Opening Bell:
Gift Nifty is up by 6.5 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets rose ahead of business activity data and inflation reports from countries around the region this week. Futures for Hong Kong’s Hang Seng index stood at 20,160, pointing to a stronger open compared to compared to the HSI’s close of 19,916.56. This would be the first time that the HSI breached the 20,000 mark in over a month. Japan’s Nikkei 225 popped 1.11% at the open, while the Topix saw a larger gain of 1.27%. South Korea’s Kospi opened 0.65% up and the Kosdaq climbed 1.21%. Australia’s S&P/ASX 200 also rose 0.22%, as investors prepare for the Reserve Bank of Australia’s rate decision on Tuesday, with economists polled by Reuters expecting a 25 basis points hike in its benchmark policy rate to 4.35%.
Stock futures gained slightly in overnight trading Sunday as the market is poised to wrap up trades for July with strong gains. Futures on the Dow Jones Industrial Average inched up 34 points, S&P 500 futures climbed 0.2% and Nasdaq 100 futures traded 0.4% higher. The S&P was up 3% in July, on pace for its fifth positive month in a row for the first time since its seven-month streak ended August 2021. The tech-heavy Nasdaq Composite has gained 3.8% month-to-date, also on track for its fifth straight winning month.
Stocks News:
👉NTPC: The country’s largest power generation company has registered a 9.4% year-on-year growth in standalone profit at Rs 4,066 crore for quarter ended June FY24, driven by strong operating performance. However, revenue for the quarter dropped 2.25% to Rs 39,.122.25 crore compared to corresponding period last fiscal. The coal produced from captive mines-commercial increased by 52.2% YoY to 6.24 million tonnes, while installed capacity dropped a bit to 57,038 MW in Q1FY24, against 57,119 MW in Q1FY23.
👉Piramal Enterprises: The diversified non-banking finance company has recorded consolidated profit at Rs 509 crore for the quarter ended June FY24, led by gain of Rs 855 crore on sale of stake in Shriram Finance. Profit in Q1FY23 was Rs 8,155 crore supported by exceptional gain of Rs 7,614 crore related to pharma demerger transaction. Net interest income during the quarter fell by 17% to Rs 891 crore compared to year-ago period. The company has received approval from the board of directors for buyback of equity shares up to 1.4 crore, at a price of Rs 1,250 per share, aggregating to Rs 1,750 crore, through the tender offer route.
👉Bank of India: The public sector lender has recorded standalone profit at Rs 1,551 crore for the quarter ended June FY24, a 176% year-on-year growth, with net interest income increasing 45% YoY to Rs 5,915 crore, operating profit rising 72% to Rs 3,752 crore and non-interest income growing 27% to Rs 1,462 crore. Net interest margin improved by 49 bps YoY to 3.03% in Q1FY24. Asset quality improved with the gross non-performing assets falling 64 bps QoQ to 6.67% and net NPA declining 1 bp to 1.65% for the quarter.
👉IDFC First Bank: The private sector lender has recorded a 61% on-year growth in profit at Rs 765 crore for the June FY24 quarter despite higher provisions, driven by healthy growth in core operating income. Net interest income for the quarter rose 36% to Rs 3,745 crore compared to year-ago period, with net interest margin expanding to 6.33% from 5.77% during the same period. Asset quality improved further with gross non-performing assets falling 34 bps sequentially to 2.17% and net NPA declining 16 QoQ to 0.7% during the quarter.
👉Foreign institutional investors (FII) sold shares worth Rs 1,023.91 crore, while domestic institutional investors (DII) purchased Rs 1,634.37 crore worth of stocks on July 28, provisional data from the National Stock Exchange (NSE) shows.
Domestic and International Events
- Foreign portfolio investors (FPIs) continue with their buying spree in July with a net infusion of Rs 45,365 crore in Indian equity markets on stable macroeconomic fundamentals and steady earnings growth. However, it appears that the momentum of buying has slowed down and FPIs turned sellers during the two trading days ahead of the US Federal Reserve meeting on July 26.
- India’s per capita income is likely to grow by nearly 70% to USD 4,000 by FY 2030 from USD 2,450 in fiscal 2023, helping it become a middle-income economy with USD 6-trillion GDP, stated a report. Indicators. Per capita income/GDP has risen from USD 460 in fiscal 2001 to USD 1,413 in fiscal 2011 and further to USD 2,150 in fiscal 2021.
- Oil prices were steady on Friday, but on track for a fifth straight week of gains with investors optimistic healthy demand and supply cuts will keep prices buoyant. Bolstered by supply cuts from the OPEC+ alliance announced earlier this month, both oil benchmarks are on track for a 3.6 percent weekly increase – a fifth straight week of gains.
- Gold regained some ground on Friday as the dollar retreated, but still headed for its worst week in five after data pointing to a resilient U.S. economy soured bets for a dovish tilt in U.S. monetary policy. Spot gold rose 0.6 percent to $1,956.69 per ounce by 1133 GMT, up from its lowest since July 12. U.S. gold futures gained 0.5 percent to $1,955.70.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 19,917 | 1.4 % |
| Shanghai Composite | 3,276 | 1.8 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 35,459 | 0.5 % |
| DAX | 16,470 | 0.4 % |
| FTSE 100 | 7,694 | 0.0 % |
| Nikkei | 32,759 | (0.4) % |
| Straits Times | 3,371 | 1.0 % |
