Indian share markets rose today tracking the rally in US stocks after softer-than-expected US inflation data stoked speculation the Federal Reserve could pivot to a shallower pace of interest-rate hikes.

Financial and IT stocks led the rally.

At the closing bell, the BSE Sensex stood higher by 515 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 124 points (up 0.7%).

Axis Bank, IndusInd Bank, and Bajaj Finance and were among the top gainers today.

ITC, Tata Consumer Products, and Apollo Hospitals, on the other hand, were among the top losers today.

BPCL's share price ended flat today. For the past couple of days, BPCL's share price has been falling due to its withdrawal of the disinvestment plans and poor financials.

The SGX Nifty was trading at 17,682, up by 135 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index climbed up by 0.8% while the BSE Smallcap index climbed up by 0.5%.

Sectoral indices ended on a mixed note with stocks in the FMCG and metal sector witnessing maximum selling.

While stocks in IT, banking, and consumer goods witnessed buying interest.

Shares of SKF India, Eicher Motors, and Timken India hit their 52-week highs today.

ICICI Bank, HDFC Bank, and Reliance were amongst the most active shares on the BSE today.

Asian stock markets ended on a mixed note. The Nikkei ended the day down by 0.7%, while the Hang Seng inched higher by 2.4%. The Shanghai Composite ended at 1.6% higher.

The rupee is trading at 79.6 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.2% at Rs 52,328 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.22% at Rs 58,832 per 1 kg.

Of late, gold prices are falling while silver isn't far behind. Silver price is also falling as industrial demand for silver is under pressure while a stronger US dollar is adding to worries.

Once the Fed signals an end to the rate hikes (or hints at it) and when investors are confident the US economy will emerge from the recession, that's when we see gold and silver prices recovering.

In news from the auto sector, Eicher Motors shares rose 3% today after the company reported its results for the June 2022 quarter. The stock also hit an all-time high of Rs 3,261 during the intraday trade.

The maker of iconic Royal Enfield reported a 72% YoY growth in consolidated revenues at Rs 33.3 bn, up from Rs 19 bn.

The growth was driven by an increase in the exports segment, a rise in volumes, and a higher average realization due to the price hike.

Due to the increase in revenue, the company's operating profit rose 130% YoY to Rs 8.3 bn, while the operating profit margin surged to 24.5% from 18.4% in the year-ago period due to alleviating metal prices.

Overall, the company reported a 157.5% YoY growth in net profit.

Commenting on the results, Eicher Motors Managing Director, Siddhartha Lal said,

Our international volumes continued to record consistent growth with more than 60% increase as compared to the previous year.

We recently launched the Hunter 350 to some spectacular reception from Indian and global audiences. As we begin retail in India, we are confident that the Hunter 350 will open up a new market for us.

From the entire auto chain, two-wheelers auto stocks look promising. They offer the best bullish structure on the charts.

Equal Weighted Two-Wheelers (2W) Index

(Click on image to enlarge)

 These two-wheeler stocks are the fastest growing companies in the auto sector. Investors should be selective in this space because India's best two-wheeler stocks are already powering ahead.

Moving on to the news from the mining sector, Vedanta was among the top buzzing stocks today.

The company has announced that it will spend US$ 3 bn in capex over the next two years.

Of this, US$ 2 bn would be earmarked for the ongoing financial year 2023.

The company is planning to set up an integrated semiconductor manufacturing facility in India to meet domestic demand.

The domestic consumption of semiconductors is expected to cross US$80 bn by 2026 and may touch US$ 110 bn by 2030, the company said.

Vedanta has further pledged US$5 n to reduce carbon emissions in operations to net zero by 2050 or sooner.

It had set targets to become water-positive by 2030 as well as use 2.5 gigawatts of renewable energy in its operations.

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