Sensex closed at 65735 level : while Nifty at 19497 level

Indian Market 

FII AND DII 

Indian Market News 

1. Sensex rose 340 points, with oil & gas, power, and real estate driving the increase. Nifty closed at 19,500..
2. On July 6, indices in India opened unchanged due to subpar global cues.
3.  The broader index in India is off to a flat to negative start, according to GIFT Nifty.
4. Asian markets are trading lower, with the Nikkei down 1% and the Hang Seng down almost 1%.
5. After the Fed minutes, Wall Street experiences a slight loss.
6.  After the release of the Fed minutes, the dollar rises on expectations of a rate increase while the yen stays flat.
7. The rapid expansion of ChatGPT indicates the first traffic fall since debut.
8. Fears over China’s demand balance tighter supply projections, keeping oil prices stable.
9. Piramal Enterprises large block transaction; FII probable seller
10. After the Fed minutes, the US dollar and rates climb as gold declines.
11. Fed minutes show disagreements on the June halt decision.
12. The board approves Solara Active Pharma Sciences’ request to raise Rs. 450 crore through a rights issue.
13. Puravankar declares its highest ever sale value in Q1, up 119% year over year to Rs 1126 crore.
14. TCS increases collaboration with Microsoft to scale expertise in Azure Open AI
15. On receiving an order for Rs. 1,744 crore, Tata Power shares increase by about 3%.
16. RBI permits Tata AMC to increase its ownership of DCB Bank to 7.50%.
17.  61 lakh shares (2.6% equity) of Piramal Enterprises were traded in a block transaction window, according to CNBC-TV18.
18. Shares of RPP Infra Projects rise to a 52-week high after receiving orders worth Rs 289.30 crore
19.  Orders for KEC International bags totaling Rs 1,042 crore
20. According to CNBC-TV18, Azim Premji’s company Zash Traders sold 1.05% of its stake in the Wipo repurchase.
21.  From July 13, JSW Steel will replace HDFC in the BSE Sensex.

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• Fed minutes show disagreements on the June halt decision.

  At their June meeting, Federal Reserve officials reached a shaky agreement to halt interest-rate rises, all but pledging to do so again later this month in an effort to continue combating stubborn inflation.

  The minutes from the Fed’s meeting on June 13–14 reveal that some officials would have preferred a quarter-point hike even though almost all thought it was “appropriate or acceptable” to maintain rates in the target range of 5% to 5.25%.

   

• JSW Steel will replace HDFC in the Sensex as of July 13 due to BSE changes.

  According to a July 5 press statement from the market, JSW Steel will replace mortgage industry leader Housing Development Finance Corporation (HDFC) in the S&P BSE Sensex index as of July 13.

  The restructuring followed the conclusion of HDFC and HDFC Bank’s largest corporate merger, which went into effect on July 1.

  HDFC will be replaced on the S&P BSE 500 by JBM Auto Components Ltd and on the S&P BSE 100 by Zomato. All other BSE indices will no longer include HDFC Ltd as of July 13.

  Pre-IPO placement raised Rs 51 crore by Netweb Technologies, which reduced the amount of its upcoming issuance.

  Netweb Technologies, a provider of computing solutions, has reduced the amount of the fresh issue in its upcoming IPO as a result of receiving Rs 51 crore from institutional investors in a pre-IPO placement.

  “In consultation with book running lead managers, the company has undertaken a pre-IPO placement of 10.2 lakh equity shares at an issue price of Rs 500 per share, aggregating Rs 51 crore,” the company stated in its announcement published in a business publication.

Global Market Update

• Gift Nifty

The GIFT Nifty lost 13.50 points on Thursday, signalling a flat opening for the larger index. The contracts were for $19,498.50.

• a US market

  As investors absorbed the minutes from the US Federal Reserve’s most recent meeting and prepared for crucial economic data in the coming days, Wall Street’s major indexes concluded the day with small dips on Wednesday.

  According to the minutes of the June meeting, a united Fed decided to hold interest rates unchanged in order to gain time and determine whether additional rate hikes would be necessary.

  Investors continued to predict that the central bank would hike rates at its upcoming meeting later this month even after the anticipated minutes were released. Before the conference, important economic data is due, including the monthly US jobs report on Friday.

  The S&P 500 (.SPX) dropped 8.77 points, or 0.20%, to 4,446.82, the Nasdaq Composite (.IXIC) dropped 25.12 points, or 0.18%, to 13,791.65, and the Dow Jones Industrial Average (.DJI) sank 129.83 points, or 0.38%, to 34,288.64.

