As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 502.01 points or 0.77% to 66,060.90. The Nifty 50 index gained 150.75 points or 0.78% to 19,564.50.

The Nifty and the Sensex hit all-time highs in late trade at 19,595.35 and 66,159.79, respectively.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 1% while the S&P BSE Small-Cap index advanced 1.14%.

The market breadth was strong. On the BSE, 2,223 shares rose and 1,198 shares fell. A total of 146 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.33% to 10.68.

Economy:

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is - 4.12% (provisional) for the month of June 2023 (over June 2022) against -3.48% recorded in May 2023.

The decline in the rate of inflation in June, 2023 is primarily due to fall in prices of mineral oils, food products, basic metals, crude petroleum & natural gas and textiles. The month over month change in WPI index for the month of June 2023 stood at - 0.40% as compared to May 2023.

India exports in June dropped 22 per cent to USD 32.97 billion, mainly due to demand slowdown in the global markets from USD 42.28 bn a year earlier, according to the commerce ministry data. Imports also declined 17.48 per cent to USD 53.10 billion in June. India's merchandise trade deficit narrowed to USD 20.13 billion in June 2023 from USD 22.07 billion in the same month of the previous year.

Primary Market:

The IPO of Utkarsh Small Finance Bank received bids for 1,210.70 crore shares as against 12.05 crore shares on offer, according to stock exchange data at 15:30 IST on Friday (14 July 2023). The issue was subscribed 100.44 times.

The issue opened for bidding on on Wednesday (12 July 2023) and it will close on Friday (14 July 2023). The price band of the IPO is fixed at Rs 23-25 per share. An investor can bid for a minimum of 600 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index surged 4.45% to 30,945.50. The index jumped 6.28% in the past two trading sessions.

Mphasis (up 7.71%), L&T Technology Services (up 5.65%), Tata Consultancy Services (up 5.28%), Tech Mahindra (up 4.64%) and Infosys (up 4.62%) were the top gainers.

Among the other gainers were LTIMindtree (up 4.22%), HCL Technologies (up 3.94%), Coforge (up 3.66%), Persistent Systems (up 3.51%) and Wipro (up 2.82%).

Stocks in Spotlight:

Wipro jumped 2.68%. The IT major's consolidated net profit declined 6.65% to Rs 2,870.1 crore on 1.55% decrease in revenue form operations to Rs 22,831 crore in Q1 FY24 over Q4 FY23. On a year on year (YoY) basis, the IT firm's net profit jumped 11.96% while revenue rose 6.05% in Q1 FY24.

For the quarter ending 30 September 2023, Wipro expects revenue from its IT Services business segment to be in the range of $2,722 million to $2,805 million. This translates to sequential guidance of -2% to +1% in constant currency terms.

JBM Auto soared 11.36%. The company and its subsidiaries has received orders for supplying approximately 5,000 electric buses to various STUs in different states and multiple Fortune 500 companies.

Gland Pharma advanced 2.79% to Rs 1135.90 after the company announced the conclusion of US FDA's GMP inspection at its Hyderabad-based Dundigal facility.

Tata Metaliks rallied 2.04% after the company reported a net profit of Rs 4.55 crore in Q1 FY23 as against a net profit of Rs 1.22 crore in Q1 FY23, recording a growth of 273% YoY. Net sales fell by 2.4% YoY to Rs 650.46 crore during the quarter.

Saregama India surged 7.62% after the company announced terms of proposed demerger of Digidrive Distributors. Saregama India and Digidrive Distributors have agreed to a scheme of arrangement effective from 12 July 2023. As part of the scheme, Digidrive Distributors, including its e-commerce distribution business and other non-core assets, will be demerged and transferred to the resulting company.

In exchange, Digidrive Distributors will issue equity shares to the shareholders of Saregama India. Shareholders will receive 1 fully paid-up equity share of Rs 10 each in Digidrive Distributors for every 5 equity shares of Re 1 each held in Saregama India.

Patanjali Foods hit an upper circuit of 5% after the company announced that the promotor is not exercising the oversubscription option (greenshoe option) in the ongoing offer for sale (OFS).

On Day 2 (T+1 day), as on 3:30 IST, the OFS received total subscription for 77,91,889 shares. It was subscribed 307.50% on the offer size of 2,53,39,640 shares. Non Retail portion was subscribed 6.21% on the base non-retail offer size of 2,28,05,676 shares. Retail portion was subscribed 301.29% on the base retail offer size of 25,33,964 shares.

Deep Industries (DIL) jumped 5.43%. The company entered into joint venture agreement with Euro Gas Systems S.R.L (EGS) to set up a joint venture undertaking for supplying oil field equipments to the oil & gas industry.

Global Markets

Markets in Europe and Asia mostly advanced on Friday, taking cues from an overnight rally on Wall Street, as producer price index data further showed that inflation in the world's largest economy was cooling.

This in turn spurred bets that the Federal Reserve was close to reaching peak interest rates in its current cycle, sparking strong gains in technology stocks.

Singapore's economy avoided a technical recession in the second quarter, growing 0.7% year-on-year and 0.3% quarter-on-quarter, advanced estimates showed.

US stocks extended recent gains to end higher on Thursday as data showed the annual increase in U.S. producer inflation was the smallest in nearly three years.

The U.S. producer price index rose in June less than anticipated, climbing 0.1% year on year, while core PPI, which strips out volatile food and energy prices, climbed 0.1% ? also lower than expectations.

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