Stock Market Today: Nifty, Sensex End At Record High As Maruti Suzuki, ICICI Bank Lead

• The local currency closed flat at 83.49 against the US dollar.

• It closed at 83.50 on Monday.

Source: Bloomberg

Indian benchmarks rebounded sharply to end at record high on Tuesday as shares of Maruti Suzuki India Ltd., ICICI Bank Ltd. led gains.

The NSE Nifty 50 settled 112.65 points or 0.46% higher at 24,433.20, and the S&P BSE Sensex ended 391.26 points or 0.49% higher at 80,351.64.

Intraday, the NSE Nifty 50 index rose 0.51% to a fresh high of 24,443.60, and the S&P BSE Sensex rose 0.55% to 80,397.17.

"Divergence was seen in today's trade where Mid and Smallcaps remained rangebound throughout the day and major buying traction was seen in the Index stocks, particularly in the Auto counters which helped the Nifty 50 to settle the trade at yet another record level of 24,433.20 with gains of 112.65 points," said Aditya Gaggar, director, Progressive Shares.

"Apart from Auto, Pharma and PSU Banking sectors outperformed while IT was the major laggard. The Index has breached its previous high convincingly by forming a big green candle and opening the door for further rally towards the 24,520-24,600 zone while 24,340 will be considered as strong immediate support,": Gaggar said.

Maruti Suzuki India Ltd., ICICI Bank Ltd., ITC Ltd., Mahindra & Mahindra Ltd., and Larsen & Toubro Ltd. added to the index.

Reliance Industries Ltd., Infosys Ltd., Tata Consultancy Services Ltd., Oil & Natural Gas Corp, and Bajaj Finance Ltd. limited gains in the index.

On NSE, nine sectors advanced, and three declined out of 12. The NSE Nifty Auto rose the most, followed by the NSE Nifty Pharma. The NSE Nifty IT declined the most.

Broader markets underperformed benchmark indices. The S&P BSE Midcap and Smallcap ended 0.36% and 0.22% higher, respectively.

On BSE, 15 sectors advanced, and five declined out of 20. The S&P BSE Consumer Durables was the best performing sector. The S&P BSE Telecommunication was the worst performing sector.

Market breadth was skewed in the favour of buyers. Around 2,021 stocks rose, 1,913 fell, and 92 remained unchanged on the BSE.

• Tamilnad Mercantile Bank Ltd.'s board has finalised names of two candidates for position of Executive Director.

Source: Exchange filing

The NSE Nifty Pharma index rose to a fresh high of 20,627.80, as Sun Pharmaceutical Industries Ltd., Cipla Ltd. led.

The S&P BSE Sensex scaled a fresh high of 80,396.43 during the last leg of the trade as Maruti Suzuki India Ltd., and Mahindra & Mahindra Ltd. rose.

The NSE Nifty Auto scaled a fresh high of 25,845.25.

• Diamond Power Infrastructure Ltd. has received a Rs 900 crore order from Adani Energy Solutions Ltd. for supply of conductors.

Source: Exchange filing

• Tata Motors Ltd. has revised starting prices of SUV Harrier and Safari

• The company is to give benefits up to Rs 1.4 lakh on SUV variants.

Source: Bloomberg

• Alembic Pharmaceuticals Ltd. has received the US Food and Drug Administration's final approval for ANDA of Bromfenac Ophthalmic Solution.

• Bromfenac Ophthalmic Solution is used to treat eye pain and swelling post cataract surgery.

Source: Exchange filing

India's benchmark stock indices extended their opening gains through midday on Tuesday, with the Nifty 50 hitting a fresh record high led by gains in Maruti Suzuki India Ltd. and ITC Ltd.

At 12:01 p.m., the NSE Nifty 50 traded at 24,390.65, up 0.29% or 70.10 points after hitting record high of 24,404.00. The S&P BSE Sensex gained 0.36% or 287.38 points to trade at 80247.81.

