As per provisional closing data the barometer index, the S&P BSE Sensex, was up 204.33 points or 0.27% to 76,810.90. The Nifty 50 index rose 75.95 points or 0.33% to 23,398.90.

The Sensex and Nifty clocked an all-time high of 77,145.46 and 23,481.05 respectively in early trade.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.79% and the S&P BSE Small-Cap index added 0.89%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hits record high at 45,576.53 and 50,707.92.

The market breadth was strong. On the BSE, 2,353 shares rose and 1,536 shares fell. A total of 95 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, tumbled 6.25% to 13.49.

Economy:

India’s annual inflation rate based on all India Consumer Price Index (CPI) number came in at 4.75% for the month of May, 2024, according to government data released on Wednesday. Corresponding inflation rate for rural and urban is 5.28% and 4.15%, respectively. The Consumer Price Index (CPI) based retail inflation was 4.83% in April 2024 and 4.31% in May 2023. Inflation in the food basket was 8.69% in May, marginally down from 8.70% in April, according to the data released by the National Statistical Office (NSO).

India's industrial production grew 5% in April this year mainly due to good show by mining and power sectors, according to official data released on Wednesday. The factory output measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 4.6% in April 2023. The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of April 2024 over April 2023 are 6.7%, 3.9% and 10.2% respectively.

Buzzing Index:

The Nifty Realty index added 2.07% to 1,118.05. The index shed 0.04% in the past trading session.

Macrotech Developers (up 4.97%), Sobha (up 4.79%), Godrej Properties (up 3.27%), DLF (up 1.67%), Brigade Enterprises (up 1.57%), Prestige Estates Projects (up 1.5%), Oberoi Realty (up 0.9%), Mahindra Lifespace Developers (up 0.6%), Phoenix Mills (up 0.56%) edged higher.

Sobha advanced 4.79% after its board approved issue of up to 1.21 crore partly paid-up equity shares at a price of Rs 1,651 per rights equity share, for an aggregate amount not exceeding Rs 2,000 crore.

Stocks in Spotlight:

Dr Reddy’s Laboratories rose 0.40%. The Pharmaceuticals company said that its wholly owned subsidiary, Dr. Reddy’s USA and Ingenus Pharmaceuticals has entered into license agreement to commercialise Cyclophosphamide Injection RTD in United States (US).

Larsen & Toubro (L&T) gained 1.95% after the company announced that its Hydrocarbon vertical, L&T Energy has secured a large offshore order from Oil & Natural Gas Corporation (ONGC).

Bondada Engineering was locked in 5% upper circuit after the company received a letter of award (LoA) from NLC India worth Rs 939.39 crore.

Venus Remedies jumped 5.86% after the company announced that it has secured a contract for supplying its antibiotic product Ceftriaxone from UNICEF in the Beta Lactam tender.

One 97 Communications (Paytm) rallied 7.29% after the company announced partnership with Samsung for flight, movies, bus, and events ticket bookings.

Gensol Engineering was locked in 5% upper circuit after it emerged as a successful bidder for the for 250 MW/500 MWh battery energy storage system (BESS) awarded by Gujarat Urja Vikas Nigam (GUVNL).

Saksoft zoomed 12.19% after the company announced the acquisition of Bangalore-based Augmento Labs, a digital engineering company, in a strategic move to enhance its capabilities and presence in the product engineering space.

KIOCL surged 12.61% after the Union steel and and heavy industries minister, H D Kumaraswamy approved the commencement of operations in Devadari iron ore mine in Sandur taluk of Ballari district in Karnataka.

Torrent Pharmaceuticals shed 0.67%. The company said that the company’s Gujarat-based manufacturing facility received Form 483 with five observations from the United States Food and Drug Administration (US FDA).

Aurionpro Solutions advanced 4.21% after the company announced the receipt of final authorization from the Reserve Bank of India to operate as an ‘online payment aggregator’.

Exide Industries rose 0.31%. The company said that it has invested Rs 74 crore in its wholly owned subsidiary, Exide Energy Solutions (EESL) by way of subscription to share capital on right basis.

Mahindra & Mahindra Financial Services added 0.81%. The company entered into partnership with Kotak Mahindra Life Insurance Company to offer life insurance to the company’s customers.

Global Markets:

European stocks declined as regional investors react to the U.S. Federal Reserve’s latest monetary policy decision and U.S. inflation data.

Asian stocks ended mixed after the Federal Reserve's cautious stance on interest rates didn't deter investors' expectations for cuts.

The Bank of Japan's two-day policy meeting starts today, with a decision expected on Friday. While holding rates is likely, a reduction in bond purchases is a possibility.

U.S. stocks rose on Wednesday after inflation data showed a slowdown. The core consumer price index reached its lowest level in over three years, with year-over-year prices rising 3.3% for essentials and other goods.

The Federal Reserve maintained interest rates after its policy meeting, revising its forecast to one rate cut this year and four in 2025. This shift from the previous projection of three cuts in 2024 reflects a more cautious outlook.

The S&P 500 extended its record high by 0.9%, while the Nasdaq composite climbed 1.5%, further surpassing its own record. The Dow Jones Industrial Average saw a modest decline of 0.1%.