Opening Bell:
Gift Nifty is down by 7.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Asia-Pacific markets mostly rose on Thursday after the U.S. inflation rate for June came in lower than expected at 3%, the smallest increase in two years. The figure was lower than the 3.1% expected by economists polled by Dow Jones. Month over month, the inflation rate rose 0.2%, less than forecast. Core CPI – which strips out volatile food and energy prices – also rose less than expected. In Asia, South Korea’s Kospi was up 0.81% and the Kosdaq saw a 1.27% gain as the Bank of Korea held its key policy rate unchanged at 3.5%, in line with expectations.
Wall Street stocks advanced Wednesday following a surprisingly benign US inflation report that raised hopes the Federal Reserve will soon end its monetary tightening campaign. The consumer price index, a key inflation gauge, rose 3.0% from a year ago last month, the smallest increase since March 2021 and down from May’s reading as well. The Dow Jones Industrial Average advanced 0.3% to 34,347.43. The broad-based S&P 500 gained 0.7% to 4,472.16, while the tech-rich Nasdaq Composite Index climbed 1.2% to 13,918.96.
Stocks News:
👉Tata Consultancy Services (TCS) reported 16.8% increase in net profit on a year-on-year (YoY) basis in the quarter ended June 30, 2023, driven by a strong growth in total contract value (TCV) deal wins despite a tough business environment. Consolidated revenue for the quarter came in at Rs 59,381 crore, marking an on-year surge of 13%. In constant currency terms, the revenue grew by 7% YoY.
👉HCL Technologies: The company reported 7.6% year-on-year (YoY) growth in net profit in the first quarter of fiscal 2024 ended on June 30, 2023. Sequentially, however, net profit was down by 11.2% due to ramp downs in deals and verticals like Hi-tech and telecom. Net profit for Q1FY24 stood at Rs 3,534 crore, missing analyst estimates of Rs 3,782 crore this quarter.
👉Hindalco Industries : The Board of Directors of the Company, at its meeting on July 12, 2023 approved a proposal of sale of land situated at Kalwa, Maharashtra. Birla Estates Private Limited bought the land for Rs 595 crores. Formalities will be completed in 15 months.
👉Patanjali Foods: Patanjali Ayurved Ltd is set to launch its offer for sale of 25,339,640 equity shares of face value of Rs 2 each of Patanjali Foods Ltd representing 7% of the total paid-up equity share capital of the Company. Non retail investors can bid on July 13, 2023 and retail investors on July 14, 2023. The promoter will also sell additional 2% if there is an oversubscription. The Floor Price of the Offer shall be Rs 1000 compared to prevailing price of Rs 1228.05.
👉Foreign institutional investors (FII) turned net sellers for first time in July 2023, offloading shares worth Rs 1,242.44 crore, whereas domestic institutional investors (DII) bought shares worth Rs 436.71 crore on July 12, provisional data from the National Stock Exchange (NSE) shows.
Domestic and International Events
- India’s headline retail inflation rate snapped its four-month falling streak and rose to 4.81% in June from 4.31% in May, pushed up by a rise in vegetable prices and fading away of the favourable base effect, data released by the Ministry of Statistics and Programme Implementation on July 12 showed. At 4.81%, the Consumer Price Index (CPI) inflation print for June takes the average for the first quarter of 2023-24 to 4.6% – in line with the Reserve Bank of India’s (RBI) forecast. The latest inflation number is above economists’ expectations of 4.6%.
- India’s industrial output grew by 5.2% in May, according to data released by the Ministry of Statistics and Programme Implementation on July 12. At 5.2%, the latest industrial growth figure as per the Index of Industrial Production (IIP) is above the consensus estimate of 5%. It is also at a three-month high. Industrial growth had come in at 4.2% in April – now revised to 4.5% – and was 19.7% in May 2022.
- Oil prices rose in early Asian trade on Thursday after U.S. inflation and economic data sparked hopes the Federal Reserve may have fewer interest rate hikes in store for the world’s biggest economy. Brent crude futures rose 6 cents to $80.17 per barrel by 0004 GMT and U.S. West Texas Intermediate crude futures were up 4 cents, or $75.79.
- Gold prices jumped more than 1% on Wednesday after signs of cooling inflation in the United States boosted hopes that the Federal Reserve could hit the brakes on its interest rate hike cycle sooner than previously thought.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,861 | 1.1 % |
| Shanghai Composite | 3,196 | (0.8) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 34,347 | 0.3 % |
| DAX | 16,023 | 1.5 % |
| FTSE 100 | 7,416 | 1.8 % |
| Nikkei | 31,944 | (0.8) % |
| Straits Times | 3,175 | 0.4 % |