"Nifty has witnessed some consolidation near the 24,300 zone, halting the rally, and with bias maintained positive, the index can carry on with the positive move further ahead once a decisive breach above the 24,400 level is confirmed," said Prabhudas Lilladher in a report.

Shares of Maruti Suzuki India Ltd., ITC Ltd., HDFC Bank Ltd., Larsen & Toubro Ltd., and State Bank Of India were contributing the most to the Nifty.

While those of Reliance Industries Ltd., Kotak Mahindra Bank Ltd., Oil & Natural Gas Ltd., UltraTech Cement Ltd., and Dr Reddy's Laboratories Ltd., were weighing on the index.

Most sectoral indices traded higher with Nifty PSU Bank being the top gainer.

Broader indices underperformed their larger peers, with the S&P BSE Midcap and Smallcap rising 0.23% and 0.14%, respectively, through midday on Tuesday.

Five out of 20 sectoral indices on the BSE declined and 15 rose. BSE Auto rose the most.

The market breadth was skewed in the favour of buyers. Around 1,982 stocks on the BSE rose, 1,799 declined, and 123 remained unchanged.

• Infibeam Avenues Ltd. is to acquire remaining 26% stake in Infibeam Digital Entertainment.

• The company is to incorporate wholly-owned subsidiary and transfer Artificial Intelligence business.

Source: Exchange filing

• Adani Power Ltd. had 48.4 lakh shares changed hands in a bunch trade.

• Life Insurance Corp of India had 26.2 lakh shares changed hands in a large trade.

• Revenue rose 3.77% to Rs 152.4 crore from Rs 146.86 crore

• Ebitda rose 15.45% to Rs 31.45 crore from Rs 27.24 crore

• Margin rose 208 basis points to 20.63% from 18.54%

• Net profit rose 25.26% to 24.94 crore from Rs 19.91 crore

Larsen & Toubro Ltd.'s business vertical has won an order in the range of Rs 1,000 to Rs 2,500 crore for part construction of two fleet support ships.

Precision Engineering Systems received the order from Hindustan Shipyard Ltd. Indian Navy will be the end user of the vessel, according to an exchange filing on Tuesday.

• Ajmera Realty & Infra India Ltd. board approved re-appointment of Rajnikant S Ajmera as Chairman and managing director with effect from Aug 1.

Source: Exchange filing

• April-June revenue rose 13% on year, driven by growth in patient volume and test volume.

• Truhealth wellness and bundling segment fastest-growing part of company.

• April-June B2C revenue rose 18% on the year.

• Cash reserves as on June 30 stand at Rs 140 crore.

• April-June margins increased due to operating leverage via higher B2C business.

Source: Exchange filing

The NSE Nifty 50 rose 0.33% to a fresh high of 24,401.20, as Maruti Suzuki India Ltd., ITC Ltd., and HDFC Bank Ltd. gained. It was trading 0.30% higher at 24,394.20 as of 11:45 a.m.

Shares of Indian Railway Finance Corp rose as much as 5.55% to Rs 213.24, the highest level since its listing on Jan 29, 2021. It was trading 3.16% lower at Rs 195.64 as of 11:40 a.m., as compared to 0.27% advance in the NSE Nifty 50 index.

The scrip gained 493.75% in 12 months, and 96.8% on year to date basis. Total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 67.1.

One analysts tracking the company, recommend a 'hold,'according to Bloomberg data.

• Aditya Birla Fashion and Retail Ltd.'s 37.23 lakh shares changed hands in bunch trade.

• Its 0.37% equity changed hands at Rs 324.55 per share, according to data on Cogencis. Buyers and sellers are unknown.

Source: Cogencis

• Quess Corp Ltd. has named Gurmeet Chahal as CEO of Quess Global Technology Solutions Ltd.

• The appointment is effective from Monday.

