51200 zone as the important support level for the index. Bankex breached below the 59500 zone to weaken the trend and with bias maintained with a cautious approach has next important and crucial support of 59000 zone. On the upside, as said earlier, a decisive breach above the 60300 zone is necessary to improve the bias and ease out the sentiment. BankNifty would have the daily range of 51800-52600 levels, with Bankex support at 58700 and resistance at 60000 levels.
Jul 03, 2024, 8:53 am IST
Stock Ideas with Trend Reversal
As per Prabhudas Lilladher, among stocks to witness positive trends are -- AUROPHARMA, BPCL, DLF, HDFC BANK, HSCL, IRCTC, LT, NBCC, NCC, RAIN,
TORNTPHARMA, UBL. Stocks which may witness bearish trend are: BHARTI AIRTEL, BRITANNIA, CANFINHOME, CESC, INDIAMART, LICHSG, MANAPPURAM, NAUKARI, PEL, PIIND, RAYMOND, VIPIND
Jul 03, 2024, 8:41 am IST
Nifty Forecast Today
Prabhudas Lilladher said: Nifty resisted near the 24250 levels and found some consolidation near the 24150 zone with the bias and sentiment maintained strong with sector wise rotation witnessed and has near-term support at around 24000 level which needs to be sustained in the coming sessions. As mentioned earlier, the index is anticipated for further rise having near-term target of 24500 zone provided the 24000 support is sustained.
Jul 03, 2024, 8:40 am IST
Sensex Outlook Today
Prabhudas Lilladher Said: Sensex witnessed a sluggish movement with no major movement during the session to end near the 79400 zone with overall bias maintained with a cautiously positive approach. The support for the day is seen at 79000/24000 levels while the resistance is seen at 80000/24300 levels.
Jul 03, 2024, 8:28 am IST
Top Picks Today
Prashanth Tapse, Senior VP (Research), Mehta Equities: Yesterday, Nifty dropped sharply after hitting an all-time high of 24,236.35 due to profit booking. FIIs were net sellers by ₹2000 crores, while DIIs bought ₹648 crores. Nifty is likely to trade between 23,500-24,500, with 24,500 as a major resistance level. Federal Reserve Chairman Powell's remarks on inflation suggest a cautious market outlook. Key events include FOMC meeting minutes on Wednesday and the Nonfarm Payrolls report on Friday. We recommend buying Nifty at 24,124 with targets of 24,251/24,501 and Bank Nifty between 51,900-52,000 with targets of 52,501/53,181. Top stock pick: HDFC AMC (CMP 4096) with targets of 4,187/4,301.
Jul 03, 2024, 8:14 am IST
First SME IPO To Bag Bids Worth Rs 20,000 Crore
Nephro Care India Limited (NCIL), a leading healthcare provider based in Kolkata, has achieved a record-breaking outcome in its initial public offering (IPO) on the NSE Emerge platform. The IPO saw bids exceeding Rs. 20,000 crore, marking the first-ever SME IPO to achieve such a feat. The subscription rate reached over 715 times, with QIB portion subscribed 245.14 times, HNI quota subscribed 1787.56 times, retail investors subscribed 634.12 times, and the employee portion subscribed 20.44 times. The IPO, aiming to raise Rs. 41.26 crore, signifies a significant milestone for NCIL, which will use the proceeds to establish a new multi-speciality healthcare facility and support corporate growth.
Jul 03, 2024, 8:11 am IST
Stocks To Buy Today
On July 3, Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher has recommended 3 stocks to buy. They are: - BUY KPIL cmp 1212 Stop Loss 1186 Target 1270; - BUY RAILTEL cmp 480 Stop Loss 470 Target 505; - BUY NIIT LTD cmp 113 Stop Loss 110 Target 120
Jul 03, 2024, 8:09 am IST
Market Previous Day
On the previous day, Nifty 50 index opened strong today, reaching a historic peak of 24,236.35 points early in the session. However, Nifty closed with a modest decline of 18 points, or 0.07%, settling at 24,123.85 points after market hours. Along the similar lines, Sensex also experienced a volatile trading day. After hitting an intraday high, the Sensex pared gains and closed nearly flat with a minor decrease of 35 points, concluding the day at 79,441 points.
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