The headline equity indices ended with decent gains on Monday, rising for the second consecutive trading session. The Nifty settled near the 19,600 level. Healthcare, pharma and IT stocks were in demand. On the flip side, PSU bank, media and bank shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 232.23 points or 0.35% to 65,953.48. The Nifty 50 index added 80.30 points or 0.41% to 19,597.30.

In the broader market, the S&P BSE Mid-Cap index gained 0.56% while the S&P BSE Small-Cap index rose 0.26%.

The market breadth was positive. On the BSE, 2,028 shares rose and 1,660 shares fell. A total of 199 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.01% to 11.10.

Economy:

RBI data showed that foreign exchange reserves fell USD 3.2 billion to USD 603.9 billion in the week ended July 28. This marked the second consecutive week of decline in forex reserves.

According to the agriculture ministry data, 91 million hectare (MH) has so far been covered under the Kharif crops, an increase of 0.41% compared to last year.

India's Food Secretary Sanjeev Chopra said that the nation is considering cutting or abolishing the import tax on wheat. He said that the government is committed to controlling inflation in India.

New Listing:

Shares of Yatharth Hospital and Trauma Care Services closed at Rs 333.75 on the BSE, representing a premium of 11.25% compared with the issue price of Rs 300.

The scrip was listed at a price of Rs 304, at a premium of 1.33% as compared to the issue price.

So far, the stock has hit a high of 342.70 and a low of 304. On the BSE, over 15.16 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Pharma index rose 1.56% to 15,479.25. The index rallied 3.59% in three trading sessions.

Sanofi India (up 5.39%), Divis Laboratories (up 4.46%), Biocon (up 3.43%), Aurobindo Pharma (up 3.15%), Ipca Laboratories (up 2.4%), Laurus Labs (up 1.99%), Sun Pharmaceuticals Industries (up 1.89%), Lupin (up 1.59%), Glenmark Pharmaceuticals (up 1.49%) and Natco Pharma (up 1.44%) edged higher.

On the other hand, Torrent Pharmaceuticals (down 0.59%), Pfizer (down 0.56%) and Dr Reddys Laboratories (down 0.42%) declined.

Stocks in Spotlight:

ICICI Bank rose 0.51%. The private lender has received the approval from Reserve Bank of India to increase shareholding in ICICI Lombard General Insurance Company in multiple tranches up to 4% additional shareholding.

Britannia Industries slipped 2.89%. The FMCG major's consolidated net profit jumped 35.6% to Rs 457.55 crore in Q1 FY24 as against Rs 337.44 crore recorded in Q1 FY23. Revenue from operations grew by 8.6% year on year to Rs 3,969.84 crore in the quarter ended 30 June 2023.

Bank of Baroda fell 1.04%. The public sector bank's net profit surged 87.7% to Rs 4,070.07 crore in Q1 FY24 as compared with Rs 2,168.13 crore in Q1 FY23. Total income increased 48.5% to Rs 29,878.07 crore during the quarter as compared with Rs 20,119.52 crore recorded in corresponding quarter last year.

Bharat Heavy Electricals' (BHEL) skid 2.43%. BHEL's consolidated net profit tumbled 82.9% to Rs 343.89 crore in Q1 FY24 as against Rs 187.99 crore reported in Q1 FY23. Revenue from operations rose 8.3% year on year (YoY) to Rs 4,818.37 crore in the quarter ended 30 June 2023.

Fortis Healthcare tumbled 4.24%. The healthcare company's consolidated net profit declined 8.6% to Rs 111.76 crore in Q1 FY24 from Rs 122.25 crore recorded in Q1 FY23. Revenue from operations grew by 11.4% year on year to Rs 1,657.41 crore in the quarter ended 30 June 2023.

Delhivery fell 2.27%. The logistics solution provider reported a consolidated net loss of 89.48 crore in Q1 FY24 as against a net loss of Rs 399.34 crore posted in Q1 FY23. Revenue from operations increased 10.5% year on year to Rs 1,929.78 crore in the quarter ended 30 June 2023.

Alembic Pharma gained 1.75%. The pharmaceutical company reported a consolidated net profit of Rs 120.60 crore in Q1 FY24 as against a net loss of Rs 65.88 crore in Q1 FY23. Revenue from operations jumped 17.7% to Rs 1,486.15 crore in the June quarter from Rs 1,262.14 crore recorded in Q1 FY23.

Mrs. Bectors Food Specialities jumped 5.26% after the company reported 173.7% rise in net profit to Rs 34.9 crore in Q1 FY24 from Rs 12.7 crore in Q1 FY23. Revenues increased by 24.4% YoY to Rs 374.2 crore in the first quarter of FY24.

One 97 Communications (Paytm) surged 6.95% after the company's founder and CEO Vijay Shekhar Sharma entered into an agreement to purchase 10.30% stake in Paytm, from Antfin (Netherlands) Holding B.V.

Zen Technologies was locked in an upper circuit of 10% after the company reported standalone net profit of Rs 47.13 crore in Q1 FY24, steeply higher from Rs 8.21 crore posted in Q1 FY23. Net sales zoomed to Rs 132.45 crore in Q1 FY24 as compared with Rs 33.23 crore in Q1 FY23.

RateGain Travel Technologies rallied 4.67% after the company reported a consolidated net profit of Rs 24.91 crore in Q1 FY24, steeply higher than Rs 8.42 crore posted in Q1 FY23. Revenue from operations jumped 79.78% year on year to Rs 214.48 crore in the quarter ended 30 June 2023.

Global Markets:

European tumbled on Monday, weighed by German economic weakness as investors prepare for this week's key inflation data.

German industrial production plunged 1.5% on the month in June, as the euro zone's largest economy was hit by a slowdown in global demand, particularly from China.

Asian markets were mixed as investors look ahead to China's inflation figures and trade balance later this week. Meanwhile, a downgrade in the U.S. sovereign rating, rising Treasury yields, and weak Chinese economic data dented the appetite for risk-driven markets.

China will release its trade balance for Tuesday and inflation data on Wednesday, which will give clues to the country's recovery trajectory.

Wall Street stocks notched their longest daily losing streak in three months, sliding on Friday as investors weighed weaker-than-expected US jobs growth and earnings from Big Tech ?megacaps?.

The U.S. economy added 187,000 jobs in July, up from 185,000 in June. The unemployment rate ticked lower to 3.5% from 3.6% in June.

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