Source: Exchange filing

• June speciality alloys sales rose 7% at 15,216 million ton

• June aluminium foil sales fell 6.3% at 1,176 million ton

• June stainless steel sales rose 100% at 7,015 million ton

• April-June aluminium foil sales fell 9.2% at 4,572 million ton

• April-June stainless steel sales rose 14.6% at 18,851 million ton

• April-June speciality alloys sales fell 9.7% at 46,619 million ton

Source: Exchange filing

Shares of Maruti Suzuki Ltd. jumped the most in nineteen months to be the top contributor to the gains in the Nifty 50 on Friday after Uttar Pradesh government announced complete waiver of registration tax on strong hybrid cars.

The scrip rose as much as 5.3% to Rs 12,661 apiece, the highest level since June 18. It was trading 5.1% higher at Rs 12,645 apiece, as of 10:53 a.m. This compares to a 0.26% advance in the NSE Nifty 50 Index.

It has risen 22.82% on a year-to-date basis and 28.86% in the last 12 months. Total traded volume so far in the day stood at 1.20 times its 30-day average. The relative strength index was at 59.26.

Affle India Ltd. rose 7.06% to Rs 1,464.95, the highest level since its listing on Aug 8, 2019. It pared gains to trade 32.88% higher at Rs 1,407.75 as of 11:09 a.m., as compared to 0.24% advance in the NSE Nifty 50 index. 

It has 36.40% in 12 months, and 8% on year-to-date basis. 

Total traded volume so far in the day stood at 6.8 times its 30-day average. The relative strength index was at 68.49.

Out of 12 analysts tracking the company, nine maintain a 'buy' rating, two recommend a 'hold,' and one suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 0.3%.

• Larsen & Toubro Ltd. received an order in the range of Rs 1,000-2,500 crore for part construction of two fleet support ships.

Source: Exchange filing

• Kalpataru Projects International Ltd. has increased fund raising limit via NCDS by up to Rs 1,600 crore.

Source: Exchange filing

Shares of Rail Vikas Nigam Ltd. jumped to fresh higher following large trade in pre-mark hours.

The railway infrastructure builder's 10.26 lakh shares or 0.05% equity changed hands in two large trade before market opened, as per data on Cogencis. Buyer and sellers are unknown as of now.

Right after open, Rail Vikas Nigam surged 9.38% to Rs 619.00, the highest level since its listing on April 11, 2019. It erased all gains to trade 2.525 lower at Rs 551.65 as of 10:39 a.m., as compared to 0.20% advance in the NSE Nifty 50 index.

The stock has reversed a four-day winning streak with Tuesday's decline. It has gained 315.25% in 12 months, and 203.66% on year to date basis. Total traded volume so far in the day stood at 4.5 times its 30-day average. The relative strength index was at 83.1, which implied the stock is overbought.

Three analysts tracking the company recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 36.6%

Shares of Yes Bank Ltd. rose in early trade on Tuesday after the lender clarified that the reports of the central bank's nod for a majority stake sale were factually incorrect.

Yes Bank's stock rose as much as 2.22% in early trade to Rs 26.25 apiece on the NSE. It was trading 1.56% higher at Rs 26.08 apiece, compared to a 0.22% advance in the benchmark Nifty 50 as of 9:47 a.m.

The share price has risen 52% in the last 12 months and 21% on a year-to-date basis. The total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 66.

One out of the 11 analysts tracking the bank has a 'hold' rating on the stock and 10 suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 33%.

Shares of Inox Wind gains nearly 7% on Tuesday after it won an order for 200 megawatt from a renewable commercial and industrial power producer to be executed in Gujarat and Rajasthan.

Shares of the company rose as much as 6.80% to Rs 168.90 apiece, the highest since May 27. It pared gains to trade 3.1% higher at Rs 163 apiece as of 9:46 a.m. This compares to a 0.24% advance in the NSE Nifty 50 Index.

