Opening Bell:
Gift Nifty is up by 124.5 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets traded higher on Monday ahead of a week filled with key central bank decisions in Japan, the US, and the UK. Japan’s Nikkei rallied 2.02%, while the Topix gained 1.52%. South Korea’s Kospi rose 0.8%, and the Kosdaq added 0.48%. However, Hong Kong Hang Seng index futures indicated a lower opening.
The US stock market ended higher on Friday, driven by buying in megacap technology stocks and boosted by inflation data that increased optimism for potential interest rate cuts by the US Federal Reserve. The Dow Jones Industrial Average rallied 1.64% to 40,589.34, while the S&P 500 jumped 1.11% to 5,459.10. The Nasdaq Composite Index ended 1.03% higher at 17,357.88.
Stocks News:
👉 ICICI Bank’s Q1 standalone performance saw a 14.6% increase in profit, reaching Rs 11,059.1 crore compared to Rs 9,648.2 crore the previous year. Net interest income rose by 7.3% to Rs 19,552.9 crore from Rs 18,226.5 crore, while the net interest margin dropped to 4.36% from 4.78%. Gross NPA slightly decreased to 2.15% from 2.16% quarter-on-quarter, but net NPA rose to 0.43% from 0.42%. Additionally, non-interest income surged by 23.3%, totaling Rs 6,389 crore compared to Rs 5,183 crore.
👉 IndusInd Bank’s Q1 standalone results saw a 1.3% increase in profit, reaching Rs 2,152.2 crore compared to Rs 2,123.6 crore the previous year. Net interest income jumped 11.1% to Rs 5,407.6 crore from Rs 4,867.1 crore. Provisions soared to Rs 1,049.8 crore, up from Rs 991.6 crore. Gross NPA rose to 2.02% from 1.92% quarter-on-quarter, while net NPA increased to 0.60% from 0.57% quarter-on-quarter.
👉 REC’s Q1 consolidated results saw a 16.6% rise in profit, reaching Rs 3,460.2 crore compared to Rs 2,968 crore the previous year. Revenue increased by 17.8% to Rs 13,078.7 crore, up from Rs 11,103.9 crore.
👉 Dr. Reddy’s Laboratories Q1 consolidated results saw a 1% drop in profit, totaling Rs 1,392 crore compared to Rs 1,402.5 crore the previous year. Revenue grew by 14% to Rs 7,672.7 crore from Rs 6,738.4 crore. EBITDA rose by 1.06% to Rs 2,159.9 crore, up from Rs 2,137.2 crore, but the EBITDA margin declined to 28.2% from 31.7%.
👉 The foreign institutional investors (FIIs) turned net buyers as they bought equities worth Rs 2546 crore on July 26, while domestic institutional investors extended their buying as they bought equities worth Rs 2774 crore on the same day.
Domestic and International Events
- The Indian government is considering a hike in the sugar MSP to help the industry pay sugarcane farmers promptly. Ethanol policies will be set before the next season begins. The sugarcane area has increased slightly and good monsoon rains have improved production outlook.
- US inflation rose moderately in June. The personal consumption expenditures (PCE) price index increased by 0.1% last month after being unchanged in May. Over the 12 months through June, the PCE price index climbed 2.5%, following a 2.6% rise in May. Economists polled by Reuters had forecast both the monthly headline PCE and core inflation to rise by 0.1% in June.
- China’s industrial profits grew at a faster pace in June, with a 3.6% year-on-year rise in profits, following a 0.7% gain in May. First-half earnings increased by 3.5%, accelerating from a 3.4% rise in the January-May period, according to official data.
- Crude oil prices traded higher on Monday from near a six-week low ahead of the OPEC meeting later in the week. Brent crude gained 0.21% to $81.30 a barrel after falling 1.5% on Friday, marking its third consecutive weekly drop. West Texas Intermediate (WTI) crude rose 0.05% to $77.20 a barrel.
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,021 | 0.1 % |
| Shanghai Composite | 2,891 | 0.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 40,589 | 1.6 % |
| DAX | 18,418 | 0.7 % |
| FTSE 100 | 8,286 | 1.2 % |
| Nikkei | 37,667 | (0.5) % |
| Straits Times | 3,426 | (0.1) % |
