Asian markets were primed to open higher on Monday as positive momentum from a rally on Wall Street and signs of moderating U.S. inflation underpinned support for global stocks.
Futures contracts for equities in Japan, Australia and Hong Kong all pointed to early gains, as did a gauge of U.S.-listed Chinese companies, which advanced 1% on Friday.
The Nasdaq 100 rose almost 2% last week and notched its best ever first-half of a year, with Apple Inc. hitting the $3 trillion milestone along the way. The S&P 500 reached the highest since April 2022 and posted its best first half since 2019.
Meanwhile, Brent crude was trading around $75 a barrel and West Texas Intermediate was below $71-mark. The yield on the 10-year U.S. bond was trading at 3.84%, whereas Bitcoin was above 30,000-level.
At 5:20 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index's performance in India was up 0.38% or 73.5 points at 19,364.5.
India's benchmark stock indices ended at a record high on Friday, led by gains in IT, PSU bank, and auto stocks. The Sensex surged 1.33% to hit a record high of 64,768.58, while the Nifty 50 rose 1.21% to hit a record high of 19,201.70. Later, the S&P BSE Sensex closed 803.14 points, or 1.26%, higher at 64,718.56, while the NSE Nifty 50 gained 217 points, or 1.14%, to end at 19,189.05. The Indian rupee appreciated by 2 paise to close at 82.04 against the U.S. dollar on Friday.
Overseas investors maintained their appetite for Indian equites for the third straight day. Foreign portfolio investors mopped up stocks worth Rs 6397.13 crore on Friday, according to data from the National Stock Exchange. This follows Wednesday's net buying record of Rs 12,350 crore, the highest value since March 2. Domestic institutional investors snapped a two-day selling streak to become net buyers of equities worth Rs 1,197.64 crore, the NSE data showed.
Stocks To Watch: Adani Transmission, Vedanta, SBI, Aditya Birla Capital, RIL, Hero MotoCorp In Focus
Adani Transmission: GQG Partners bought 2.13 crore shares in Adani Transmission in two bulk deals. GQG Partners Emerging Markets Equity Fund bought 72.59 lakh shares at Rs 786.19 per share in a bulk deal. Goldman Sachs GQG Partners International Opportunities Fund has purchased 1.40 crore shares in Adani Transmission at Rs 786.19 apiece in a bulk deal. Fortitude Trade and Investment has sold 3.39 crore shares in Adani Transmission at Rs 786.17 per share.
Vedanta: SEBI has imposed a penalty of Rs 30 lakh on the company for violating disclosure norms. Vedanta made incorrect disclosures about its plan to enter the semiconductor business. Separately, the company said in an exchange filing that it will consider a potential strategic sale of its steel businesses to maximise stakeholder value. The company has engaged advisors to assist in this review.
State Bank of India: The bank's Chief Financial Officer, Charanjit Surinder Singh Attra, has resigned from the position. The resignation has been accepted and comes into effect after business hours on June 30.
Hero MotoCorp: The automaker raised the prices of its motorcycles and scooters by around 1.5% with effect from July 3, 2023. The price revision is part of a price review that the company undertakes from time to time.
Reliance Industries: RIL and BP have started gas and condensate production from the third deepwater field in India's KG D6 Block, the MJ Field. The output from the block at peak will account for one-third of India's domestic gas production. MJ Field, R-Cluster Field, and Satellite Cluster are the three deepwater fields of Block KG D6 off the east coast of India.
Separately, RIL also sold 1.23 crore compulsory convertible preference shares, or 2.89% of the fully diluted share capital, of Viacom 18 to Bodhi Tree Systems.
Mazagon Dock Shipbuilders: The company has signed a contract worth Rs 2,724.63 crore with the Indian Navy for medium-refit cum Life Certification of the second Shishumar class submarine INS Shankush.
Kansai Nerolac Paints: The board of the company approved the sale of its land in Thane and an additional area measuring 97,090 square metres for a total consideration of Rs 671 crore to Shoden Developers. Shoden Developers is a group company of the House of Hiranandani.
Aditya Birla Capital: The company completed a Rs 3,000 crore fundraise. BlackRock, Abu Dhabi Investment Authority, and the Massachusetts Institute of Technology were among the key investors in the fundraise. The funds were raised via a Rs 1,750 crore QIP and a Rs 1,250 crore preferential issuance of equity shares. The preferential equity shares were issued to Aditya Birla Capital's promoter and promoter group entities, Grasim Industries Limited and Surya Kiran Investments Ltd., respectively.
PVR Inox: The company opened a 10-screen multiplex in Delhi and a 5-screen multiplex in Ahmedabad. With this launch, the company now operates the largest multiplex network with 1697 screens at 360 properties in 114 cities, including India and Sri Lanka.
GHCL: The motion to reappoint Sanjay Dalmia as a director could not secure required majority at the company's AGM on July 1. Dalmia has been a director on the board of GHCL since its inception in 1983 and was appointed as chairman in January 2005.
Offerings: PKH Ventures IPO Day 2
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. The portion of retail investors was subscribed 0.13 times, or 13%, while non-institutional investors lapped 10%, or subscribed 0.10 times. There were no bids for institutional investors on day 1. The issue will close for subscription on July 4.
