Opening Bell:
Gift Nifty is down by 64.0 points in the early morning trade, indicating a negative opening for Indian stock market
Asian markets traded lower on Thursday after a selloff in U.S. chip stocks overnight, driven by rising geopolitical tensions. Japan’s Nikkei 225 plunged more than 2%, while the Topix declined 1.13%. South Korea’s Kospi dropped 1.27%, and the Kosdaq fell 1.48%. Futures for Hong Kong’s Hang Seng index pointed to a lower opening. In the currency market, Japan’s yen reached a six-week high, rising 0.5% to 155.37 per dollar.
The U.S. stock market ended mixed on Wednesday, with the S&P 500 and the Nasdaq experiencing significant losses as tech stocks plunged. The Dow Jones Industrial Average rose by 0.59%. In contrast, the S&P 500 fell by 1.39%, and the Nasdaq Composite dropped by 2.77%
Stocks News:
👉 Asian Paints Q1 (Consolidated YoY): Net profit fell by 24.6% to Rs 1,186.8 crore compared to Rs 1,574.8 crore in the same period last year. Revenue declined by 2.3% to Rs 8,969.7 crore from Rs 9,182.3 crore. EBITDA dropped by 20.2% to Rs 1,693.8 crore versus Rs 2,121.3 crore. Additionally, the margin sank 420 basis points to 18.9% from 23.1%.
👉 LTI Mindtree Q1 (Consolidated QoQ): Net profit grew by 3.1% to Rs 1,135.1 crore from Rs 1,100.7 crore in the previous quarter. Revenue rose by 2.8% to Rs 9,142.6 crore compared to Rs 8,892.9 crore. EBIT increased by 4.8% to Rs 1,370.9 crore versus Rs 1,308.7 crore. The EBIT margin expanded to 15% from 14.7%. Revenue in dollar terms was up 2.5% at USD 1,096.2 million compared to USD 1,069.4 million.
👉 L&T Finance Q1 (Consolidated YoY): Net profit jumped by 29.1% to Rs 685.5 crore compared to Rs 531 crore in the same period last year. Revenue rose by 17.4% to Rs 3,784.4 crore from Rs 3,223.3 crore. Net interest income grew by 23% to Rs 2,020 crore versus Rs 1,644 crore. The consolidated book size increased by 13% to Rs 88,717 crore from Rs 78,566 crore..
👉 Network18 Media and Investments Q1 (Consolidated YoY): Revenue fell by 3% to Rs 3,141 crore compared to Rs 3,239 crore in the same period last year. The operating EBITDA loss stood at Rs 148 crore versus a loss of Rs 84 crore.
👉 TV18 Broadcast Q1 (Consolidated YoY): Revenue dropped by 3% to Rs 3,069 crore compared to Rs 3,176 crore in the same period last year. The operating EBITDA loss was Rs 109 crore, up from a loss of Rs 54 crore. TV News EBITDA was Rs 40 crore, compared to an EBITDA loss of Rs 6 crore. The entertainment business EBITDA loss increased to Rs 149 crore from an EBITDA loss of Rs 49 crore.
Domestic and International Events
- Production at U.S. factories increased more than expected in June. Factory output rose by 0.4% last month, following an upwardly revised 1.0% increase in May. Economists polled by Reuters had forecast a 0.2% increase in factory output after a previously reported 0.9% jump in May. On a year-on-year basis, factory production surged 1.1% in June.
- Japanese exports rose in June for the seventh consecutive month, though the pace of growth slowed, according to recent data. Exports increased by 5.4% year-on-year in June, below the 6.4% rise anticipated by economists in a Reuters poll and down from the 13.5% growth recorded in May. Imports grew by 3.2% in June compared to the previous year, shifting the trade balance to a surplus of 224 billion yen ($1.44 billion) from a deficit of 1.2 trillion yen ($7.7 billion) in May. Expectations were for a deficit of 240 billion yen.
- Crude oil prices extended gains following the largest daily increase in over five weeks, as U.S. crude stockpiles fell for the third consecutive week. Brent crude oil rose by 0.15% to $85.21 per barrel, while U.S. West Texas Intermediate (WTI) crude futures increased by 0.37% to $83.16 per barrel.
- Gold prices remained steady on Tuesday, driven by expectations that the Federal Reserve will cut interest rates this year. Spot gold was at $2,422.12 per ounce, while US gold futures dipped slightly by 0.1% to $2,425.60 per ounce.
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,785 | (2.8) % |
| Shanghai Composite | 2,959 | (0.1) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 40,212 | 0.5 % |
| DAX | 18,437 | (0.4) % |
| FTSE 100 | 8,183 | (0.9) % |
| Nikkei | 41,191 | (2.5) % |
| Straits Times | 3,498 | 0.7 % |
