Sensex closed at 65,280 level : while Nifty at 19,331 level

Indian Market 

FII AND DII 

Indian Market News 

1. Sensex declines by 500 points, Nifty hovers at 19,330; auto, PSU banks perform better.
2. On expectations for additional rate increases, gold is expected to experience its fourth consecutive weekly loss. 
3. The US economy remains robust, the dollar is stable, and nonfarm payrolls are the focus. 
4. Wall Street records significant losses as rate rise fears are stoked by the labor market’s strength.
5. US weekly jobless claims are slightly up; June saw fewer layoffs.
6. The bitcoin rise sets a new high of 13 months.
7. Trends on the GIFT Nifty point to a flat opening for India’s larger index.
8. Asian markets continue to fall, with the Kospi and Hang Seng each falling 1%.
9. Qube Cinema and UFO Moviez India will collaborate to provide content and advertising services.
10. The Suzlon Energy board approves the conversion of partially paid-up equity shares.
11. JSW Ispat Q1 Update: Crude steel output increased by 74% YoY and 1% QoQ to 1.84 lakh tonnes.
12. Dabur’s price declines as investors are disappointed by its 10% first-quarter growth.
13. Phoenix Mills gains 2% as retail receipts increase 18% in the first quarter. 
14. Following the signing of agreements for 11 hotels, Indian Hotels shares increased by 2%.
15.  SAT Industries reaches a 52-week high as Societe Generale purchases a 1.4% stake.
16. Talbros Automotive Components receives multiyear orders totaling Rs 400 crore.
17. India’s RailTel Corporation receives a work order for Rs. 39.37 billion.
18. The Rs 500 billion Utkarsh Small Finance Bank IPO will begin on July 12.
19. Praj Industries rises 4% as a result of their agreement with Indian Oil to produce biofuels
20. Sobha reported a 28% YoY increase in Q1 total sales at Rs 1,465 crore and a 25% increase in price realization.
21. Zen Technologies receives a government of India order for Rs 160 crore.
22. Titan Company’s Q1 revenue increased by 20% year over year, with jewelry sales increasing by 21%.
23. Indian Oil pledges to invest Rs 54 billion in projects, one of which being a refinery in Tamil Nadu.

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• RBI conducts 4-day VRRR for Rs 2 lakh crore on July 7.

  The Reserve Bank of India (RBI) announced a four-day variable rate reverse repo auction for Rs 2 lakh crore on July 6.On July 11, these funds will be reversed after the auction between 10:30 and 11:00 AM.The central bank will hold its fifth consecutive reverse repo auction this week.RBI released a statement saying it would hold a Variable Rate Reverse Repo auction on July 7.

• Titan Q1 update: Key companies perform well, revenue climbs 20% YoY.

  Titan Company reported 20% YoY revenue increase for the quarter ending June 30, 2023, with all core consumer businesses growing double-digits.

  Titan added 68 stores, including CaratLane, to its 2,778 retail locations during the quarter.

  The jewellery segment performed well in Q1FY24, gaining 21% YoY. Buyer growth outpaced average ticket size growth this time. “Despite significant volatility in gold prices throughout the quarter, Akshaya Tritiya sales in April and wedding purchases in June were robust,” Titan noted.

   

• US weekly jobless claims climb marginally; June layoffs decline.

  Last week, new jobless claims rose marginally, indicating a slow labor market improvement.

  On Thursday, the Labor Department reported that state unemployment compensation claims jumped 12,000 to 248,000. Reuters economists predicted 245,000 claims last week.

  In the first three weeks of June, layoffs expanded outside technology and interest rate-sensitive areas like housing and finance, pushing claims to a 20-month high. Minnesota recently extended state unemployment benefits to tens of thousands hourly paid school workers during the summer break, leading to the spike in claims.

• Bitcoin surges to 13-month high.

On Thursday, bitcoin rose 3.28% to $31,500.

BlackRock, the world’s largest asset manager, plans to establish a U.S.-listed spot bitcoin exchange-traded fund (ETF), supporting the world’s largest cryptocurrency.

After the U.S. securities regulator reportedly voiced concerns over early filings, Nasdaq refiled its application to list BlackRocks’ ETF.

Global Market Update

• Gift Nifty

Friday’s 15-point GIFT Nifty increase suggests a flat start for the broader index. 19,503 futures.

