Asian markets were to open lower on Wednesday in subdued trading following a holiday for U.S. markets. Major currencies were little changed. Futures for Hong Kong, Japan and Australia all declined, while contracts for the S&P 500 and Nasdaq 100 edged lower.
Global stock market trading was light on Tuesday given the Independence Day celebration in the U.S. Europe's Stoxx 600 inched up on trading volume that was a third lower than the 30-day average.
Meanwhile, Brent crude was trading above $71 a barrel and West Texas Intermediate was above at $76-mark. The yield on the 10-year U.S. bond was trading at 3.84%, whereas Bitcoin was below 31,000-level.
At 5:41 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index's performance in India was up 0.06% or 12 points at 19,508.5.
Meanwhile, Indian benchmark stock indices were mostly steady on Tuesday and ended at fresh closing highs. Intraday, the Sensex jumped 0.72% to a record high of 65,672.97 points. The Nifty 50, on the other hand, rose 0.58% to 19,434.15 points. The S&P BSE Sensex closed 274 points up, or 0.42%, at 65,479.05, while the NSE Nifty 50 ended 67 points higher, or 0.34%, at 19,389. The Indian rupee weakened 6 paise to close at 82.02 against the U.S. dollar on Tuesday.
Overseas investors in Indian equities remained net buyers for the fifth day in a row on Tuesday. Foreign portfolio investors mopped up stocks worth Rs 2,134.33 crore, according to data from the National Stock Exchange. Domestic institutional investors remained net sellers and offloaded equities worth Rs 785.48 crore, the NSE data showed.
Stocks To Watch:
Bandhan Bank: Quarterly Business Updates Q1 FY24
-Total deposits increased 16.6% YoY and 0.4% QoQ to Rs 1.08 lakh crore.
-CASA deposits dropped 2.8% YoY and 8% QoQ to Rs 39,076 crore.
-Retail deposits increased 5.9% YoY to Rs 77,329 crore.
-Pan bank collection efficiency increased to 98% from 96% a year ago.
RBL Bank: Quarterly Business Updates Q1 FY24
-Total deposits grew to Rs 85,638 crore, up 8% YoY and 1% QoQ.
-CASA increased to Rs 31,927 crore, rising 12% YoY and 1% QoQ.
-CASA ration improved to 37.3% from 36% a year ago.
-Gross advances increased to Rs 74,792 crore, rising 20% YoY and 4% QoQ
IndusInd Bank: Quarterly Business Updates Q1 FY24
-IndusInd Bank's net advances increased 21% YoY to Rs 3.01 lakh crore
- The Bank's CASA ratio stood at 39.9% YoY.
-Deposits increased 15% YoY to Rs 3.47 lakh crore
LTIMindree: The company will replace HDFC Ltd. in the Nifty 50 after the mega HDFC merger. It will move from Nifty Next 50 to Nifty 50. The replacement will come into effect on July 13. The replacement will also be applicable to the Nifty50 Equal Weight index.
Samvardhana Motherson International: The company, via unit SMRP B.V., will buy an 81% stake in Yachiyo's 4W business, housed under Japan's Yachiyo Industry Co. Ltd. The stake is valued at JPY 22.9 billion (Rs 1,301 crore) for a 100% stake. Honda Motor will own 19%, making it an 81:19 joint venture.
Jindal Steel & Power: The company will replace HDFC in the Nifty 100.
Mankind Pharma: The company will replace HDFC in the Nifty 500, Nifty 200, Nifty Large Midcap 250, and Nifty Total Market.
LIC Housing Finance: The company will replace HDFC in Nifty Financial Services.
Phoenix Mills: The company will replace HDFC in Nifty Housing.
Brigade Enterprises: The company will replace HDFC in Nifty Core Housing.
Ambuja Cements: The company will replace HDFC in the Nifty High Beta 50.
State Bank of India: The lender has approved the acquisition of the entire stake held by unit SBI Capital Markets in SBICAP Ventures for a cash consideration of Rs 708.07 crore.
Bandhan Bank: Bandhan Bank Chief Financial Officer Sunil Samdani has resigned, with effect from Sept. 30, and decided to explore professional opportunities outside the bank. The bank is in the process of identifying a suitable candidate for the office of CFO.
Syngene International, Strides Pharma: Stelis Biopharma, the biologics arm of Strides, has signed a binding term sheet with Syngene International Ltd. to divest its Unit 3 multi-modal facility in Bengaluru for a gross consideration of Rs 702 crore. Syngene will further invest up to Rs 100 crore to repurpose and revalidate the facility. The site will have a manufacturing capacity of 20,000 litres of installed biologic drug substances.
