Sensex closed at 65205 level : while Nifty at 19329 level

Indian Market 

FII AND DII 

Indian Market News 

1. Sensex up 487 points, Nifty above 19,300 with metal, oil & gas leading the way while IT and pharma lagged
2. India’s June manufacturing PMI was 57.8 versus 58.7, month over month.
3. The SGX Nifty will be renamed the GIFT Nifty and all derivative contracts, worth $7.5 billion, will move to India.
4. Fitch: India’s downstream oil and gas profitability will increase, while the upstream sector will stay robust.
5. The deposits of Dhanlaxmi Bank increased by 6% in the first quarter to Rs 13,374 crore, while advances increased by 15% to Rs 10,044 year over year.
6. Maruti Suzuki produced 1,37,133 units in June as opposed to 1,44,409 units year over year, a 5 percent decrease.
7. Bank of Maharashtra’s Q1 gross advances increased by 25% to Rs. 1,75,603 billion.
8. The broader index in India is off to a flat start, according to GIFT Nifty.
9. Prospects of an aggressive Fed rate-hike path cause gold to decline.
10. In June, FPI investment reached a 10-month high of Rs 47,148 billion.
11. China’s June manufacturing output slows as conditions deteriorate, according to the Caixin PMI
12. In June, Japan’s factory activity contracted once further due to weak orders. 
13. Fears of a global economic slowdown cause oil prices to fall.
14. In June, GST collections totaled Rs. 1.61 lakh crore, increasing 11.7% from the prior year.
15. Indian currency holdings fell by $2.9 billion to $593.19 billion. 
16. The IdeaForge Technology IPO closes with a 106.05 times subscribed issue. 
17. On the last day, Cyient DLM IPO subscriptions were over 67.3 times.
18. As investors take in private reports on manufacturing activity, Asia-Pacific markets increase.
19. The RBI’s substantial dividend contributes to keeping the Center’s April-May fiscal deficit at Rs. 2.1 lakh crore.
20. Fed bank :-Total deposits increased by 21.4%As of June 30,2022, the Bank’s gross advances increased by 20.9%, The ratio of retail to wholesale is 54:46.
21. An agreement with the Indian Navy was signed by Mazagon Dock Shipbuilders for a total of Rs 2,725 billion.
22. After securing a 400-drone deal, Paras Defence gained 2%.
23. In June 2023, M&M sold 62,429 automobiles.
24. Ashish Kacholia, an investor, purchases Rs 13.28 crore worth of shares of Vasa Denticity
25. GQG Partners buys Rs 1,678 crore worth of Adani Transmission shares, while the promoter sells 3% of the company.
26. The shares of Aditya Birla Capital reached a 52-week high after the company raised Rs 3,000 crore.
27. Total sales for TVS Motor Company in June 2023 increased by 3% to 3.16 lakh units from 3.08 lakh units year over year.

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• RBI’s large dividend limits Centre’s April-May fiscal deficit to Rs 2.1 lakh crore.

  The Controller General of Accounts reported on June 30 that India’s budget deficit rose to Rs 2.10 lakh crore in April-May.

  The first two months’ fiscal deficit was Rs 2.10 lakh crore, 11.8 percent of the full-year projection of Rs 17.87 lakh crore.Fiscal deficit was 12.3% of target in the first two months of 2022-23.

  In May, non-tax revenue tripled to Rs 1.24 crore, lowering the budget deficit to Rs 76,692 crore, the second-lowest in 13 months and down from Rs 1.29 lakh crore in My 2022. Last month, the Reserve Bank of India (RBI) dividend exceeded expectations, increasing tax revenue.

• First warehousing company submits draft InvIT filings to fund Rs 1,500 crore.

  NDR Warehousing, sponsored by Bahrain’s Investcorp, has filed draft documents with Sebi to finance Rs 1,500 crs via the InvIT route, according to numerous industry sources.

  This would be India Inc’s first warehousing business InvIT IPO. TVS Logistics and Industrial Parks also considers an InvIT capital raise.

  The market regulator received the draft materials. “This will be a privately listed InvIT,” one person stated.

  Another source informed Moneycontrol that the InvIT will pay off debt and build new projects.

• India’s foreign reserves dip $2.9 bn to $593.19 billion.

  Friday’s Reserve Bank report showed India’s currency reserves fell $2.901 billion to $593.198 billion.Last week, reserves rose $2.35 billion to $596. In October 2021, the country’s forex kitty reached $645 billion, a record high. The central bank uses its reserves to defend the currency against global pressures, reducing them.

