As per provisional closing data, the barometer index, the S&P BSE Sensex rose 274 points or 0.42% to 65,479.05. The Nifty 50 index added 66.45 points or 0.34% to 19,389.

The Nifty and the Sensex hit all-time highs in afternoon trade at 19,434.15 and 65,672.97, respectively. Further, the Nifty Bank index also registered its fresh record high at 45,655.50.

In the broader market, the S&P BSE Mid-Cap index shed 0.01% while the S&P BSE Small-Cap index gained 0.32%.

The market breadth was negative. On the BSE, 1,651 shares rose and 1,749 shares fell. A total of 137 shares were unchanged.

Economy:

India's services exports in May climbed 7.7% YoY to $27.1 billion, while imports rose 2% to $15.5 billion, showed provisional data by RBI.

India's coal production surged by 8.4% YoY during the first quarter of FY24 reaching 222.93 million tonne (MT), the Ministry of Coal informed in a statement.

New Listing:

Shares of HMA Agro Industries closed at Rs 584.75 on the BSE, representing a discount of 0.04% compared with the issue price of Rs 585.

The scrip was listed at a price of Rs 615, at a premium of 5.13% as compared to the issue price.

So far, the stock has hit a high of 670.45 and a low of 570. On the BSE, over 4.09 lakh shares of the company were traded in the counter so far.

IPO Updates:

The initial public offer (IPO) of Senco Gold received bids for 45.81 lakh shares as against 94.18 lakh shares on offer, according to stock exchange data at 15:33 IST on Tuesday (4 July 2023). The issue was subscribed 0.49 times.

The issue opened for bidding on Tuesday (4 July 2023) and it will close on Thursday (6 July 2023). The price band of the IPO is fixed at Rs 301-317 per share. An investor can bid for a minimum of 47 equity shares and in multiples thereof.

The IPO of PKH Ventures received bids for 1.63 crore shares as against 2.56 crore shares on offer, according to stock exchange data at 15:33 IST on Tuesday (4 July 2023). The issue was subscribed 0.64 times.

The issue opened for bidding on Friday (30 June 2023) and it will close on Tuesday (4 July 2023). The price band of the IPO is fixed at Rs 140-148 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.

Stocks in Spotlight:

Reliance Industries (RIL) declined 1.04%. RIL said that its telecom arm Reliance Jio unveiled JioBharat with the objective of empowering every Indian with the power of digital services, especially those who cannot afford a smartphone. Beta trial for first 1 million Jio Bharat phones will begin from 7 July 2023.

Bajaj Finance jumped 7.17%. On a consolidated basis for the quarter ended 30 June 2023, customer franchise stood at 72.98 million as compared to 60.30 million as of 30 June 2022. New loans booked during Q1 FY24 grew by 34% to 9.94 million as compared to 7.42 million in Q1 FY23.

Hero MotoCorp rallied 4.45% as the company prepared to commence bookings for its inaugural co-developed premium motorcycle, the Harley-Davidson X440, nationwide starting from 4:40 pm today, 4 July 2023.

IDFC First Bank tumbled 4.02% and IDFC gained 1.92%. IDFC First Bank said its board has approved the composite Scheme of Amalgamation amongst IDFC Financial Holding Company and IDFC and the Bank. The Share Exchange Ratio for the amalgamation of IDFC into and with IDFC First Bank shall be 155 equity shares of IDFC First Bank for every 100 equity shares of IDFC.

Avenue Supermarts shed 0.09%. Standalone revenue from operations for the quarter ended 30 June 2023 stood at Rs 11,584.44 crore as compared to Rs 9,806.89 crore for the quarter ended 30 June 2022.

Vedanta declined 0.20%. The miner announced that its total aluminum production jumped 2.48% to 5,79,000 tonnes in Q1 FY24 as compared with 5,65,000 tonnes in Q1 FY23.

Hindustan Zinc added 0.47%. The Vedanta Group company on Monday announced that its mined metal production grew by 2% to 257,000 tonnes in Q1 FY24 as against 252,000 tonnes registered in Q1 FY23.

HPL Electric & Power was locked in an upper circuit of 20% after the company announced that it has received orders worth Rs 903 crore for supplying smart meters.

Adani Green Energy rose 0.22%. The board of Adani Green Energy will consider fund raising on Thursday, 6 July 2023. The company is planning to raise funds via issue of equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws.

Global Markets:

Markets in Europe mostly declined while Asian stocks ended mixed on Tuesday following marginal overnight gains in equities on Wall Street ahead of the Independence Day holiday.

US stocks ended higher on Monday in a holiday-shortened session led by a rally in Tesla and strength in bank shares. US markets will remain closed Tuesday in observance of Independence Day.

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