The stock has risen 30.47% on a year-to-date basis and 208.2% in the last 12 months. Total traded volume so far in the day stood at 0.75 times its 30-day average. The relative strength index was at 67.42.

All the six analysts tracking the company have a 'buy' rating for the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 12.7%.

Torrent Power Ltd.'s has entered into an agreement with its unit and ARS Steels & Alloys International Pvt. Ltd. to set up a solar power project in Tamil Nadu.

Torrent Power Ltd. rose as much as 5.19% to Rs 1,549.80 apiece, the highest level since June 21. It was trading 3.99% higher at Rs 1,532.15 apiece, as of 09:58 a.m. This compares to a 0.20% advance in the NSE Nifty 50 Index.

It has risen 147.59% in 12 months, and 64.15 on year-to-date basis. Total traded volume so far in the day stood at 1.5 times its 30-day average. The relative strength index was at 54.57.

Out of 11 analysts tracking the company, three maintain a 'buy' rating, three recommend a 'hold,' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 20.5%

Shares of Maruti Suzuki India Ltd. rose 4.36% to Rs 12,548.00, the highest level in five months. The stock was trading 4.17% higher at 12,525 as of 09:39 a.m., as compared to 0.22% advance in the NSE Nifty 50 index.

• Berger Paints Ltd. had 10 lakh shares traded in a bunch trade.

• PC Jeweller Ltd. had 19 lakh shares changed hands in a large trade.

• Rail Vikas Nigam Ltd. had 9.3 lakh shares traded in a pre-mark large trade.

• HDFC Bank Ltd. had 11.8 lakh shares traded in a bunch trade during pre-market.

• Indian Railway Finance Corp Ltd. had 11.2 lakh shares changed hands in a pre-market large trade.

India's benchmark indices opened higher tracking gains in Maruti Suzuki India Ltd., ITC Ltd., and Larsen & Toubro Ltd, amid a rise in its Asian peers.

As of 09:17 a.m., the NSE Nifty 50 was trading 38.35 points or 0.16% higher at 24,358.90, and the S&P BSE Sensex was trading 146.34 points or 0.18% higher at 80,106.72.

The NSE Nifty 50 has closed flat to negative in an inside range and an either side move could be expected in the next few days from the range of 24,200-24,400 levels, said Vikas Jain, a senior research analyst at Reliance Securities.

A follow up move of the range of 200 points could be expected It has and a breakdown below 24,000 levels would trigger a sharp selloff in midcaps and small caps. The RSI has moved above the higher band of 70 levels and trending above the average line would be key to hold the up move. Highest call open interest has moved higher to 24,500 strikes while the downside the highest put OI is at 24,000 for the weekly expiry, he said.  

Maruti Suzuki India Ltd., ITC Ltd., Larsen & Toubro Ltd., State Bank of India, and Kotak Mahindra Bank Ltd. added to the benchmark index.

Reliance Industries Ltd., HDFC Bank Ltd., Infosys Ltd., ICICI Bank Ltd., and Tata Consultancy Services Ltd. weighed on the index.

On NSE, 11 sectors opened higher, while one started the day in red out of 12. The NSE Nifty Energy declined the most, and the NSE Nifty Media rose the most.

Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap indices were trading 0.48% and 0.63% higher, respectively.

On BSE, all 20 sectors were trading on a postive note with the S&P BSE Consumer Durables rising the most. The S&P BSE Telecommunication was the worst performing sector.

Market breadth was skewed in favour of buyers. Around 2,056 stocks rose, 826 stocks declined, and 126 stocks remained unchanged on BSE.

• Yes Bank Ltd. has clarified report of RBI nod for stake sale by founder.

• The RBI has not given any in-principle approval for stake sale.

Source: Exchange filing

At pre-open, the NSE Nifty 50 was trading 30.45 points or 0.13% higher at 24,351.00, and the S&P BSE Sensex was trading 0.18% higher at 80,107.21.