  According to the RBI’s Weekly Statistical Supplement released Friday, foreign currency assets, a major reserve component, fell $2.212 billion to $525.44 billion for the week ended June 23.

• GST revenue rose 11.7% to Rs 1.61 lakh crore in June.

  On July 1, the Ministry of Finance reported collecting Rs 1.61 lakh crore in GST in June. This is the third-highest monthly mop-up since the new indirect tax framework was adopted exactly six years ago.

  GST collection in June rose 11.7 percent year-over-year and 2.8 percent from May to Rs 1.61 lakh crore.

  Central GST was 31,013 crore, State GST 38,292 crore, Integrated GST 80,292 crore, and compensatory cess 11,900 crore.

• IdeaForge Technology IPO closes, 106.05 times subscribed.

  The Rs 567-crore IdeaForge Technology IPO attracted 49.3 crore equity shares against the IPO size of 0.46 crore shares. June 30, the last day of bidding, saw 106.05 subscriptions.

  Since the market was closed on June 29, Sebi extended the subscription period to June 30. Launched June 26.

  Retail investors, who have a 10% reserve in the issue size, bought 85.16 times their piece, while employees bought 96.58 times theirs.

  Employees will receive 13,112 equity shares at a discount of Rs 32 per share.

Global Market Update

• Gift Nifty

The Gift Nifty, which gained 15 points on Monday, predicts a flat start for the larger index. There were 19,360 points in the futures.

• USA

Wall Street’s three major indexes all made significant gains on Friday, with the tech-heavy Nasdaq recording its largest first-half increase in forty years and Apple closing with a $3 trillion market capitalization for the first time.

After reaching a new high of $194.48, Apple Inc. broke the $3 trillion barrier for the first time since January 2022, gaining 2.3 percent to close at $193.97. It was boosted by rising interest in growth firms in general and wagers that the producer of the iPhone will thrive in new areas.

With a gain of more than 31%, the Nasdaq had its best first half performance in 40 years. With an increase of around 39%, the Nasdaq 100 index of leading technology stocks posted its best first-half performance ever.

The Nasdaq Composite increased 196.59 points, or 1.45 percent, to 13,787.92, the S&P 500 increased 53.94 points, or 1.23 percent, to 4,450.38, and the Dow Jones Industrial Average increased 285.18 points, or 0.84 percent, to 34,407.6.

• ASIA

1. As investors analysed a flood of factory activity reports from the region, Asian markets increased.

    

2. Later on in the day, China’s Caixin manufacturing purchasing managers index will be made public. Reuters polled economists, and they predict a small expansion despite official government figures showing a third consecutive month of loss.

    

3. Mainland The Shanghai Composite and Shenzhen Component both rose 0.4 percent and 0.7 percent, respectively, in the opening hour of trading on the Chinese stock exchanges. The Hang Seng index in Hong Kong increased by 1.1 percent, and the Hang Seng Tech index increased by almost 2 percent.

    

4. Today will see the publication of private polls on industrial activity for certain ASEAN nations as well as for Japan, South Korea, Taiwan, and India.

