As per provisional closing data, the barometer index, the S&P BSE Sensex declined 440.38 points or 0.66% to 66,266.82. The Nifty 50 index lost 118.40 points or 0.60% to 19,659.90.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 0.48% while the S&P BSE Small-Cap index gained 0.07%.

The market breadth was negative. On the BSE, 1,770 shares rose and 1,793 shares fell. A total of 140 shares were unchanged.

Investor sentiments were dented after the Federal Reserve raised its benchmark interest rate by a widely expected 25 basis points to a range of 5.25%-5.5%, marking the 11th hike in the central bank's past 12 policy meetings.

Trading was volatile as traders roll over positions in the F&O segment from the near month July series to August series. The July 2023 F&O contracts will expire today, 27 July 2023.

Economy:

The National Coal Index fell a significant 33.8% (YoY) to 157.7 points in May, in an indication that supplies in the country remain sufficient to meet the growing demands.

The Centre will release around Rs 17,000 crore as the 14th installment to about 8.5 crore farmer beneficiaries under the PM-KISAN scheme.

India's general government debt moderated to 80.9% of the GDP in 2022-23 from 83.3% in 2021- 22, minister of state for finance Pankaj Chaudhary told Rajya Sabha.

Meanwhile, Prime Minister Narendra Modi on Wednesday laid bare his blueprint for a third term of his government, saying India will become the third largest economy in the world with a faster growth rate than now.

PM Modi government will complete 10 years in office next May and he is seeking a third term on development plank. He said that India will be one of the top three economies in the world in his third term. The next general elections are due in May 2024.

New Listing:

Shares of Netweb Technologies India closed at Rs 912.40 on the BSE, representing a premium of 82.48% compared with the issue price of Rs 500.

The scrip was listed at a price of Rs 942.50, at a premium of 88.5% as compared to the issue price.

So far, the stock has hit a high of 953 and a low of 875.60. On the BSE, over 11.01 lakh shares of the company were traded in the counter so far.

IPO Update:

The IPO of Yatharth Hospital and Trauma Care Services received bids for 4.20 crore shares as against 1.65 crore shares on offer, according to stock exchange data at 15:30 IST on Thursday (27 July 2023). The issue was subscribed 2.54 times.

The issue opened for bidding on Wednesday (26 July 2023) and it will close on Friday (28 July 2023). The price band of the IPO is fixed at Rs 285-300 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.

Stocks in Spotlight:

Mahindra & Mahindra tumbled 6.39% while RBL Bank declined 2.60%. Mahindra & Mahindra (M&M) announced that it has acquired 3.53% stake in RBL Bank as investment at a cost of Rs 417 crore. ?We may consider further investment subject to pricing, regulatory approvals and required procedures. However, in no circumstance will it exceed 9.9%, the company stated in exchange filing.

Nestle India fell 2.08%. The FMCG major reported 36.87% surged in net profit to Rs 698.34 crore on 15.15% rise in revenue from operations to Rs 4,658.53 crore in Q2 CY23 over Q2 CY22.

Bajaj Finserv shed 0.59%. The company consolidated net profit surged 48.36% to Rs 1,942.63 crore on a 46.5% increase in total income to Rs 23,279.98 crore in Q1 FY24 over Q1 FY23.

Dr Reddy's Laboratories rose 0.82%. The drug major reported 18.1% jump in consolidated net profit to Rs 1,402.5 crore on 29.2% increase in net sales to Rs 6,738.4 crore in Q1 FY24 over Q1 FY23. Consolidated profit before tax stood at Rs 1,846.3 crore in the quarter, up 25.98% from Rs 1,465.5 crore posted in Q1 FY23.

Axis Bank shed 1.55%. The private lender's net profit surged 40.53% to Rs 5,797.10 crore on 41.5% jump in total income to Rs 30,644.04 crore in Q1 FY23 over Q1 FY23. Net Interest Income (NII) grew 27% YoY to Rs 11,959 crore. Net interest margin (NIM) for Q1 FY24 stood at 4.10%, up 50 basis points (bps) YoY.

Tech Mahindra slipped 3.82%. The IT major's consolidated net profit tumbled 38.04% to Rs 692.5 crore in Q1 FY24 as against Rs 1,117.7 crore posted in Q4 FY23. Revenue from operations declined 4.08% to Rs 13,159 crore in Q1 FY24 from Rs 13,718.2 crore recorded in Q4 FY23.

Tata Consumer Products declined 2.73%. The FMCG major's group consolidated net profit jumped 22.04% to Rs 337.71 crore on 12.46% rise in revenue from operations to Rs 3,741.21 crore in Q1 FY24 over Q1 FY23. The rise in the revenue was mainly driven by strong growth of 16% in India business, 3% (constant currency) in International business and 5% (constant currency) in Non-Branded business.

Birlasoft rallied 6.04% after the company's consolidated net profit rose 22.63% to Rs 137.54 crore on 2.97% increase in revenue from operations to Rs 137.54 crore in Q1 FY24 over Q4 FY23.

Vesuvius India was locked in 20% upper circuit after the company's board approved a proposal for a capex of approximately Rs 87.70 crore for setting up a new manufacturing plant of monolithics refractory at Anakapalli, Andhra Pradesh.

The company reported 77.5% surge in net profit to Rs 52.24 crore in Q2 CY23 from Rs 29.43 crore in Q2 CY22. Revenue from operations increased 22.8% year on year (YoY) to Rs 402.14 crore in the quarter ended 30 June 2023.

Global Markets:

Markets in Europe advanced while Asian stocks traded mixed on Thursday after the U.S. Federal Reserve raised rates to their highest level in more than 22 years while leaving the door open for further tightening.

US stocks ended flat after a choppy trading session on Wednesday, unmoved by the Federal Reserve's latest action to raise benchmark interest rates.

The European Central Bank and the Bank of Japan are due to announce their own policy moves on Thursday and Friday, respectively.

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