The domestic equity barometers ended with strong gains on Wednesday. The Nifty settled above the 18,950 mark. Barring the Nifty Media index, all the sectoral indices on the NSE were in the green.

As per provisional closing data, the barometer index, the S&P BSE Sensex, jumped 499.39 points or 0.79% to 63,915.42. The Nifty 50 index added 154.70 points or 0.82% to 18,972.10.

The Nifty and the Sensex hit all-time highs in mid-afternoon trade at 19,011.25 and 64,050.44, respectively. Further, the Nifty Bank index also registered its fresh record high today at 44,508.40.

In the broader market, the S&P BSE Mid-Cap index gained 0.73% while the S&P BSE Small-Cap index added 0.08%.

The market breadth was positive. On the BSE, 1,780 shares rose and 1,712 shares fell. A total of 136 shares were unchanged.

Trading was volatile due to June F&O series expires today, a day ahead of schedule on account of the Bakri Id festival holiday being shifted to Thursday, 29 June 2023.

In a separate development, the National Stock Exchange of India on Tuesday announced that it has withdrawn the plan to shift the expiry of Nifty Bank derivative contracts to Friday from Thursday. The NSE had taken this decision after BSE shifted the expiry of Sensex and Bankex derivative contracts to Friday from Thursday following the relaunch of the indices.

Economy:

Recently released data by the Reserve Bank of India (RBI) showed that India's CAD narrowed to 0.2% of GDP in Q4 FY23, due to moderation in trade deficit and robust increase in services exports.

Meanwhile, the RBI is in talks with other major global central banks to promote the digital rupee for cross-border payments, Governor Shaktikanta Das has reportedly said.

The Total length of national highways in India rose by 59% in the last nine years. As a result, India has the 2nd largest road network after the US, Union Road Transport and Highways Minister Nitin Gadkari has reportedly stated.

IPO Updates:

The initial public offer (IPO) of Cyient DLM received bids for 8.77 crore shares as against 1.33 crore shares on offer, according to stock exchange data at 15:27 IST on Wednesday (28 June 2023). The issue was subscribed 6.58 times.

The issue opened for bidding on Tuesday (27 June 2023) and it will close on Friday (30 June 2023). The price band of the IPO is fixed at Rs 250 -265 per share. An investor can bid for a minimum of 56 equity shares and in multiples thereof.

The IPO of Ideaforge Technology received bids for 20.04 crore shares as against 46.48 lakh shares on offer, according to stock exchange data at 15:27 IST on Wednesday (28 June 2023). The issue was subscribed 43.11 times.

The issue opened for bidding on Monday (26 June 2023) and it will close on Friday (30 June 2023). The price band of the IPO is fixed at Rs 638 -672 per share. An investor can bid for a minimum of 22 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Pharma index rose 1.46% to 13,622.75. The index rallied 3.46% in four trading sessions.

Gland Pharma (up 4.43%), Torrent Pharmaceuticals (up 3.76%), Glenmark Pharmaceuticals (up 3.29%), Aurobindo Pharma (up 2.95%), Abbott India (up 2.83%), Sun Pharmaceuticals Industries (up 2.23%), Zydus Lifesciences (up 1.8%), Alkem Laboratories (up 1.73%), Dr Reddys Laboratories (up 1.68%) and Ipca Laboratories (up 1.47%).

Stocks in Spotlight:

State Bank of India rose 0.89%. Executive Committee of the Central Board (ECCB) of the bank has accorded approval for acquiring the entire 20% stake held by SBI Capital Markets in SBI Pension Funds by SBI.

S&P Global Ratings has revised upward assessment of the stand-alone credit profiles (SACPs) of State Bank of India (SBI) by one notch to bbb from bbb-. The outlook on SBI remains stable.

Aditya Birla Fashion and Retail gained 1.16% while TCNS Clothing added 0.21%. The Competition Commission of India has approved the proposed combination involves acquisition of 51% of the expanded share capital of the TCNS Clothing Co. by the Aditya Birla Fashion and Retail. In May this year, Aditya Birla Fashion had announced the acquisition of TCNS Clothing via acquisition of the founder promoter's stake and a conditional public open offer, followed by a merger between the two companies. The total value of the deal was approximately Rs 1,650 crore for a 51% stake in TCNS.

Kamdhenu Ventures surged 8.07% after the company's board has approved a bonus issue of one bonus equity share for every one existing equity share held by the shareholders in the company, as on the record date.

Gland Pharma rallied 4.55%. The United States Food and Drug Administration (US FDA) has conducted Pre-Approval Inspection (PAI) for Seven Products and Good Manufacturing Practice (GMP) Inspection at the Company's Pashamylaram Facility at Hyderabad between 15th June 2023 and 27th June 2023. The inspection was concluded with one 483 Observation.

Titagarh Rail Systems rose 0.68%. The company has received Letter of Acceptance (LOA) from the Gujrat Metro Rail Corporation (GMRC) for Design , Manufacture, Supply, Testing, Commissioning and Training of 72 nos. of Standard Gauge Cars for Surat Metro Rail Phase-I Project I. The order value is about Rs 857 crore.

The Ramco Cements added 0.35%. The company has commissioned Line III at Ramamasamy Raja Nagar (R R Nagar) in Tamil Nadu of 3,000 TPD capacity of clinkerisation. This is the first integrated cement line, commissioned in the last 15 years in the South of Tamil Nadu. The electrical energy required for this new line is being completely catered by green power from the company's own wind mills.

Orchid Pharma shed 0.82% after the company said it has raised Rs 400 crore in the qualified institutional placement of equities. The pharmaceutical company has allotted 9,902,705 equity shares to qualified institutional buyers at the issue price of Rs 403.93 each, aggregating to Rs 400 crore. The qualified institutions placement (QIP) Issue opened on 22 June 2023 and closed on 27 June 2023.

Global Markets:

Markets in Europe advanced while Asian stocks ended mixed on Wednesday.

ECB President Christine Lagarde has said that the eurozone inflation has entered a new phase that could linger for some time, requiring the ECB to keep policy tight and avoid declaring an end to rate hikes.

Meanwhile, China's industrial firms recorded a 18.8% tumble in cumulative profits in the first five months of 2023 from the year before, official data showed on Wednesday. This figure was 1.8 percentage points lower than China industrial profits for January to April, China's National Statistics Bureau said in a statement.

U.S. stock indexes advanced on Tuesday as upbeat economic data soothed investor worries about an imminent recession triggered by the Federal Reserve's aggressive interest rate hikes.

The outlook from consumers brightened more than expected in June even with an expected recession on the horizon, The Conference Board reported Tuesday. Consumer confidence for the month rose to an index value of 109.7, up from 102.5 in May. That was the highest reading since January 2022.

Meanwhile, the Biden administration is reportedly considering new curbs on exports of artificial intelligence chips to China set off a retreat in postmarket trading for some US tech stocks.

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