Opening Bell:
Gift Nifty is up by 30.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets rose on Tuesday, tracking moves on Wall Street as U.S. markets snapped a three-day losing streak. Australia will release consumer confidence surveys out from Australia, while the Philippines will also publish its trade numbers for June. In Australia, the S&P/ASX 200 climbed 0.22% and Japan’s Nikkei 225 advanced 0.6%, while the Topix saw a smaller gain of 0.32%. South Korea’s Kospi led gains in the region among benchmark indexes, gaining 0.69%, while the Kosdaq was up 0.74%. Hong Kong’s Hang Seng index looks to extend its gains from Monday, with futures at 18,642 compared to the HSI’s last close of 18,479.72.
US stocks ended higher on Monday following last week’s losses, while Federal Reserve officials’ comments bolstered the view that the U.S. central bank may be near the end of its tightening cycle. The S&P 500 added to slight gains before the close, with caution prevailing for much of the session ahead of Wednesday’s consumer prices report and the start of second-quarter earnings later this week. The Dow Jones Industrial Average rose 209.52 points, or 0.62%, to 33,944.4, the S&P 500 gained 10.58 points, or 0.24%, at 4,409.53 and the Nasdaq Composite added 24.77 points, or 0.18%, at 13,685.48.
Stocks News:
👉Vedanta Ltd plans to go ahead with its semiconductor business venture despite Taiwan’s Foxconn pulling out of the joint venture which planned to invest $19.5 billion to set up a manufacturing unit in Gujarat, the metals and mining company said late July 10. In a major blow to billionaire Anil Agarwal’s ambitious plan to set up a semiconductor unit in India — a project that has thus far been mired in controversy — Hon Hai Technology Group, widely known as Foxconn, said that it will split from its JV partner Vedanta but continue to look for local partnerships in India.
👉Tata Communications: Subsidiary Tata Communications International Pte Ltd (TCIPL) has entered into a share purchase agreement to acquire remaining equity ownership of Oasis Smart Sim Europe SAS (OSSE France). As a result, TCIPL will increase its equity shareholding in OSSE France from its current stake of 58.1% to 100%.
👉Sanghvi Movers: The crane rental company has received work orders worth Rs 150 crore from Independent Power Producers (IPP) in the renewable energy sector. The company will provide crane rental services along with allied services. Crane services account for approximately 50% of the total contract value. These contracts are of 18 months duration.
👉State Bank of India: The country’s largest lender has proposed to participate in an initial public offering (IPO) of National Securities Depositories (NSDL) through an offer-for-sale of up to 2% equity stake or 40 lakh shares in NSDL. The bank holds 5% stake in NSDL.
👉Foreign institutional investors (FII) bought shares worth Rs 588.48 crore, while domestic institutional investors (DII) purchased shares worth Rs 288.38 crore on July 10, provisional data from the National Stock Exchange (NSE) shows.
Domestic and International Events
- The Union government has collected Rs 4.75 lakh crore in direct taxes in the first quarter of 2023-24, the Finance Ministry said on July 9. As per the ministry, as on July 9, the direct tax collected was 15.87 percent higher compared to the same period last financial year. This collection is 26.05 percent of the total budget estimates of direct taxes for FY 2023-24. Refunds amounting to Rs. 42,000 crore have been issued during April 1 to July 9, which are 2.55 percent higher than refunds issued during the same period in the preceding year, the ministry said. The overall rate of growth is faster than what the government had anticipated. In the Union Budget for 2023-24, presented by Finance Minister Nirmala Sitharaman on February 1, direct tax collections were seen rising 10.5 percent from 2022-23.
- Small suppliers on e-commerce platforms should be allowed to conduct inter-state supplies devoid of GST registration if their turnover does not go beyond a certain level, recommends think tank Global Trade Research Initiative. The GST Council has exempted small businesses when it comes to taking GST registration concerning intra-state supplies via e-commerce platforms if their turnover is under Rs 40 lakh in relation to goods and Rs 20 lakh in relation to services.
- Oil prices edged higher on Tuesday, recouping some of the losses from the previous session, as traders focused on supply cuts by the world’s biggest oil exporters Saudi Arabia and Russia and awaited data that could help ascertain demand. Brent crude futures rose 33 cents, or 0.4%, to $78 a barrel by 0050 GMT, and U.S. West Texas Intermediate crude was up 35 cents, or 0.5%, at $73.34.
- Gold prices were steady in early Asian hours on Tuesday as investors maintained a cautious stance ahead of U.S. inflation data that could influence the Federal Reserve’s rate policy trajectory. Spot gold held its ground at $1,925.89 per ounce by 0047 GMT. U.S. gold futures were flat at $1,931.30.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,480 | 0.6 % |
| Shanghai Composite | 3,204 | 0.2 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,944 | 0.6 % |
| DAX | 15,673 | 0.5 % |
| FTSE 100 | 7,274 | 0.2 % |
| Nikkei | 32,190 | (0.6) % |
| Straits Times | 3,149 | 0.3 % |