•  US market

  Wall Street‘s main indexes fell dramatically on Thursday as positive labor market statistics raised bond yields and raised concerns the Federal Reserve may aggressively raise U.S. interest rates.

  S&P 500 fell the most since May 23. Dow fell the most since May 2.

  The Dow Jones Industrial Average slid 366.38 points, or 1.07%, to 33,922.26, the S&P 500 sank 35.23 points, or 0.79%, to 4,411.59, and the Nasdaq Composite fell 112.61 points, or 0.82%, to 13,679.04.

• ASIA Markets

After Wall Street sold off on stronger-than-expected U.S. jobs data, Asia-Pacific markets fell again, setting the stage for future Fed rate hikes.

ADP said Thursday that companies produced far more jobs than planned. The Dow Jones consensus estimate was 220,000 private sector jobs. The highest monthly growth since July 2022 occurred.

The Fed’s June meeting minutes, released Wednesday, showed that majority members supported more rate hikes.

The S&P/ASX 200 lost 1.8%, leading regional losses.

The Nikkei 225 lost 1.13% and the Topix 1.1%. Samsung Electronics predicted a 96% drop in its second quarter operating profit, sending the Kospi down 1.14%.

• EU Markets

European stock markets plunged Thursday after U.S. economic statistics.

Stoxx 600 fell 2.5%. All industries and major bourses lost.

Strong jobs numbers in the U.S. pushed 10-year Treasury rates above 4%, suggesting the Federal Reserve may tighten fiscal policy.

STOCK IN NEWS

• Ideaforge Technology: The drone manufacturer will list on July 7. Shares will cost Rs 672 each.

• Sobha: The south-based real estate developer registered a 27.9 percent year-on-year increase in total sales at Rs 1,465 crore for the quarter ended June FY24, the highest quarterly sales value ever. Sales volume climbed by 2.6 percent to 1.39 million square feet. Compared to last year, quarter price realisation rose 24.6 percent to Rs 10,506 per square foot.

• Titan Company: The jewelry-to-watch maker’s June FY24 revenue grew 20% year-over-year, with all core consumer sectors growing double-digits. Titan now has 2,778 stores, including CaratLane.

• Dabur India: The FMCG giant’s consolidated business, including recently acquired Badshah Masala, is set to expand above 10% YoY for the quarter. The foreign business is likely to report double-digit growth in constant currency due to international inflation moderating. High-single-digit growth is projected in India.

• JK Cement: JK Maxx Paints bought 20% of Acro Paints in a second tranche for Rs 60.24 crore. Thus, JK Maxx Paints has bought Acro Paints’ 80 percent interest immediately.

• Capacite Infraprojects: The construction engineering company raised Rs 96.3 crore after its board approved the preferential allotment of 56.65 lakh equity shares at Rs 170 per share to 17 non-promoters, including Param Value Investments, Vikas Vijaykumar Khemani, Capri Global Holding, and Value Prolific Consulting.

• Indian Hotels: India’s leading hospitality group signed deals for 11 hotels and opened 5 additional hotels across destinations to reach 270 hotels. The company is on track to reach 325 hotels by 2025 with its 270-hotel portfolio.

• Reliance Industries: The National Company Law Tribunal, Mumbai approved Reliance Strategic Investments’ scheme of arrangement. The company and Reliance Strategic Investments will set the equity share allotment and listing record date. 

• Aster DM Healthcare: The healthcare company bought 2.36% of Malabar Institute of Medical Sciences, which runs Kerala hospitals. The acquisition boosted Malabar Institute of Medical Sciences shares from 76.01% to 78.37%.

Deals

• Eris Lifesciences: HDFC Mutual Fund bought 13.5 lakh equity shares or 0.99% of the pharma company via open market transactions at an average price of Rs 697 per share, totaling Rs 94.09 crore. Shah Rakesh sold 27 lakh shares for Rs 188.19 crore.

• Sat Industries: Societe Generale, a European financial services corporation, bought 16.1 lakh shares, or 1.42%, at Rs 85.05 per share.

• Piramal Enterprises: New World Fund Inc and Small Cap World Fund Inc sold all 34.62 lakh equity shares and 23.92 lakh equity shares, respectively, at Rs 941.15 per share. Stake sales totaled Rs 551.03 crore.

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