Stock Market Today: All You Need To Know Going Into Trade On July 6

Stocks declined in Asia amid fears of an economic downturn, even as the US dollar hovered at its highest level in more than two years.

Shares fell in Japan, Australia and South Korea. US futures were volatile. At 7:00 am, the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- rose 0.67% to 15,871.00. Elsewhere, West Texas Intermediate crude rose 2.4% to $101.88 a barrel.

• ONGC/Oil India/RIL: Crude oil rebounded above $100/barrel as banks including Goldman Sachs said a plunge driven by fears a recession will hurt demand was overdone.

• IOCL/BPCL/HPCL: Ethanol used for blending with petrol to the extent of 15% will be exempted from excise duty. Diesel blending will also be exempt up to 20%.

• Marico: Marico expects “mid-single-digit” decline in domestic volume for the quarter ended June 30 as steep price hikes led to downtrading across two of its largest brands.

• Biocon: The company has received EU GMP certification for its new monoclonal antibodies drug substance manufacturing facility in Bengaluru, following a GMP inspection in April 2022.

• Bajaj Finance: Assets under management rose 3.55% month-on-month to Rs 2.04 lakh crore in the quarter ended June, even as net liquidity surplus was Rs 11,550 crore.

• South Indian Bank: Advances grew 11% year-on-year and 4.8% sequentially to Rs. 62,095 crore. Deposits rose 4% over a year ago but fell 1% on a quarterly basis. The lender's CASA ratio stood at 34% in Q1 FY23 compared to 33% in Q4 FY22 and 30% in Q1 FY22.

• J Kumar Infraprojects: The company has received letter of acceptance from BMC for building Sewer Tunnel-Phase I from Don Bosco to New Malad IP. The project is worth Rs 571.01 crore, and the company has 60% stake in the JV which comes to Rs 342.60 crore.

• Garden Reach Shipbuilders: Inks pact with West Bengal to build an electric ferry.

Morgan Stanley on Bajaj Finance

• Overweight, Target price Rs 8,000

• Healthy core AUM growth. Highest customer acquisition ever

• Customer franchise grew to 60.3 million in Q1 FY23

• New loans stood at 7.4 million vs 4.6 million in Q1 F22

CLSA on Bajaj Finance

• Sell, Target price cut to Rs 5,000 from Rs 6,000

• Growth has slowed from pre-pandemic levels

• Core loan book grew 6% QoQ to Rs 2.04 lakh crore

• Q1 is a seasonally a strong quarter for BAF & pre-covid; used to grow 10%+ QoQ in Q1

• AUM growth will sustainably slow down given BAF’s large customer base & lower customer repeat purchase ratio

Analyst Calls

• Kotak Mahindra raised to Buy at Goldman. Target Price: Rs 2,135.

• IndiaMart rated new Buy at DAM Capital. Target Price: Rs 5,090.

• Jindal Steel & Power: Promoter Group Siddeshwari Tradex revoked a pledge of 55 lakh shares and created a pledge of 69 lakh shares between June 21 and June 30.

• Krishna Institute Of Medical Sciences: Promoter Dr. B. Bhaskar Rao created and revoked a pledge of 9.1 lakh shares between June 29 and July 1. Promoter Group B. Seenaiah Naidu created and revoked a pledge of 8.9 lakh shares between June 29 and July 1.

• Future Consumer: Promoter Group Future Corporate Resources created a pledge of 19 lakh shares on June 30.

• Max Financial Services: Promoter Max Ventures Investment Holdings created a pledge of 35,000 shares on July 1.

• Kovai Medical Center And Hospital: Promoter Dr. S. Rajkumar sold 3,333 shares on June 27.

• GNA Axles: Promoter Group Rasleen Kaur bought 5,162 shares between June 23 and June 30. Promoter Group GNA Gears bought 180 shares between June 20 and June 30.

• PTC India: To meet investors and analysts on July 6.

• Jindal Stainless: To meet investors on July 6 and July 7.

• ICICI Lombard: To meet investors and analysts on July 19.

• Gati: To meet DSP Mutual Fund on July 7.

AGMs Today

• Tata Chemicals

• Ex-date Annual General Meeting: Orchid Pharma

• Ex-date Dividend: Century Textile and Industries

• Move Into Short-Term ASM Framework: Fiem Industries

The rupee ended at Rs 79.37 against the U.S. Dollar on Tuesday as compared to Monday's closing of 78.95.

• Nifty July futures ended at 15,766, a discount of 44.85 points.

• Nifty July futures rose 2.03% and 4,924 shares in Open Interest.

• Nifty Bank July futures ended at 33,770, a discount of 45.9 points.

• Nifty Bank July futures shed 11.90%, 11,992 shares in Open Interest.

• LIC - An Insurance Goliath Crafting Its Own Growth Path: Motilal Oswal Initiates Coverage

• ITC, HDFC AMC, Minda Industries And More - Top Stock Picks For July: KRChoksey

• Gold Loan - RBI's Approval For Branch Expansion Received By Muthoot Finance Is A Positive: ICICI Securities

• Auto Sector Check- Robust PV, CV Sales In June, Two-Wheeler Slightly Weak; Tailwinds Emerging: Axis Securities

• Shaily Engineering - Capacity Addition, Ramp Up Of Healthcare, Toy Segments To Drive Topline: ICICI Direct