Opening Bell:
SGX Nifty is up by 10.5 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets rose as investors digest a slew of manufacturing activity reports from the region. Mainland China markets were higher: The Shanghai Composite gained 0.4% in its first hour of trade and the Shenzhen Component rose 0.7%. Hong Kong’s Hang Seng index rose 1.1% and the Hang Seng Tech index rose nearly 2%. Private surveys for factory activity in Japan, South Korea, Taiwan and India will be released today as well as for some countries in the ASEAN region.
U.S. stocks rally is cruising into a month that has proven strong in recent years, though equities must navigate employment data and an earnings season that could be precarious, with the Federal Reserve bent on raising U.S. interest rates. The S&P 500 defied recession fears and a U.S. banking crisis to notch a 15.9% gain in the first half. The Nasdaq Composite (.IXIC) powered ahead 31.7% for its biggest first-half increase in four decades.
Stocks News:
👉Reliance Industries: RIL and BP PLC announced commencement of production from the MJ field. The MJ field represents the last of three major new deepwater developments the RIL-bp consortium have brought into production in block KG D6 off the east coast of India. Together, the three fields are expected to produce around 30 million standard cubic metres of gas a day (1 billion cubic feet a day) when MJ field reaches peak production.
👉Vedanta: The subsidiary of Vedanta Resources has decided to initiate a strategic review of its steel and steel making raw materials businesses. The review will begin immediately and evaluate a broad range of options to maximize stakeholder value, including but not limited to a potential strategic sale of some or all of the steel businesses. The company has engaged advisors to assist in this review.
👉Housing Development Finance Corporation: The boards of mortgage lender Housing Development Finance Corporation (HDFC) and leading private sector lender HDFC Bank have approved July 1 as the effective date of merger, and July 13 as the record date. Post the deal, HDFC Bank will be 100 percent owned by public shareholders, and existing shareholders of HDFC will own 41 percent of the bank.
👉Hero MotoCorp: The country’s largest two-wheeler maker will make an upward revision in the ex-showroom prices of its motorcycles and scooters, effective from July 3, 2023. The price increase will be around 1.5% and the exact quantum of increase will vary by specific models and markets.
👉Foreign institutional investors (FII) bought shares worth Rs 6,397.13 crore, while domestic institutional investors (DII) purchased shares worth Rs 1,197.64 crore on June 30, provisional data from the National Stock Exchange shows.
Domestic and International Events
- India’s gross GST revenue collection in June reached Rs 1,61,497 crore, marking a 12% increase compared to the previous year. This is the 15th consecutive month that monthly GST revenue has exceeded Rs 1.4 lakh crore. Additionally, the average monthly gross GST collection for the first quarter of FY 2021-22, FY 22-23, and FY 23-24 were Rs 1.10 lakh crore, Rs 1.51 lakh crore, and Rs 1.69 lakh crore respectively. Domestic transactions accounted for 18% more revenue than in June last year.
- At end-March 2023, India’s external debt amounted to $ 624.7 billion, up S$ 5.6 billion over its level at end-March 2022. “ Excluding the valuation effect, external debt would have increased by $ 26.2 billion instead of $ 5.6 billion at end-March 2023 over end-March 2022” , the Reserve bank said in its latest release.
- Oil prices slipped in early Asian trade on Monday as global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserves offset forecasts of tighter supplies amid OPEC+ cuts. Brent crude futures dropped 20 cents, or 0.3%, to $75.21 a barrel by 0044 GMT after settling up 0.8% on Friday. U.S. West Texas Intermediate crude was at $70.41 a barrel, down 23 cents, or 0.3%, after closing 1.1% higher in the previous session.
- Gold prices edged lower in early Asian trade on Monday, helped by a slightly stronger U.S. dollar, with chances of more interest rate hikes by the Federal Reserve weighing on bullion’s appeal. Spot gold was down 0.1% to $1,917.19 per ounce by 0053 GMT while U.S. gold futures fell 0.2% to $1,925.10.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,916 | (0.1) % |
| Shanghai Composite | 3,202 | 0.6 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,408 | 0.8 % |
| DAX | 16,148 | 1.3 % |
| FTSE 100 | 7,532 | 0.8 % |
| Nikkei | 33,189 | (0.1) % |
| Straits Times | 3,206 | (0.0) % |
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