Nifty50: 19,322 ▲ 133 (+0.7%)
Sensex: 65,205 ▲ 486 (+0.7%)
Namaste, friends!
We’re familiar with artificial intelligence (AI) being part of our everyday life, usually in the form of a voice assistant. Recently, there was a real blend of symphony and circuitry in Seoul, South Korea, when a two-armed robot took the podium as a conductor for the national orchestra. In line with tradition, the robot first bowed to the audience and then turned towards the musicians. That’s music bridging the divide between humans and machines! In more music to the ears, the markets continued their uptrend.
- Markets witnessed another record close, gaining for the fifth day in a row
- In all, 23 of the Nifty50 stocks closed in the green
- India’s manufacturing PMI dipped to 57.8 in June from the 31-month peak of 58.7 in May 2023
Among the Nifty sectoral indices, PSU Bank (+3.6%) and Oil & Gas (+2.2%) were the top gainers, while Pharma (-1.1%) and IT (-0.4%) were the top losers.
| Top gainers | Today's change |
| Grasim | 1,795 ▲ 60 (+3.4%) |
| ITC | 465 ▲ 14 (+3.1%) |
| BPCL | 375 ▲ 10 (+2.8%) |
| Top losers | Today's change |
| Power Grid | 250 ▼ 4.7 (-1.8%) |
| Bajaj Auto | 4,610 ▼ 81 (-1.7%) |
| Sunpharma | 1,035 ▼ 16 (-1.5%) |
What’s trending
⭐ Reliance rises after BP commences production
Shares of Reliance Industries (RIL) were up by almost 2.5% at ₹2,612 after the company announced commencement of production at the MJ deepwater field, for domestic gas and condensate (natural gas liquids). Developed in collaboration with BP PLC, MJ is an under-seabed gas reserve, off the eastern coast of India, expected to produce 12 million metric standard cubic metres per day (MMSCMD) of gas and 25,000 barrels of condensate per day.
⭐ APSEZ handles record cargo volume in Q1
Adani Ports and Special Economic Zones Ltd (APSEZ) set a new record for handling over 101 million metric tonnes of cargo in Q1 FY24, clocking a growth of 11.5% year-on-year (YoY). The company, which accounts for 24% of India’s total port volumes, said the growth was across three cargo segments—container, liquids and gas and dry bulk. For the quarter ended 31 March 2023, APSEZ reported a 5.1% YoY increase in consolidated net profit at ₹1,159 crore and total revenue of ₹ 5,797 crore, up 40% YoY.
⭐ UltraTech Cement Q1 domestic sales rise
Shares of UltraTech Cement rose by almost 2%, after the company reported nearly 20% year-on-year rise in sales for the quarter ending June 2023. The company reported capacity utilisation of 90% for the quarter and is currently expanding its existing capacity in India from 130 million tonnes per annum (MTPA) to 155 MTPA, which will be operational in phases by FY26.
⭐ Paras Aerospace bags new order
Paras Aerospace Private Limited, a subsidiary of Paras Defence and Space Technologies, announced bagging a new order worth ₹42 crore for the supply of 400 units of agri-drones for IFFCO Nano Fertilisers, including a two-year annual maintenance contract (AMC). As per the company, the entire delivery is scheduled to be completed by 31 March 2024.
In Focus
Passenger vehicles sales in the fast lane
The passenger vehicles (PV) segment continues to witness robust sales, aided by strong consumer demand. In the first half of 2023, around 20 lakh units were sold in domestic markets, a rise of 9.9%. Meanwhile, as many as 3.2 lakh units were sold in June alone. What are the key factors behind the upbeat sales numbers? Let’s take a look.
Reasons behind robust sales
As per industry experts, a slew of new launches and steady consumer demand helped drive PV sales in June. Besides this, improvement in supply chain issues led to a drop in waiting periods, which also supported sales growth.
In addition to this, automakers are offering hefty discounts and freebies like extended warranty and free insurance to boost demand. During the pandemic, supply was severely constrained, which allowed automakers to rise prices and give negligible discounts. However, auto companies are back with incentives to clear their stockpiles and attract customers. This has also helped boost monthly sales.
Segments that outperformed
The demand for sports utility vehicles (SUV) continues to remain strong, with Mahindra & Mahindra reporting a 22% rise in SUV sales in June 2023, while Maruti Suzuki's SUV sales more than doubled to 43,404 units. Overall, Maruti Suzuki’s domestic PV sales rose 8.4% YoY to 1.3 lakh units, while Tata Motors sold over 47,000 units, a rise of 8% YoY.
How auto stocks reacted
Following this robust monthly sales update, Nifty Auto jumped nearly 1% to hit a new 52-week high in the early hours of trade. However, it eventually closed lower as heavyweight stocks like Maruti, Tata Motors witnessed some profit booking.
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