Block Deals
Eris Lifesciences: Shah Rakesh sold 28 lakh shares (2.06%), while Bakshi Amit Indubhushan bought 28 lakh shares (2.06%) at Rs 680 apiece.
Syrma SGS Technology: South Asia Growth Fund II Holdings sold 29 lakh shares (1.6%) while Nomura Funds Ireland-IIndia Equity bought 11 lakh shares (0.6%), BNP Paribas Arbitrage bought 9.5 lakh shares (0.5%), Employees Provident Fund bought four lakh shares (0.2%), and Geeta Chetan Shah bought 2.32 lakh shares (0.1%) at Rs 439 apiece.
TD Power Systems: Mohib Nomanbhai Khericha sold 1.9 crore shares (12.27%), Hitoshi Matsuo sold 60 lakh shares (3.9%), Chartered Capital and Investment sold 56 lakh shares (3.63%), Nikhil Kumar sold 40 lakh shares (2.56%), Saphire Finman Services sold 11 lakh shares (0.7%), Sofia Mohib Khericha sold 10 lakh shares (0.6%), while Aditya Birla Sun Life Mutual Fund bought 63 lakh shares (4%), HDFC Mutual Fund bought 56 lakh shares (3.6%), BNP Paribas Arbitrage bought 46 lakh shares (2.9%), and ICICI Prudential Mutual Fund bought 31 lakh shares (2%), among others, at Rs 221 apiece.
Aditya Vision: Sunita Sinha sold one lakh shares (0.8%) and Est Lane Capital bought one lakh shares (0.8%) at Rs 1,655 apiece.
Bharti Airtel: Lion Meadow Investment sold 1.9 crore shares (0.3%) while Capital Group bought 1.9 crore (0.3%) at Rs 868 apiece.
Bulk Deals
Godawari Power and Ispat: Param Capital bought 10 lakh shares at Rs 520 apiece, while Kumar Agrawal sold 18 lakh shares (1.3%) at Rs 522.04 apiece, and Bajrang Lal Agrawal sold 2.85 lakh shares (2%) at Rs 523.52 apiece.
Karnataka Bank: Quant Mutual Fund bought 38 lakh shares (1.2%) at Rs 184.07 apiece.
Adani Transmission: Fortitude Trade and Investment sold 3.4 crore shares (3%) at Rs 786.17 apiece, while both Goldman Sachs GQG Partners International Opportunities Fund bought 1.40 crore shares (1.2%) and GQG Partners Emerging Markets Equity Fund bought 72.59 lakh shares (0.6%) at Rs 786.19 apiece.
Marathon Nxtgen Realty: Prarthana Enterprises sold 3.6 lakh shares (0.8%) at Rs 312.12 apiece, and Societe Generale bought 10 lakh shares at Rs 312.05 apiece.
CreditAccess Grameen: Creditaccess India BV sold 90 lakh shares (5.66%) at Rs 1245.88 apiece; BNP Paribas Arbitrage bought 12 lakh shares (0.7%) at Rs 1245.76 apiece; Canara Robeco Mutual Fund Emerging Equity bought 11.8 lakh shares (0.7%) at Rs 1245.01 apiece; and Plutus Wealth Management bought 10 lakh shares (0.6%) at Rs 1245 apiece.
Who's Meeting Whom:
Kuantum Papers: To meet investors and analysts on July 3.
Mallcom (India): To meet investors and analysts on July 4.
Hero Motocorp: To meet investors and analysts on July 3 and July 4.
AGMs
Devyani International
Trading Tweaks
Price Band Revised From 10% To 5%: Zodiac Energy
Price Band Revised From 20% To 10%: 63 Moons Technologies
Ex-Date Dividend: Balaji Amines, Geojit Financial Services, Jyothi Labs,
Ex-Date Annual General Meeting: Sanginita Chemicals, Welspun Enterprises, Vaibhav Global, Bank of Baroda, Indian Overseas Bank, Nilkamal
Record-Date Dividend: Geojit Financial Services
Move Into Short-Term ASM Framework: 63 Moons Technologies
Move Out Of Short-Term ASM Framework: Suzlon Energy
Pledge Share Details
Ajanta Pharma: Promoter Aayush M. Agrawal created a pledge of 16.7 lakh shares on June 27, and promoter Ravi Agrawal revoked a pledge of 1.17 lakh shares on June 29.
Jindal Steel and Power: Promoter Siddeshwari Tradex revoked a pledge of 39 lakh shares between June 23 and 26.
Insider Trades
Easy Trip Planners: Promoter Rikant Pittie sold 20 crore shares on June 30.
HDFC Life Insurance Company: Promoter HDFC bought 13.6 lakh shares on June 30.
Cosmo First: Promoter Gayatri & Annapurna, through its partner Ashok Jaipuria, bought 20,800 shares on June 30.
SOM Distilleries and Breweries: Promoter Jagdish Kumar Arora bought 20,000 shares on June 30.
F&O Cues
Nifty July futures ended at 19,270.80, a premium of 198.35 points.
Nifty July futures rose 11.25%, with 20,537 shares in open interest.
Nifty Bank July futures ended at 44,860, a premium of 412.55 points.
Nifty Bank July futures rose 14.41%, with 21,414 shares in open interest.
Securities in the ban period: Indiabulls Housing Finance.
Money Market Update
The Indian rupee closed 0.02% lower at 82.04 against the U.S. dollar on Friday.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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