After opening the day on a firm note, Indian share markets pared some gains as the session progressed and ended the day higher.

Benchmark indices ended higher, boosted by gains in index heavyweights Reliance Industries, Larsen & Toubro (L&T), and Tata Motors, ahead of the US Federal Reserve's monetary policy decision.

At the closing bell, the BSE Sensex stood higher by 352 points (up 0.5%).

Meanwhile, the NSE Nifty closed up by 97 points (up 0.5%).

L&T, ITC, and Britannia were among the top gainers today.

M&M, Tech Mahindra, and Apollo Hospitals, 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 19,757, down by 32 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index ended 0.3% higher and BSE SmallCap ended 0.2% higher.

Sectoral indices ended on a mixed note with stocks in the telecom sector and realty sector witnessing most of the buying.

On the other hand, stocks from the auto sector and consumer durables sector witnessed selling pressure.

Shares of MRF & Colgate hit their 52-week highs today.

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

Asian stock markets ended on a negative note. The Nikkei ended marginally lower, while the Hang Seng ended down by 0.4%. The Shanghai Composite ended lower by 0.3%.

The rupee is trading at 82.0 against the US$.

Gold prices for the latest contract on MCX are trading 0.5% higher at Rs 59,480 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading 0.3% higher at Rs 75,000 per kg.
 

BHEL syncs 660 MW Maitree unit

In news from the engineering sector, State-owned engineering firm Bharat Heavy Electricals on Wednesday announced the synchronization of 660-MW unit-2 of the 1,320-MW Maitree Super Thermal Power Project (STPP) with the electricity grid in Bangladesh.

Synchronization of a thermal power plant means the beginning of electricity supply through the main grid at prescribed parameters.

The synchronization of the unit has been done ahead of the commitment given at a high-level G2G meeting, which was a very tough target even at the time it was given.

Bharat Heavy Electricals Ltd (BHEL) has achieved a major milestone with the successful synchronization of the 660-MW Unit-2 of the 1,320-MW Maitree Super Thermal Power Project (STPP) in Bangladesh.

The project is a symbol of successful cooperation between India and Bangladesh and is a priority infrastructure development project for Bangladesh aimed at establishing reliable, cost-effective, base-load power production in the country.
 

Bajaj Finance Q1 results

Moving on to news from the finance sector, Bajaj Finance on Wednesday reported a 32.4% year-on-year (YoY) rise in consolidated net profit for the quarter ended June to Rs 34.4 bn.

Total revenue from operations grew nearly 35% on year to Rs 124.98 bn. Net interest income for the quarter increased by 26% on year to Rs 83.9 bn.

The number of new loans booked during the quarter grew by a sharp 34% on year to 9.94 m and was the highest ever in a quarter.

The assets under management (AUM) as of June 2023 stood at Rs 2.70 tn, up 32% from the year-ago period. The company recorded the highest-ever quarterly increase in its AUM of Rs 227.2 bn. AUM mix remained stable in the last quarter.

Loan losses and provisions for the quarter were Rs 9.9 bn, compared to Rs 7.6 bn a year ago. The company held a management and macroeconomic overlay of Rs 8.4 bn as of June 2023.

The gross non-performing asset (NPA) ratio was 0.87% as of June-end, compared with 1.25% a year ago. The net NPA ratio was 0.31%, compared with 0.51% a year earlier.

In the past month, Bajaj Finance's share price is up by 11.7%.

After struggling throughout 2022, shares of Bajaj Finance are up around 19% this year. 

With consistently increasing margins, Bajaj Finance is Top 5 Indian Stocks with Consistently Rising Operating Margins.
 

Why did Aurobindo Pharma shares hit a 52-week high?

Moving on to news from the pharma sector, the Aurobindo Pharma share price touched a 52-week high of Rs 796.10 today after the company received zero observations from the US Food and Drug Administration (USFDA) on a review of a facility run by a subsidiary company.

The US drug regulator inspected Unit I, a formulation manufacturing facility, of Eugia Pharma Specialities, a wholly owned subsidiary of the company, at Koltur Village in Telangana, from 17 to 26 July.

The inspection ended with zero observations and a classification of no action indicated (NAI).

Yesterday, the subsidiary received the final approval from the USFDA to manufacture and market Plerixafor Injection.

The product will be launched next July.

On 21 July, the US FDA issued a Form 483 with three observations for Unit III, a formulation manufacturing facility at Bachupally Village in Telangana after inspection during July 14-21.

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