Opening Bell:
Gift Nifty is up by 13.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets largely fell as investors await the release of private surveys on services activity in China and Japan. In Japan, the Nikkei 225 fell 0.72% in its first hour of trade and the Topix inched 0.5% lower. South Korea’s Kospi meanwhile lost 0.2% and the Kosdaq rose 0.23%. Australia’s S&P/ASX 200 fell 0.2% after the Reserve Bank of Australia held rates at 4.1% on Tuesday. Hong Kong’s Hang Seng index is also set to reverse its gains from Tuesday, with futures at 19,265 compared to the HSI’s close of 19,415.68.
Wall Street’s main indices ended with slim gains in a holiday-shortened session on Monday, helped by a surge in Tesla and strength in bank shares as the second half of the year kicked off on a subdued note. The Dow Jones Industrial Average rose 10.87 points, or 0.03%, to 34,418.47; the S&P 500 gained 5.21 points, or 0.12%, at 4,455.59; and the Nasdaq Composite added 28.85 points, or 0.21%, at 13,816.77.
Stocks News:
👉LTIMindtree: The Index Maintenance Sub-Committee (Equity) of NSE Indices has decided to exclude HDFC and include LTIMindtree in the Nifty50 with effect from July 13. Jindal Steel & Power is going to replace HDFC in the Nifty 100 index and LTIMindtree in Nifty Next 50 index, while Mankind Pharma will replace HDFC in the Nifty 500 index and Jindal Steel & Power in Nifty Midcap 150 index. LIC Housing Finance will replace HDFC in Nifty Financial Services index.
👉State Bank of India: The country’s largest lender has received approval from its Executive Committee of the Central Board (ECCB) for acquiring the entire stake held by SBICAPS in SBICAP Ventures, subject to receipt of all regulatory approvals. SBICAPS is a wholly owned subsidiary of SBI. The estimated cost of capital for the said acquisition will be Rs 708.07 crore.
👉Bandhan Bank: The private sector lender said its loans & advances in quarter ended June FY24 grew by 6.7% YoY to Rs 1.03 lakh crore, but fell by 5.5% QoQ. Total deposits increased by 0.4% QoQ and 16.6% YoY to Rs 1.08 lakh crore. Retail deposits at Rs 77,239 crore rose by 5.9% YoY and bulk deposits increased by 55.4% YoY to Rs 31,240 crore. Sunil Samdani has resigned as Chief Financial Officer (CFO) of the bank to explore professional opportunities outside the bank. His last working day as the CFO would be September 30, 2023.
👉AU Small Finance Bank: The small finance bank has announced a 27% year-on-year growth total deposits at Rs 69,315 crore for quarter ended June FY24. Gross advances grew by 29% to Rs 63,635 crore in same period, while CASA deposits rose by 14% to Rs 24,286 crore.
👉Foreign institutional investors (FII) bought shares worth Rs 2,134.33 crore, whereas domestic institutional investors (DII) sold shares worth Rs 785.48 crore on July 4, provisional data from the National Stock Exchange shows.
Domestic and International Events
- The weighted average cut-off/yield on state government securities (SGS) rose by 5 bps to 7.46 per cent in the auction held on Tuesday, from 7.41 per cent in the last weekly auction, despite a stable weighted average tenor of 16 years and the money raised was in line with the amount indicated for this week in the auction calendar.
- Mumbai-based construction and development company PKH Ventures has decided to withdraw its public issue on the final day of bidding, July 4, due to a subdued response from qualified institutional investors. The public issue, which was opened for subscription on June 30, has managed to get bids for 65 percent shares of the total offer size in the last three days, as per the subscription data available on the exchanges. High net-worth individuals and retail investors have shown a decent response to the offer as the portions set aside for them subscribed 1.67 times and 99 percent, but qualified institutional investors have bought only 11 percent shares of the allotted quota.
- Oil prices eased on Wednesday, paring the previous day’s gain as fears over a global economic slowdown denting fuel demand outweighed expectations of tighter supply due to output cuts announced by top exporters Saudi Arabia and Russia for August. Brent crude was down 14 cents, or 0.2 percent, at $76.11 a barrel by 0027 GMT, after climbing $1.60 on Tuesday.
- Gold held steady on Wednesday ahead of the release of the U.S. Federal Reserve’s latest monetary policy meeting minutes and other economic data, with a firmer dollar keeping prices in check. Spot gold held steady at $1,926.52 per ounce by 0034 GMT, while U.S. gold futures rose 0.3 percent to $1,934.30.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,416 | 0.6 % |
| Shanghai Composite | 3,245 | 0.0 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,418 | 0.0 % |
| DAX | 16,039 | (0.3) % |
| FTSE 100 | 7,520 | (0.1) % |
| Nikkei | 33,423 | (1.0) % |
| Straits Times | 3,204 | (0.1) % |
