Opening Bell:
Gift Nifty is down by 36.0 points in the early morning trade, indicating a negative opening for Indian stock market.
Asia-Pacific markets were lower after minutes from the US Federal Reserve revealed that the central bank was split on its decision to pause its rate hikes in June and sees more hikes ahead at a slower pace. In Japan, the Nikkei 225 fell 1% in its first hour of trade and the Topix shed 0.7%. In South Korea, the Kospi dropped 0.8% while the Kosdaq fell 1.01%. In Australia, the S&P/ASX 200 slid 0.72%. Hong Kong’s Hang Seng index is also set to fall, with futures at 18,956 compared to the HSI’s last close of 19,110.38.
Wall Street’s main indexes ended with modest declines on Wednesday as investors digested minutes from the US Federal Reserve’s latest meeting and braced for significant economic data in the days to come. The Dow Jones Industrial Average (.DJI) fell 129.83 points, or 0.38%, to 34,288.64, the S&P 500 (.SPX) lost 8.77 points, or 0.20%, to 4,446.82 and the Nasdaq Composite (.IXIC) dropped 25.12 points, or 0.18%, to 13,791.65.
Stocks News:
👉JSW Steel: JSW Steel will be replacing HDFC in the BSE Sensex with effect from July 13. JBM Auto Components, Zomato, and APL Apollo Tubes will replace HDFC in S&P BSE500, S&P BSE 100 and S&P BSE 200 indices respectively.
👉DCB Bank: The Reserve Bank of India has granted its approval to Tata Asset Management to acquire shareholding up to 7.5% in DCB Bank through the schemes of Tata Mutual Fund. The approval is valid for one year from the date of RBI letter. Tata Asset Management is also advised by the RBI to ensure that its aggregate shareholding in DCB Bank shall not exceed 7.5% at all times.
👉Adani Wilmar: The Adani Group company has delivered another strong quarter of double-digit volume growth of 25% YoY, capturing the robust consumer demand. The sale of branded products in both edible oils and foods has been much stronger compared to overall sales of respective segments. The Food & FMCG segment recorded a revenue growth of 30%+ YoY to cross Rs 1,000 crore of revenue for the quarter on a standalone basis. The oil and foods recorded around 50% YoY volume growth for the quarter.
👉Ujjivan Small Finance Bank: The small finance bank has reported a 44% year-on-year growth in total deposits at Rs 26,655 crore for quarter ended June FY24 and the sequential growth was 4%. CASA dropped 3% QoQ but increased 27% YoY to Rs 6,550 crore. Disbursements fell 12% QoQ, but grew 22% YoY to Rs 5,280 crore driven by robust growth in microbanking, housing and FIG, while advances grew by 31% YoY and 5% QoQ to Rs 25,346 crore.
👉Foreign institutional investors (FII) bought shares worth Rs 1,603.15 crore, whereas domestic institutional investors (DII) sold shares worth Rs 439.01 crore on July 5, provisional data from the National Stock Exchange shows.
Domestic and International Events
- India’s service sector growth weakened to a three-month low but remained resilient in June amid strong demand, according to a private business survey on Wednesday, despite prices rising at their quickest pace in nearly six years. India’s services PMI reading has been above breakeven for nearly two years, the longest stretch since August 2011. The S&P Global India services Purchasing Managers’ Index (PMI) fell to 58.5 last month from 61.2 in May. Data on Tuesday showed that India’s manufacturing PMI fell to 58.7 in June from 57.8 in May. As a result, India’s composite PMI reading retreated to 59.4 in June from 61.6 in May.
- The report released by United Nations Conference on Trade and Development (UNCTAD) said FDI in developing countries in Asia remained flat year-on-year at $662 billion during 2022 despite clocking about half of global inflows. FDI inflows were higher in developing countries compared with those in developed economies. Globally, FDI declined 12% to $1.3 trillion in 2022 after a strong rebound in 2021 following the steep drop due to the Covid-19 pandemic, according to the report.
- US crude oil gained about 3% on Wednesday, narrowing the price gap with global benchmark Brent in a post-holiday response to supply cuts announced on Monday by Saudi Arabia and Russia. US West Texas Intermediate crude (WTI) rose $2 from Monday’s close, or 2.9%, to settle at $71.79 a barrel. Brent crude futures rose 40 cents, or 0.5%, to settle at $76.65 a barrel, after gaining $1.60 a barrel on Tuesday.
- Gold prices fell on Wednesday, weighed down by an uptick in the dollar and US Treasury yields after minutes from the Federal Reserve’s June policy meeting cemented expectations that rates will stay higher for longer. Spot gold was down 0.5% at $1,916.49 per ounce by 02:32 p.m. EDT (1832 GMT). U.S. gold futures settled 0.1% lower at $1,927.10.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,110 | (1.6) % |
| Shanghai Composite | 3,223 | (0.7) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,289 | (0.4) % |
| DAX | 15,938 | (0.6) % |
| FTSE 100 | 7,442 | (1.0) % |
| Nikkei | 33,339 | (0.3) % |
| Straits Times | 3,185 | (0.6) % |
