Looking ahead, India’s retail inflation data is due this week, with a Reuters poll showing that the reading likely held steady in June but well above the Reserve Bank of India’s tolerance limit for a sixth month.
There are many significant data points which will influence equity markets in the short run. The US jobs data showed 372000 job creation in June, indicating a strong economy and an increasing possibility of the Fed successfully engineering a soft landing of the US economy.
“The sharp decline in prices of commodities, particularly of crude, metals, wheat and edible oil augurs well for inflation management in India. This means, RBI can afford to go a bit slow on hiking interest rates in India. This positive trend is likely to keep the domestic equity market resilient. The selling exhaustion from FIIs last week is another positive for markets for the short-term,” says Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The market texture reflects a change in investment strategy from sell on rallies in June to buy on dips in July, he said, adding that segments like capital goods, autos and high-quality financials indicate strength.
Highlights from trade:
- TCS cracks 4%, DMart jump 3% on Q1 earnings show
- Paytm rises on June quarter business update
- Coal India achieves 65% growth in the first quarter FY23
- Rupee hits life low versus broadly stronger US dollar
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Market LIVE updates: Bandhan Bank’s advances grew by 20 per cent from a year ago to Rs 96,649 crore as of June 30, the bank said. Total deposits of the private sector lender also grew by 20 per cent to Rs 93,057 crore by the end of Q1 FY23.
Price as on 11 Jul, 2022 01:12 PM, Click on company names for their live prices.
Top Gainers on Nifty50 at this hour
BSE midcap outperforms Sensex
Market LIVE Updates: Zydus Lifesciences Ltd on Monday said it has received final approval from the US health regulator to market its generic version of Empagliflozin and Metformin Hydrochloride tablets used for controlling high blood sugar in adults with type 2 diabetes mellitus.
Price as on 11 Jul, 2022 12:51 PM, Click on company names for their live prices.
Rupee continued to remain under pressure as the dollar rose sharply against its major crosses after better-than-expected NFP number from the US. Weakness continued to prevail for the rupee despite measures introduced by RBI last week. Inflation number on the domestic front and the US will be released this week and a higher number could cement expectation of further rate hike by the central bank. We expect the USDINR (spot) to trade with a positive bias and quote in the range of 79.05 and 79.80 in the short term.
– Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services
Market LIVE Updates: Sustaining its growth in capital expenditure (capex for the ninth quarter on the trot, Coal India (CIL) achieved a sturdy 65% growth in the first quarter FY’23 over comparable quarter last year.
Price as on 11 Jul, 2022 12:25 PM, Click on company names for their live prices.
Supreme Court sentences Vijay Mallya to 4 months in jail. SC has also ordered Mallya to deposit back $40 mn with interest within 4 weeks. If he fails to do so, this will lead to attachment of properties
BREAKING | Supreme Court sentences #VijayMallya to 4 months in jail. SC has also ordered Mallya to deposit back $40… https://t.co/ZGUeib1IbO
— ET NOW (@ETNOWlive) 1657517553000
IIFL Wealth Management paid a settlement amount of over Rs 3 crore to markets regulator Sebi to settle a case pertaining to violations of regulatory norms. The company was alleged to have violated stock brokers’ regulation as well as PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations.
Price as on 11 Jul, 2022 11:57 AM, Click on company names for their live prices.
Markets LIVE Updates: Here’s how petroleum and gas sector is faring tday
Price as on 11 Jul, 2022 11:56 AM, Click on company names for their live prices.
Glenmark Pharmaceuticals Ltd on Monday launched its topical Minocycline 4 per cent gel for the treatment of moderate to severe acne under the brand MINYM. Minocycline 4 per cent gel is a potent antibacterial gel that exerts a strong anti-inflammatory action.
Price as on 11 Jul, 2022 11:41 AM, Click on company names for their live prices.
Power Grid Corporation of India has bagged an inter-state transmission project for evacuation of electricity from Neemuch SEZ in Madhya Pradesh. PGCIL has won the project through a tariff-based competitive bidding process.
Price as on 11 Jul, 2022 10:55 AM, Click on company names for their live prices.
Retail inflation likely held steady just above 7% in June
India’s retail inflation likely held steady in June, but well above the Reserve Bank of India’s tolerance limit for a sixth month as lower fuel and cooking oil prices offset higher services and food costs, a Reuters poll found.
I am very happy that this quarter we have executed on continuing the growth momentum at more than 15% year-on-year growth. It has also been a quarter where we have rolled out an industry first unique new dimension to our overall operating structure and that has also gone in quite smoothly. Net-net, quite happy with where we are, we are well positioned to be able to capitalise on both growth opportunities and to deal with any challenges that might emerge on the horizon.
– Rajesh Gopinarhan, CEO, TCS
TCS CEO Rajesh Gopinathan and COO N. Ganapathy Subramaniam on Q1FY23 and way forward for the company
LIVE | @TCS CEO Rajesh Gopinathan and COO N. Ganapathy Subramaniam on Q1FY23 and way forward for the company… https://t.co/Eo5vfTYH2s
— ET NOW (@ETNOWlive) 1657508014000
Here’s how Nifty Bank is faring today
Price as on 11 Jul, 2022 10:35 AM, Click on company names for their live prices.
Folowing USFDA approval, Dr Reddy’s Laboratories has launched its generic version of fesoterodine fumarate extended-release tablets used for treating overactive bladder in the US market.
Price as on 11 Jul, 2022 10:32 AM, Click on company names for their live prices.
Market LIVE Updates: NTPC aims to raise Rs 5,000 crore via stake sale in green arm
Price as on 11 Jul, 2022 10:29 AM, Click on company names for their live prices.
