Nifty 50 closed at 24302.15 (15.7, 0.1%) , BSE Sensex closed at 80049.67 (62.9, 0.1%) while the broader Nifty 500 closed at 22914.20 (63, 0.3%). Market breadth is in the green. Of the 2177 stocks traded today, 1138 showed gains, and 1014 showed losses.

Indian indices closed in the green, after seeing volatility throughout today's trading. The Indian volatility index, Nifty VIX, fell 2.7% and closed at 12.8 points. Mazagon Dock surged to it's all-time high of Rs 5,550 per share after it secured the 'Navratna' status. With this the company has joined the Rs 1 lakh crore market capitalization club.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green taking cues from the benchmark index. Nifty High Beta 50 and S&P BSE SME IPO were among the top index gainers today. According to Trendlyne’s Sector dashboard, Healthcare Equipment & Supplies emerged as the best-performing sector of the day, with a jump of over 2.8%.

Asian indices closed in the green while European indices are trading higher. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures are trading down by 0.4% as the soft U.S. economic data raised some concerns over long-term demand.

• JK Cement sees a long buildup in its July 25 future series as its open interest rises 13.4% with a put-call ratio of 0.4.

• UltraTech is reportedly in advanced talks to acquire Orient Cement (OCL). This move aims to strengthen UltraTech's market position in southern and western India amid the ongoing sector consolidation efforts.

• Tata Motors' arm, Jaguar Land Rover's total wholesales in the UK rises 5.3% YoY to 6,421 units in June. Land Rover wholesales grow by 13.2% YoY to 5,246 units.

• Power stocks have delivered strong performance due to power shortages amid weak monsoons, rising agricultural demand, and air-conditioning usage. The BSE Power index has surged 100% in a year, with 10 of 13 stocks yielding substantial returns. HSBC Securities expects valuations to stabilise post-summer amid capacity expansions, efficient management, La Nina (cooling of sea-surface temperatures), and a high base effect.

  Power stocks have demonstrated remarkable performance on #DalalStreet in recent sessions, with many achieving new milestones and contributing to a significant expansion in their market capitalisations.#StockMarket https://t.co/uoekppH4qF

  — Mint (@livemint) July 4, 2024

• Mazagon Dock surges to its all-time high of Rs 5,550 per share after it secures the 'Navratna' status, granting it greater flexibility and autonomy in operations. This milestone also helps the company to join the Rs 1 lakh crore market capitalisation club.

• Emcure Pharmaceuticals' Rs 1,952 crore IPO gets bids for 3.3X the available 1.4 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 2.8X the available 68.8 lakh shares on offer.

• Bansal Wire Industries' Rs 745 crore IPO gets bids for 3.8X the available 2.2 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 4.7X the available 1.1 crore shares on offer.

• Reliance Industries’ retail arm, Reliance Retail Ventures, reportedly plans to launch Chinese fast fashion brand Shein in India in the coming weeks. The products will be sold on Reliance Retail’s app and physical stores.

  Mukesh Ambani's Reliance Retail Ventures will launch Chinese fast fashion label Shein in the coming weeks, selling the latter's products on its app and brick-and-mortar stores, The Economic Times reported on Thursday. #Reliance #shein https://t.co/9pKon1sTa1

  — businessline (@businessline) July 4, 2024

• Sun Pharma rises sharply after the European Medicines Agency (EMA) validates the marketing authorization application (MAA) for Nidlegy, submitted with Philogen S.p.A. on June 3. Nidlegy is partnered with Sun Pharma to treat skin cancers in Europe, New Zealand, and Australia.

• Gujarat Pipavav's containers carried falls 17.1% YoY to 165 20-foot equivalent units (TEU) in Q1FY25. Its container trains also decline by 8.2% YoY to 480 during the quarter.

• ITD Cementation falls after its promoter, Italian Thai Development Public Co, which owns a 46.6% stake, considers divesting its investments in the company.

• Max Estates is rising as it receives approval from the New Okhla Industrial Development Authority (NOIDA) to purchase an additional 20,000 square metres of floor area ratio (FAR) for its residential project in Noida.

• Key vegetable prices are expected to remain high till September amid heatwaves and lower market arrivals and cool down as fresh supplies arrive. IMD forecasts July rainfall to exceed the long-term average by over 106%. Kaushik Das, Chief Economist at Deutsche Bank, expects food and beverage prices to increase by 2.4% MoM and 8% YoY in June, up from 0.7% and 7.9% in May, respectively. He predicts June CPI inflation at around 5% due to these higher prices.

  Retail prices of #potatoes in #Mumbai are currently up by two times as compared to a year ago.
  
  Read @PallaviNahata's report: https://t.co/CFhfUc306i pic.twitter.com/3aGL18JNzy

  — NDTV Profit (@NDTVProfitIndia) July 4, 2024

• Bandhan Bank's loans and advances rise 21.8% YoY to Rs 1.3 lakh crore in Q1FY25, while deposits increase by 22.8% YoY. Its CASA ratio stands at 33.4%, down 2.6 percentage points.