• The yield on the 10-year bond opened flat at 6.99%.

• It closed at 6.99% on Monday.

Source: Cogencis

• The local currency opened flat at 83.49 against the US dollar.

• It closed at 83.50 on Monday.

Source: Bloomberg

• RateGain Travel Technologies Ltd. is in multi-year pact with Malaysia Airlines for AI-powered rate intelligence.

Source: Exchange filing

• MCX End-of -day processes for yesterday’s trade date have been delayed due to some technical issues, MCX said.

• Special session will start at 9:45 am and market will start at 10:00 am today.

Source: Website

• Analysis of state budget reveals more populist tone across board

• Fiscal deficit projected to rise from 2.4% to 3.3% in FY25

• Capex numbers can get significantly revised down when pressured by committed welfare schemes

• Jump of non capex expenditure comes at the cost of the fiscal

• Income transfer schemes announced by the government might raise question on the central government’s budget

• Still, government has substantial headroom for “please-all budget”

• This can include income tax cuts and welfare spending boost

• Preferred picks: Bharti Airtel, TVS, Eicher

• Larsen & Toubro Ltd.'s unit is in pact to buy 100% stake in Siliconch Systems for Rs 133 crore upfront payment.

• Deal to buy Siliconch Systems includes payment of additional Rs 50 crore over 4 years.

Source: Exchange filing

• Inox Wind Energy Ltd. has received a 200 MW order from a renewable C&I power producer for projects in Gujarat & Rajasthan.

• It has received an order for 3 MW wind turbine generators.

• The company is to provide post commissioning multi-year O&M services.

Source: Exchange filing

• Citi Research has initiated a 'Buy' on Affle (India) Ltd. with Buy. It has set the target price Rs 1,600, which implied an upside of 19.5%

• It is an AdTech platform and will benefit from new online customer acquisition spending

• It has partnerships across supply side with OEMs

• Has a conversion based business model where customers pay for the performance

• Has its focus in acquisitions, recent acquisition: YouAppi

• Expect 20% top-line CAGR over FY24-27E and 400bps EBIT margin expansion

• Value Affle at 48x Mar’26E P/E.

• Initiated coverage on Auto and Software Engineering Services Companies

• These companies have specialization in auto and software services

• Investment in engineering have become a necessity to develop new products and solutions

• Digitisation and scarcity of talent has increased outsourcing

• This benefits specialists in the auto software segment

• Engineering Services is growing faster than IT services

• Automotive segment has seen disruption across electrification and autonomous

• Software has new technologies like Cloud, IoT, AI

• This has led to R&D intensity increasing

Persistent Systems:

• Initiated with Outperform with a target price Rs. 5,920, upside: 24%

• Specialised in software services,

• Working with clients like Microsoft and salesforce

KPIT Technologies

• Initiated with Outperform with target price Rs. 2,120, upside: 25%

• Serves large OEMs and tiers like BMW, GM, Cummins

• Has become a dominant player since its IPO in April 2019

Coforge

• Initiated with Market perform, TP: Rs. 6,080, upside: 3.6%

• Traditional IT services company with focus on BFSI

• Expect large IT services companies to gain market share over time

• Recent acquisition of Cigniti likely to see headwinds due to AI disruption

Tata Elxsi:

• Initiated with Underperform, TP: Rs. 6,030, upside: 14.2%

• Has delivered just 17% CAGR over the last 5 years

• This is the slowest growth amongst engineering peers

• Top 5 clients account for 44% of revenue, is a key risk

• Stock is expensive at 50x P/E with slowing growth momentum

• Nuvama maintains a 'Buy' with a target price of Rs 1,510

• India volume growth (organic) is likely to be 8% YoY (5% value growth)

• Negative forex impact drags down top-line growth

• Expects consolidated sales/EBITDA to grow 2.1%/12% YoY

• Domestic volumes (organic) are likely to inch up 8% YoY

• Expects overall gross/EBITDA margin to expand 196bp/193bp YoY

• International business shall dip 1% YoY in INR terms.

