Sensex closed at 65,395 level : While Nifty at 19,382 level

Indian Market 

FII AND DII 

Indian Market News 

1. Sensex drops 220 points, Nifty dips below 19,390, IT struggles, PSU Banks soar.
2. Due to growing vegetable costs and a fading base effect, CPI inflation is expected to increase to 4.6% in June.
3. Wall Street surpasses CPI; JPMorgan and financial equities rise.
4. Japan’s wholesale inflation declines for the sixth month in a row.
5. Dollar declines before US inflation data, but pound reaches a 15-month high.
6. Gold increases on a weaker dollar and yields ahead of US inflation data.
7. Oil remains unchanged amid a larger-than-expected increase in U.S. oil stocks.
8. With the Nikkei down 1% and the Hang Seng up 1%, Asian markets are mainly trading higher.
9. Trends on the GIFT Nifty point to a flat opening for India’s larger index.
10. On July 12, the Indian indices started off well, with the Nifty hovering above 19500.
11. Before its IPO, Utkarsh Small Finance Bank raises Rs 222.75 crore through an anchor book.
12. Large Trade in Easy Trip Planners | 97.1 lakh shares (4.47% equity) change hands for Rs 41.82 crore at Rs 43 per share, according to CNBC-TV18.
13. ITC’s FMCG business records a 21% increase in consumer spending annually at Rs 29,000 crore in FY23.
14. MEP Infrastructure Developers increases by 7% after winning an EPC project.
15. TCS Q1 Preview: Mild revenue growth anticipated in the face of wage increases and macro-headwinds
16. Bharti Airtel pays an unknown amount for an additional 20.6% of Lavelle Networks.
17. Lupin share price reaches a 52-week high following a USFDA inspection report.
18. PVR INOX shares rise after the GST was reduced for food and beverages, but M&M shares decline on profit-booking despite soaring production and sales in June.
19. Easy Trip Planners reports benefits on a block deal worth Rs 42 crore

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• HCL Technologies Q1 preview: Net profit may fall sequentially.

  Philip Capital, Nirmal Bang, AMP, and HDFC Securities predict a Q1FY24 net profit of Rs 3,782 crore for HCL Technologies. It fell 5.3 percent quarter-on-quarter and rose 8.1 percent year-on-year.

  Dollar revenues are forecast to reach $3,268 million in the April–June quarter, up 0.8 percent sequentially and 7.8 percent year-over-year.

  According to a mean consensus of the above four brokerage companies, the tech company’s revenue in Q1FY24 was Rs 26,858 crore, up 0.4 percent quarter-on-quarter and 13.8 percent year-on-year.

• Utkarsh Small Finance Bank IPO begins today.

  Utkarsh Small Finance Bank’s initial public offer opens July 12 and closes July 14. On July 11, eligible institutional purchasers opened the anchor book.

  The small financing bank established its share price at Rs 23-25.

  The bank’s only fresh issue sale will raise Rs 500 crore.

  Besides issuance expenditures, Utkarsh Small Finance Bank would use net issue proceeds to increase its Tier-1 capital base to meet future capital needs.

  Investors can bid in 600-share increments. Thus, retail investors might deposit Rs 15,000 for one lot or Rs 1.95 lakh for 13 lots in the public offer.

Global Market Update

• Gift Nifty

On Wednesday, the GIFT Nifty lost 8 points, indicating a flat opening for the broader index. 19,529 futures.

•  US market

  US markets rose on Tuesday as JPMorgan and other financial shares rose ahead of earnings.

  Investors want to know if pricing pressures are easing and if the Federal Reserve is winding down its interest rate hikes.

  Wednesday sees US consumer price statistics, while Thursday sees producer prices. This week, several Fed members acknowledged the central bank would likely need to hike rates to limit inflation but that its tightening cycle was nearing an end.

  JPMorgan Chase & Co. shares rose 1.6 percent after Jefferies upgraded the company to a “buy” ahead of Friday’s quarterly results.

  JPMorgan and other big banks are likely to unofficially start the second-quarter reporting period later this week. S&P banking index climbed 1.5%.

  Energy equities surged with oil prices.

