The key equity benchmarks ended with minor cuts on Tuesday. Metals, pharma and oil & gas shares bucked the weak trend. As per provisional closing data, the barometer index, the S&P BSE Sensex, slipped 100.42 points or 0.19% to 53,134.35. The Nifty 50 index lost 24.50 points or 0.15% to 15,810.85.

Trading was steeply volatile. After opening above the 15,900 mark, the Nifty marched higher and hit the day's high of 16,025.75 in early afternoon trade. The index, however, failed to hold on to gains and came off the day's high in afternoon trade. The index hit the day's low of 15,785.45 in late trade, but managed to close a tad above the 15,800 mark.

In the broader market, the S&P BSE Mid-Cap index shed 0.35% while the S&P BSE Small-Cap index rose 0.20%.

The market breadth remained positive. On the BSE, 1721 shares rose and 1564 shares fell. A total of 158 shares were unchanged.

Buzzing Index:

The Nifty Metal index rose 0.30% to 4,663.75. The index had declined 0.99% to end at 4,649.95 yesterday.

Hindalco Industries (up 1.47%), APL Apollo Tubes (up 1.06%), Ratnamani Metals & Tubes (up 0.95%), Jindal Stainless (up 0.95%) and Steel Authority of India (up 0.87%) were the top index gainers.

Among the other gainers were Tata Steel (up 0.68%), JSW Steel (up 0.25%) and Hindustan Zinc (up 0.16%).

On the other hand, Welspun Corp (down 2.07%), National Aluminium Company (down 0.79%) and Jindal Steel & Power (down 0.62%) moved lower.

Stocks in Spotlight:

Marico fell 1.41%. The company increased its stake in Apcos Naturals by 4.14% to 56.52% for undisclosed consideration.

Cipla gained 0.68%. The United States Food and Drug Administration conducted a pre-approval inspection at the company's Indore plant from June 27 to July 1. It has received two observations on FDA Form 483 with respect to ANDA filed for the product to be manufactured at the said plant.

HDFC Bank shed 0.49% and HDFC lost 0.99%. 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.

On 2 July 2022, the proposed merger got approval from both stock exchanges — BSE and NSE.

Vedanta added 0.07%. 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.

Tata Consultancy Services slipped 0.53%. The company has has been selected by Outokumpu, the global leader in sustainable stainless steel, to transform its IT landscape with an agile and secure cloud-based digital core to reduce its carbon footprint and support its strategic aspirations.

Seperately, TCS said that in the EPIC Systems Corporation matter, the US District Court for Western District of Wisconsin passed an order reducing the jury award of punitive damages to $ 140 million and directed the Clerk of the Court to file an amended judgement accordingly. The company remains committed to respecting and protecting proprietary information as well as its reputation, the IT firm said.

Kirloskar Ferrous Industries rose 1.32%. The company informed about the resumption of operations of mini blast furnace-II at Koppal plant.

South Indian Bank added 3.95%. The private lender's gross advances grew 11% YoY to Rs 64,760 crore as of 30 June 2022. The bank's total deposits stood at Rs 88,202 crore as of 30 June 2022, up 4% YoY.

Ujjivan Small Finance Bank (SFB) gained 1.97%. The bank's total deposits aggregated to Rs 18,433 crore as on 30 June 2022, up 34.8% YoY. Gross loan book grew 38.3% YoY to Rs 19,409 crore as on 30 June 2022.

Krsnaa Diagnostics advanced 1.94%. The company emerged as the lowest (L-1) bidder for setting up of a radiology unit at Indira Gandhi Hospital, New Delhi.

BLS International Services rallied 4.05%. The company announced that it has signed a contract with the Royal Thai Embassy to provide visa services in Kenya.

Marksans Pharma zoomed 12.24%. A meeting of the board of directors of the company is scheduled to be held on 8th July 2022 to consider the proposal for buyback of fully paid up equity shares of the company.

RBL Bank tumbled 6.80%. The private lender's total deposits rose 6% YoY to Rs 79,217 crore as of 30 June 2022. Gross Advances stood at Rs 62,095 crore as of 30 June 2022, recording a growth of 7% YoY.

Global Markets:

Shares in Europe declined while Asian markets mostly advanced on Tuesday.

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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