Opening Bell:
Gift Nifty is down by 25.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asian share were mixed on Monday as investors looked ahead to a key reading on U.S. inflation and the start of another corporate earnings season. S&P 500 futures were little changed as of 9:09 a.m. Tokyo time. The S&P 500 fell 0.3% on Friday, Nasdaq 100 futures were little changed. The Nasdaq 100 fell 0.4%, Japan’s Topix index rose 0.2%, Australia’s S&P/ASX 200 Index rose 0.6%, Hong Kong’s Hang Seng futures rose 2.1%.
Wall Street’s main indexes ended lower on Friday in a seesaw session, as investors digested a U.S. jobs report that showed weaker-than-expected growth and awaited more economic data and corporate earnings in the weeks ahead. On Friday, the Dow Jones Industrial Average fell 187.38 points, or 0.55%, to 33,734.88, the S&P 500 lost 12.64 points, or 0.29%, to 4,398.95 and the Nasdaq Composite dropped 18.33 points, or 0.13%, to 13,660.72.
Stocks News:
👉Reliance Industries: Reliance Industries said the board of directors of Reliance Retail has approved reduction of the equity share capital to the extent held by shareholders other than its promoter and holding company Reliance Retail Ventures. A consideration of Rs 1,362 per share, determined on the basis of valuation obtained from two reputed independent registered valuers, will be paid towards the capital reduction. RIL has fixed July 20 as the record date for the purpose of determining the equity shareholders who are entitled to receive shares of Reliance Strategic Investments (RSIL). Under the scheme of arrangement, Reliance Strategic Investments will allot one fully paid-up equity share of RSIL of face value of Rs 10 each, for every one share of Reliance Industries as on the record date. Reliance Strategic Investments will then be renamed as Jio Financial Services (JFSL).
👉HDFC Bank: MSCI has added HDFC Bank to its Global Standard Indexes, after the merger of HDFC. Accordingly, HDFC (Housing Development Finance Corporation) is deleted from the indices. The changes in MSCI Global Standard Indexes will be effective from July 13. The Bank is going to offload 2% equity stake, the second tranche, via offer for sale in National Securities Depository (NSDL) IPO. The bank, which currently holds 8.95% stake in NSDL, had offloaded 1% stake (the first tranche) in December 2022 for Rs 110 crore at Rs 2,750 per share.
👉Tata Motors: The company has announced group global wholesales, including Jaguar Land Rover, for April-June quarter of FY24, at 3.22,159 vehicles, a 5% growth over Q1FY23. Global wholesales of commercial vehicles and Tata Daewoo fell by 15% YoY to 88,456 vehicles, but global wholesales of passenger vehicles increased by 8% to 1.4 lakh units in the same period. Global wholesales for Jaguar Land Rover were at 93,253 vehicles including Jaguar wholesales for the quarter at 10,324 vehicles and Land Rover at 82,929 vehicles.
👉Vedanta: The natural resources and technology conglomerate has added semiconductors and display glass manufacturing ventures to its diversified portfolio. It has received approval from its board of directors for the acquisition of 100% in Vedanta Foxconn Semiconductors (VFSPL) and Vedanta Displays (VDL) via share transfer at face value. VFSPL and VDL are wholly owned subsidiaries of Twin Star Technologies (TSTL), and TSTL is a wholly owned subsidiary of Volcan Investments, the ultimate holding company of Vedanta.
👉Foreign institutional investors (FII) bought shares worth Rs 790.40 crore, whereas domestic institutional investors (DII) sold shares worth Rs 2,964.23 crore on July 7, provisional data from the National Stock Exchange shows.
Domestic and International Events
- The CII Business Confidence Index (CII- BCI) improved to a reading of 66.1 in Q1 (Apr-Jun FY24) as compared to 64.0 in the previous quarter showing a positive momentum in indicators such as GST collection and air & rail passenger traffic. 63 per cent of over 180 firms surveyed in the Business Outlook Survey (63 per cent) expect India’s GDP growth to be 6-7 per cent for FY24.
- The US economy added the fewest jobs in 2-1/2 years in June, but persistently strong wage growth pointed to still-tight labor market conditions that most certainly ensure the Federal Reserve will resume raising interest rates later this month. Job growth averaged 278,000 per month in the first half of the year. The economy needs to create 70,000-100,000 jobs per month to keep up with growth in the working-age population.
- Oil prices dipped in early Asian trade on Monday as investors tread cautiously ahead of fresh economic data from top consumers the United States and China this week, while expected crude supply cuts from Saudi Arabia and Russia supported the market. Brent crude futures fell 22 cents, or 0.3%, to $78.25 a barrel by 0107 GMT, and US West Texas Intermediate crude was at $73.57 a barrel, down 29 cents, or 0.4%.
- Gold prices edged higher in early Asian hours on Monday after U.S. jobs data last week cast doubts over the labour market’s strength, prompting investors to be more sceptical of the Federal Reserve’s rate hike trajectory. Spot gold was up 0.1% at $1,925.49 per ounce by 0104 GMT. U.S. gold futures were down 0.1% to $1,931.00 per ounce
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,366 | (0.9) % |
| Shanghai Composite | 3,197 | (0.3) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,735 | (0.6) % |
| DAX | 15,603 | 0.5 % |
| FTSE 100 | 7,257 | (0.3) % |
| Nikkei | 32,388 | (1.2) % |
| Straits Times | 3,139 | (0.4) % |