STOCK DEALS 

• Vasa Denticity: Ashish Rameshchandra Kacholia, a renowned investor, purchased 4.39 lakh equity shares in Vasa Denticity through open market transactions for an average cost of Rs. 302.59 per share. Maven India Fund sold 85,000 shares at an average price of Rs 303.71 per share, and Founders Collective Fund offloaded 1.2 lakh equity shares in the company for an average price of Rs 301 per share.
• Adani Transmission: In open market transactions, GQG Partners Emerging Markets Equity Fund purchased 72.59 lakh shares and Goldman Sachs Trust II – Goldman Sachs GQG Partners International Opportunities Fund acquired 1.4 crore equity shares in the Adani Group company for a total of Rs 1,675.75 crore. Fortitude Trade and Investment, the business’s promoter, sold all 3.39 crore shares, or 3.04% of the company, for an average price of Rs 786.17 per share, or Rs 2,666.5 crore.
• GHCL Textiles: At an average price of Rs 73.22 per share, Vanguard Moderate Growth Fund sold 4.88 lakh shares, or 0.51% of the company.
• Karnataka Bank: At an average price of Rs 184.07 per share, Quant Mutual Fund purchased 38 lakh shares, or 1.21% of the private sector lender.
• Marathon Nextgen Realty: Societe Generale, a financial services company with headquarters in Europe, purchased 10 lakh shares of Marathon Nextgen Realty at an average cost of Rs. 312.05 per share.
• Syrma SGS Technology:: South Asia Growth Fund II Holdings LLC, a foreign corporation, has left Syrma SGS Technology, a provider of electronics manufacturing services & solutions, by selling the remaining 29.17 lakh shares at an average price of Rs 439 per share. Since May, South Asia Growth Fund has been selling shares in the business. However, at an average price of Rs 439 per share, BNP Paribas Arbitrage purchased 9.5 lakh shares and Nomura Funds Ireland Public Limited Company – Nomura Funds Ireland – India Equity acquired 11 lakh shares in Syrma.
• TD Power Systems: Through open market transactions, the company’s promoters, Chartered Capital and Investment, Hitoshi Matsuo, Mohib Nomanbhai Khericha, Nikhil Kumar, Sofia Mohib Khericha, and Saphire Finman Services LLP, sold 3.7 crore equity shares, or 23.74% of the company, for a total of more than Rs 800 crore. Promoter ownership of TD Power was 58.5% as of March 2023.
• Easy Trip Planners: Promoter Rikant Pittie sold 10 crore equity shares, or 5.75% of the company, for a total of Rs 400.5 crore, or an average price of Rs 40.05 per share. However, at an average price of Rs 40 per share, Societe Generale purchased 1.5 crore shares of the company.

STOCK IN NEWS

• Housing Development Finance Corporation: On July 1, Housing Development Finance Corporation (HDFC) and HDFC Bank merged, with the merger’s record date being July 13. Existing HDFC shareholders will own 41% of the bank, making public shareholders the sole owners of HDFC Bank.
• Reliance Industries: Production has begun at the MJ field, according to Reliance Industries (RIL) and BP Plc. The RIL-bp consortium’s three significant new deep-water developments, including the MJ field, have all been produced in block KG D6 off the coast of India. When MJ field reaches its peak production, the three fields should collectively generate 30 million standard cubic meters of gas per day (or 1 billion cubic feet per day).
• NMDC: The state-owned iron ore miner said that its total production and sales increased by 20% and 45% YoY in Q1 of FY24. The company produced 10.70 million tonnes and sold 11.15 million tonnes of iron ore during the quarter.
• Tata Motors: The Tata Group company reported June 2023 sales of 81,673 units, a decrease of 1.08% from the 82,570 units sold during the same period last year. In-country sales decreased 1% to 80,383 units.
• Maruti Suzuki India, the largest automaker in the nation, sold 1.59 lakh vehicles in June 2023, up 2.3% from the 1.55 lakh vehicles it sold during the same period in the previous year. 1.39 lakh units were sold domestically, up 5.77%, while only 19,770 units were exported, a 17% decline.
• Kubota escorts: The agro machinery business division sold 9,850 tractors in June 2023, a decrease of 2% from the 10,051 tractors sold in June 2022. Exports decreased by 26.2% to 580 tractors during the same time, while domestic sales increased by 0.1% to 9,270 tractors.
• Hero MotoCorp, the largest motorcycle and scooter manufacturer in the nation, sold 4.36 lakh units in June 2023, a 9.9% decrease from the 4.84 lakh units it sold in the same month a year earlier. In the same time, domestic sales fell 8.7% to 4.2 lakh units while exports fell 34.3% to 14,236 units.
• Eicher Motors: According to sales figures released by Eicher’s Royal Enfield, the company sold 77,109 units in June 2023, up 26% from the 61,407 units it sold in the same month the previous year. Domestic sales increased by 34% to 67,495 units, but exports decreased 14% to 9,614 units. In June 2023, its VECV sales increased by 6.5% YoY to 6,715 units.
• UltraTech Cement: India’s total sales volume in Q1FY24 increased by 20% YoY to 29.01 million tonnes, and total consolidated sales volume up by 20% YoY to 29.96 million tonnes, according to UltraTech Cement, the nation’s largest cement manufacturer. In Q1FY24, the capacity utilization was around 90%.
• Aditya Birla Capital: Through a qualified institutional placement (QIP) of equity shares worth Rs 1,750 crore and a preferential issuance of equity shares worth Rs 1,250 crore to its promoter and promoter group entity, Grasim Industries and Surya Kiran Investments Pte Ltd, respectively, Aditya Birla Capital has successfully raised Rs 3,000 crore.

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