Opening Bell:
Gift Nifty is down by 13.0 points in the early morning trade, indicating a negative opening for Indian stock market.
Asia-Pacific markets mixed on Friday after more inflation data out from the U.S. came in softer than expected, raising optimism that inflation could come down without weakening the labor market. The Hang Seng is higher by 0.33%, while the Nikkei 225 is leading the Shanghai Composite lower. They are down 0.30% and 0.03% respectively.
U.S. stocks extended recent gains to end higher on Thursday, with the Nasdaq rising more than 1% for a second straight day, as data showed the annual increase in U.S. producer inflation was the smallest in nearly three years. The Dow Jones Industrial Average rose 47.71 points, or 0.14%, to 34,395.14, the S&P 500 gained 37.88 points, or 0.85%, to 4,510.04 and the Nasdaq Composite added 219.61 points, or 1.58%, to 14,138.57.
Stocks News:
👉Wipro reported a nearly 12% year-on-year (YoY) rise in consolidated net profit for the quarter ended June to Rs 2,870 crore. Sequentially, however, net profit was down by 6.6 percent due to decline in all major financial metrics. The Bengaluru-based IT services major had posted a net profit of Rs 2,563 crore in the year-ago period. Revenue for the quarter grew 6 percent YoY at Rs 22,831 crore as compared to Rs 21,528 crore in Q1FY23, missing estimates of Rs Rs 23,014 crore. The decline in revenue was expected primarily due to persistent weakness in the banking, financial services and insurance (BFSI) vertical as well as its higher exposure to consulting at a time that discretionary spends have fallen.
👉Angel One: The retail stock broking house has recorded a 21.6% year-on-year growth in consolidated profit at Rs 220.8 crore for the quarter ended June FY24, backed by healthy operating and topline performance. Revenue for the quarter at Rs 807.5 crore grew by 18.4% over the same period last year, while EBITDA jumped 20.2% to Rs 320.3 crore and margin expanded by 60 bps to 39.66% in Q1FY24. The company has declared a first interim dividend of Rs 9.25 per share for FY24.
👉Deep Industries: The oil & gas field equipment provider has entered into joint venture arrangement with Euro Gas Systems S R L (EGS), for supplying oil filed equipments to the oil & gas industry. EGS has acquired 26 percent equity stake in joint venture company Deep Onshore Drilling Services and the balance 74 percent stake is held by Deep Industries. Deep Onshore Drilling Services is also a subsidiary of Deep Industries.
👉Rail Vikas Nigam: The state-owned railway company has received Letter of Award from National Highways Authority of India for rehabilitation and upgradation from 4 to 8 laning of Chandikhole- Paradip section of NH-53 in Odisha on HAM mode. The project is worth Rs 808.48 crore.
👉Foreign institutional investors (FII) have net bought shares worth Rs 2,237.93 crore, whereas domestic institutional investors (DII) net sold shares worth Rs 1,196.68 crore on July 13, provisional data from the National Stock Exchange (NSE) shows.
Domestic and International Events
- The government anticipates earning an additional Rs 20,000 crore per annum after the GST Council implemented a 28% tax on full bet value for online gaming, horse racing, and casinos. Indian online gaming companies are currently only paying around 2-3% GST. Last year, the government collected only Rs 1,700 crore GST, which could have been Rs 15,000-20,000 crore if taxed on the full value. The decision has been challenged in the High Court, and the government will be pursuing all cases in the Supreme Court to recover taxes.
- India’s retail inflation hit a three-month high in June due to escalating vegetable prices, reaching 4.81%, which is higher than economists’ expectations of 4.3-4.6%. Despite the likelihood of inflation staying high for a while, economists predict that the Reserve Bank of India will not raise interest rates again. Nevertheless, the Consumer Food Price Index (CFPI) in June increased to 4.49% from 2.91% in May because of late rains in different parts of the country.
- Oil prices rose on Friday on support from tighter supply amid issues in Libya and Nigeria and easing U.S. inflation, which markets hope may bring an end to interest rate hikes in the world’s biggest economy. Brent crude futures rose 27 cents, or 0.3%, to $81.63 per barrel at 0028 GMT. U.S. West Texas Intermediate crude futures rose 35 cents, or 0.5%, to $77.24.
- Gold prices on Thursday fluttered around their highest level in nearly a month, helped by a weaker dollar and expectations that the U.S. Federal Reserve is soon nearing an end to its rate-hike cycle. Spot gold was up 0.2% at $1,960.20 per ounce by 10:18 a.m. EDT (1418 GMT), its highest since June 16. U.S. gold futures rose 0.1% to $1,963.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,351 | 2.6 % |
| Shanghai Composite | 3,236 | 1.3 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,395 | 0.1 % |
| DAX | 16,141 | 0.7 % |
| FTSE 100 | 7,440 | 0.3 % |
| Nikkei | 32,419 | 1.5 % |
| Straits Times | 3,238 | 2.0 % |
