After opening the day flat, Indian share markets picked up pace as the session progressed and ended the day higher.

Benchmark indices inched higher today as banking and IT stocks lifted the market mood.  The S&P BSE Sensex swung in a range of 502 points, hitting an all-time high of 65,673 in intra-day trade.

At the closing bell, the BSE Sensex stood higher by 284 points (up 0.4%).

Meanwhile, the NSE Nifty closed up by 66 points (up 0.3%).

Tech Mahindra and Bajaj Finance were among the top gainers today.

Eicher Motors and Grasim 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 Gift Nifty was trading at 19,491 up by 52 points, at the time of writing.

Broader markets ended on a mixed note. The BSE Midcap index ended 0.2% lower and BSE SmallCap ended flat.

Sectoral indices ended on a mixed note with stocks in the IT sector, finance sector, and FMCG sector witnessing most of the buying.

On the other hand, stocks from the telecom sector and energy sector witnessed selling pressure.

Shares of Bajaj Finance and Titan 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 lower by 0.9%. while the Hang Seng ended 0.6% higher. The Shanghai Composite ended flat.

The rupee is trading at 82.03 against the US$.

Gold prices for the latest contract on MCX are trading 0.4% higher at Rs 58,520 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading higher by 0.5% at Rs 70,631 per kg.
 

IDFC First Bank shares plunge 6%. Here's why.

In news from the banking sector, shares of IDFC First Bank dropped up to 6% today following last night's merger announcement, as the share swap deal with parent IDFC appeared skewed in favor of the latter.

One possible deterrent could be the stock not meeting the price cut-off level requirement.

As part of the share exchange ratio for the merger, IDFC shareholders would get 155 shares of IDFC First Bank for every 100 shares held in the former.

While the bank did not provide the likely valuation of the merged entity, based on Monday's closing prices of the two companies on BSE, the valuation is Rs 717.6 billion (bn).

At Monday's closing price, the spread favors 16.3% for IDFC shareholders.

Completion of the merger, subject to approvals of various regulatory bodies, is likely to take anywhere around 12 to 15 months.

The merger will lead to the simplification of the corporate structure of both entities by consolidating them and other subsidiaries into a single entity, helping streamline regulatory compliances.

It gave multi bagger returns of 130.9% in the last year.

Bajaj Finance shares Zoom 8%. What's cooking?

Moving on to news from the finance sector, Bajaj Finance shares surged 8% as the company reported upbeat numbers for the quarter ended June 2023.

The NBFC's new loans booked during Q1 grew by 34% to 9.94 million compared to 7.42 million in the corresponding quarter of the previous year.

Bajaj Finance recorded the highest-ever quarterly increase in its assets under management (AUM), which grew by 32% to approximately Rs 2.7 trillion (tn) as of 30 June 2023.

Its customer franchise as of June 2023-end stood at 72.9 million compared to 60.3 million as of 30 June 2022. The company recorded the highest-ever quarterly increase in its customer franchise of 3.84 million in Q1 FY24.

AUM mix remained stable in Q1 FY24. Consolidated net liquidity surplus stood at approximately Rs 127 bn as of 30 June 2023.

The deposit book, on the other hand, recorded a YoY growth of 46% and stood at approximately Rs 499 bn in Q1.

Up 168% in the last three years and 5,472% in 10 years, Bajaj Finance shares have been one of the biggest wealth creators on Dalal Street in the last few decades. So far on a calendar year basis, the stock has outperformed with about a 20% rise.

Post a stellar run in the banking index in 2022, is it time for the NBFCs to outperform? 
 

Hero MotoCorp Partners Harley Davidson

Moving on to news from the auto sector, Hero MotoCorp shares surged more than 3% today after its partnership with Harley Davidson helped it enter the 440cc segment, where it had no presence so far.

Harley Davidson unveiled the X440, a premium motorcycle developed in collaboration with Hero MotoCorp. This marks the entry of Hero MotoCorp and Harley Davidson into the 440cc segment for the first time in India.

It boasts a single-cylinder, oil, and air-cooled engine with a displacement of 440cc. The X440 is the inaugural premium motorcycle introduced as part of the licensing agreement between the two companies.

The launch of the Harley Davidson X440 is a significant milestone in our premium journey and lays a strong foundation for Hero MotoCorp's future growth.

Note that 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.

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