Opening Bell:
Gift Nifty is down by 61.5 points in the early morning trade, indicating a negative opening for Indian stock market.
Markets in Asia-Pacific marked a second day of declines after Wall Street sold off on stronger-than-expected U.S. jobs data, leaving room for more rate hikes ahead by the Federal Reserve. The data also followed minutes of the Federal Reserve’s June meeting, released Wednesday, which showed that most officials would support more rate increases ahead. In Australia, the S&P/ASX 200 fell 1.8%, leading losses in the region. Japan’s Nikkei 225 fell 1.13% and the Topix shed 1.1%. In South Korea, the Kospi slid 1.14% as Samsung Electronics estimated a 96% likely plunge in its second quarter operating profit.
Wall Street’s main indexes ended sharply lower on Thursday in a broad sell-off after data showing a strong labor market boosted bond yields and fanned fears the Federal Reserve will be aggressive in raising U.S. interest rates. The S&P 500 posted its biggest daily percentage drop since May 23. The Dow logged its biggest single-day fall since May 2. The Dow Jones Industrial Average fell 366.38 points, or 1.07%, to 33,922.26, the S&P 500 lost 35.23 points, or 0.79%, to 4,411.59 and the Nasdaq Composite dropped 112.61 points, or 0.82%, to 13,679.04.
Stocks News:
👉Titan Company: The jewellery-to-watch maker has registered a 20% year-on-year growth in revenue for June FY24 quarter, with all key consumer businesses exhibiting double-digit growth in the quarter. A total of 68 stores were added (including CaratLane) during the quarter taking Titan’s retail presence to 2,778 stores. The jewellery division grew 21 percent YoY, with 18 new store additions, while watches & wearables segment registered a 13% growth and eyecare division sales increased by 10% YoY, while fragrances & fashion accessories segment grew 11% YoY, driven by 9% growth in fragrances and 13% growth in fashion accessories. CaratLane reported a 32% YoY growth driven with healthy contributions from multiple avenues.
👉JK Cement: Subsidiary JK Maxx Paints has acquired 20% stake, as a second tranche, in Acro Paints for Rs 60.24 crore. Consequently, JK Maxx Paints has acquired total 80% stake in Acro Paints, the paint & construction chemicals manufacturer, with immediate effect.
👉Dabur India: The FMCG major’s consolidated business including recently acquired Badshah Masala, is expected to register growth exceeding 10 percent for the quarter YoY. The international business is expected to report a strong performance with double-digit growth in constant currency as softening of inflation in international markets is having a positive impact on the business. India business is expected to post growth in high single digit.
👉Reliance Industries: The National Company Law Tribunal, Mumbai has sanctioned the scheme of arrangement between Reliance Industries and Reliance Strategic Investments. The company and Reliance Strategic Investments will take necessary steps including fixing the record date for allotment and listing of equity shares of Reliance Strategic Investments.
👉Foreign institutional investors (FII) bought shares worth Rs 2,641.05 crore, whereas domestic institutional investors (DII) sold shares worth Rs 2,351.66 crore on July 6, provisional data from the National Stock Exchange shows.
Domestic and International Events
- The Reserve Bank of India (RBI) on July 6 said it will conduct a four-day variable rate reverse repo auction for a notified amount of Rs 2 lakh crore on July 7. The auction will take place between 10:30 AM and 11:00 AM, and reversal of these funds will take place on July 11. This will be the fifth consecutive reverse repo auction conducted by the central bank in this week. “On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo auction on July 07,” RBI said in a release.
- Bitcoin hit its highest level in 13 months on Thursday rising as much as 3.28% to $31,500. The world’s largest cryptocurrency has recently found support due to plans by fund managers, including BlackRock – the world’s largest asset manager – to launch a U.S.-listed spot bitcoin exchange-traded fund (ETF). Nasdaq refiled its application to list BlackRocks’s ETF according to a filing made public on Monday after the U.S. securities regulator had reportedly raised concerns over initial filings.
- Oil prices were largely unchanged on Friday, but set to post weekly gains, as fears of higher U.S. interest rates that could dampen energy demand were offset by signs of tighter supply after a larger-than-expected fall in U.S. oil stocks. Brent crude futures were down 1 cent at $76.51 a barrel at 0006 GMT, while U.S. West Texas Intermediate crude gained 2 cents to $71.82 a barrel.
- Gold prices slipped to a near one-week low on Thursday as a better-than-expected private payrolls report suggested that the US labour market remains strong and fuelled expectations for more rate hikes from the Federal Reserve. Spot gold was down 0.4% at $1,910.69 per ounce by 09:33 a.m. EDT (1332 GMT), while U.S. gold futures dropped 0.5% to $1,917.10.
Key Equity Indices
| EMERGING | LATEST | % 1D |
| Hang Seng | 18,533 | (3.0) % |
| Shanghai Composite | 3,206 | (0.5) % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 33,922 | (1.1) % |
| DAX | 15,529 | (2.6) % |
| FTSE 100 | 7,281 | (2.2) % |
| Nikkei | 32,773 | (1.7) % |
| Straits Times | 3,150 | (1.1) % |
