Opening Bell:
Gift Nifty is up by 42.5 points in the early morning trade, indicating a positive opening for Indian stock market
Asian markets traded lower on Friday, tracking overnight losses on Wall Street, with Japan’s Nikkei 225 leading the decline. The Nikkei 225 plunged by 2.29%, while the Topix index fell by 1.24%. In South Korea, the Kospi dropped by 0.94%, and the Kosdaq decreased by 0.19%. Additionally, futures for Hong Kong’s Hang Seng index indicated a lower opening. This broad-based decline across Asian markets reflects investor concerns following the negative performance in the U.S. market.
U.S. stock market indices ended mostly lower on Thursday, dragged down by losses in heavyweight stocks amid the release of U.S. inflation data. The Dow Jones Industrial Average rose slightly by 0.08% to 39,753.75. However, the S&P 500 dropped by 0.88% to end at 5,584.54, and the Nasdaq fell significantly, ending 1.95% lower at 18,283.41.
Stocks News:
👉 GTPL Hathway reported a significant drop in profit for Q1 on a year-over-year (YoY) basis, with a decline of 57.4%, bringing the profit down to Rs 14.99 crore from Rs 35.2 crore. Despite this, the company’s revenue saw an increase of 8.9%, rising to Rs 843.4 crore from Rs 774.4 crore.
👉 Anand Rathi Wealth reported strong growth in its Q1 financial results on a year-over-year (YoY) basis. The company’s profit surged by 38%, reaching Rs 73.4 crore compared to Rs 53.2 crore in the previous year. Additionally, revenue increased by 35.8%, climbing to Rs 237.6 crore from Rs 175 crore.
👉 Rashtriya Chemicals & Fertilizers (RCF) has received board approval for a purchase order worth Rs 514.55 crore with Topsoe A/S. This order is for the procurement of a Basic Engineering Design Package (BEDP) and the supply of proprietary equipment and catalyst for revamping the Ammonia Plant at RCF Thal, aimed at reducing specific energy consumption.
👉 Oriental Rail Infrastructure’s subsidiary, Oriental Foundry, has secured orders worth Rs 432.16 crore for the manufacture and supply of 1,200 BVCM-C wagons from Indian Railways.
👉 The foreign institutional investors (FIIs) turned net sellers on July 11 as they sold equities worth Rs 1,137 crore, while domestic institutional investors bought equities worth Rs 1,676 crore.
Domestic and International Events
- In June, India’s vegetable oil imports rose 18% to 15.5 lakh tonnes, led by crude palm and sunflower oils. Edible oil imports hit 15.27 lakh tonnes, non-edible 23,178 tonnes. Year-to-date, total imports fell 2%, refined oils 2%, crude oils 3%. Palm oil imports decreased; soft oil imports fell. India imports from Malaysia, Indonesia, Brazil, and Argentina.
- U.S. consumer prices unexpectedly fell, and the annual increase was the smallest in a year. The consumer price index (CPI) dipped by 0.1% last month after being unchanged in May, marking the second consecutive month of tame CPI readings. Over the 12 months through June, the CPI climbed 3.0%, following a 3.3% advance in May. Economists polled by Reuters had forecast the CPI to rise by 0.1% monthly and gain 3.1% year-on-year.
- Gold prices steadied on Friday, but were on track for a third consecutive weekly rise following the release of U.S. inflation data. Spot gold remained nearly flat at $2,411.87 per ounce, yet it was up 0.9% for the week. Meanwhile, U.S. gold futures fell by 0.2% to $2,417.00.
- Crude oil prices rose amid signs of strong summer demand and easing inflation in the U.S. Brent crude futures increased by 0.4% to $85.77 per barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 0.6% to $83.12 per barrel.
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,832 | 2.1 % |
| Shanghai Composite | 2,970 | 1.1 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 39,754 | 0.1 % |
| DAX | 18,535 | 0.7 % |
| FTSE 100 | 8,223 | 0.4 % |
| Nikkei | 42,224 | 0.9 % |
| Straits Times | 3,475 | 0.4 % |
