The domestic equity benchmarks marched towards the day's high in early afternoon trade. The Nifty traded above the 19,350 mark. Financials witnessed buying demand for sixth consecutive session.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 302.01 points or 0.46% to 65,507.06. The Nifty 50 index added 65.05 points or 0.34% to 19,387.60.

The Nifty and the Sensex hit all-time highs in early trade at 19,413.50 and 65,586.60, respectively. Further, the Nifty Bank index also registered its fresh record high at 45,469.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.19% while the S&P BSE Small-Cap index gained 0.41%.

The market breadth was positive. On the BSE, 1,736 shares rose and 1,611 shares fell. A total of 140 shares were unchanged.

Economy:

India's services exports in May climbed 7.7% (y-o-y) to USD 27.1 billion, while imports rose 2% to USD 15.5 billion, showed provisional data by RBI.

India's coal production surged by 8.4% (y-o-y) during the first quarter of FY24 reaching 222.93 million tonne (MT), the Ministry of Coal informed in a statement.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.49% to 11.71. The Nifty 27 July 2023 futures were trading at 19,454, at a premium of 66.4 points as compared with the spot at 19,127.95.

The Nifty option chain for the 27 July 2023 expiry showed maximum Call OI of 25.5 lakh contracts at the 19,500 strike price. Maximum Put OI of 36.8 lakh contracts were seen at 18,500 strike price.

Buzzing Index:

The Nifty Financial Services index rose 1.16% to 20,488.25. The index has added 5% in six sessions.

Bajaj Finance (up 7.24%), Bajaj Finserv (up 5.64%), Cholamandalam Investment & Finance Company (up 3.22%), State Bank of India (up 1.73%) and Power Finance Corporation (up 1.48%) were the top gainers.

Among the other gainers were Shriram Finance (up 0.69%), HDFC Asset Management Company (up 0.53%), SBI Cards & Payment Services (up 0.5%), HDFC Bank (up 0.46%) and Kotak Mahindra Bank (up 0.46%).

On the other hand, Indian Energy Exchange (down 1.03%), Axis Bank (down 0.48%) and ICICI Prudential Life Insurance Company (down 0.42%) turned lower.

Stocks in Spotlight:

Karur Vysya Bank rose 1.52%. The bank said that its total deposits increased by 13.75% to Rs 80,715 crore as on 30 June 2023 as against Rs 70,961 crore as on 30 June 2022. Advances jumped 13.95% to Rs 67,105 crore as on 30 June 2023 as compared with Rs 58,890 crore as on 30 June 2022.

Tube Investments of India (TII) shed 0.32%. TII said that its subsidiary, Tl Clean Mobility Private (TICMPL) entered into agreement with Anand Jayachandran (JA) for pursuing electric small commercial vehicle business (e-SCV).

NBCC gained 2.21%. The company has inked an MOU with Currency Note Press (CNP) under Security Printing and Minting Corporation of India (SPMCIL), Maharashtra, for planning, designing and execution of upcoming works such as state of art museum, infrastructure development works like treatment plants etc. at currency note press (CNP), Nasik.

Rama Steel Tubes rose 1.67%. The company said that it has registered a sales volume of 48,437.69 tons in Q1 FY24 as compared to 29,833.96 tons in Q1 FY23, recording a growth of 62% on YoY basis.

HPL Electric & Power zoomed 15.14%. The company announced that it has received orders worth Rs 903 crore for supplying smart meters.

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