Nifty above 15,980; most European stocks advance

The key equity benchmarks continued to trade with major gains in the afternoon trade. The Nifty traded near the 15,980 level. All the sectoral indices on the NSE traded in the green. Positive global shares boosted sentiment.

At 13:23 IST, the barometer index, the S&P BSE Sensex, was up 481.93 points or 0.91% to 53,716.70. The Nifty 50 index added 146.05 points or 0.92% to 15,981.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.61% while the S&P BSE Small-Cap index gained 1.11%.

The market breadth remained strong. On the BSE, 2,185 shares rose and 1,027 shares fell. A total of 145 shares were unchanged.

Gainers & Losers:

Hindalco Industries (up 3.86%), Bajaj Finserv (up 2.57%), Tata Motors (up 2.17%), Bajaj Finance (up 2.09%) and Tata Steel (up 2.08%) were major Nifty gainers.

ITC (down 1.04%), Hero MotoCorp (down 0.92%), HDFC Life Insurance Company (down 0.66%), Maruti Suzuki India (down 0.65%) and Britannia Industries (down 0.55%) were majority Nifty losers.

Stocks in Spotlight:

HDFC Bank rose 1.13% and HDFC was up 0.86%. The private lender on Monday (4 July 2022) said it has received banking sector regulator Reserve bank of India (RBI)'s approval for the proposed amalgamation of HDFC into HDFC Bank.

"HDFC Bank has received a letter dated July 04, 2022 from the Reserve Bank of India (RBI) whereby the RBI has accorded it's 'no objection' for the Scheme, subject to certain conditions as mentioned therein," the bank said in a regulatory filing. The scheme remains subject to various statutory and regulatory approvals, including from the Competition Commission of India (CCI), National Company Law Tribunal (NCLT), other applicable authorities and the respective shareholders and creditors of the companies, it said. On 2 July 2022, the proposed merger got approval from both stock exchanges BSE and NSE.

Vedanta rose 1.66% to Rs 220.25 after the company said its total aluminium production grew 3% to 5,65,000 tonnes in Q1 FY23 compared with 5,49,000 tonnes in Q1 FY22. The cast metal aluminium production at company's smelters increased by 3% year on year (YoY) to 565,000 tonnes. The company said that the alumina production at Lanjigarh (Odisha) refinery increased marginally YoY to 485,000 tonnes; it was down 4% quarter on quarter (QoQ) due to scheduled maintenance in April'22.

TCS was up 0.44%. Finland-based Outokumpu, the global leader in sustainable stainless steel, has entered into a multi-year strategic partnership with TCS to build a next-generation hybrid cloud platform. Outokumpu is the global leader in sustainable stainless steel. The foundation of the company's business is to tailor stainless steel into any form and for almost any purpose.

Global Markets:

Most shares in Europe and Asia advanced on Tuesday as investors look ahead to the Reserve Bank of Australia's rate decision later today.

China's service sector activity also grew, according to the Caixin services purchasing managers' index. The index rose to 54.5 in June compared to 41.4 in May as Covid measures were eased.

Japan's services activity expanded at the fastest pace since October 2013, according to the final au Jibun Bank Japan Services Purchasing Managers' Index. The print rose to 54, compared to 52.6 in May.

South Korea's June inflation accelerated to the fastest pace since the Asian financial crisis. The consumer price index (CPI) rose 6.0% in June from a year earlier, government data showed on Tuesday, the fastest since November 1998 and exceeding the central bank's 2% target for the 15th consecutive month.

The U.S. Federal Reserve to release the minutes from its latest Federal Open Market Committee meeting on Wednesday.

The U.S. market was closed on Monday for the July Fourth public holiday.

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