As per provisional closing data, the barometer index, the S&P BSE Sensex declined 33.01 points or 0.05% to 65,446.04. The Nifty 50 index added 9.50 points or 0.05% to 19,398.50.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.68% while the S&P BSE Small-Cap index gained 0.62%.

The market breadth was positive. On the BSE, 1,968 shares rose and 1,526 shares fell. A total of 132 shares were unchanged.

Economy:

The business activity growth in India's services sector moderated to a three-month low in the month of June while output charges saw the sharpest rise in close to six years, a private survey showed on Wednesday. The S&P Global India services Purchasing Managers' Index (PMI) fell to 58.5 last month from 61.2 in May. Data on Tuesday showed that India's manufacturing PMI fell to 58.7 in June from 57.8 in May.

India's composite PMI reading slipped to 59.4 in June from 61.6 in May. Demand for Indian services continued to surge higher in June, with all four monitored sub-sectors registering quicker increases in new business inflows.

IPO Updates:

The IPO of Senco Gold received bids for 1.96 crore shares as against 94.18 lakh shares on offer, according to stock exchange data at 15:39 IST on Wednesday (5 July 2023). The issue was subscribed 2.08 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.

Buzzing Index:

The Nifty FMCG index rose 1.82% to 53,776.20. The index advanced 4.22% in five trading sessions.

Colgate-Palmolive (India) (up 5.26%), Godrej Consumer Products (up 3.48%), Varun Beverages (up 2.69%), Marico (up 2.44%), Dabur India (up 2.25%), Radico Khaitan (up 2.15%), Hindustan Unilever (up 2.1%), ITC (up 1.98%), Britannia Industries (up 1.92%) and United Spirits (up 1.6%) edged higher.

Godrej Consumer Products gained 3.48% after the FMCG company estimated that in India, the sale has increased in double-digit percentage range in the June quarter, owing to high demand for its home care and personal care products.

Stocks in Spotlight:

State Bank of India (SBI) added 0.28%. The Executive Committee of the Central Board (ECCB) of the bank has accorded approval for acquiring the entire stake held by SBI Capital Markets (SBICAPS) in SBICAP Ventures Limited (SVL) by SBI. The estimated cost of capital for the acquisition will be Rs 708.07 crore.

HDFC Bank slipped 3.20%. The private lender's advances aggregated to approximately Rs 16,15,500 crore as of 30 June 2023, recording a growth of around 15.8% as against Rs 13,95,100 crore as of 30 June 2022.

HDFC-HDFC Bank, the merged entity's gross advances aggregated to approximately Rs 22,45,000 crore as of 30 June 2023, registering a growth of around 13.1% over Rs 19,859 billion as of 30 June 2022, and a growth of around 0.7% over Rs 22,30,200 crore as of 31 March 2023.

IndusInd Bank gained 2.30% after the private lender's net advances improved to Rs 3,01,041 crore as of 30 June 2023, registering a growth of 21% as compared to Rs 2,47,960 crore as of 30 June 2022.

Angel One added 1.29%. The brokerage company said that its client base jumped 44.7% to 15.06 million in June 2023 as against 10.41 million recorded in June 2022. Gross client acquisition stood at 0.48 million in June 2023 as compared with 0.46 million in May 2023 (up 3.1%) and 0.34 million in June 2022 (up 40%).

Yes Bank rose 2.14% after the bank reported 13.5% rise in deposits to Rs 219,369 crore as on 30 June 2023 from Rs 193,241 crore as on 30 June 2022.

Larsen & Toubro (L&T) rose 0.48%. The company said that its Buildings & Factories (B&F) Business of L&T construction has secured an EPC order in Mumbai for an Office Space Development using Composite Steel Construction Technology. As per the classification the value of the order lies between Rs 1000 crore to Rs 2,500 crore.

Bandhan Bank slipped 2.75% after the bank announced that its chief financial officer (CFO), Sunil Samdani has resigned, with effect from 30 September 2023. Samdani cited his resignation to explore professional opportunities outside the bank. Separately, the bank's total deposits grew by 16.6% to Rs 1,08,479 crore as on 30 June 2023 from Rs 93,057 crore as on 30 June 2022.

Indian Energy Exchange (IEX) rose 1.04% after the company achieved 8,946 MU overall volume in June 2023, registering the growth of 8% year on year basis.

Global Markets:

Markets in Europe and Asia declined on Wednesday as investors await the release of private surveys on services activity in China and Japan.

US stock markets remained closed on Tuesday as Wall Street observed a public holiday on the account of US Independence day.

Traders are now looking ahead to the release of the minutes of the Fed's last policy meeting later on Wednesday and the non-farm payrolls report on Friday.

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