Opening Bell:
Gift Nifty is up by 66.0 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets showed mixed performances on Thursday, influenced by an overnight rally on Wall Street following the US Fed policy announcement. Japan’s Nikkei 225 fell by 2.2%, and the Topix dropped by 2.48%. In contrast, South Korea’s Kospi increased by 0.42%, and the Kosdaq surged by 1.38%. Meanwhile, Hong Kong’s Hang Seng index futures pointed to a lower opening.
The US stock market surged on Wednesday following the Federal Reserve’s decision to keep interest rates unchanged. The Dow Jones Industrial Average increased by 99.46 points, or 0.24%, to 40,842.79. The S&P 500 rose 85.86 points, or 1.58%, to 5,522.30. The Nasdaq Composite experienced the largest gain, climbing 451.98 points, or 2.64%, to 17,599.40.
Stocks News:
👉 Coal India reported a 4% year-on-year increase in consolidated net profit, reaching ₹10,959 crore for the quarter ended June 30, 2024. Revenue from operations rose by 1.3% to ₹36,465 crore in Q1FY25, up from ₹35,983 crore in the same period last year.
👉 BHEL reported a net loss of ₹211.4 crore, compared to ₹205 crore in the previous fiscal. Revenue for the quarter increased by 9.6% to ₹5,485 crore, up from ₹5,003 crore.
👉 Mahindra & Mahindra (M&M) reported a net profit of ₹2,612 crore and revenues of ₹27,039 crore. The automotive segment saw a 13% year-on-year increase in revenue to ₹18,947 crore. Additionally, the EBIT margin for the auto segment grew to 9.5%, up from 7.7% year-on-year.
👉 Adani Power reported a 55% year-on-year decline in net profit, falling to ₹3,900 crore from ₹8,759 crore in the previous fiscal year. Revenue for the quarter increased by 29% year-on-year to ₹14,717 crore, up from ₹11,005 crore in Q1FY24.
👉 Maruti Suzuki India reported a 47% year-on-year increase in net profit for Q1FY25, reaching ₹3,650 crore. Revenue for the same period rose by 10% year-on-year to ₹35,531 crore.
👉 The foreign institutional investors (FIIs) extended their selling as they sold equities worth Rs 3,462 crore on July 31, while domestic institutional investors bought equities worth Rs 3,366 crore on the same day.
Domestic and International Events
- India’s fiscal deficit for the first quarter narrowed to 8.1% of the FY25 estimate, compared to 25.3% during the same period in the previous year. The Q1 fiscal deficit was ₹1.36 lakh crore, down from ₹4.51 lakh crore in the corresponding period last year. Based on the ₹16.13 lakh crore target set in the 2024 Budget, the fiscal deficit for Q1FY25 stood at 8.43% of the FY25 estimate.
- India’s core sector growth fell to a 20-month low of 4% in June, down from 6.4% in the previous month. For Q1FY25, core sector growth eased to 5.7% compared to 6% year-on-year.
- The US Federal Reserve’s Federal Open Market Committee (FOMC) maintained its key interest rates at 5.25% – 5.50% for the eighth consecutive meeting. However, they signaled a potential rate cut as early as September. Fed Chair Jerome Powell stated that if US inflation continues to decline, “a reduction in our policy rate could be on the table” at the next meeting in September.
- Japan’s factory activity contracted modestly in July due to weak domestic and overseas demand. The final au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) fell to 49.1 in July, down from 50.0 in June.
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,345 | 2.0 % |
| Shanghai Composite | 2,939 | 2.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 40,843 | 0.2 % |
| DAX | 18,509 | 0.5 % |
| FTSE 100 | 8,368 | 1.1 % |
| Nikkei | 39,102 | 1.5 % |
| Straits Times | 3,456 | 0.4 % |
