After opening the day on positive note, Indian share markets remained steady throughout the session and ended strongly with late rally.
Benchmark indices ended higher buoyed by gains in HDFC Life Insurance and Banking stocks, while the stock exchange pushed a market holiday to Thursday from Wednesday.
At the closing bell, the BSE Sensex stood higher by 446 points (up 0.7%).
Meanwhile, the NSE Nifty closed up by 126 points (up 0.7%).
SBI and Apollo Hospital were among the top gainers today.
Cipla and UPL 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 SGX Nifty was trading at 18,812, up by 108 points, at the time of writing.
Broader markets ended on a positive note. The BSE Midcap index ended 0.4% higher while the BSE SmallCap rose by 0.6%.
Sectoral indices ended the day on a mixed note with stocks in the realty sector and metal sector witnessing buying.
Meanwhile, stocks in FMCG sector and oil & gas sector witness selling pressure.
Shares of Coforge and Lupin 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 mixed note. The Nikkei ended lower by 0.5%, while the Hang Seng ended up by 1.9%. The Shanghai Composite ended lower by 1.2%.
The rupee is trading at 82.04 against the US$.
Gold prices for the latest contract on MCX are trading flat at Rs 58,424 per 10 grams.
Meanwhile, silver prices for the latest contract on MCX are trading 0.3% higher at Rs 69,415 per kg.
Speaking of stock markets, a recent survey by Gartner states that almost 33% of electronics supply chain leaders have already moved their businesses out of China.
Or at least are planning to. The increased tariffs imposed by the Chinese and the US government have resulted in rising business costs.
Of course, India has begun reaping the benefits.
Smartphone and premium electronics maker Apple, for instance, is set to triple its production in India in the next three years.
Co-head of Research at Equitymaster, Tanushree Banerjee, in below video talks about such stocks that are set to benefits from India's electronics revolution.
In news from the defence sector, Hindustan Aeronautics on Tuesday approved a stock split in the proportion of 1:2 and declared a final dividend of Rs 15 for FY 2022-23.
The company in its regulatory filing, informed of the stock split of the existing one equity share of the face value of Rs 10 each fully paid up into two equity shares of Rs 5 each fully paid up.
The company has fixed 29 September as the record date to determine the eligibility of shareholders for the proposed split of shares.
Investors holding the stock till the record date will receive the new shares in demat accounts, and the stock price will be adjusted, according to the split ratio.
Additionally, the stock has today taken off the Future & Options (F&O) ban list. Due to its futures and options contracts exceeding the open interest caps, the stock was suspended from trading on 26 June 2023.
HAL is among the top defense stocks in India having monopoly in certain segments.
Speaking of the defence sector, note that the government's Atmanirbhar Bharat Abhiyan has emphasized the need of self-reliance in security space.
Given the increasing focus on self-reliance, the Ministry of Defense (MoD), has set a target of doubling the defense production to US$ 25 bn by 2025.
We believe the defence sector could produce the next set of multibagger stocks over the long run.
Moving on to news from the storage batteries sectors, HBL Power Systems shares gained 2.5% today on winning a contract from Ashoka Buildcon (ABL) worth Rs 1.4 billion (bn).
The company has entered into a contract with ABL for the supply of the Kavach part of an EPC contract won by ABL in September 2022.
The ABL contract with East Central Railway is for Rs 2.2 bn for deploying Kavach and OFC network over 417 km and 60 locomotives between Pradhankhunta in Jharkhand and Deen Dayal Upadhyay station in Uttar Pradesh.
The contract includes the supply and commissioning of all equipment involved in the Kavach system requiring RDSO approval.
The delivery and commissioning are to be completed in 18 months.
These smallcap stocks soared 29% in past six days on the government's plan to prioritise the Kavach system for Indian Railways.
To know whether their dream run will continue, check out 2 smallcap stocks near 52-week high on strang demand for railways protection systems.
Moving on to news from the IPO space, the initial public offering (IPO) of Cyient DLM was subscribed 1.11 times on Day 1. The public issue that opened for subscription on 27 June will close on 30 June.
On the first day of the subscription, the issue received a positive response from retail and an overall decent response from employees and non-institutional investors (NIIS).
The retail investor's portion was subscribed 4.62 times, and the employee portion was subscribed 15%.
Non-Institutional Investors (NIIS) subscribed to the issue 1.14 times, whereas Qualified institutional buyers (QIBs) portion was subscribed 1%.
The company has received bids for 14.7 m shares against 13.4 m shares on offer.
The Cyient DLM IPO is a fresh issue of 22.3 m shares. At the high end of the pricing range, it values the company at Rs 20 bn.
For more information on IPOs, check out the list of upcoming IPO's.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
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