Benchmarks end sideways; Pharma shares rally for 6th day

The key equity indices ended sideways on Friday. The Nifty settled above 24,300 level after hitting days low of 24,168.85 in morning trade. Financial services, private bank and bank shares declined while oil & gas, PSU bank and healthcare shares advanced.

As per provisional closing data, the S&P BSE Sensex was down 53.07 points or 0.07% to 79,996.60. The Nifty 50 index added 21.70 points or 0.09% to 24,323.85.

In the broader market, the S&P BSE Mid-Cap index added 0.75% and the S&P BSE Small-Cap index rose 0.70%.

The market breadth was positive. On the BSE, 2,243 shares rose and 1,683 shares fell. A total of 90 shares were unchanged.

 

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.24% to 12.70.

IPO Updates:

The initial public offer (IPO) of Bansal Wire Industries received 1,19,86,08,454 bids for shares as against 2,14,60,906 shares on offer, according to stock exchange data at 15:38 IST on Friday (05 July 2024). The issue was subscribed 55.85 times.

The issue opened for bidding on Wednesday (03 July 2024) and it will close on Friday (05 July 2024). The price band of the IPO is fixed between Rs 243 to Rs 256 per share. An investor can bid for a minimum of 58 equity shares and in multiples thereof.

The initial public offer (IPO) of Emcure Pharmaceuticals received 83,80,70,198 bids for shares as against 1,37,03,538 shares on offer, according to stock exchange data at 15:38 IST on Friday (05 July 2024). The issue was subscribed 61.15 times.

The issue opened for bidding on Wednesday (03 July 2024) and it will close on Friday (05 July 2024). The price band of the IPO is fixed between Rs 960 to Rs 1,008 per share. An investor can bid for a minimum of 14 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Oil & Gas index gained 1.89% to 12,547. The index rallied 6.73% in the eight trading sessions.

Oil & Natural Gas Corporation (up 4.15%), Aegis Logistics (up 2.94%), Reliance Industries (up 2.6%), GAIL (India) (up 1.87%) and Gujarat Gas (up 1.81%), Gujarat State Petronet (up 1.57%), Petronet LNG (up 1.46%), Bharat Petroleum Corporation (up 1.27%), Mahanagar Gas (up 1.15%) and Hindustan Petroleum Corporation (up 0.86%) advanced.

Stocks in Spotlight:

HDFC Bank tumbled 4.40%. The bank said that its gross advances aggregated to approximately Rs 24.87 lakh crore as of 30 June 2024, a growth of around 52.6% over Rs 16.30 lakh crore as of 30 June 2023.

Raymond zoomed 10.14% after the companys board approved the vertical demerger of its Real Estate business into its wholly owned subsidiary, Raymond Realty (RRL).

According to the scheme of arrangement, each Raymond (RL) shareholder will receive 1 share of RRL for every 1 share held in Raymond and the new entity will seek automatic listing on stock exchanges.

IRCON International gained 10.01% after the company announced that its joint venture IRCON-PARAS-PCM has been awarded a letter of award (LoA) from Rail Vikas Nigam for a project worth Rs 750.82 crore.

KDDL surged 6.70% after the company said that its board is scheduled to meet on 9 July 2024 to consider the proposal for buyback of equity shares.

Angel One rose 0.80%, The broker announced that its client base jumped 64.2% to 24.72 million in June 2024 as against 15.06 million recorded in June 2023.

IDBI Bank advanced 1.29% after the bank said that its total business jumped 15% to Rs 4,71,563 crore in Q1 FY25 as compared with Rs 4,10,339 crore in Q1 FY24.

Global Markets:

European shares advanced on Friday lifted by expectations of the U.S. Federal Reserve cutting interest rates in September. This positive investor sentiment was further bolstered by the euro's rise to a three-week high in anticipation of the French elections.

Asian stocks ended mixed on Friday. Japan's household spending dropped to 1.8% in May, falling short of expectations for a 0.1% gain. This metric is closely watched by the Bank of Japan as an indicator of a healthy economic cycle where wages and prices rise together.

The United States stock market was closed on Thursday, July 4th, in observance of Independence Day.

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