• Indonesia, mid-single digit volume growth is likely on high base;

• Indonesia likely to post strong double-digit EBITDA growth.

• Expects a weak GAUM business (likely double-digit volume fall),

• In profit terms, expects strong double-digit growth from GUAM business.

• Q2FY25 expects a positive trajectory in Africa to resume in volume terms.

• State Bank of India is open to sell most of its stake in Yes Bank, four years since it rescued the lender.

• SBI is yet to receive competent bids to start sale process

• SBI is to take final call after the Reserve Bank of India gives fit and proper clearance to potential buyer

• The Yes Bank is looking to bring in new investors to the bank

• International investors preferred for SBI stake in Yes Bank

• Alert: SBI owns 23.99% stake in Yes Bank as of May 5

Source: People in the know to NDTV Profit

• U.S. Dollar Index at 105.05

• U.S. 10-year bond yield at 4.28%

• Brent crude down 0.15% at $85.62 per barrel

• Nymex crude down 0.18% at $82.18 per barrel 

• Bitcoin was up 0.46% at $56,519.95

• The GIFT Nifty was trading 9 points or 0.04% lower at 24,371.00 as of 07:38 a.m.

The Indian currency closed flat at 83.50 against the US dollar.

• Nifty July futures down by 0.02% to 24,375.6 at a premium of 55.05 points.

• Nifty July futures open interest up by 0.48%.

• Nifty Bank July futures down by 0.28% to 52,560 at a premium of 135 points.

• Nifty Bank July futures open interest down by 0.81%.

• Nifty Options July 11 Expiry: Maximum call open interest at 25,000 and maximum put open interest at 24,000. 

• Bank Nifty Options July 10 Expiry: Maximum call open interest at 55,000 and maximum put open interest at 50,000.

• Securities in ban period: Aditya Birla Fashion, Bandhan Bank, Chambal Fertilizers, GNFC, Piramal Enterprises, India Cement, Indus Tower, Hindustan Copper.

• Keystone Realtors: To meet analyst and investors on July 11, 12.

• AstraZeneca Pharma India: To meet analyst and investors on July 11.

• Gravita India: To meet analyst and investors on July 11, 12.

• Price band changes from 10% to 5%: Suven Life Sciences.

• Price band changes from 20% to 10%: Suraj Estate Developers.

• Ex/record Dividend: JSW Steel, JK Cement, Polycab India, Persistent Systems, Deep Industries, DCM Shriram.

• Ex/record AGM: Central Bank of India, JSW Steel, JK Cement, Persistent Systems.

• Moved in short-term framework: AGI Greenpac, Dredging Corp., Bhansali Engineering Polymers.

• B.L. Kashyap and Sons: Jitendra Mohandas Virwani sold 13.71 lakh shares (0.6%) at Rs 99.95 apiece.

• Platinum Industries: Ajay Kumar Aggarwal bought 3 lakh shares (0.54%) at Rs 233.76 apiece.

• Godrej Industries: RKN Enterprises sold 4.25 crore shares (12.64%). Nadir Burjor Godrej bought 2.54 crore shares (7.57%), Tanya Dubash bought 56.94 lakh shares (1.69%), Nisaba Godrej bought 56.94 lakh shares (1.69%) and Pirojsha Adi Godrej bought 56.94 lakh shares (1.69%) at Rs 893.05 apiece.

• Swan Energy: 2I Capital PCC sold 15 lakh shares (0.47%) at Rs 666.2 apiece, EOS Multi-Strategy Fund Aiflnp V.C.I.C. sold 15 lakh shares (0.47%) at Rs 666.2 apiece, Dovetail India Fund sold 12 lakh shares (0.38%) at Rs 666.2 apiece, Paulomi Ketan Doshi sold 1.8 lakh shares (0.05%) at Rs 692.6 apiece and Epitome Trading And Investments sold 1.76 lakh shares (0.05%) at Rs 692.6 apiece. Three Blackrock affiliates acquired 45.56 lakh shares (1.44%) at Rs 668.27 apiece.

