The domestic equity benchmarks ended a volatile session with strong gains on Thursday, rising for the sixth consecutive trading session. Trading was volatile due to the expiry of weekly index options on the NSE today. The Nifty closed above the 19,950 mark after hitting the day's low of 19,758.40 in morning trade. The Sensex and the Nifty, both, attained record closing high levels. Pharma, FMCG and healthcare stocks were in demand while IT and consumer durables shares corrected.

As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 474.46 points or 0.71% to 67,571.90. The Nifty 50 index advanced 146 points or 0.74% to 19,979.15. In six consecutive sessions, the Sensex climbed 3.33% while the Nifty advanced 3.07%.

The Nifty and the Sensex hit all-time highs in late trade at 19,991.85 and 67,619.17, respectively.

In the broader market, the S&P BSE Mid-Cap index added 0.05% while the S&P BSE Small-Cap index gained 0.19%.

The market breadth was positive. On the BSE, 1,751 shares rose and 1,628 shares fell. A total of 133 shares were unchanged.

Economy:

India has a three-to-five-year window to cash in on the China+1 opportunity as companies seek alternative manufacturing sites to diversify supply chains, World Bank President Ajay Banga said.

Oilmeal exports fell 35% in June to 2,80,001 tonne, mainly due to lower demand of rapeseed meals from overseas, industry trade body Solvent Extractors' Association of India stated.

SEBI along with NSE and BSE decided to ease rules for trading in stocks that remain under the Enhanced Surveillance Measure (ESM) framework.

Jio Financial shares valued at Rs 261.85 each:

During a pre-open call auction session, the market price of Jio Financial Services (JFSL) shares was determined to be Rs 261.85 per share on the National Stock Exchange (NSE). This was a result of the demerger, which caused the share price of Reliance Industries (RIL) to fall to Rs 2,580. It was currently trading 1.15% higher, at Rs 2618.90 on the BSE.

Reliance Industries announced that the post-demerger acquisition cost for Reliance Strategic Investments (which will be renamed JFSL) is 4.68%. This acquisition cost amounts to Rs 133 based on the closing price of Rs 2,840 on the Bombay Stock Exchange (BSE) on Wednesday.

The market price of the demerged entity, JFSL, was calculated during a special pre-open trading session conducted by the BSE and NSE. JFSL has a total of 676.6 crore outstanding shares, resulting in a market capitalization of Rs 1.77 lakh crore on the NSE.

All RIL shareholders as of the end of trading on 19 July 2023, will receive JFSL shares in a 1:1 ratio. The price of JFSL is determined by the difference between RIL's closing price on Wednesday and the price derived during the special pre-open session.

Jio Financial will be temporarily added to various indices, including Nifty50, Nifty100, Nifty200, and Nifty500, by creating a dummy symbol on the NSE. JFSL will remain part of these indices at a constant price until it is officially listed on the exchanges.

Buzzing Index:

The Nifty Pharma index rose 1.46% to 14,299.05. The index gained 2.01% in two trading sessions.

Natco Pharma (up 5.36%), Gland Pharma (up 3.85%), Aurobindo Pharma (up 2.86%), Glenmark Pharmaceuticals (up 2.85%) and Dr Reddys Laboratories (up 2.26%), Cipla (up 2%), Zydus Lifesciences (up 1.65%), Sun Pharmaceuticals Industries (up 1.46%), Lupin (up 1.43%) and Alkem Laboratories (up 1.39%) edged higher.

On the other hand, Sanofi India (down 1.24%), Ipca Laboratories (down 1.21%) and Granules India (down 0.64%) declined.

Stocks in Spotlight:

L&T Finance Holdings declined 1.57%. The company's consolidated net profit surged 102.6% to Rs 530.93 crore in Q1 FY24 as against Rs 262.10 crore in Q1 FY23. Total income rose 6.3% year on year (YoY) to Rs 3,376.78 crore in the financial year ended 30 June 2023.

Shree Cement fell 2.69%. The company has received a letter dated 19 July 2023 from the office of Regional Director (NWR), Ministry of Corporate Affairs (MCA) informing order of inspection under Section 206(5) of the Companies Act, 2013. The company will comply the directions.

Dr. Reddy's Laboratories advanced 2.08%. The United States Food & Drug Administration (USFDA) completed a Pre-Approval Inspection (PAI) and a routine GMP inspection at API manufacturing facility in Srikakulam, Andhra Pradesh. The inspection was conducted from 10 July 2023 to 19 July 2023. The inspection closed with zero observations and a classification of No Action Indicated (NAI).

Krsnaa Diagnostics slumped 13.55% after the company announced the cancellation of tender by Rajasthan government for providing lab services under National Health Mission (NHM).

On 12 May 2023, the company had informed about the acceptance of letter of award issued by National Health Mission, Rajasthan for providing Laboratory Services under Free Diagnostics Initiative on HUB and SPOKE Model under NHM in the entire state of Rajasthan to Krsnaa Diagnostics in consortium with the Telecommunications consultants India (TCIL) (100% Government of India Undertaking) as lead bidder.

Can Fin Homes rose 1.36%. The company reported 13% rise in net profit to Rs 183.46 crore on a 14% increase in net interest income to Rs 285.09 crore in Q1 FY24 as compared with Q1 FY23. Net interest margin was 3.48% as on 30 June 2023 as against 3.60% as on 30 June 2022. Operating profit improved by 15% to Rs 247.60 crore in Q1 FY24 from Rs 215 crore in Q1 FY23.

Finolex Industries gained 1.93% after the company reported 10.78% rise in standalone net profit to Rs 110.88 crore in Q1 FY24 as compared to Rs 100.09 crore in Q1 FY23. However, total income from operations declined marginally to Rs 1,179.17 crore in the quarter ended 30 June 2023.

Hatsun Agro Product jumped 7.67% after the company's consolidated net profit jumped 54.28% to Rs 80.15 crore in Q1 FY24 as compared with Rs 51.95 crore posted in corresponding quarter last year. Revenue from operations increased by 6.75% to Rs 2,150.63 in Q1 FY24 as compared with Rs 2,014.60 in Q1 FY23.

Transformers and Rectifiers (India) locked in an lower circuit of 20% after the company received a ?Stop Deal? notice from GETCO for three years on the ground that the firm had allegedly submitted forged MDCC for certain transformers supplied.

Federal Bank rose 0.81%. The bank announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 132.59 per share. The floor price of Rs 132.59 is at a discount of 2.3% to the previous day's closing price of Rs 135.70 on the BSE.

Kellton Tech Solutions rallied 4.29% after the company bagged a multi-year large project from Karnataka State Government's Finance Department to develop and implement HRMS Version 2.0 for over 600,000 state government employees.

Havells India skid 1.23%. The home appliance company's net profit rose 18.54% to Rs 287.07 crore on 14.03% increase in revenue from operations to Rs 4,823.70 crore in Q1 FY24 over Q1 FY23.

Global Markets:

European markets advanced while most of the Asian stocks declined on Thursday as investors digested a slew of economic data across the region.

German producer prices rose by 0.1% year on year in June, the federal statistics office said Thursday, slightly exceeding analyst expectations of no annual change.

Meanwhile, China left its one year and five year loan prime rates unchanged at 3.55% and 4.2% respectively, days after it also left its medium term facility loan rates unchanged at 2.65%.

Japan recorded a surprise trade surplus of 43.05 billion yen ($308.5 million) in June. This was a sharp reversal from the 1.38 trillion yen deficit recorded in May, and the 1.37 trillion yen seen in June 2022.

US stocks ended higher Wednesday following earnings reports from a spate of banks and other large companies.

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