Sensex closed at 65446 level : while Nifty at 19398 level

Indian Market 

FII AND DII 

Indian Market News 

1. Sensex, Nifty end flat amid volatility; auto, FMCG, and PSU banks shine
2. Market growth slows as Nifty encounters barrier at 19,500
3. BSE Listed Companies’ Market Capitalization exceeds Rs 300 lakh crore.
4. Selling price inflation in India has increased to its highest level in over ten years.
5. China’s services sector slows as the recovery stalls, according to the Caixin PMI 
6. Dollar holds stable ahead of Fed minutes, but the yen floats below the intervention zone.
7. Shares of HDFC Bank decline on Q1 Business results.
8. On July 7, IOC will consider raising money through a rights issue.
9. Hero MotoCorp aims for a larger market share through pricing and ties to Harley.
10. In Q1FY24, Gensol Engineering received orders totaling Rs 277 crore.
11. On hearing that HDFC will replace it in the Nifty 50, LTIMindtree reaches a 52-week high.
12. Stelis Biopharma will sell its multi-modal facility to Syngene International for Rs 702 crore.
13. Pre-sales for Macrotech Developers’ Q1 rose 17% year over year to Rs 3,350 crore.

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• LTIMindtree replaces HDFC in Nifty 50 starting July 13.

  From July 13, Larsen & Toubro subsidiary LTIMindtree will replace HDFC in the Nifty 50 index.

  On July 1, HDFC merged with HDFC Bank, the nation’s largest private lender.

  The Index Maintenance Sub-Committee (Equity) of NSE indexes Limited has agreed to replace stock in various indexes as indicated below due to the Housing Development Finance Corporation Ltd.-HDFC Bank Ltd. combination. “These changes will take effect on July 13,” the NSE said.

• PKH Ventures withdraws Rs 379-crore IPO due to low QIB response.

  Due to weak institutional investor demand, Mumbai-based construction and development business PKH Ventures withdrew its public issue on July 4.

  According to subscription data on the exchanges, the public issue released for subscription on June 30 received bids for 65 percent of the total offer size in the last three days.

  High net-worth individuals and regular investors subscribed 1.67 times and 99 percent, whereas qualified institutional investors bought only 11% of the authorised quota.

• Lodha Group records highest-ever Q1 pre-sales of Rs 3,353 crore

  Lodha Group, listed as Macrotech Developers, started the financial year 2023-24 with its biggest first-quarter pre-sales at Rs 3,353 crore.

  During the quarter, the company added five new micro-market projects with a potential gross development value of Rs 12,000 crore.

  The company collected Rs 2,403 crore in the quarter and intends to increase in the future quarters. Front-loaded business expansion investment drove its net debt up 3% to Rs 7,264 crore.

Global Market Update

• Gift Nifty

Wednesday’s 19.50-point GIFT Nifty increase suggests a flat start for the broader market. 19,513 futures.

• ASIA

Asia-Pacific markets dipped as investors awaited China and Japan’s private services surveys.

June will see Philippine and Thai inflation statistics.

In Japan, the Nikkei 225 lost 0.72 percent and the Topix 0.5 percent in the first hour. The Kospi fell 0.2 percent and the Kosdaq increased 0.23 percent.

The S&P/ASX 200 dipped 0.2 percent after the Reserve Bank of Australia kept rates at 4.1 percent on Tuesday.

Hong Kong’s Hang Seng index futures are at 19,265 compared to the HSI’s closing of 19,415.68, reversing Tuesday’s gains.

• EU Markets

European markets closed marginally higher Tuesday, with investors cautious ahead of data releases and the second-quarter earnings season.

After a quiet day, the Stoxx 600 rose 0.1 percent. Health-care and tech equities rose 0.5 percent while banking stocks fell 0.6 percent.

German exports fell 0.1 percent and imports rose 1.7 percent, bringing its foreign trade deficit to 14.4 billion euros ($15.7 billion) on Tuesday morning.

