Opening Bell:
Gift Nifty is up by 7.5 points in the early morning trade, indicating a positive opening for Indian stock market.
In Japan, the Nikkei 225 retreated from a new 33-year high recorded on Monday, falling 0.72%, with the Topix also recording a smaller loss of 0.45%. South Korea’s Kospi fell marginally, while the Kosdaq bucked the trend and climbed 0.13%. The country’s consumer price index grew at a slower rate of 2.7% in June, marking a fifth straight month of decline. Hong Kong’s Hang Seng index is set to fall after gaining over 2% on Monday.
Wall Street’s main indices ended with slim gains in a holiday-shortened session on Monday, helped by a surge in Tesla and strength in bank shares as the second half of the year kicked off on a subdued note. The Dow Jones Industrial Average rose 10.87 points, or 0.03%, to 34,418.47; the S&P 500 gained 5.21 points, or 0.12%, at 4,455.59; and the Nasdaq Composite added 28.85 points, or 0.21%, at 13,816.77.
Stocks News:
👉Avenue Supermarts: The hypermarkets chain D-Marts operator has clocked a 18.1% year-on-year growth in standalone revenue at Rs 11,584.44 crore for the quarter ended June FY24, up from Rs 9,806.9 crore in same period last year. The total number of stores as of June 2023 stood at 327.
👉IDFC First Bank: The bank said the board members have approved the amalgamation of IDFC with the bank. The share exchange ratio for the amalgamation will be 155 equity shares of IDFC First Bank for every 100 equity shares of IDFC. As a result of the proposed merger, the standalone book value per share of the bank would increase by 4.9% as per financials FY23.
👉Vedanta: The cast metal aluminium production increased by 2% YoY and 1% QoQ to 579kt (kilo tonnes) due to efficiency in the operations. Highest-ever mined metal production in Q1FY24 at 257kt rose by 2% YoY due to higher ore production, primarily at Rampura Agucha and Kayad mines, supported by improved mined metal grades and better mill recovery. Overall power sales grew by 19% to 4,266 million units in quarter ended June FY24.
👉Bajaj Finance: The new loans booked during Q1 FY24 grew by 34% to 9.94 million compared to 7.42 million in Q1FY23. Deposits book stood at approximately Rs 49,900 crore as of June 2023, increasing 46% over Rs 34,102 crore as of June 2022. Assets under management increased by 32% to Rs 2.7 lakh crore in Q1FY24 against same period last year. Consolidated net liquidity surplus stood at Rs 12,700 crore as of June 2023.
👉Foreign institutional investors (FII) bought shares worth Rs 1,995.92 crore, whereas domestic institutional investors (DII) sold shares worth Rs 337.80 crore on July 3, provisional data from the National Stock Exchange shows.
Domestic and International Events
- India’s services exports in May climbed 7.7% on year to $27.06 billion, while imports rose 2% to $15.5 billion, provisional data by the Reserve Bank of India showed on Monday. The government’s first preliminary estimates released mid-June had shown services exports stood at $25.3 billion, while services imports was at $13.53 billion.
- The slump in US manufacturing continued for an eighth straight month in June on the back of weak demand and slowing production, according to survey data published Monday. The data from the Institute for Supply Management (ISM) also indicates the ongoing contraction in the sector is picking up pace, at the same time as other sectors of the US economy show signs of unexpected buoyancy. “The June composite index reading reflects companies continuing to manage outputs down as softness continues and optimism about the second half of 2023 weakens,” ISM Business Survey Committee Chair Timothy Fiore said in a statement.
- Oil prices held steady on Tuesday as markets weighed supply woes from cuts for August by top exporters Saudi Arabia and Russia against economic data that hinted at weak crude demand. Brent crude futures were up 22 cents, or 0.3 percent, at $74.87 a barrel by 0033 GMT. US West Texas Intermediate crude were at $70.06, up 27 cents, or 0.3 percent.
- Gold prices edged slightly lower in early Asian trade on Tuesday, as traders awaited the U.S. Federal Reserve’s minutes of the June meeting for more clues on its interest rate hike path ahead. Spot gold edged 0.1% lower to $1,919.95 per ounce by 0107 GMT, while U.S. gold futures were down similarly to $1,927.80.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,307 | 2.1 % |
| Shanghai Composite | 3,244 | 1.3 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,418 | 0.0 % |
| DAX | 16,081 | (0.4) % |
| FTSE 100 | 7,527 | (0.1) % |
| Nikkei | 33,753 | 1.7 % |
| Straits Times | 3,207 | 0.0 % |
