Sensex spurts 742 pts, European mkt open higher

The domestic equity benchmarks traded with robust gains in the afternoon trade. The Nifty traded near the 24,550 mark. IT, media and private bank shares rallied while realty, consumer durables and auto stocks decline.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 742.06 points or 0.93% to 80,639.40. The Nifty 50 index added 230.20 points or 0.95% to 24,546.15.

The Sensex and Nifty clocked an all-time high of 80,893.51 and 24,592.20 respectively in mid-morning trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.09% and the S&P BSE Small-Cap index gained 0.10%. The S&P BSE Mid-Cap index hit an all-time high at 47,858.24.

The market breadth was negative. On the BSE, 1,795 shares rose and 2,050 shares fell. A total of 129 shares were unchanged.

Gainers & Losers:

Tata Consultancy Services (up 6.05%), Wipro (up 4.72%), LTIMindtree (up 3.18%), Infosys (up 3.18%) and Tech Mahindra (up 3.06%) were major Nifty gainers.

Divis Laboratories (down 1.44%), Maruti Suzuki India (down 1.15%), Hindalco Industries (down 0.67%) Coal India (down 0.54%) and BPCL (down 0.44%) were major Nifty losers

Tata Consultancy Services (TCS) jumped 6.05%. The IT majors consolidated net profit declined 3.17% to Rs 12,040 crore in Q1 FY25 as against Rs 12,434 crore reported in Q4 FY24. Revenue from operations grew by 2.25% quarter on quarter (QoQ) to Rs 62,613 crore in Q1 FY25.

Stocks in Spotlight:

Anand Rathi Wealth slipped 1.12%. The company reported 38% increase in consolidated net profit to Rs 73.4 crore in Q1 FY25 as compared with Rs 53.2 crore in Q1 FY24. Total Income jumped 38% to Rs 245.4 crore in the quarter ended 31 June 2024 as compared with Rs 178.4 crore posted in the corresponding quarter last year.

Zee Entertainment Enterprises (ZEEL) climbed 6.97% after the company informed that its board is scheduled to meet on Tuesday, 16 July 2024, to approve the raising of the funds through the issuance of appropriate instruments.

Jio Financial Services (JFSL) added 0.70%. The company received an approval from Reserve Bank of India to convert into core investment company (CIC) from non-banking financial company (NBFC).

LT Foods rallied 3.87% after the company announced that its step-down subsidiary LT Foods UK has commenced operations of its new facility in the United Kingdom (U.K.).

Global Markets:

European stocks advanced on Friday, as global investors await the U.S. producer price index.

Asian stocks traded mixed, with technology-heavy indexes plunging as investors cashed in on recent gains.

Regional markets largely mirrored the previous day's sell-off on Wall Street, where heavyweight technology stocks, especially chipmakers and AI-related companies, faced significant profit-taking pressure. The Nasdaq Composite index plummeted nearly 2%.

The decline in equities coincided with softer-than-expected US consumer price index data for June, which fueled expectations of potential Federal Reserve interest rate cuts as early as September. Investors shifted their focus to economically sensitive sectors poised to benefit from lower borrowing costs.

While the Dow Jones Industrial Average edged up 0.1%, the broad-based S&P 500 fell 0.9%. The tech-heavy Nasdaq Composite Index ended a seven-day winning streak with a 2% drop.

US Consumer Price Index (CPI) rose 3% year-over-year, down from 3.3% in May. The annual core CPI, excluding volatile food and energy prices, increased by 3.3%, slowing from the previous month's 3.4%. On a monthly basis, overall CPI dipped 0.1%, while core CPI edged up 0.1%.

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