  The Dow Jones Industrial Average rose 317.02 points, or 0.93 percent, to 34,261.42, the S&P 500 gained 29.73 points, or 0.67 percent, to 4,439.26, and the Nasdaq Composite gained 75.22 points, or 0.55 percent, to 13,760.70.

• ASIA Markets

Asia-Pacific markets rose before India and US inflation news on Wednesday.

A Reuters poll expects June US inflation to drop to 5% from 5.3 percent in May. Inflation and Thursday’s producer pricing data will indicate the Fed’s rate hike path.

The S&P/ASX 200 led regional benchmarks with a 0.65% increase.

The Nikkei 225 rose 0.14 percent and the Topix 0.6 percent in Japan.

• EU Markets

Investors looked ahead to significant US inflation statistics later this week, sending European stocks higher Tuesday.

As most sectors rose, the pan-European Stoxx 600 rose 0.7 percent. Health care equities down 0.12% while construction and material sectors rose 1.76 percent.

STOCK IN NEWS

• HCL Technologies: According to the average of the forecasts from Philip Capital, Nirmal Bang, AMP, and HDFC Securities, HCL Technologies would generate a net profit of Rs 3,782 crore in Q1FY24. This is an 8.1 percent gain year over year and a decrease of 5.3 percent from one quarter to the next. In the April to June quarter, dollar revenues are anticipated to be in the neighborhood of $3,268 million, representing a 0.8 percent sequential gain and a 7.8 percent yearly growth. According to a mean consensus of the aforementioned four brokerage companies, the tech company’s revenue in Q1FY24 was projected to be approximately Rs 26,858 crore, up 0.4 percent from the previous quarter and 13.8 percent from the previous year.
• J&K Bank: At its meeting on July 15, 2023, the bank’s board of directors will discuss raising capital (Tier I/Tier II) for the fiscal year 2023–24.
• Greaves Electric Mobility Private Limited (GEMPL): Through the first quarter of the fiscal year 2024, Greaves Cotton Limited’s e-mobility division sold 200,000 units of its Ampere brand electric 2-wheelers overall. The company declared in April that it would sell more than 100,000 electric 2-wheelers under the Ampere brand in the fiscal year 2023.
• Credent Global Finance: According to the firm, the Rights Issue Committee of the Board evaluated and approved a rights issue size of 34,68,750 shares at its meeting on July 11, 2023. Additionally, the price of Rs 140 per share was approved. The rights entitlement ratio will be 2 fully-owned shares for every 1 share held by qualifying equity owners. Recorded on July 17, 2016.
• Sterlite Technologies: To assist Windstream’s extensive fiber expansion initiatives, the business has established a partnership with the privately held communications and software firm. The partnership officially began in February 2021 when Windstream first received optical networking solutions from STL.
• Greaves Cotton: Through the first quarter of the fiscal year 2024, Greaves Electric Mobility (GEMPL), the e-mobility branch of Greaves Cotton, reached a cumulative secondary sales milestone of 2 lakh units for its Ampere brand electric 2-wheelers. The business declared in April that it would sell more than 1 lakh electric 2-wheelers under the Ampere brand in the fiscal year 2023.
• Prataap Snacks: The company has set July 27 as the record date in order to identify the members of the company who are entitled to dividend payments. The 14th Annual General Meeting of the Company will take place on August 3 at this time.
• Credent Global Finance: The business said that the board’s rights issue committee has approved the 34.68 lakh share rights issue at its meeting. Additionally, the price of Rs 140 per share was approved. The Rights Entitlement Ratio shall be one share for each two shares held by Eligible Equity Shareholders. July 17 is the record date.
• Sterlite Technologies: To assist its extensive fibre expansion projects, the company established a partnership with privately held communications and software firm Windstream. The partnership officially began in February 2021 when Windstream first received optical networking technology from the STL.
• North Eastern Carrying Corporation: The company announced that the June 14–July 14 rights issue offer period is now closed. The offer will bring in Rs 81 crore for the corporation.
• Plastiblends India: According to the company, Q1 FY24 profit decreased by 24% YoY to Rs 7.6 crore from Rs 10 crore. Revenue decreased 4.2 % year over year to Rs 195.7 crore. In comparison to the same quarter previous year, the EBITDA margin was 6.8% instead of 8%.

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