After opening the day on a bullish note, Indian share markets continued the momentum throughout the session and ended on a firm footing.

Benchmark indices hit all-time highs on Friday, on improved sentiment following robust economic data from the US, which eased fears of a slowdown.

At the closing bell, the BSE Sensex stood higher by 803 points (up 1.3%).

Meanwhile, the NSE Nifty closed up by 216 points (up 1.1%).

M&M and Infosys were among the top gainers today.

Adani Port and Bajaj Auto, on the other hand, were among the top losers today.

The SGX Nifty was trading at 19,279, down by 129 points, at the time of writing.

Broader markets ended high. The BSE Midcap index ended 0.7% higher and the BSE SmallCap ended up by 0.5%.

All sectoral indices ended the day on a positive note with stocks in the IT sector, auto sector, and media sector witnessing most of the selling.

Shares of Coforge and ABB India Laboratories of India hit their 52-week highs today.

Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments...

Asian stock markets ended on a mixed note. The Nikkei and Hang Seng ended marginally lower. The Shanghai Composite ended 0.6% up.

The rupee is trading at 82.06 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.2% at Rs 57,897 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are 0.5% lower at Rs 69,226 per kg.
 

3 reasons why the Indian share market is rising

#1 Upbeat global cues

Positive trends in global markets have also contributed to the gains in the domestic market. Robust economic data from the United States eased fears of a slowdown and improved broader sentiment. Dow Jones indices surged 0.8%.

Asian stocks inched higher on Friday as weak factory activity data from China stoked expectations of fresh stimulus, even as strong US economic data bolstered the view that the Federal Reserve will stay hawkish for longer.

#2 Rupee factor

The rupee has been falling for quite some time now and this falling trend reversed today.

The Indian rupee was poised for its biggest monthly advance versus the US dollar since January, aided by persistent foreign equity inflows. The rupee was little changed at 82.04 to the dollar on Friday, having hovered around 82 handles throughout this week.

The Rupee's appreciation often attracts FIIs as it adds to the return for foreign investors.

#3 Index-heavyweight shares rally

The positive momentum in markets was further supported by a rally in shares of heavyweights.

Index heavyweights M&M gained 4% and was the top gainer among the indices. IndusInd Bank and Sun Pharma also rallied 3%.
 

M&M hits a 52-week high. Here's why

In news from the auto sector, shares of M&M gained over 4% to a 52-week high on Friday, a day after becoming the first company to receive the eligibility certificate under the production-linked incentive (PLI) scheme for automobiles.

This will enable the company to avail subsidies from the government under the Rs 259.4 bn scheme, aimed at boosting domestic production, job creation, and driving economic growth.

M&M has been on a positive run, with the stock gaining 15% in the last six months on the back of robust growth prospects amid macroeconomic uncertainties.

Note that M&M has already announced its commitment of over a billion dollars to aggressively participate in the EV race and it expects a significant 30% of its total sales to come from electric SUVs by 2027.

The electric vehicle (EV) megatrend is a once-in-a-century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

Take a look at the chart below, which shows the massive opportunity in the two-wheeler EVs.

It remains to be seen how the above developments pan out.
 

Why Canara Bank's share price is rising

Moving on to news from the banking sector, Canara Bank shares were trading around 2% higher after its board of directors approved the Rs 75 billion (bn) fund-raising plan for the current financial year.

Of the Rs 75 bn, Rs 35 bn will be raised through additional Tier I bonds and the remaining Rs 40 bn through Tier II bonds, the bank said in an exchange filing. The board met on 28 June 2023.

Additional Tier I (ATI) bonds are unsecured bonds with no pre-determined maturity rate and are issued to raise long-term capital. These bonds typically carry a higher coupon but are considered risky instruments in the event of a bank collapse. Tier II bonds are perpetual and used by banks for subordinate debt.

Indian banks had a dream run in the financial year 2023. Canara Bank was among the five banks that posted record-high profits in the financial year 2023.
 

Adani Transmission fell 5%. Here's why

Moving on to news from the power sector, shares of Adani Transmission fell as much as 5% after 38 m shares or 3.5% of the company's total equity exchanged hands in three large trades.

The shares exchanged hands at an average price of Rs 795 apiece, taking the total value of the transaction to Rs 31 bn, according to exchange data.

Buyers and sellers in this transaction were not immediately known.

This comes just one trading session after Adani Green Energy, and Adani Enterprises saw multiple large transactions valued at Rs 80 bn on Tuesday.

Exchange data showed that Goldman Sachs Trust II - Goldman Sachs GQG Partners International Opportunities Fund bought a stake in Adani Green, while SB Adani Family Trust and Infinite Trade and Investment sold a stake in that deal.

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