Benchmarks hit fresh intraday high

Key indices extended gains and hit fresh intraday high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was up 61.06 points or 0.15% at 39,877.54. The Nifty 50 index was up 15.65 points or 0.13% at 11,925.95.

The S&P BSE Mid-Cap index was up 0.06%. The S&P BSE Small-Cap index was up 0.30%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1193 shares rose and 1067 shares fell. A total of 145 shares were unchanged.

IndusInd Bank (up 3.65%), Britannia Industries (up 1.52%), Oil & Natural Gas Corporation (up 1.27%), Zee Entertainment Enterprises (up 1.22%) and Adani Ports and Special Economic Zone (up 0.98%) advanced.

GAIL (India) (down 2.02%), Eicher Motors (down 1.97%), Vedanta (down 1.52%), Dr. Reddy's Laboratories (down 1.38%) and Bharti Infratel (down 0.92%) declined.

Realty stocks were mixed. Realty stocks were mixed. Shares of Prestige Estates Projects (up 5.12%), Parsvnath Developers (up 3.92%), Peninsula Land (up 3.15%), Sobha (up 3.10%), Mahindra Lifespace Developers (up 1.62%), Godrej Properties (up 0.42%) and The Phoenix Mills (up 0.23%) advanced.

D B Realty (down 4.50%), Sunteck Realty (down 1.05%), Indiabulls Real Estate (down 0.51%), Oberoi Realty (down 0.44%), Housing Development and Infrastructure (HDIL) (down 0.31%), Anant Raj (down 0.31%) and DLF (down 0.10%) declined.

Mahindra & Mahindra was down 0.05%. The company has launched an innovative new automated manual transmission (AMT) version of its popular compact SUV, the XUV300. The auto shift technology has been engineered by Italian automotive experts Marelli. The announcement was made during market hours today, 3 July 2019.

Larsen & Toubro (L&T) was up 1%. MindTree was up 0.53%. L&T announced that on 2 July 2019, made payment of consideration to the shareholders of the MindTree (target company) who have tendered their shares in the open offer. The offer opened on 17 June 2019 and closed on 28 June 2019. Consequently, L&T's shareholding in MindTree stands at 60.06% of the total paid-up equity share capital.

Indiabulls Housing Finance was up 3.95%. The company announced that it bought back secured, redeemable, non-convertible debentures (NCDs) of face value Rs 10 lakh each (except NCDs bearing face value Rs 3.33 lakh each). The announcement was made during market hours today, 3 July 2019.

Overseas, European shares opened higher. European Union leaders agreed on Tuesday, 2 July 2019, to nominate International Monetary Fund (IMF) managing director Christine Lagarde as the new head of the European Central Bank (ECB). Germany's Ursula von der Leyen was proposed to replace European Commission President Jean-Claude Juncker, Belgium's Charles Michel for European Council president, and Spain's Josep Borrell for EU foreign policy chief. The deal must now be approved by the European Parliament.

Asian stocks continued to trade lower on Wednesday. US stocks managed modest gains on Tuesday as enthusiasm over the US-China trade truce faded after the United States threatened tariffs on additional European goods.

Meanwhile US President Donald Trump's administration on Monday threatened to impose tariffs on $4 billion of additional European Union goods in a long-running dispute over aircraft subsidies. The new wave of proposed duties comes amid a 15-year dispute at the World Trade Organization over aircraft subsidies given to U.S. aerospace manufacturer Boeing and its European rival, Airbus.

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