The benchmark indices marched higher and hit a fresh record high in mid-morning trade. The Nifty scaled above the 18,950 mark. Consumer durables stocks extended gains for the second consecutive trading session. Trading could be volatile due to June F&O series expires today, a day ahead of schedule on account of the Bakri Id festival holiday being shifted to Thursday, 29 June 2023.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 435.36 points or 0.69% to 63,851.39. The Nifty 50 index added 135 points or 0.72% to 18,952.40.

The two benchmarks hit all-time highs in mid-morning trade today at 18,955.95 for Nifty 50 index and 63,858.21 for Sensex.

In the broader market, the S&P BSE Mid-Cap index rose 0.34% while the S&P BSE Small-Cap index gained 0.35%.

The market breadth was strong. On the BSE, 1,959 shares rose and 1,295 shares fell. A total of 152 shares were unchanged.

The National Stock Exchange of India on Tuesday announced that it has withdrawn the plan to shift the expiry of Nifty Bank derivative contracts to Friday from Thursday. The NSE had taken this decision after BSE shifted the expiry of Sensex and Bankex derivative contracts to Friday from Thursday following the relaunch of the indices.

IPO Updates:

The initial public offer (IPO) of Cyient DLM received bids for 5.36 crore shares as against 1.33 crore shares on offer, according to stock exchange data at 11:21 IST on Wednesday (28 June 2023). The issue was subscribed 4.02 times.

The issue opened for bidding on Tuesday (27 June 2023) and it will close on Friday (30 June 2023). The price band of the IPO is fixed at Rs 250 -265 per share. An investor can bid for a minimum of 56 equity shares and in multiples thereof.

The initial public offer (IPO) of Ideaforge Technology received bids for 2.82 crore shares as against 46.48 lakh shares on offer, according to stock exchange data at 11:21 IST on Wednesday (28 June 2023). The issue was subscribed 18.07 times.

The issue opened for bidding on Monday (26 June 2023) and it will close on Thursday (29 June 2023). The price band of the IPO is fixed at Rs 638 -672 per share. An investor can bid for a minimum of 22 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Consumer Durables index rose 0.66% to 27,093.05. The index added 1.61% in two trading sessions.

Titan Company (up 1.51%), V-Guard Industries (up 1.16%), Kajaria Ceramics (up 0.79%), Whirlpool of India (up 0.62%), Rajesh Exports (up 0.61%), Bata India (up 0.19%), Amber Enterprises India (up 0.19%), Havells India (up 0.12%), Crompton Greaves Consumer Electricals (up 0.07%) advanced.

On the other hand, TTK Prestige (down 0.52%), Orient Electric (down 0.3%) and Blue Star (down 0.28%) edged lower.

Stocks in Spotlight:

Meghmani Finechem announced that it has commissioned the wind solar hybrid power plant of 18.34 MW in Gujarat and power flow has been started. Earlier, on 28 May 2022, the company informed about setting up of wind solar hybrid power plant through SPV (special purpose vehicle), ReNew Green (GJS Three), which has been commissioned now.

Orchid Pharma jumped 4.41% after the company said it has raised Rs 400 crore in the qualified institutional placement of equities. The pharmaceutical company has allotted 9,902,705 equity shares to qualified institutional buyers at the issue price of Rs 403.93 each, aggregating to Rs 400 crore. The qualified institutions placement (QIP) Issue opened on 22 June 2023 and closed on 27 June 2023.

Global Markets:

Asian stocks were trading mixed as the region digests May inflation figures out of Australia and China releases its industrial profits for May.

China's industrial firms recorded a 18.8% tumble in cumulative profits in the first five months of 2023 from the year before, official data showed on Wednesday. This figure was 1.8 percentage points lower than China industrial profits for January to April, China's National Statistics Bureau said in a statement.

Australia saw a lower-than-expected weighted inflation rate of 5.6% in May, compared with the 6.8% recorded in April. Headline inflation for May came in at 5.8%, lower than April's figure of 6.9%. It was the lowest recorded rate since April 2022.

U.S. stock indexes advanced on Tuesday as upbeat economic data soothed investor worries about an imminent recession triggered by the Federal Reserve's aggressive interest rate hikes.

The outlook from consumers brightened more than expected in June even with an expected recession on the horizon, The Conference Board reported Tuesday. Consumer confidence for the month rose to an index value of 109.7, up from 102.5 in May. That was the highest reading since January 2022.

Meanwhile, the Biden administration is reportedly considering new curbs on exports of artificial intelligence chips to China set off a retreat in postmarket trading for some US tech stocks.

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