Bharat Heavy Electricals: The company has extended its gas turbine technology agreement with General Electric Technology GmbH, Switzerland. Under this extension, BHEL has gained access and enhanced rights for existing, upgraded, and new gas turbine models.
Aurobindo Pharma: The company's breast cancer biosimilar product, BP02 Trastuzumab, developed by unit Curateq Biologics, has met its primary endpoint in Phase III clinical trials and has shown equivalent efficacy to the Herceptin biosimilar.
Bata India: The company has approved the appointment of Anil Ramesh Somani as chief financial officer for a period of five years, starting April 25, 2023.
Manali Petrochemicals: The company has inked two captive power agreements with two separate units of First Energy for the procurement of wind power and solar power for a total consideration of Rs 356.4 lakh.
Indian Oil Corp.: The board will consider raising funds via right issue of equities to meet capex needs of various projects during its meeting on July 7.
Suzlon Energy: The board will meet on July 7 to consider fundraising through one or more or a combination of permissible methods.
Som Distilleries: The board will meet on July 8 to consider preferential issue of convertible equity warrants to promoters, promoters group and/or other prospective investors to raise funds for capex and working capital requirements of the company.
Offerings
Senco Gold: The company launched its initial public offering on July 4. The jewellery retailer is looking to raise a total of Rs 405 crore, out of which Rs 270 crore will be raised through a fresh issue. The IPO was subscribed 0.69 times, or 69%, on day 1. The portion for non-institutional investors was subscribed 0.62 times, or 62%, while retail investors' portion was subscribed 1.12 times.
PKH Ventures: The company launched its Rs 379.4-crore initial public offering on June 30. The IPO was subscribed 0.06 times, or 6%, as of 5 p.m. on day 1. It was subscribed 0.3%, or 30%, on day 2 and 0.65 times, or 65%, on day 3. The portion of retail investors was subscribed 0.99 times, or 99%, while the non-institutional investors' portion was subscribed 1.67 times. The portion of institutional investors subscribed 0.11 times, or 11%, on day 3. The issue closed for subscription on July 4.
Bulk DealsÂ
TCNS Brands: Elevation Capital VI FII Holdings sold 12.96 lakh shares (2.1%) at Rs 410.01 apiece.
Minda Corporation: Societe Generale bought 17.28 lakh shares (0.7%) at Rs 281 apiece.
HMA Agro Industries: Nomura Singapore sold 4.66 lakh shares (0.9%) at Rs 626.9 apiece.
Pledge Share DetailsÂ
Emami: Promoter Diwaker Finvest revoked a pledge of two lakh shares on June 30, and promoter Suraj Finvest revoked a pledge of 16 lakh shares on July 3.
Chambal Fertilisers and Chemicals: Promoter Simon India revoked a pledge of 85,000 shares on June 29.
India Cements: Promoter EWS Finance & Investments revoked a pledge of 61 lakh shares on June 30.
Jindal Steel and Power: Promoter Siddeshwari Tradex revoked a pledge of five lakh shares on June 28.
Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji and Company created a pledge of seven lakh shares on June 30.
Insider Trades
TD Power Systems: Promoter Hitoshi Matsuo sold 50,114 shares on June 28.
ION Exchange (India): Promoter Anita Jain sold 55,460 shares and promoter Nirmala Patni sold 83,000 shares on June 30.
Who's Meeting Whom
Capri Global Capital: To meet investors and analysts on July 6.
Safari Industries (India): To meet investors and analysts on July 5.
Ksolves India: To meet investors and analysts on July 5.
Bharat Wire Ropes: To meet investors and analysts on July 6.
Arihant Superstructures: To meet investors and analysts on July 6.
AGMs
Anant Raj
CEAT
Mindspace Business Parks REIT
Tata Steel
Thanga Mayil Jewellery
Trading TweaksÂ
Price Band Revised From 10% To 5%: Suzlon Energy
Ex-Date Dividend: Sundaram Finance, Mphasis, and Deepak Spinners
Ex-Date Annual General Meeting: Sundaram Finance, Mphasis
Ex-Date Bonus: Sadhana Nitrochem, Bhansali Engineering Polymers
Record-Date Dividend: Motilal Oswal Financial Services
Record-Date Bonus: Sadhana Nitrochem, Bhansali Engineering Polymers
Move Into Short-Term ASM Framework: PTC Industries
Move Out Of Short-Term ASM Framework: HPL Electric & Power, SKM Egg Products Export (India)
F&O Cues
Nifty July futures ended at 19,459, a premium of 54.15 points.
Nifty July futures rose 1.65%, with 3,390 shares in open interest.
Nifty Bank July futures ended at 45,365.15, a premium of 91.05 points.
Nifty Bank July futures rose 4.48%, with 7,938 shares in open interest.
Securities in the ban period: Indiabulls Housing Finance.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.