• ASIA markets

  Asia-Pacific stock markets fell as the US Federal Reserve’s minutes showed that the institution was divided in its decision to halt rate increases in June and anticipates further increases in the future but at a slower rate.

  The committee would have time to evaluate the effects of the rises, which were the most aggressive since the early 1980s, after a brief halt in the Fed’s tightening cycle, according to officials.

  The Nikkei 225 and the Topix both declined by 1% in the first hour of trading in Japan. The Kosdaq declined 1.01% and the Kospi sank 0.8% in South Korea.

  The S&P/ASX 200 declined 0.72% in Australia.

  The Hang Seng index in Hong Kong is likewise expected to decline; futures are at 18,956 versus the HSI’s most recent close of 19,110.38.

STOCK IN NEWS

• GM Breweries’ Q1 profit rose 22.8 percent to 20 crore from 16.2 crore, and revenue rose 3.5% to 146.9 crore from 142 crore.Total deposits at Rs 26,655 crore for the quarter ended June FY24 were up 44% year-on-year and 4% sequentially for Ujjivan Small Finance Bank. CASA fell 3% QoQ but rose 27% YoY to Rs 6,550 crore. Advances rose 31% YoY and 5% QoQ to Rs 25,346 crore, while disbursements declined 12% QoQ but expanded 22% YoY to Rs 5,280 crore. Microbanking, housing, and FIG drove this growth.
• Piramal Enterprises; On July 6, exchanges saw a huge block deal for 2.6 percent of Piramal Enterprises. 61.1 lakh shares, or 2.6 percent equity, traded at an average of Rs 941, down 1 percent from Wednesday’s closing price of Rs 950.15. It cost Rs 574.95 crore.On July 5, CNBC-Awaaz reported that one foreign institutional investor (FII) wanted to reduce its position in the company.
• Force Motors‘ share price rose 4% in early trade on July 6 after reporting stronger June 2023 sales. In June, Force Motors sold 2,431 domestic vehicles, up 12.8 percent from 2,154.June production dropped 15.3% to 2,394 units from 2,828 in May 2023. Exports fell to 440 automobiles from 491 in May 2023.
• Prestige Estates Projects: The south-based real estate developer and its subsidiary Prestige Exora Business Parks have partnered with W S Industries (India) to construct IT/IT-enabled services/parks on 6.53 acres of immovable property in Chennai. WS Insulators will implement the project for WS Industries (India).
• DCB Bank: Tata Asset Management can buy up to 7.5 percent of DCB Bank through Tata Mutual Fund schemes with RBI approval. The RBI letter authorizes one year. The RBI also advises Tata Asset Management to keep its DCB Bank stake below 7.5 percent.
• Biocon: Subsidiary Biocon Biologics integrated the acquired biosimilars business in over 70 emerging markets on July 1, expanding its company. Biocon Biologics now commercializes Viatris’ biosimilars in these markets. The subsidiary will extend its reach and business presence in these countries with existing and new partners.
• JSW Steel will replace HDFC in the BSE Sensex on July 13. JBM Auto Components, Zomato, and APL Apollo Tubes will replace HDFC in S&P BSE500, 100, and 200 indices.
• KEC International: The infrastructure EPC major received new orders of Rs 1,042 crore across its businesses, including the first international order for a signalling and telecommunication project in SAARC and T&D projects in India, the Middle East, Europe, and the Americas.
• Solara Active Pharma Sciences: The board approved a rights offer of equity shares up to Rs 450 crore. After Jitesh Devendra resigned as Managing Director, the board named Kartheek Chintalapati Raju as non-executive (non-independent) director and Poorvank Purohit as Managing Director & CEO.
• Ujjivan Small Finance Bank: Total deposits for the quarter ended June FY24 were Rs 26,655 crore, up 44% year-on-year and 4% sequentially. CASA fell 3% QoQ but rose 27% YoY to Rs 6,550 crore. Advances rose 31 percent YoY and 5 percent QoQ to Rs 25,346 crore, while disbursements declined 12 percent QoQ to Rs 5,280 crore.
• JSW Steel’s first-quarter FY24 consolidated Crude Steel production was 6.43 Million tonnes, up 11% YoY. The company produced 6.61 million tonnes.Q1 combined volume was 6.61 mt, up 12% from 5.88 mt
• Ajmera Realty Q1 Business Update 

In the quarter ending June 2023, revenues were Rs 225 crore, down 44% YoY but up 60% QoQ.Q1 collections fell 47% YoY and rose 8% QoQ to Rs 111 crore.Carpet sales were 1,35,460 square feet, down 14% YoY and up 96% QoQ.

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