Indian benchmark equity indices hit their fresh all-time high levels in intra-day trade on Thursday, with the Sensex crossing the historic 66,000-level for the first time following a rally in global markets amid easing US inflation data.
The BSE Sensex rallied 670.31 points or 1.02 per cent to hit its all-time intra-day high of 66,064.21. The 30-share index ended 164.99 points or 0.25 percent higher at 65,558.89. The NSE Nifty jumped 29.45 points or 0.15 per cent to close at 19,413.75.
Buying in market heavyweights, Infosys, TCS and ICICI Bank also helped markets settle on the positive side.
"Today’s domestic rally was supported by the contra bet buying of the IT stocks which was supported by stable margins, new generation business opportunities and increase in pricing power due to moderation in USD, as latest US inflation is fast approaching the Fed’s target levels," said Vinod Nair, Head of Research at Geojit Financial Services.
"The broad market was trading positively at the all-time high level in anticipation of buoyant Q1 results and low volatility (VIX). However, a mixed start to bank earnings, coupled with ongoing concerns about domestic inflation, attracted bearish sentiment towards the latter half," he said.
Top Stocks To Watch For 14 July:
Wipro Limited
The IT firm repored a profit of Rs 2,870.10 crore for the quarter ended 30 June 2023, up 12 per cent compared to Rs 2,563 crore during the corresponding quarter last year. Wipro’s income from operations in the reported quarter increased 6 per cent to Rs 22,831 crore. The company’s head count decreased by 8,812 in the June quarter compared to the previous quarter.
Federal Bank
Federal Bank reported a first quarter profit of Rs 880.12 crore for FY24, up 38.8 per cent year-on-year (YoY) from Rs 634.22 crore during the same quarter in the last fiscal. Falling provisions and improving business momentum supported the performance. Net interest income surged 20 per cent YoY to Rs 1,919 crore, while net interest margin was at 3.15 per cent, down 7 basis points YoY due to the rise in cost of funds.
Senco Gold
The Kolkata-based jewellery retailer will list on the bourses on 14 July. The issue price has been fixed at Rs 317 per share. According to market analysts, shares of Senco Gold Ltd were available at a premium of Rs 128 per share in grey market on Thursday.
Patanjali Foods
The company’s offer for sale (OFS) received more bids than shares on offer on Thursday, with institutional investors placing bids for 45.63 million shares as compared to total of 32.6 million shares put on the block. The base issue size was of 25.34 million shares. The company had said it would retain another 7.24 additional bids in case of oversubscription. However, the company do not plan to exercise the greenshoe option.
