Market extends record rally for 2nd day; VIX slides 2.65%

The domestic equity indices ended with minor gains on Thursday, rising for the second day in a row. The Nifty settled above the 24,300 level. Healthcare, IT and auto shares advanced while media, FMCG and metal stocks declined. Trading was volatile due to weekly F&O series expiry today.

As per provisional closing data, the S&P BSE Sensex was up 62.87 points or 0.08% to 80,049.67. The Nifty 50 index rose 15.65 points or 0.06% to 24,302.15.

The Sensex and Nifty clocked an all-time high of 80,392.64 and 24,401, respectively in morning trade. Further, the Nifty Bank hit record high at 53,357.70 in early trade.

 

In the broader market, the S&P BSE Mid-Cap index added 0.60% and the S&P BSE Small-Cap index rose 0.62%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 47,151.92 and 53,851.62, respectively.

The market breadth was positive. On the BSE, 2,182 shares rose and 1,745 shares fell. A total of 94 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.65% to 12.86.

IPO Updates:

The initial public offer (IPO) of Bansal Wire Industries received 10,70,94,912 bids for shares as against 2,14,60,906 shares on offer, according to stock exchange data at 15:30 IST on Thursday (04 July 2024). The issue was subscribed 4.99 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 5,86,04,210 bids for shares as against 1,37,03,538 shares on offer, according to stock exchange data at 15:30 IST on Thursday (04 july 2024). The issue was subscribed 4.28 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 Pharma index gained 1.39% to 20,192.60. The index rallied 3.47% in five trading sessions.

Lupin (up 8.18%), Zydus Lifesciences (up 4.04%), Laurus Labs (up 3.94%), Granules India (up 3.32%), Ipca Laboratories (up 1.96%), Sun Pharmaceuticals Industries (up 1.83%), Aurobindo Pharma (up 1.53%), Mankind Pharma (up 1.38%), Glenmark Pharmaceuticals (up 1.19%) and Torrent Pharmaceuticals (up 1.11%) advanced.

On the other hand, J B Chemicals & Pharmaceuticals (down 0.87%), Sanofi India (down 0.15%) and Gland Pharma (down 0.01%) edged lower.

Sun Pharmaceuticals Industries rose 1.83% after the European Medicines Agency (EMA) validated the submission of the marketing authorization application (MAA) for Nidlegy, which was finalized on 3 June 2024.

Stocks in Spotlight:

Bajaj Finance declined 2.05%. The company announced that its new loans booked increased by 10% to 10.97 million in Q1 FY25 as compared to 9.94 million recorded in Q1 FY24.

Tata Motors advanced 2.88% after the company said that total Jaguar Land Rover (JLR) registrations in UK rose 5.28% to 6,421 units in June 2024 as compared with 6,099 units in June 2023.

Bandhan Bank slipped 1.45%. The companys total deposits rose by 22.79% to Rs 1,33,203 crore in the quarter ended 30 June 2024 from Rs 1,08,480 crore recorded in the quarter ended 30 June 2023.

Cochin Shipyard was locked in 10% upper circuit after the company informed that the Ministry of Ports, Shipping and Waterways, Government of India has extended the tenure of Jose V J as its Director (Finance) of the company.

Equitas Small Finance Bank (Equitas SFB) shed 0.60%. The company said that its gross advances jumped 17.8% to Rs 34,872 crore as on 30 June 2024 as against Rs 29,601 crore as on 30 June 2023.

Inox Wind zoomed 10.54% after the company announced the completion of infusion of around Rs 900 crore into the company by its promoter Inox Wind Energy (IWEL).

ITD Cementation India slumped 13.91% after the company announced a potential divestment by its major shareholder. Italian Thai Development Public Company is exploring a possible sale of its stake in the company. It holds a 46.64% stake in ITD Cementation (as of March 2024).

The process is in its preliminary stages and no final decision has been made.

L&T Finance added 0.11%. The company said that its retail disbursements for Q1 FY25 was at Rs 14,830 crore, registering a growth of around 33% as against Rs 11,192 crore recorded in Q1 FY24.

Vedanta gained 1.36% after the company informed that its total aluminum production rose 3% to 5,96,000 tonnes in Q1 FY25, on account of better operational performance.

Suryoday Small Finance Bank (SFB) rose 1.34% after the banks gross advances increased 42% to Rs to Rs 9,037 crore as on 30 June 2024, as compared to Rs 6,372 crore as on 30 June 2023.

Global Markets:

European stocks advanced on Thursday, with the U.K.'s general election in focus in the region.

Most Asian stocks ended higher on Thursday as Wall Street indexes, including the S&P 500 and NASDAQ Composite, hit record highs in holiday-shortened trading. Weak labor data, along with purchasing managers index readings, fueled investor bets on a 25 basis point rate cut by the Federal Reserve in September.

Meanwhile, minutes from the Fed meeting revealed concerns about a slowing economy and subsiding inflation, but officials desire additional data to justify rate cuts, leaving investors in wait-and-see mode.

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