Market Commentary
Global markets
US market closed mixed on Wednesday as tech weakness offset consumer strength. Dow Jones closed up by 0.4 pct. While Nasdaq closed lower by 0.4 pct.
Asian markets
Asian markets trading mixed in the early morning trade. Hang Seng trading down by 1 pct. While Nikkei trading green by 3.9 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 51,854 | 0.4 | 7.9 |
| Nasdaq | 25,476 | -0.4 | 9.6 |
| Hang Seng | 23,174 | -1.0 | -9.6 |
| Nikkei | 71,854 | 3.9 | 42.6 |
Commodities
Gold prices fell and currently stood at USD 3,976 on rate tightening outlook. On the other hand, oil prices stood at USD 72.67/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,976 | -0.7 |
| Silver ($) | 56.70 | -1.2 |
| Brent Crude ($) | 72.67 | -1.0 |
Indian Indices
India’s equity benchmarks likely to open positive as GIFT Nifty indicates. Benchmark indices closed higher on Wednesday led by weak oil prices and rally in banking stocks.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 76,991 | 1.0 | -9.7 |
| Nifty | 24,021 | 0.8 | -8.1 |
| Nifty Bank | 58,150 | 1.7 | -2.4 |
| Nifty Midcap 100 | 62,135 | 0.1 | 2.7 |
| Nifty Smallcap 100 | 18,879 | 0.4 | 6.6 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 23,847 | 55,424 |
| 100 DMA | 24,173 | 56,410 |
| 200 DMA | 24,888 | 57,102 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -1843 | -349,845 |
| DII | 3637 | 463,548 |
Stocks to watch
| Positive Read through | Negative Read through |
| Infosys – Partners with non-profit organisation Sentara for AI adoption in healthcare services. | LIC- CFO Sunil Agrawal resigns with effect from July 14 to pursue other opportunities. |
| HCL Tech – Partners with Neste and Nokia for AI business; signs MoU with Nagpur Municipal Corporation. | Metals – Gold falls below USD 4,000/oz, silver declines nearly 2 pct, while copper and aluminium tumble 3 pct. |
| Vedanta – Enters the real estate business through a new wholly owned subsidiary. | ONGC/Oil – Crude erases all gains seen during the West Asia war, with Brent falling below USD 73/bbl. |
| NLC India – Arm signs JV with OREDA to develop 1,000 MW green energy projects in Odisha. | Route Mobile – Cybersecurity incident reported at subsidiary Masivian S.A.S. |
| Vikram Solar – NCLAT stays IBC proceedings against the company. | REC, PFC – RBI overhauls upper-layer NBFC classification norms |
| Muthoot Cap – Receives Rs. 960 mn bid for a Rs. 2.09 bn stressed loan portfolio from an ARC. | |
| SRL – Launches QIP and is likely to raise up to Rs. 15 bn at an indicative issue price of Rs. 583/share. | |
| OMCs/Paint Cos – Crude erases all gains seen during the West Asia war, with Brent falling below USD 73/bbl. | |
| ICICI Pru – ICICI Bank receives RBI approval to acquire an additional 2 pct stake to maintain holding above 50 pct. | |
| IRFC – Government to exercise green shoe option in OFS; issue subscribed 1.86 times on the first day. | |
| Bharti Airtel – S&P Global upgrades long-term rating to BBB+ from BBB. | |
| Embassy Developments – Signs MoU with Uttar Pradesh government for a Rs. 15 bn commercial development project in Lucknow. |
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