Indian equity indices ended with moderate gains on Wednesday, gaining for the fifth consecutive trading session. The Sensex and the Nifty, both, attained record closing high levels. Barring the Nifty IT index, all the sectoral indices on the NSE ended in green.

After opening higher, the Nifty 50 index erased gains and briefly fell into negative territory, reaching the day's low of 19,727.45 in early afternoon trade. However, the index recovered and marched higher as the session progressed to settle above the 19,800 level.

As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 302.30 points or 0.45% to 67,097.44. The Nifty 50 index added 83.90 points or 0.42% to 19,833.15. In five consecutive sessions, the Sensex climbed 2.61% while the Nifty advanced 2.32%.

The Nifty and the Sensex hit all-time highs in late trade at 19,851.70 and 67,171.38, respectively.

In the broader market, the S&P BSE Mid-Cap index advanced 0.63% while the S&P BSE Small-Cap index gained 0.61%.

The market breadth was positive. On the BSE, 2,001 shares rose and 1,411 shares fell. A total of 125 shares were unchanged.

IPO Updates:

The IPO of Netweb Technologies India received bids for 77.12 crore shares as against 88.58 lakh shares on offer, according to stock exchange data at 15:39 IST on Wednesday (19 July 2023). The issue was subscribed 87.06 times.

The issue opened for bidding on Monday (17 July 2023) and it will close on Wednesday (19 July 2023). The price band of the IPO is fixed at Rs 475-500 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.

Buzzing Index:

The Nifty PSU Bank index rose 1.95% to 4,520.45. The index declined 1.16% in the past trading session.

Bank of Maharashtra (up 5.4%), Punjab National Bank (up 4.3%), Canara Bank (up 2.88%), Union Bank of India (up 2.53%) and Indian Overseas Bank (up 2.33%) were the top gainers. Among the other gainers were UCO Bank (up 1.43%), State Bank of India (up 1.42%), Punjab & Sind Bank (up 1.21%), Bank of India (up 1.07%) and Bank of Baroda (up 0.91%).

Bank of Maharashtra jumped 5.4% after the state-run lender's net profit jumped 95.19% to Rs 882.08 crore in Q1 FY24 as compared with Rs 451.90 crore posted corresponding quarter last year. Total income increased 43.53% to Rs 5417.45 crore in quarter ended 30 June 2023 as compared with Rs 3774.32 crore posted in same quarter last year.

Stocks in Spotlight:

State Bank of India (SBI) rose 1.49%. The Competent Authority of the bank has approved to set up a new Trustee Company as a Wholly Owned Subsidiary of the bank for managing Corporate Debt Market Development Fund for which SBI Funds Management is identified as the Investment Manager cum Sponsor of the Fund.

IndusInd Bank gained 2.14%. The private lender's standalone net profit surged 32.45% to Rs 2,123.62 crore on 27.98% rise in total income to Rs 12,939.42 crore in Q1 FY24 over Q1 FY23. IndusInd Bank's consolidated net profit stood at Rs 2,124.50 crore in quarter ended 30 June 2023 as compared to Rs 1,631.14 core posted in Q1 FY23, registering a growth of 30.25%.

Bikaji Foods International jumped 5.43% after the company acquired 49% stake and 396 compulsorily convertible debentures (CCDs) in Bhujialalji (BPL).

ICICI Lombard General Insurance Company added 1.01%. The general insurer reported 11.8% increase in net profit to Rs 390.36 crore on 14.07% rise in total income to Rs 4,538.03 crore in Q1 FY24 over Q1 FY23.

L&T Technology Services rose 1.81%. The company reported 8.53% decline in consolidated net profit to Rs 311.10 crore on 2.9% fall in revenue from operations to Rs 2,301.40 crore in Q1 FY24 over Q4 FY23.

TV18 Broadcast surged 8.44% after the company's consolidated net profit jumped 31.7% to Rs 44.33 crore in Q1 FY24 as compared with Rs 33.66 crore in Q1 FY23. Revenue from operations surged 151.06% to Rs 3,176.03 crore in Q1 FY24 as compared with Rs 1,265.05 crore in corresponding quarter last year.

CRISIL fell 1.20%. The company reported 10% jump in consolidated net profit to Rs 150.6 crore in Q2 2023, compared with Rs 136.9 crore in corresponding quarter last year. Consolidated total income for the quarter ended 30 June 2023, was up 12.07% to Rs 788.80 crore, as compared with Rs 703.84 crore recorded in same quarter last year.

Federal Bank rose 0.56%. The bank said that its board will meet on Friday, 21 July 2023, to consider fund raising proposals. The bank will issue equity shares by way of a preferential allotment, to International Finance Corporation (IFC), IFC Financial Institutions Growth Fund, LP (FIG), and IFC Emerging Asia Fund, LP (EAF) for subscribing up to 72,682,048 equity shares of the bank at a minimum price of Rs 131.91 per share.

The bank will also consider proposal to raise funds via issue of debt securities denominated in either Indian currency or any other permitted foreign currency on a private placement basis.

Network18 Media & Investments tumbled 7.45% after the media company's consolidated net loss widened to Rs 38.73 crore in Q1 FY24 as against a net loss of Rs 3.32 crore reported in Q1 FY23. Revenue from operations soared 141.73% to Rs 3,238.94 crore in the quarter ended 30 June 2023 from Rs 1,339.89 crore recorded in Q1 FY23.

Century Textiles & Industries rose 1.37%. The Aditya Birla Group company reported a consolidated net loss of Rs 5.88 crore in Q1 FY24 as against a net profit of Rs 46.31 crore posted in Q1 FY23. Net sales declined 5.58% year on year to Rs 1,106.44 crore in the quarter ended 30 June 2023.

Global Markets:

European markets advanced across the board on Wednesday, as U.K. inflation falls more quickly than expected in June.

The focus in Europe is on the latest inflation numbers out of the U.K., with data just released putting Britain's annual CPI at 7.9% in June, a fall from 8.7% the prior month and below the expected drop to 8.1%.

While the drop in the headline figure will be welcomed by the policymakers at the Bank of England, the core number only fell to 6.9% from 7.1%, indicating that the underlying inflationary pressures remain strong.

Markets have already priced another 100 basis points of Bank of England rate rises this year, which will weigh further on economic activity with the country's gross domestic product already falling 0.1% on the month in May.

Meanwhile, Asian stocks ended mixed as investors digest better-than-expected results from Wall Street.

US stocks ended higher on Tuesday led by gains in technology and banking shares amid better than expected quarterly results from key banks

US retail sales rose less than expected in June. Retail sales increased 0.2% last month, the Commerce Department said on Tuesday. Data for May was revised higher to show sales gaining 0.5% instead of 0.3% as previously reported.

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