Housing Development Finance Corp is set to become the first Indian borrower to take advantage of the central bank’s relaxed norms on external commercial borrowings, upsizing its foreign loan to around $1 billion from $750 million earlier, reports ET. Funding costs will remain the same.
Price as on 11 Jul, 2022 10:28 AM, Click on company names for their live prices.
Adani Group dials 5G, Bharti Airtel and Reliance Jio could face big fight for revenues
Price as on 11 Jul, 2022 10:14 AM, Click on company names for their live prices.
Rupee hits record low of 79.38 against US Dollar
Monte Carlo Fashions reported over two-fold revenue growth of 130 per cent in the April-June quarter this fiscal, helped by volume growth and price increase.
Price as on 11 Jul, 2022 10:12 AM, Click on company names for their live prices.
We had gone into last Monday, with 16200 for the week as the base case scenario followed by a turn lower, and 17000 for the medium term as the optimistic scenario. With Friday’s opening burst meeting rejection trades at the 60d SMA of 16280,the strength of uptrend would be put to test today, and favoured view expects a turn lower or a consolidation. A push above 16235early in the day, would encourage up moves to aim for 16340during the day, but sustainability is doubted. Inability to float above 16195 will expose 16150, Friday’s strong support, as well as 16115, the downside marker for the present up move, with15940 seen as catchment area, in the event of major downsides.
– Anand James – Chief Market Strategist at Geojit Financial Services
Rupee falls 7 paise to 79.33 against dollar
Rupee falls 7 paise to 79.33 against US dollar in early trade
— Press Trust of India (@PTI_News) 1657511970000
Avenue Supermarts, The operator of D-Mart reported over six-fold jump in its consolidated net profit to Rs 642.89 crore for the quarter ended on June 30, 2022, helped by a “very good recovery” in overall sales and a comparative low YoY base. The company had posted a net profit of Rs 95.36 crore in the April-June quarter a year ago.
Price as on 11 Jul, 2022 09:40 AM, Click on company names for their live prices.
IT index in the red; TCS down 4.45%, Infosys down 2.67%
Price as on 11 Jul, 2022 09:36 AM, Click on company names for their live prices.
Buy or Sell: Stock ideas by experts for July 11, 2022
Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The sharp decline in prices of commodities, particularly of crude, metals, wheat and edible oil augurs well for inflation management in India. This means, RBI can afford to go a bit slow on hiking interest rates in India. This positive trend is likely to keep the domestic equity market resilient. The selling exhaustion from FIIs last week is another positive for markets for the short-term.
The market texture reflects a change in investment strategy from sell on rallies in June to buy on dips in July. Segments like capital goods, autos and high-quality financials indicate strength.
Market LIVE Updates: Top market movers in early trade
Price as on 11 Jul, 2022 09:24 AM, Click on company names for their live prices.
Sector Watch: How top indices are doing in early trade
OPENING BELL: Sensex sheds 250 points, Nifty below 16,150; DB Realty tanks 5%, Mindtree 2%
Asian shares open gingerly on US inflation, earnings season
Asian shares started cautiously on Monday as investors braced for a U.S. inflation report that could force another super-sized hike in interest rates, and the start of an earnings season where profits could be under pressure. MSCI’s broadest index of Asia-Pacific shares outside Japan hovered around flat. South Korea eased 0.3%, but Japan’s Nikkei added 1.5%.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 61.5 points, or 0.38 per cent, lower at 16,166, signaling that Dalal Street was headed for a negative start on Monday.
Quarterly earnings today
Spandana Sphoorty Financial, Mishtann Foods, 5Paisa Capital, Star Housing Finance, Nakoda Group Of Industries,Bervin Investment & Leasing, Atharv Enterprises and Sahara One Media & Entertainment are among companies that will announce their quarterly earnings today.
Tech View: Nifty50 forms indecisive candle but further upside possible
Nifty50 on Friday rose for the third straight session but formed a bearish candle on the daily chart that resembled a Hanging Man. The 50-pack index managed to close above the 16,200 level. Analysts said the momentum stays positive as long as the index stays above the 16,170 mark.
Oil mixed as market weighs tight supply against recession jitters
Oil prices were unsteady on Monday, with Brent trading higher on supply concerns while West Texas Intermediate (WTI) dipped, as traders balanced supply concerns against worries about a recession or China’s COVID-19 curbs hitting demand. Brent crude futures were up 11 cents, or 0.1%, at $107.13 a barrel at 0102 GMT, adding to a 2.3% gain on Friday.
Tokyo stocks open higher after Sunday vote
Tokyo stocks opened higher on Monday after Japan’s ruling bloc secured a strong win in Sunday’s upper house election, held just days after the assassination of former premier Shinzo Abe. The benchmark Nikkei 225 index was up 1.55 percent, or 411.63 points, at 26,928.82 in early trade, while the broader Topix index advanced 1.41 percent, or 26.62 points, to 1,914.06.
Wall Street gyrates to muted close
Wall Street ended little changed on Friday after a volatile session in which investors tried to comprehend how a robust jobs report would influence the U.S. Federal Reserve and its plans to aggressively hike interest rates.
Rupee drops 13 paise to 79.26 against US dollar
The rupee declined by 13 paise to close at 79.26 against the US dollar on Friday, tracking a rebound in crude oil prices and the strength of the American currency overseas.
Sensex, Nifty on Friday
The 30-share pack Sensex rose for the third day as it advanced 303 points or 0.56 per cent to 54,482. Its broader peer, Nifty50 added 88 points or 0.54 per cent to close above the 16,200-mark. For the week, the index advanced 3 per cent, its biggest weekly gain since May 20.