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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 Wednesday, lifted by gains in some Adani group stocks and advances in heavyweight financial stocks.

At the closing bell, the BSE Sensex stood higher by 499 points (up 0.4%).

Meanwhile, the NSE Nifty closed up by 280 points (up 0.5%).

Tech Mahindra and Sun Pharma were among the top gainers today.

Tata Motors and M&M on the other hand, were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The SGX Nifty was trading at 19,094, down by 121 points, at the time of writing.

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

All sectoral indices ended the day on a positive note with stocks in the capital goods sector, healthcare sector, and power sector witnessing most of the selling.

Shares of Abbott India & Dr Reddys 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 ended higher by 2%, while the Hang Seng ended marginally higher. The Shanghai Composite ended down lower.

The rupee is trading at 82.04 against the US$.

Gold prices for the latest contract on MCX are trading lower by Rs 93 at Rs 58,014 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are 0.5% lower at Rs 68,998 per kg.
 

5 reasons why the Indian share market is rising

#1 Turnaround in FII flows

FIIs have been one of the main driving forces of the recent rally in the market.

So far in June, they have poured more than US$ 3 bn into Indian equities. In four months, they have net invested over US$ 11 bn, which is about half of the total investment made by them in 2020. Since the beginning of the financial year 2023, the net FII buying has been worth around Rs 600 bn.

#2 Upbeat global cues

Positive trends in global markets have also contributed to the gains in the domestic market. Improving economic indicators in the US and indications of likely stimulus measures by China have propelled sentiment globally. Dow Jones, Nasdaq Composite, and the S&P 500 indices surged in the range of 0.5-1.7%. Asia-Pacific markets, too, largely rose this morning.

#3 F&O Expiry

The upside breakout by indices made room for traders to cover short positions ahead of the expiry of the June derivative contract, which partly aided the rally in the market.

So far, rollovers to the July series of Nifty 50 have been above the 3-month average and are largely on the long side.

#4 Index-heavyweight shares rally

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

Shares of Tata Motors, Reliance, Titan, Infosys, Hindustan Unilever, State Bank of India, Tata Consultancy Services, and HDFC Bank gained in the range of 0.4-5% in the past three days.

#5 HDFC-HDFC Bank merger

Reports of a tentative merger between HDFC twins effective 1 July propelled bank stocks, especially HDFC Bank, SBI, ICICI Bank and Axis Bank higher.

Shares of mortgage lender HDFC, and private sector lender HDFC Bank gained 2% each in two days post the announcement on Wednesday.

Speaking of stock markets, post a stellar run in the banking index in 2022, is it time for the NBFCs to outperform?
 

SBI to acquire the entire stake in SBI Pension Funds

In news from the banking sector, the largest public sector bank in India, SBI on Tuesday received approval from the Executive Committee of the Central Board (ECCB) to acquire the entire 20% stake held by SBI Capital Markets in SBI Pension Funds.

The stake transfer would be subject to all regulatory approvals.

SBI Pension Fund is the largest pension fund manager out of 10 managing about Rs 3,590.4 billion (bn) of assets under management (AUM) with around 37% market share as of 31 May 2023.

The pension fund manages over 48% market share of AUM in the private sector.

SBI is the largest lender in the public sector and the second largest bank after HDFC Bank in terms of market share.

Speaking of SBI did you know that SBI is one of the five Indian banks that posted record-high profits in FY 2023? Little wonder SBI share price rallied 24% in the last year.

Sheela Foam to buy rival Kurlon Enterprise

Reportedly, Sheela Foam will acquire rival Kurlon Enterprise for a cash consideration of Rs 32.50 bn rupees, sending the Sleepwell mattress maker's shares up by 6.7%.

According to the media reports, the deal will be executed in two tranches and is expected to be concluded within a few months.

The deal will help Sheela Foam to nearly double its market share in the mattresses segment, taking it to 35%-40% from 20%-25% currently.

The reports further state that Sheela Foam will add Rs 9 bn to topline at the consolidated level after the deal concludes.

The company has been in talks to acquire Kurlon since last year.

Earlier this year, it was reported that Sheela Foam is in advanced talks to buy furniture rental startup Furlenco.
 

Why Titagarh Rail Systems share price hit a 52-week high

Titagarh Rail Systems' share price touched a 52-week high of Rs 529.2, on 28 June after the company bagged a contract from Gujarat Metro Rail Corporation.

Titagarh Rail Systems has received the letter of acceptance (LOA) from Gujarat Metro Rail Corporation (GMRC) for design, manufacture, supply, testing, commissioning, and training of 72 standard-gauge cars for Surat Metro Rail Phase-I project I. The order value is about Rs 8.9 bn.

The execution would start 76 weeks after signing the contract and is scheduled to be completed in 132 weeks thereafter.

On 15 June, a consortium between Ramkrishna Forgings (RKFL) and Titagarh Rail Systems, was awarded the contract to manufacture and supply 1,540,000 forged wheels over a span of 20 years, under the Aatma Nirbhar Bharat Initiative by the railway ministry.

The contract will see the consortium delivering 40,000 forged wheels during the first year, 60,000 in the second year, and 80,000 every subsequent year thereafter, with the total contract valued at Rs 122.3 bn.
 

BEML order win

BEML shares rose today after the company bagged an order worth Rs 3.9 bn.

BDL and BEL have given the contract for the supply of high mobility vehicles (HMV) to BEML, formerly Bharat Earth Movers.

Earlier on 23 June the company announced that it had won a Rs 4.2 bn contract from the Ministry of Defence (MOD) for the supply of high Mobility vehicles.

The company reported an 18.2% growth in consolidated net profit to Rs 1.6 bn in the fourth quarter of FY23 - up from Rs 133 crore a year. BEML's PAT in Q4 more than doubled on a quarter-on-quarter basis.

The company's revenue from operations stood at Rs 13.9 bn in Q4, down 17.56 % from Rs 16.8 bn last year.

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