Market Insights: Gift Nifty Rises, Enviro Infra Engineers' IPO, M&M's ABB Partnership, and Leading Stocks Today

Indian Stock Market: Key Highlights

The Indian stock market continued its upward momentum on Wednesday, closing on a strong note. The benchmark indices, BSE Sensex and NSE Nifty, reached new heights during intraday trading. The Sensex breached the 80,000-mark for the first time, hitting a lifetime high of 80,074 points. Meanwhile, the Nifty50 index surged by 184 points, reaching a fresh high of 24,307.

By the close of trading on Wednesday, the BSE Sensex had pulled back slightly, ending 545 points higher (up 0.7%). The NSE Nifty also closed with a gain of 162 points (up 0.7%).

Among the top performers were Adani Ports, Axis Bank, and HDFC Bank. In contrast, TCS, Titan, and Hindalco were among the biggest laggards.

For a detailed analysis of the Bank Nifty companies, refer to Equitymaster’s comprehensive list.

Sectoral and MidCap Performance

The BSE MidCap and SmallCap indices both ended the session 0.9% higher. Sectoral indices reflected a positive trend, with notable buying activity in the power, banking, and IT sectors.

Gold and Gift Nifty Performance

Gold prices on the Multi Commodity Exchange (MCX) traded 0.9% higher at Rs 72,159 during the market closing hours on Wednesday. At 7:40 AM today, the Gift Nifty was up 79 points at 24,466 levels, indicating a positive start for the Indian share markets.

Top Buzzing Stocks

HDFC Bank:

HDFC Bank’s share price is in focus after surging 3.5% to an all-time high of Rs 1,791 per share on July 3, following a 4% rally in its American Depository Receipts (ADRs) to US$ 66.9 apiece. This was influenced by the release of the June shareholding data,”showing a decline in foreign investors’ stake below 55%. Analysts predict that this could lead to a doubling of the bank’s weighting in the MSCI Standard index during the next reshuffle.

IREDA:

Shares of IREDA saw a significant increase, jumping nearly 6% on July 3 to an all-time high of Rs 218.8. In the previous session, 50 lakh shares of IREDA changed hands in a block deal, representing 0.2% of the total equity.

Enviro Infra Engineers Files for IPO

Enviro Infra Engineers, a company specializing in turnkey projects for sewage treatment plants and sewerage systems, has filed draft papers with SEBI for an initial public offering (IPO). The proposed IPO Includes a fresh issue of 44.2 million equity shares and an offer for sale (OFS) of 52.68 lakh shares by the promoters.

Currently, the promoters hold over a 93% stake in the company. The IPO proceeds will be utilized for various purposes, including Rs 181 crore for working capital, Rs 1 billion for debt repayment, and Rs 300 million for investing in its subsidiary, EIEL Mathura Infra Engineers, to construct a 60 million liters per day Sewage Treatment Plant (STP) in Mathura, Uttar Pradesh.

Nifty Bank Hits Record High

The Nifty Bank index crossed the 53,000 mark for the first time, reaching a record high of 53,256 during intraday trading on Wednesday, before closing at 53,089. This surge was supported by positive global cues and significant buying in banks like HDFC Bank, Kotak Bank, Federal Bank, and Bandhan Bank.

The Index's performance was driven by a strong short-covering move, with CE writers unwinding their positions from 52,500 to 53,000. Traders are advised to use dips as buying opportunities, as the index’s steady climb above the 53,000 mark is a bullish sign.

M&M Partners with ABB India

Mahindra & Mahindra (M&M) has announced a partnership with ABB India to incorporate its PixelPaint technology in M&M’s new electric vehicle paint facility. This technology uses a paint head similar to an inkjet printer and will begin serial production in 2025.

According to Joerg Reger, Managing Director of ABB Robotics Automotive Business Line, PixelPaint technology offers precision in applying large areas of uniform color and intricate details, reducing the need for manual intervention. This integration aims to enhance efficiency and consistency in the paint application process for M&M’s new line of electric vehicles.

In Conclusion, The Indian stock market continues to show robust performance, with benchmark indices hitting new highs and sectoral indices reflecting positive sentiment. Key stocks like HDFC Bank and IREDA are gaining significant attention, while companies like Enviro Infra Engineers are preparing for IPOs to fuel their growth. Partnerships like M&M’s with ABB India demonstrate ongoing innovation in the automotive sector. Investors should keep an eye on these developments for potential opportunities in the market.