• Godrej Consumer Products: The company expects double-digit volume growth and high single-digit growth in value terms across home care and personal care segments in the quarter ended June, according to provisional business updates released on Monday.

• Bajaj Finserv: Bajaj Allianz General Insurance gross direct premium underwritten stood at Rs 1,234 crore for June and Bajaj Allianz Life total new business premium stood at Rs 1,082 crore.

• Torrent Power: The company signed an agreement with ARS Steeks and Torrent Urja 14 for setting up 50 MWp solar projects in Tamil Nadu.

• Container Corp: The company reported a total throughput of 11.59 lakh TEUs, marking a 6% year-on-year increase. The export-import throughput stood at 2.89 lakh TEUs, reflecting a 3.3% year-on-year rise, while the domestic throughput was 8.69 lakh TEUs, up by 15% year-on-year.

• Jio Financial: Charanjit Attra resigned as group chief operating officer and will take over as MD and CEO of Jio Leasing Services starting July 9.

• Dixon Technologies: The company will exit the joint venture AIL Dixon Tech and acquire a 6.5% stake in Aditya Infotech as consideration for the divestment.

• Jupiter Wagons: The company opened its QIP and set the floor price at Rs 689.47 per share.

• HFCL: The company’s Netherlands unit has incorporated subsidiary in the UK for making optical fibre cables.

• Nestle India: The shareholders approved the continuation of the current rate of 4.5% as royalty payment to its Swiss parent in the company's annual general meeting held on Monday.

• Utkarsh Small Finance Bank: The company received an RBI nod for the re-appointment of Govind Singh as MD and CEO for three years, effective Sept. 21.

• Pitti Engineering: The company opened its QIP for raising up to Rs 360 crore and set the floor price at Rs 1,054.25 per share.

• Urja Global: The company informed GST authorities that it has been carrying out search operations at its corporate office since July 3.

• H.G. Infra Engineering: The company entered into an MoU with Ultra Vibrant Solar Energy for the execution of a solar power plant project.

• Century Textiles: The company will consider fundraising at its board meeting on July 16.

Other Asian indices followed their US peers and opened higher with Japan's Nikkei rising the most by over 1% to hit its fresh record high of 41,239.06. Topix also rose by 0.5%.

South Korea's Kospi hit its highest level since Jan. 18, 2022, at 2,875.37 and Australia's S&P ASX 200 snapped its two-day fall as investors in the region await the country's consumer sentiment and business confidence data due later in the day.

The GIFT Nifty was at 24,394.00, up by 14 points or 0.06% as of 6:30 a.m.

Brent crude was trading flat at $85.72 a barrel and Gold fell rose 0.1% to $2,361.58 an ounce.

US stocks climbed towards new record highs as traders awaited the beginning of earnings season while monitoring developments in the presidential race and looking for signals on the Federal Reserve's future actions.

The S&P 500 Index and Nasdaq 100 rose 0.06% and 0.05%, respectively, as of 11:11 a.m. New York time. The Dow Jones Industrial Average rose 0.38%.

India's benchmark stock indices closed little changed on the first day of the week due to a lack of any major triggers, even as market participants await first-quarter earnings to give direction to the market. Both the Nifty and Sensex ended little changed at 24,320.55 and 79,960.38, respectively. Intraday, both fell around 0.3%.

Overseas investors remained net buyers of Indian equities for the fourth consecutive day on Monday. Foreign portfolio investors mopped up stocks worth Rs 61 crore, while domestic institutional investors turned net buyers after three days of selling and mopped up equities worth Rs 2,866.8 crore, according to provisional data from the National Stock Exchange.