Opening Bell:
Gift Nifty is down by 23.0 points in the early morning trade, indicating a negative opening for Indian stock market.
The Asia-Pacific markets were mixed on Tuesday Hong Kong’s Hang Seng index looks set for a strong rebound after the index lost more than 2% on Monday, dragged mainly by losses in real estate stocks. HSI futures were at 19,189, compared its last close of 18,668.15. In Japan, the Nikkei 225 fell 0.29% in early trade, while the Topix was down marginally. South Korea’s Kospi traded close to the flatline, while the Kosdaq was 0.32% lower. This comes after the country saw a 0.9% on-year growth in its second-quarter gross domestic product, according to advance estimates. However, Australia’s S&P/ASX 200 extended its gains from Monday, rising 0.24%.
US stock futures were flat on Monday night after the Dow Jones Industrial Average registered its longest winning streak since February 2017. Dow Jones Industrial Average futures inched down 12 points, or 0.03%. Futures linked to the S&P 500 slipped by 0.03%, and Nasdaq 100 futures ticked lower by 0.04%. During regular trading, the Dow added more than 0.5%, marking its 11th consecutive winning session. The 30-stock index also hit its highest level since April 2022 and had its highest close since February 2022. The S&P 500 and the Nasdaq Composite added 0.4% and 0.2.%
Stocks News:
👉Chemicals maker SRF Ltd posted a 41% decline in net profit in the June quarter of the current financial at Rs 359.3 crore, down from Rs 632 crore in the year-ago period. Topline also slipped 14.3 percent year-on-year to Rs 3,338.4 crore in the April-June period from Rs 3,894 crore.
👉Relaxo Footwears reported a consolidated net profit of Rs 56.32 crore for the quarter ended June 2023, up 45.64 percent from Rs 38.67 crore in the year- ago period. The company reported a 10.7 percent YoY (year-on-year) rise in consolidated revenue from operations at Rs 738.82 crore against Rs 667.15 crore year ago. Following earnings, share price of Relaxo closed 2.14 percent higher to Rs 941.40 as of 3.34 pm on NSE.
👉Tata Steel on Monday reported that its cosolidated net profit fell 92% year-on-year to Rs 634 crore for the first quarter ende June. The company had reported a profit of Rs 7,765 crore in the year-ago period. Revenue from operations fell 6% to Rs 59,490 crore in the first quarter, compared with Rs 63,430 crore in the same quarter of last year.
👉TVS Motor on Monday reported a 46% growth in its standalone net profit at Rs 468 crore for the quarter ended June 2023. The same stood at Rs 321 crore in the year-ago period. Revenue from operations during the reporting quarter rose 20% year-on-year (YoY)to Rs 7,218 crore. The company posted its highest-ever operating EBITDA at Rs 764 crore, with a growth of 27% for the first quarter. It was Rs 599 crore in the corresponding quarter of previous year. EBITDA margins improved 60 basis points at 10.6% against 10% in the year-ago period.
👉Foreign institutional investors (FII) sold shares worth Rs 82.96 crore, whereas domestic institutional investors (DII) bought shares worth Rs 934.87 crore on July 24, provisional data from the National Stock Exchange (NSE) shows.
Domestic and International Events
- India’s economy will grow at a solid pace for the rest of this fiscal year and next but well below its potential rate, according to a Reuters poll of economists who also said the employment situation will improve only slightly. The world’s most populous country aspires to leapfrog to the status of a developed nation, riding on the unprecedented demographic dividend, which demands an annual gross domestic product (GDP) growth rate of around 8% for the next 25 years.
- The Centre on July 24 accepted the recommendation of the Central Board of Trustees (CBT) of the Employees’ Provident Fund Organisation (EPFO) to increase the interest rate of deposits in Provident Fund (PF) to 8.15%. The new rate will be applicable for this financial year. Retirement fund body EPFO on March 28, 2023, had marginally raised the interest rate on employees’ provident fund (EPF) deposits to 8.15% for 2022-23 for its over six crore subscribers. As per an official order issued on Monday, the EPFO has asked the filed offices for crediting the interest at 8.15% on EPF for 2022-23 into the accounts of members.
- Oil prices rose on Monday as tightening supply and hopes for Chinese stimulus underpinned Brent at well above $80 a barrel, even as traders expected more rate hikes from US and European central banks. Brent crude futures were up 91 cents, or 1.1 percent, at $81.98 a barrel. US West Texas Intermediate crude was at $78.12 a barrel, also up $1.05, or 1.3 percent.
- Gold prices traded a tight range on Monday as traders braced for a widely anticipated interest rate hike along with clues on future monetary policy from the Federal Reserve this week. Spot gold was mostly unchanged at $1,959.39 per ounce. US gold futures fell 0.3 percent to $1,961.20.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,668 | (2.1) % |
| Shanghai Composite | 3,164 | (0.1) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 35,411 | 0.5 % |
| DAX | 16,191 | 0.1 % |
| FTSE 100 | 7,679 | 0.2 % |
| Nikkei | 32,701 | 1.2 % |
| Straits Times | 3,265 | (0.4) % |
