As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 466.95 points or 0.74% to 63,384.58. The Nifty 50 index added 137.90 points or 0.74% to 18,826.

In the broader market, the S&P BSE Mid-Cap index rose 0.71% while the S&P BSE Small-Cap index gained 0.76%.

The market breadth was positive. On the BSE, 2,121 shares rose and 1,410 shares fell. A total of 124 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.16% to 10.84.

New Listing:

Shares of IKIO Lighting settled at Rs 403.75 on the BSE, representing a premium of 41.67% compared with the issue price of Rs 285.

The scrip was listed at a price of Rs 391, at a premium of 37.19% as compared to the issue price.

So far, the stock has hit a high of 427.40 and a low of 391. On the BSE, over 17.26 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty PSU Bank index rose 1.46% to 4,041.55. The index declined 1.99% in the past trading session.

Bank of Baroda (up 2.59%), Canara Bank (up 2.19%), Punjab National Bank (up 1.59%), Union Bank of India (up 1.21%), UCO Bank (up 0.57%), State Bank of India (up 0.52%), Indian Bank (up 0.5%), Punjab & Sind Bank (up 0.32%) and Central Bank of India (up 0.19%) advanced.

On the other hand, Indian Overseas Bank (down 1.23%), Bank of India (down 0.27%) and Bank of Maharashtra (down 0.18%) edged lower.

Stocks in Spotlight:

Kotak Mahindra Bank rose 1.33%. The private lender announced that its board has approved raising upto Rs 7,000 crore in one or more tranches by issuing non convertible debentures (NCDs) on private placement basis, during FY 2023-24.

GAIL (India) added 0.37%. Sanjay Kumar assumed charge as director (marketing) of GAIL (India) on Thursday, 15 June 2023. Prior to his new role, Kumar was the managing director of Indraprastha Gas, largest CNG distribution company of India, since April 2022.

Tech Mahindra shed 0.24%. The company said that the board of directors has approved the appointment of Mohit Joshi as a whole-time director of the company designated as managing director (designate)? with effect from 20 June 2023 up to 19 December 2023.

TVS Motor Company gained 1.28%. The two-wheeler maker on Thursday announced that it has sold its entire stake of 11.12 crore equity shares, or 43.54% stake, held in associate company Emerald Haven Realty (EHRL) for Rs 166.83 crore to TVS Holdings, a promoter group company.

Bharat Heavy Electricals (BHEL) advanced 3.07% after the company signed a pact with Volvo Eicher Commercial Vehicles Limited (VECVL) for joint development of Type - IV Cylinders (hydrogen / CNG) in commercial vehicle segment.

IndusInd Bank rose 0.97% after it entered into partnership with Wise to offer online inward remittance services to Non Resident Indians (NRIs) residing in US and Singapore.

Rites jumped 5.45% after the company said that it has signed contract agreements with National Railways of Zimbabwe (NRZ) for supply of rolling stock (3,000 HP diesel electric locomotives and high sided open wagons) valuing at $81,175,500.

Global Markets:

Markets in Europe advanced across the board on Friday as investors digested the latest monetary policy decision from the European Central Bank.

The European Central Bank on Thursday left the door open to more rate hikes as it flagged risks from rising wages and revised up its inflation projections. The ECB also raised interest rates by 25 bps taking its policy rate to 3.5%, a level not seen since 2001.

Asian stocks edged higher on Friday as resilient US economic data stoked expectations that the Federal Reserve is near the end of its rate-hike campaign.

The Bank of Japan (BOJ) on Friday maintained ultra-low interest rates and its forecast that inflation will slow later this year. As widely expected, the BOJ kept intact its short-term interest rate target at -0.1%.

US stocks nudged higher on Thursday, with the S&P 500 and Nasdaq surging to close at their highest in 14 months, as investors bet the Federal Reserve was close to done raising rates after the central bank this week skipped a hike.

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