India’s central bank on Wednesday took a series of measures to boost foreign exchange inflows, including allowing foreign investors to buy short-term corporate debt and opening more government securities through the fully accessible route.
Global equities were mixed, after Federal Reserve minutes released late Wednesday showed officials rallied on a sharp rate hike at its June meeting.
“The sharp correction in crude, commodities such as metals and the downward trend in edible oils indicate that inflation will soon be brought under control. term market has clearly turned bullish now,” says Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The commodity crash and the RBI’s latest moves to increase foreign currency inflows have the potential to halt further rupee depreciation, meaning FIIs are unlikely to sell more, he adds.
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Target stocks: PTC, Phoenix Mills, Sobha Limited, Raymond, Power Grid, STFC, etc.
Property firm Macrotech Developers reported a nearly three-fold jump in sales bookings to Rs 2,814 crore in the April-June quarter this financial year on strong demand for its residential properties. Macrotech Developers sells its properties under the Lodha brand.
Price as of Jul 07, 2022 09:44Click on company names for their live prices.
The board of directors of Power Grid Corporation of India has approved two proposals to raise up to Rs 11,000 crore through the issuance of bonds and term loans. The proposals to raise Rs 11,000 crore were approved at a board meeting on July 6, 2022.
Price as of Jul 07, 2022 09:43Click on company names for their live prices.
Nifty Private Banks all in the green
Price as of Jul 07, 2022 09:37Click on company names for their live prices.
Indian Rupee US Dollar July Future
Market View: Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The sharp correction in crude, commodities such as metals and the downward trend in edible oils indicate that inflation will soon be brought under control. Taking inspiration from these indicators, the bulls once again turned bullish and the short-term structure of the market has become clearly bullish now. The commodity crash and the latest moves by RBI to increase foreign exchange inflows have the potential to stop further depreciation of the Rupee. This means that FIIs are unlikely to sell more. This is positive for the markets. Leading indicators such as housing demand, automobiles, especially passenger vehicles and utility vehicles, some discretionary items like jewelry, etc. reflect a robust economic recovery in India.
Tata Group company Titan said on Wednesday its sales in the April-June quarter nearly tripled on an annual basis, helped by a low base from the Covid-19-hit quarter last year. Its network expansion and campaigns continued to progress well throughout Q1FY23, which was the undisturbed first quarter for the past three years, Titan said in its quarterly updates.
Price as of Jul 07, 2022 09:25Click on company names for their live prices.
Live market updates: Voda Idea, ONGC, BoB among most active stocks on NSE
Price as of Jul 07, 2022 09:20Click on company names for their live prices.
OPENING BELL: Sensex climbs 450 points, Nifty nears 16,150; Titan jumps 6%, BoI 3%
Agri Machinery, a division of Escorts Kubota Limited, will increase prices for its tractors effective July 10, 2022. There has been a steady increase in commodity prices requiring price increases to partially offset rising input costs due to continued inflation
Price as of Jul 07, 2022 09:02Click on company names for their live prices.
Asian stocks mostly open higher
Asian stocks mostly opened higher on Thursday after minutes from a Federal Reserve meeting showed U.S. central bankers are determined to fight inflation despite recession fears. The MSCI Asia-Pacific ex-Japan equity index rose 0.20%.
SGX Nifty reports positive start
Nifty futures on the Singapore Stock Exchange traded 39.5 points, or 0.25%, at 16,022, signaling Dalal Street was heading for a positive start on Thursday.
Fourth quarter results today
Vakrangee, GM Breweries, Mysore Paper Mills, GG Automotive Gears and Sri Krishna Constructions are among the companies to announce their quarterly results today.
Tech View: Nifty50 forms a bullish candle and sends positive signals
Nifty50 crossed the 16,000 intraday mark on Wednesday, for the second session in a row, before closing just below the psychological level. The index formed a bullish candle on the daily chart that nearly engulfed the negative candle from the previous session.
Oil prices extend slide as recession fears cloud global demand outlook
Oil prices fell early in Asian trading on Thursday, after hitting a nearly three-month low in the previous session, as fears of a possible global recession raised worries about oil demand. Brent crude futures fell 71 cents to $99.98 a barrel at 0013 GMT. WTI crude futures fell 62 cents to $97.91 a barrel.
Wall Street ends as investors absorb Fed minutes
Wall Street put a rollercoaster day behind it to close higher on Wednesday as investors digested new clues about the U.S. central bank’s approach to rate policy and its fight against detailed inflation. in the minutes of the last Federal Reserve meeting. The Dow Jones Industrial Average rose 69.86 points, or 0.23%, to 31,037.68, the S&P 500 gained 13.69 points, or 0.36%, to 3,845.08 and the Nasdaq Composite added 39.61 points, or 0.35%, to 11,361.85.
The Rupee gains 39 paise to close at 78.94 against the US Dollar
The rupee rebounded 39 paise – its best one-day gain in more than three months – to close at 78.94 against the US currency on Wednesday after a sharp correction in crude oil, a repositioning of FII in capital markets and solid gains on local equities.
Sensex, Nifty on Wednesday
The 30-pack of Sensex shares rose 616.62 points or 1.16% to close at 53,750.97 – its best session in two weeks. Its larger counterpart, Nifty50, added 178.95 points or 1.13% but fell only 10 points from the 16,000 level.