Gift Nifty Up 40 Points | Enviro Infra Engineers Files for IPO | M&M Partners ABB India | Top Buzzing Stocks Today

Thu, 4 Jul Pre-Open

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Indian share markets continued the momentum as the session progressed and ended on firm footing.

Indian benchmark indices soared to new highs in Wednesday's intra-day deals, with Sensex breaching the 80,000-mark for the first time and reaching its lifetime high at 80,074 points, while the Nifty50 index surged 184 points, recording its fresh high at 24,307.

At the closing bell on Wednesday, the BSE Sensex stood lower by 545 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 162 points (up 0.7%).

Adani Ports, Axis Bank and HDFC Bank were among the top gainers.

TCS, Titan and Hindalco on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended and BSE SmallCap index ended 0.9% higher.

Sectoral indices are trading positive with socks in power sector, banking sector and IT sector witnessing most buying.

Gold prices for the latest contract on MCX were trading 0.9% higher at Rs 72,159 at the time of Indian market closing hours on Wednesday.

At 7:40 AM today, the Gift Nifty was trading up 79 points at 24,466 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

Speaking of the stock market, two experienced fund managers, James Chanos (US) and Sankaran Naren (India), are concerned about high speculation and low margins of safety in their respective stock markets. This means there's a greater risk of losses if the market crashes.

The advice? Invest cautiously. Consider "stock market insurance".

Rahul Shah, Co-head of research at Equitymaster, talks about what exactly is this insurance and how does it work?

Tune into below video for more details.

Top buzzing stocks today

HDFC Bank share price will be in focus today.

Shares of HDFC Bank surged 3.5% to hit an all-time high of Rs 1,791 per share on 3 July following a 4% rally of its American Depository Receipts (ADRs) overnight to US$ 66.9 apiece post the release of June shareholding data.

With foreign investors' stake falling below 55% in the June quarter, analysts anticipate a potential doubling of the bank's weighting in the MSCI Standard index during the upcoming reshuffle.

IREDA will also be a top buzzing stock.

Shares of IREDA jumped nearly 6% on 3 July to touch an all-time high of Rs 218.8.

In the previous session, as many as 50 lakh shares of IREDA changed hands in a block deal. The number of shares that changed hands amounted to 0.2% of the total equity.

Enviro Infra Engineers Files for IPO

Enviro Infra Engineers, which is involved in the development of turnkey projects of sewage treatment plants and sewerage systems, has filed draft papers with markets regulator Sebi to garner funds through an initial public offering (IPO).

The city-based company's proposed IPO is a combination of a fresh issue of 44.2 m equity shares and an offer for sale (OFS) component of 52.68 lakh shares by promoters, according to the draft red herring prospectus (DRHP) filed last week.

At present, promoters hold over 93% stake in the company.

Proceeds from the fresh issue to the tune of Rs 181 crore will be used to meet the working capital requirements, Rs 1 bn will be used for payment of a debt, Rs 300 m will be infused into the company's subsidiary, EIEL Mathura Infra Engineers, to build 60 million litres per day Sewage Treatment Plant (STP) at Mathura in Uttar Pradesh.

Enviro Infra Engineers is engaged in designing, constructing, operation and maintenance of water and wastewater treatment plants and water supply scheme projects for government authorities/bodies.

Nifty Bank Hits Record High

The Nifty Bank climbed above 53,000 for the first time to hit fresh record highs on Wednesday, tracking positive global cues. The index rose 921 to close at 53,089. It hit a record high of 53,256 in intraday trade on Wednesday. The Nifty50 on the other hand, rose 163 points to close at 24,286.

HDFC Bank, Kotak Bank, Federal Bank and Bandhan Bank closed in the green while some selling was seen in AU Small Finance Bank.

The bank index climbed above its crucial resistance level of 53,000, which fuelled a short-covering move in the index. Traders can use the dip to go long in the index.

The Nifty Bank, which opened with a gap-up, steadily built up gains to hit a fresh record high of 53,256. It pared gains marginally to close above the 53,000 mark, which is a positive sign for the bulls.

Bank Nifty remained strong throughout the day and crossed 53,000 convincingly as CE writers saw the unwinding of their positions from 52,500 to 53,000.

M&M Partners ABB India

Carmaker Mahindra & Mahindra has selected ABB India's PixelPaint technology for its new electric vehicle paint facility, the latter said in a stock exchange filing on 3 July.

The firm said the technology, which uses a paint head similar to an inkjet printer, will begin serial production in 2025.

Joerg Reger, managing director of ABB Robotics Automotive Business Line, highlighted that their revolutionary PixelPaint technology can apply large areas of uniform color and intricate details with precision. This capability eliminates the need for manual intervention and ensures that production lines remain uninterrupted.

Reger further explained that by integrating PixelPaint-equipped robots into dedicated cells, Mahindra's paint shop will automate the application of finishes such as contrasting roof and pillar treatments for their new line of electric vehicles (EVs). This automation process enhances efficiency and consistency in the paint application process.

According to the statement, PixelPaint consists of a paint head with over 1,000 tiny, individually controlled nozzles, mounted on an ABB robot such as the IRB 5500 paint series.

The deployment will make M&M the first original equipment manufacturer (OEM) to use the technology for painting contrasting roofs and pillars.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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