As per provisional closing basis, the barometer index, the S&P BSE Sensex, was up 486.49 points or 0.75% to 65,205.05. The Nifty 50 index added 133.50 points or 0.70% to 19,322.55.

The Nifty and the Sensex hit all-time highs in intraday today at 19,345.10 and 65,300.35, respectively. Further, the Nifty Bank index also registered its fresh record high at 45,353.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.30% while the S&P BSE Small-Cap index gained 0.56%.

The market breadth was positive. On the BSE, 1,973 shares rose and 1,718 shares fell. A total of 149 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.85% to 11.54.

Economy:

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) declined to 57.8 in June from 58.7 in May. The PMI has been above the neutral level of 50 consistently for two years now, indicating expansion rather than contraction.

The GST collection in June was recorded at Rs 1.61 lakh crore, higher by 12% (y-o-y). This marked the 16th consecutive month that monthly GST revenue has exceeded Rs 1.4 lakh crore.

Meanwhile, India's foreign exchange reserves dropped by USD 2.9 billion to USD 593.2 billion in the week ended June 23, RBI data showed.

Further, the core sector output increased by 4.3% (y-o-y) in May, remaining unchanged from the previous month and slightly below market forecasts of a 4.6% rise. Buzzing Index:

The Nifty PSU Bank index advanced 3.69% to 4,261.80. The index rallied 6.95% in four trading sessions.

Canara Bank (up 5.7%), Bank of India (up 5.1%), Bank of Baroda (up 4.7%), Punjab National Bank (up 4.26%) and Union Bank of India (up 3.67%), Bank of Maharashtra (up 3.63%), Central Bank of India (up 3.1%), UCO Bank (up 2.74%), State Bank of India (up 2.29%), Indian Overseas Bank (up 2.25%) edged higher.

State Bank of India (SBI) gained 2.29% after the PSU bank said that Kameshwar Rao Kodavanti has taken over charge of chief financial officer (CFO) of SBI with effect from 1 July 2023.

Bank of Maharashtra rallied 3.63% after the bank's total deposits stood at Rs 2,44,364 crore as of 30 June 2023, recording a growth of 24.73% as against Rs 1,95,909 crore as of 30 June 2021.

June Auto Sales Impact:

Tata Motors shed 0.66%. Sales in the domestic & international market for Q1 FY 2023-24 stood at 2,26,245 vehicles, compared to 2,31,248 units during Q1 FY 2022-23.

Mahindra & Mahindra (M&M) gained 1.17%. The company said that its overall auto sales for the month of June 2023 stood at 62,429 vehicles, registering a growth of 15.4% as against 54,096 vehicles sold in June 2022.

TVS Motor Company skid 0.14%. The company said that it has sold 316,411 units of two and three-wheelers in June 2023 as compared with 308,501 units sold in June 2022, thereby registering a growth of 3% on YoY basis.

Hero MotoCorp lost 0.48% after the company's total sales decreased by 9.87% to 436,993 units in June 2023 from 484,867 units in June 2022. Hero MotoCorp said that it will make an upward revision in the ex-showroom prices of its motorcycles and scooters, effective from 3 July 2023. The price increase will be around 1.5% and the exact quantum of increase will vary by specific models and markets.

Maruti Suzuki India declined 1.12%. Maruti Suzuki India said that its total domestic and export sales stood at 1,59,418 units in June 2023, registering the growth of 2.28% as compared with 1,55,857 units in June 2022.

Eicher Motors rose 1.30% after the company said that it had sold 77,109 motorcycle units in June 2023, which is higher by 26% as compared with 61,407 units in June 2022. Separately, Eicher Motors announced that its unlisted subsidiary VE Commercial Vehicles (VECV) had reported 6.5% increase in commercial vehicles (CV) sales to 6,715 units in June 2023 from 6,307 units in June 2022.

Stocks in Spotlight:

Reliance Industries (RIL) rallied 2.52%. RIL said that the company and bp p.l.c. have commenced the production of gas & condensate from the MJ field, following testing and commissioning activities.

Adani Ports and Special Economic Zone (APSEZ) fell 0.09%. APSEZ said that it has handled approximately 32.8 million metric tones (MMT) cargo in June 2023, implying a growth of 2.89% as compared with 31.88 MMT in June 2022.

IIFL Finance declined 1.31%. The Mumbai-based NBFC announced that it has raised $175 million through external commercial borrowing (ECB) route in the month of June 2023, $75 million from HSBC, $50 million from Union Bank (Sydney) and $50 million from Bank of Baroda (IFSC unit).

UltraTech Cement added 1.68% after the company's consolidated cement sales volume jumped 20% to 29.96 million tons (MT) in Q1 FY24 from 25.04 MT in Q1 FY23.

Federal Bank rose 1.15% after the private lender said that its total deposits aggregated to Rs 2,22,513 crore as of 30 June 2023, registering a growth of 21.36% as compared with Rs 1,83,355 crore as of 30 June 2022.

Global Markets:

Markets in Europe and Asia advanced on Monday as investors digest a slew of manufacturing activity reports from the region.

China's factory activity grew at a slower rate in June, according a private survey by Caixin/S&P Global. The country's manufacturing purchasing managers' index fell to 50.5 in June, down from 50.9 in May.

Sentiment among Japan's businesses improved in the second quarter, according to the Bank of Japan's quarterly Tankan survey. The headline index, measuring big manufacturers' mood stood at +5 in June, rebounding from a +1 reading in the first quarter.

US stocks logged strong gains on Friday as inflation showed signs of cooling while Apple closed with a $3 trillion market valuation for the first time.

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