After Chairman Jerome Powell warned of “more restriction,” the Federal Reserve will issue its last meeting minutes Wednesday. According to CME’s FedWatch tool, July’s 25-basis-point rate hike is priced in at 89.9%.

STOCK IN NEWS

• Genus Power Infrastructures: Genus Power Infrastructures has inked definitive agreements with Gem View Investment, an affiliate of GIC, Singapore, to establish an AMISP concession platform. GIC will own 74% of the Platform and Genus 26%. Partners invested $2 billion.

• State Bank of India: The country’s largest lender gained clearance from the Executive Committee of the Central Board (ECCB) to acquire SBICAPS’ whole stake in SBICAP Ventures, subject to regulatory approvals. SBI owns SBICAPS entirely. The deal will cost Rs 708.07 crore to finance.

• Aurobindo Pharma: Aurobindo Pharma will be in focus after its subsidiary CuraTeQ Biologics reported positive phase 3 clinical trial results for its proposed Trastuzumab biosimilar product. Breast cancer biosimilar BP02 is trastuzumab.

   

   

• Lupin: The US FDA has tentatively approved its ANDA for Dolutegravir tablets for oral suspension. The company will sell ViiV Healthcare Company’s 5 mg Tivicay PD tablets for oral suspension in the US.

   

• Bandhan Bank: The private sector lender’s loans & advances in the quarter ended June FY24 rose 6.7 percent YoY to Rs 1.03 lakh crore, but declined 5.5 percent QoQ. Deposits rose 0.4 percent QoQ and 16.6 percent YoY to Rs 1.08 lakh crore. Retail deposits gained 5.9% YoY to Rs 77,239 crore, while bulk deposits rose 55.4 percent to Rs 31,240 crore.

   

• LTIMindtree: NSE Indices’ Index Maintenance Sub-Committee (Equity) removed HDFC from Nifty50 on July 13 and added LTIMindtree. Mankind Pharma will replace HDFC in the Nifty 500 index and Jindal Steel & Power in the Nifty Midcap 150 index. LIC Housing Finance will replace HDFC in Nifty Financial Services.

   

• RBL Bank The private sector lender said that its Q1FY24 deposits rose 8% to Rs 85,638 crore and gross advances rose 20% to Rs 74,792 crore. Retail advances rose 32% YoY and wholesale advances 8% YoY for the quarter.

   

• Bandhan Bank: The private sector lender reported its loans & advances in the quarter ended June FY24 climbed 6.7% YoY to Rs 1.03 lakh crore, but declined 5.5% QoQ. Deposits rose 0.4% QoQ and 16.6% YoY to Rs 1.08 lakh crore. Retail deposits gained 5.9% YoY to Rs 77,239 crore, while bulk deposits rose 55.4% to Rs 31,240 crore.

   

• AU Small Finance Bank: Total deposits rose 27% to Rs 69,315 crore for the quarter ended June FY24. Gross advances increased 29% to Rs 63,635 crore and CASA deposits 14% to Rs 24,286 crore.

   

• Macrotech Developers: The real estate developer reported pre-sales of Rs 3,350 crore for the quarter ended June FY24, up 17% year-over-year but down 11% sequentially. Summer vacations and monsoons lowered Q1 collections to Rs 2,400 crore, down 8% YoY and 18% QoQ.

   

• Minda Corporation: Societe Generale, a European financial services company, purchased 17.28 lakh equity shares in the auto components producer at an average price of Rs 281. Rs 48.57 crore bought the stock.

   

• TCNS Clothing: Elevation Capital VI FII Holdings, a foreign portfolio investor, sold 12.96 lakh equity shares or 2.1% of the women’s fashion company at Rs 410.01 per share in open market transactions. Stake sale was Rs 53.15 crore. As of March 2023, Elevation owned 5.37%.

   

• HMA Agro Industries: Nomura Singapore sold 4.66 lakh equity shares (0.93% interest) for Rs 626.9 per share.

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