Opening Bell:
Gift Nifty is up by 10.0 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets fell on Monday as investors look ahead to key economic data out of China, including gross domestic product figures for the second quarter and industrial output numbers for June. The Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.93% while the Hang Seng is down 0.00%. The Nikkei 225 is not trading. South Korea’s Kospi dipped 0.43%.
The S&P 500 ended down slightly on July 14, with bank and financial shares mostly lower on the day following quarterly reports that kicked off earnings season, but all three major US stock indexes posted solid weekly gains. The Dow Jones Industrial Average rose 0.33%, the S&P 500 lost 0.10%, and the Nasdaq Composite dropped or 0.18%, For the week, the Dow was up 2.3%, the S&P 500 rose 2.4% and the Nasdaq advanced 3.3%. The S&P 500 remains up 17% for the year to date.
Stocks News:
👉JSW Energy: The utilities company has recorded consolidated profit at Rs 290 crore for quarter ending June FY24, declining 48.3% year-on-year despite healthy operating performance, dented by higher finance cost and high base due to exceptional gain of Rs 120 crore in Q1FY23. Revenue from operations fell 3.25% YoY to Rs 2,928 crore during the quarter as incremental revenue from Mytrah and renewable capacity additions was offset by lower realization in thermal assets on account of decline in coal prices.
👉Avenue Supermarts: The D-Mart stores operator has registered a 2.3% year-on-year growth in standalone profit at Rs 695.4 crore for quarter ended June FY24, impacted by lower operating margin. Revenue for the quarter at Rs 11,584.4 crore grew sharply by 18.1% over a year-ago period. On the operating front, EBITDA rose 2.8% YoY to Rs 1,036.5 crore, but margin dropped 133 bps to 8.94% compared to corresponding quarter of previous fiscal.
👉Bandhan Bank: The Kolkata-based private sector lender has registered profit at Rs 721 crore for June FY24 quarter, falling 18.7% year-on-year with lower net interest income and pre-provision operating profit, but provisions and contingencies were down 6.3% YoY. Net interest income dropped 0.9% YoY to Rs 2,491 crore during the quarter, with net interest margin declining 70 bps to 7.3% in the same period. Asset quality weakened with the gross non-performing assets (NPA) rising 189 bps sequentially to 6.76% and net NPA increasing 101 bps QoQ to 2.18% in Q1FY24.
👉Mahindra and Mahindra: The automobile company has signed an MoU with NXP Semiconductors, a world leader in secure connectivity solutions for embedded applications. They will jointly explore the electric and connected vehicle landscape, covering a wide range of vehicles including utility vehicles, light commercial vehicles, farm equipment, and tractors.
👉Foreign institutional investors (FII) have net bought shares worth Rs 2,636.43 crore, whereas domestic institutional investors (DII) net sold shares worth Rs 772.45 crore on July 14, provisional data from the National Stock Exchange (NSE) shows.
Domestic and International Events
- India’s foreign exchange reserves jumped $1.229 billion to $596.28 billion in the week ended July 7, the Reserve Bank of India said on Friday. In the previous reporting week, the overall forex reserves increased $1.85 billion to $595.05 billion. In the previous reporting week, the overall forex reserves increased $1.85 billion to $595.05 billion.
- India and Indonesia have launched an economic and financial dialogue aimed at enhancing bilateral trade and investment, infrastructure development, and financial services. Both countries will discuss issues of common interest to enhance their relationship, including cooperation in digital technology, payment systems, and using more local currencies.
- Oil prices dipped for a second session on Monday after Libya resumed production over the weekend while China, the world’s largest crude importer, is expected to release economic data showing that its post-pandemic recovery is fizzling out. Brent crude futures fell 57 cents, or 0.7 percent, to $79.30 a barrel by 0055 GMT, while US West Texas Intermediate crude was at $74.90 a barrel, down 52 cents, or 0.7 percent.
- 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 | 19,414 | 0.3 % |
| Shanghai Composite | 3,238 | 0.0 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,509 | 0.3 % |
| DAX | 16,105 | (0.2) % |
| FTSE 100 | 7,435 | (0.1) % |
| Nikkei | 32,391 | (0.1) % |
| Straits Times | 3,249 | 0.3 % |
