At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 520.02 points or 0.67% to 78,573.54. The Nifty 50 index gained 124.20 points or 0.52% to 23,845.50.

The Sensex and Nifty clocked an all-time high of 78,608.14 and 23,859.50 respectively in early afternoon trade. Further the Nifty Bank clocked an all-time high of 52,957.95 in early afternoon trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.08% and the S&P BSE Small-Cap index added 0.22%.

The market breadth was positive. On the BSE, 1,944 shares rose and 1,853 shares fell. A total of 144 shares were unchanged.

Gainers & Losers:

Reliance Industries (up 2.71%), Bharti Airtel (up 2.68%), Ultratech Cement (up 2.56%), Kotak Mahindra Bank (up 1.80%) and ICICI Bank (up 1.43%) were major Nifty gainers.

Apollo Hospitals Enterprise (down 1.85%), Tata Steel (down 1.76%) Hindalco Industries (down 1.70%), Bajaj Auto (down 1.62%) and Mahindra & Mahindra (down 0.99%) were major Nifty losers

Tata Steel declined 1.76%. The company announced that it has acquired 14.28% stake or 1.25 crore equity shares with face value Rs 10 each aggregating to Rs 12.5 crore of Indian Foundation for Quality Management (IFQM).

Bajaj Auto declined 1.62%. The company said that it’s wholly owned subsidiary Bajaj Do Brasil Comercio De Motocicletas Ltda has and commenced the commercial production at its new manufacturing plant at Av. do Turismo, Bairro Tarumã, Manaus, Brazil.

Stocks in Spotlight:

NTPC advanced 1.54% after the company said that its board of directors will meet on Saturday, 29 June 2024 to consider raising funds by way of issuing bonds or non convertible debentures (NCDs) upto Rs 12,000 crore.

Mahindra & Mahindra Financial Services rose 0.16%. The compnay announced that its chief financial officer (CFO), Vivek Karve has tendered his resignation to pursue personal, social and professional interests beyond a full-time employment.

Adani Total Gas rose 1.15% after the company received an approval from the Petroleum and Natural Gas Regulatory Board (PNGRB) to establish and operate a City Gas Distribution Network in Jalandhar GA (geographical areas), Punjab.

Mazagon Dock Shipbuilders rallied 4.62% after the company was granted with ‘Navratna’ status on 25 June 2024.

Vishnu Prakash R Punglia jumped 5.45% after the company announced the receipt of letter of acceptance (LoA) from the Office of Superintending Engineer U.P. Jal Nigam (Urban), Naini Prayagraj, for a project worth Rs 273.11 crore.

Global Markets:

European and Asian shares advanced, the investors awaited key inflation data due later this week, with some Federal Reserve officials acknowledging inflationary risks.

The US consumer confidence index dipped slightly to 100.4 from a downwardly revised 101.3 in May, reflecting a more cautious outlook on business conditions, jobs, and income. This could signal potential headwinds for consumer spending, a key driver of economic growth.

Market participants are closely watching the release of the personal consumption expenditures (PCE) price index on Friday. This data point, the Fed's preferred inflation gauge, will be crucial for assessing future monetary policy decisions.