Get App
WEEKLY-MARKET REPORT
Indian equity indices extended the winning streak in the fifth consecutive week with benchmark indices crossing major milestones in the first week of July amid positive global cues and extended support from foreign investors.
This week, BSE Sensex rose 963.87 points or 1.21 percent to close at 79,996.60, while Nifty50 index gained 313.2 points or 1.30 percent to close at 24,323.80. On July 5, BSE Sensex and Nifty50 touched record highs of 80392.64 and 24,401, respectively.
The BSE Small-cap index surged nearly 4 percent while the BSE Mid-cap Index gained nearly 3 percent and the BSE Large-cap Index rose 1.5 percent.
Regarding the market value, Tata Consultancy Services added the most, followed by Infosys, Reliance Industries, and ICICI Bank. On the other hand, HDFC Bank, Titan Company, and Bharti Airtel lost most of their market cap.
Among sectors, the Nifty Information Technology index jumped 4.3 percent, the Nifty Pharma index rose 3.6 percent, the Nifty Media index gained 2.7 percent and the Nifty Oil & Gas index rose 2.6 percent.
Foreign institutional investors (FIIs) extended their buying this week also as they bought equities worth Rs 6,874.66 crore. In comparison, Domestic Institutional Investors (DII) remained net sellers as they sold equities worth Rs 385.29 crore.
The Indian rupee fell against the US dollar as it ended 11 paise lower at Rs 83.49 on July 5 against its June 28 closing at Rs 83.38.
ECONOMY
Internet usage jumps in informal sector companies: Govt data
Internet usage by the informal sector for taking and placing orders, using UPI increased by almost 50 percent in 2022-23 compared with the previous year, according to the results of surveys released by the government on July 5.
The share of companies using the Internet for entrepreneurial purposes rose to 21.1 percent in 2022-23 compared with 13.9 percent in the previous year, according to the Annual Survey of Unincorporated Sector Enterprises (ASUSE) report.
Budget 2024 finds India in a sweet spot, thanks to an unanticipated revenue boost
The final 2024-25 budget is due to be presented later this month. Compared to the interim budget, the fiscal situation of the Government of India (GoI) appears to have improved marginally.
GoI’s gross tax revenue (GTR) growth for 2023-24 turned out to be 13.5% implying an annual buoyancy of 1.4. In contrast, the interim budget, according to the RE for 2023-24, had considered a growth of 12.5%. This higher growth will give an improved base magnitude for GoI’s GTR for projecting the tax revenues for 2024-25, which in turn will depend on the likely performance of macro parameters, particularly the nominal GDP growth.
GLOBAL MARKETS
Nasdaq, S&P 500 hit record highs as payrolls data raises rate cut hopes
Wall Street stock indexes closed firmer on Friday, with the tech-heavy Nasdaq and benchmark S&P 500 hitting record highs, as new data showing U.S. labor market weakness boosted expectations for interest rate cuts as early as September.
The Dow Jones Industrial Average rose 67.87 points, or 0.17%, to close at 39,375.87. The S&P 500 gained 30.17 points, or 0.54%, at 5,567.19 and the Nasdaq Composite advanced 164.46 points, or 0.90%, to 18,352.76.
Asia stocks notch records; pound calm after Labour landslide
Share markets scaled new highs on Friday as investors sized up U.S. rate cuts for September and the mood was upbeat, while the euro hit a three-week peak ahead of French elections.
Japan’s Nikkei and broader Topix both nudged up to record levels, as did Taiwan’s benchmark.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2% to a two-year high with Samsung’s estimate of a more than 15-fold rise in second-quarter profit helping South Korea’s KOSPI to a two-year peak as well.
STOCKS IN NEWS
HDFC Bank: The Bank is mulling the sale of a loan portfolio, according to people familiar with the matter, amid heightened regulatory scrutiny on the nation’s lenders as their credit growth surges. India’s biggest private sector bank has approached public sector lenders, non-banking finance companies as well as some insurance companies and asset managers about participating in the sale, said the people, who requested anonymity discussing private conversations.
Kalyan Jewellers: Kalyan Jewellers on Friday reported a 27 percent year-on-year increase in consolidated revenue for the first quarter of the financial year 2024-25, driven by strong performance in both Indian and Middle Eastern markets. The company reported a consolidated net revenue of Rs 4,376 crore in the first quarter (April-June) of the 2023-24 fiscal year.
Suzuki Motor: Japanese automobile firm Suzuki Motor on Thursday launched its first investment fund in India–Next Bharat Ventures–a Rs 340 crore fund dedicated to fostering impact entrepreneurs who create value in Tier-II and below geographies. This Suzuki initiative aims to support social impact startups in the domains of agriculture, financial inclusion, rural supply chains, and rural mobility, through a residency program.
Inox Wind: Inox Wind Ltd on Thursday said its promoter Inox Wind Energy (IWEL) has infused Rs 900 crore into the company, following which the wind energy solutions provider will become a net debt-free company. “This fund infusion will help us become a net debt-free company, strengthening our balance sheet and help accelerate our growth. We expect substantial savings in interest expenses going ahead, aiding our profitability further,” Kailash Tarachandani, CEO of Inox Wind said.