Asian shares are trading higher note today following a rally in US stocks that was fueled by upbeat economic data.

The Nikkei is trading 1.6% higher, and the Hang Seng index is trading marginally lower. While Shanghai Index is trading lower by 0.5%.

US stocks rebounded on Tuesday from a recent losing streak as upbeat economic data soothed investor worries about an imminent recession triggered by the Federal Reserve's aggressive interest rate hikes.

The Dow Jones Industrial Average ended 0.6% higher, and the tech-heavy Nasdaq Composite ended 1.8% higher.

Here's a table showing how US stocks performed on Tuesday:

Source: Equitymaster

Back home, Indian share markets hit a record high today.

At present, the BSE Sensex is trading higher by 645 points. Meanwhile, the NSE Nifty is trading up by 189 points.

Titan and Adani Ports are among the top gainers today.

Axis Bank and ONGC on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index and the BSE Small Cap index are trading 0.4% higher.

Sectoral indices are trading on a positive note with stocks in the metal sector, auto sector, and realty sector witnessing the most buying.

Shares of Coforge and Torrent Pharma hit their 52-week high today.

The rupee is trading at Rs 82.98 against the US dollar.

In commodity markets, gold prices are trading higher by 0.1% at Rs 58,168 per 10 grams today.

Meanwhile, silver prices are trading 0.2% lower at Rs 70,442 per 1 kg.
 

HDFC buys stake in HDFC Life

With the merger of HDFC Bank and HDFC nearing the finishing line, the parent HDFC (Housing Development Finance Corporation), on Tuesday, increased its stake in its life insurance arm, HDFC Life Insurance, by 0.7%.

HDFC on Tuesday bought 15 m shares of HDFC Life Insurance at an average price of Rs 667.1 per piece, valuing the deal at Rs 9.9 billion (bn), bulk deals data on stock exchanges showed.

The merger between the two will take effect from 1 July, and the merged entity will have to hold at least 50% so the bank can show it as a subsidiary and consolidate its earnings. As of March 2023, HDFC's holding in HDFC Life Insurance stood at 48.6%.

After getting approval from the Competition Commission of India to raise HDFC's stake in HDFC Life Insurance, the Insurance Regulatory and Development Authority of India also granted its nod to transfer HDFC's holding in the insurance unit to HDFC Bank.

Among the best bank stocks in India, if you had invested Rs 10,000 in HDFC bank's IPO in 1995, today, your investment would have grown to Rs 152 m. With this stellar return over the years, it is among India's favorite stocks.

In 2004, only 10% of customer transactions were initiated through Internet and mobile. The number has gone up to 92% in 2019.

It is a great example of a company that has taken advantage of its scale and embraced disruption rather than fear it.

These are traits that one should look for in picking stocks. They not only withstand the disruption but also gain from it in the long run.
 

BPCL to consider fundraising

The board of directors of the state-run Bharat Petroleum Corporation (BPCL) will meet today to consider raising funds through a rights issue.

Earlier on 22 June, BPCL had informed exchanges that its board of directors will consider the various modalities for capital infusion, including rights issues for achieving energy transition, net zero, and energy security objectives.

A rights issue is a method of raising capital by inviting existing shareholders to purchase additional new shares in the company.

BPCL has also declared a dividend of Rs 4 per share for the financial year 2023.

BPCL stands among the 5 most undervalued blue chip stocks in India.
 

FIIs turn net buyers

Foreign institutional investors (FIIs), on Tuesday, halted their three-day selling spree and emerged as net buyers with a robust inflow of more than Rs 20.2 bn. However, DIIs booked profits with an outflow of over Rs 19.9 bn. Domestic equities recorded healthy buying, with Sensex advancing over 63,400 and the Nifty 50 ending above 18,800.

As per the stock exchange data, on Tuesday, FIIs purchased Rs 104.5 bn, while they offloaded Rs 84.3 bn worth of equities.

However, the DIIs bought Rs 67.9 bn worth of equity shares and offloaded Rs 87.8 bn, registering an outflow of Rs 19.9 bn.

On the previous day, FIIs were net sellers with an outflow of Rs 4.1 bn, however, DIIs were net buyers with an inflow of Rs 2.5 bn.

The recent buoyancy in banking is encouraging ahead of the monthly expiry.

Buying and selling activities of FIIs often have a substantial impact on stock prices.

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