• Marico partners with Kaya, a dermatological solutions provider, to manage sales and marketing of Kaya's 75+ personal care products. This collaboration has led to Kaya's stock hitting a 10% upper circuit.

• Edelweiss retains its 'Buy' call on Suraj Estates Developers with a target price of Rs 757 per share. This indicates a potential upside of 22.3%. The brokerage believes the company will see new product additions once it launches most of its existing projects considering its land reserves, strong brand value and improved balance sheet. It expects the company's pre-sales to grow at a CAGR of 35% over FY25-27.

• Anand Roy, CEO of Star Health and Allied Insurance Co, projects a gross written premium of Rs 18,000 crore in FY25. He highlights the company’s target to achieve growth of 18%, compared to the general insurance industry’s growth of 15-17%. Roy adds that the retail book will continue to drive growth for the company.

  #OnCNBCTV18 | Will have to grow at 18% #CAGR over the next 4 yrs to reach gross written prem guidance, retail book will continue to be the key growth driver
  
  Expect to improve combined ratio by 100 bps in FY25, to have the largest #healthinsurance book over the next 4 years… pic.twitter.com/NzvJbwQtRt

  — CNBC-TV18 (@CNBCTV18Live) July 4, 2024

• Inox Wind (IWL) surges as its promoter, Inox Wind Energy, infuses Rs 900 crore via the sale of equity shares of IWL through block deals. The funds will be utilised to reduce its external term debt to achieve a net debt-free status.

• Bajaj Finance's AUM grows by 31% YoY to Rs 3.5 lakh crore in Q1FY25. New loans booked also improve by 10% YoY to 11 million in the quarter. It appears in a screener of stocks with zero promoter pledges.

• Vedanta's Q1FY25 aluminium production rises 3% YoY to 5.9 lakh tonnes, while saleable steel production grows by 10% YoY to 3.5 lakh tonnes. Its oil and gas output falls 17% YoY to 1.1 lakh average daily gross operated production.

• Kotak Institutional Equities upgrades its rating on Lupin to 'Add' with a higher target price of Rs 1,805. The brokerage believes the firm's strong US trajectory will continue in FY25-26, along with robust earnings in upcoming quarters. It raises FY25-27 EPS estimates by 3-16% on higher US sales and EBITDA margins.

  Brokerage Radar | Kotak Securities on Lupin: Upgrade to Add from Sell; Hike target price to Rs 1805 from Rs 1400@kotaksecurities @LupinGlobal pic.twitter.com/jADVv1lZ2X

  — ET NOW (@ETNOWlive) July 4, 2024

• Brigade Enterprises rises as it announces the development of an eight-acre residential project in Bengaluru, with a gross development value of Rs 1,100 crore.

• GE T&D India surges to its all-time high of Rs 1,721 per share as it bags an order worth 64 million Euros (approx. Rs 576.6 crore) from Grid Solutions SAS for supplying and supervising high-voltage products.

• Cello World surges to its all-time high of Rs 970 per share as its board of directors approves the issuance of shares worth Rs 775 crore through a qualified institutional placement (QIP). The board sets a floor price of Rs 896.1 per share for the QIP.

• Nifty 50 was trading at 24,347.40 (60.9, 0.3%), BSE Sensex was trading at 80,321.79 (335.0, 0.4%) while the broader Nifty 500 was trading at 22,925.65 (74.5, 0.3%).

• Market breadth is surging up. Of the 1,970 stocks traded today, 1,573 were gainers and 373 were losers.

Riding High:

Largecap and midcap gainers today include Lupin Ltd. (1,759.30, 7.9%), Solar Industries India Ltd. (12,170.25, 6.1%) and Bajaj Holdings & Investment Ltd. (9,841, 5.9%).

Downers:

Largecap and midcap losers today include PB Fintech Ltd. (1,420.25, -2.9%), HDFC Bank Ltd. (1,727.15, -2.4%) and FSN E-Commerce Ventures Ltd. (171.39, -2.1%).

Crowd Puller Stocks

25 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Galaxy Surfactants Ltd. (3,114.70, 12.4%), Honasa Consumer Ltd. (486.70, 11.9%) and AstraZeneca Pharma India Ltd. (7,128.85, 11.4%).

Top high volume loser on BSE was Ingersoll-Rand (India) Ltd. (4,547.25, 0.0%).

Inox Wind Ltd. (157.01, 10.2%) was trading at 19.3 times of weekly average. Rites Ltd. (747.70, 7.1%) and Lloyds Metals & Energy Ltd. (775, 4.9%) were trading with volumes 15.4 and 6.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

51 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Bajaj Holdings & Investment Ltd. (9,841, 5.9%), Indus Towers Ltd. (404.05, 1.9%) and Biocon Ltd. (361.30, 0.0%).

12 stocks climbed above their 200 day SMA including Ipca Laboratories Ltd. (1,177.80, 2.1%) and Gujarat Mineral Development Corporation Ltd. (397.40, 1.5%). 5 stocks slipped below their 200 SMA including Bajaj Finance Ltd. (7,107.05, -2.1%) and Hatsun Agro Products Ltd. (1079, -2.0%).