As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 137.50 points or 0.21% to 65,539.42. The Nifty 50 index added 30.45 points or 0.16% to 19,465.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.25% while the S&P BSE Small-Cap index gained 0.52%.

The market breadth was positive. On the BSE, 1,849 shares rose and 1,787 shares fell. A total of 121 shares were unchanged.

Economy:

India is open to more free trade agreements, and the focus of future agreements will go beyond trade, Sunil Barthwal, Secretary, Department of Commerce, has reportedly said.

India's merchandise exports declined for the 6th straight month in July with outbound shipments down 15.9% YoY. The decline in imports was even steeper at 17% YoY.

India's imports from Russia doubled to USD 20.45 billion during the April-July period of FY23 due to increasing inbound shipments of crude oil and fertiliser, data from the commerce ministry showed.

New Listing:

Shares of SBFC Finance closed at Rs 92.21 on the BSE, representing a premium of 61.77% compared with the issue price of Rs 57.

The scrip was listed at a price of Rs 81.99, at a premium of 43.84% as compared to the issue price.

So far, the stock has hit a high of 95.30 and a low of 81.99. On the BSE, over 109.13 lakh shares of the company were traded in the counter so far.

Stocks in Spotlight:

ITC added 0.03%. The FMCG major's standalone net profit jumped 17.59% to Rs 4,902.74 crore in Q1 FY24 as compared with Rs 4,169.38 crore recorded in same quarter last year. Revenue from operations declined 7.23% to Rs 16,995.49 crore during the quarter from Rs 18,320.16 crore posted in corresponding quarter last year.

Meanwhile, the board has approved the Scheme of Arrangement amongst ITC and ITC hotels, upon this Scheme becoming effective and in consideration of the transfer and vesting of the demerged undertaking from ITC to the resulting company in terms of the said Scheme, for every 10 Ordinary Shares of face and paid-up value of Re 1 each held in the demerged company, will get 1 equity share of face and paid-up value of Re 1 in the resulting company.

Infosys rose 1.69%. Liberty Global plc (Liberty Global), one of the world's leading converged video, broadband and communications companies, and Infosys announced that they have expanded their collaboration to evolve and scale Liberty Global's cutting-edge digital entertainment and connectivity platforms.

The parties have entered into an initial 5-year agreement, with an option to extend to 8 years and beyond. Infosys will provide services to Liberty Global estimated at ?1.5 billion over the initial 5-year term and at ?2.3 billion if the contract is extended to 8 years.

Vodafone Idea fell 2.74% after the teleco reported a net loss of Rs 7,840 crore in Q1 FY24, which is significantly higher as compared with a loss of Rs 7,296.7 crore recorded in Q1 FY23.

Garden Reach Shipbuilders and Engineers (GRSE) surged 17.96% after the media reported that the company expects the shipbuilding industry to get contracts worth Rs 1.2 lakh crore over the next two to four years.

Quint Digital Media (QDML) rose 0.80%. The company reported consolidated net profit of Rs 2.54 crore in Q1 FY24, steeply higher than Rs 0.80 crore posted in Q1 FY23.

The company's board has approved the binding memorandum of understanding (MOU) amongst Quintillion Media (QML), a wholly owned subsidiary of the company and AMG Media Networks (AMG media) a wholly owned subsidiary of Adani Enterprises, for the sale of remaining 51% stake held by QML in Quintillion Business Media to AMG Media.

Nazara Technologies rallied 5.53% after the company announced an investment $500,000 (approximately Rs 4.15 crore) via its wholly owned Singapore subsidiary Nazara PTE in Israel based game developer Snax Games.

Hindustan Copper slumped 6.08% after the company's consolidated net profit declined 17.2% to Rs 47.28 crore in Q1 FY24 from Rs 57.08 crore reported in Q1 FY23. Revenue from operations grew by 6.47% year on year to Rs 370.94 crore in the quarter ended 30 June 2023.

Hindustan Oil Exploration Corporation (HOEC) dropped 16.21%. HOEC reported 104.2% surge in consolidated net profit to Rs 66.07 crore in Q1 FY24 as against Rs 32.35 crore posted in Q1 FY23. Net sales soared 87.4% to Rs 167.61 crore in the quarter ended 30 June 2023 from Rs 89.42 crore recorded in Q1 FY23.

Uflex tumbled 6.95% after the company reported a consolidated net loss of Rs 416.18 crore in Q1 FY24 as against a net profit of Rs 374.49 crore posted in Q1 FY23. Revenue from operations slipped 19.4% year on year to Rs 3,219.92 crore during the quarter.

Global Markets:

Markets in Europe and Asia declined on Wednesday.

UK Consumer Prices Index (CPI) dropped to 6.8% in July from 7.9% in June, the Office for National Statistics said in a statement. However, Core CPI, which excludes volatile energy, food, alcohol and tobacco prices stayed at 6.9%, unchanged from June.

US stocks slid on Tuesday as investors fretted over the banking sector and took in data showing another weak month for China's economy.

A Fitch Ratings analyst warned that the U.S. banking industry has inched closer to another source of turbulence ? the risk of sweeping rating downgrades on dozens of U.S. banks that could even include the likes of JPMorgan Chase.

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