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WEEKLY REPORT
This week, BSE Sensex added 522.74 points or 0.65 percent to finish at 80,519.34, while the Nifty50 index rose 178.35 points or 0.73 percent to end at 24,502.20.
On July 12, BSE Sensex and Nifty50 touched record highs of 80,893.51 and 24,592.20, respectively.
In terms of market value, Tata Consultancy Services added the most, followed by ITC, Infosys, and Hindustan Unilever. On the other hand, Mahindra and Mahindra, HDFC Bank, and Bajaj Finance lost most of their market cap.
On the sectoral front, the Nifty Information Technology and FMCG indices rose 3.5 percent each, the Nifty Oil & Gas index added 2.5 percent, Nifty Media index was up 1.3 percent. On the other hand, Nifty PSU Bank, Realty, and Metal indices shed 2 percent each, and Nifty Auto index fell 1 percent.
BSE Large-cap index gained 0.65 percent, the Mid-cap index was up 0.15 and the Small-cap index shed 0.26 percent.
During this week, Foreign institutional investors (FIIs) extended their buying, as they bought equities worth Rs 3,843.99 crore, while Domestic Institutional Investors (DII) bought equities worth Rs 5,390.67 crore.
The Indian rupee ended marginally lower against the US dollar as it ended 4 paise lower at 83.53 on July 12 against its July 5 closing at 83.49.
ECONOMY
Auto component industry to see moderate growth this fiscal: ICRA
The disruption along the Red Sea route has resulted in a surge in container rates by 2-3 times in YTD (year-to-date) this calendar year compared to CY2023, while shipping time has also increased by around two weeks, ICRA said.
Close to two-thirds of the auto component exports are made to North America and Europe, and one-third of the imports are made from these regions, as per the rating agency.
India’s ‘TOP’ vegetables could spoil its disinflation party
India’s consumer price index (CPI) inflation for June, though mostly expected to hold steady or even ease versus the month before, may see a spike in vegetable prices that can curtail the disinflation journey.
This is especially given the recent increase in the prices of key ‘TOP’ vegetables comprising tomato, onion, and potato.
GLOBAL MARKETS
Wall Street closes higher on bets for Fed rate cut
Wall Street closed higher on Friday, with the S&P 500 and Dow Jones Industrial Average hitting intraday record highs, on bets that the U.S. Federal Reserve will cut interest rates in September, while big banks fell after reporting mixed results.
The S&P 500 climbed 0.55% to end the session at 5,615.35 points. The Nasdaq gained 0.63% at 18,398.45 points, while the Dow Jones Industrial Average rose 0.62% to 40,000.90 points.
Oil rises on cooling US inflation, strong summer demand
Oil prices rose in early Asian trading hours on Friday as signs of strong summer demand and easing inflationary pressures in the world’s biggest oil market, the United States, bolstered investor confidence.
Brent crude futures rose 37 cents, or 0.4%, to $85.77 a barrel by 0031 GMT. U.S. West Texas Intermediate crude futures rose 50 cents, or 0.6%, to $83.12 a barrel.
STOCKS IN NEWS
Zomato: Zomato shares gained nearly 3 percent to touch a fresh record high of Rs 223.25 on July 12 on the National Stock Exchange (NSE) as investors await the company’s Q1FY25 earnings. The company turned profitable recently, and analysts are keenly watching for its performance in the quick commerce business, to turn profitable, or at least operationally profitable.
Cyient: Shares of Cyient Limited surged over 7 percent to Rs 1,905 in the afternoon on July 12 after the company announced a strategic expansion of its Semiconductor business with the establishment of a fully owned subsidiary.
Zee Entertainment: Zee Entertainment shares jumped seven percent in the afternoon session on July 12 after the firm announced it would consider raising funds through the issue of securities. In a filing with the exchanges, Zee Entertainment said it will raise funds by way of issuance of equity shares and/or any other eligible securities through various tranches, ranging from a private placement, a QIP, a preferential issue, or a combination of methods.
HCLTech: HCLTech has trained and certified approximately 42,000 employees with Gen AI skills and aims to cross the 100,000 mark by year-end. Information technology (IT) company HCLTech has over 200 Proof of Concepts (PoC) for Generative Artificial Intelligence (Gen AI), with several of them rolling out into production.
Ireda: The company on Friday reported over 30 percent growth in its net profit to Rs 383.69 crore for the June quarter, mainly on the back of higher revenues. The company also has successfully reduced its net non-performing assets to 0.95 percent in the first quarter of FY 2024-25 from 1.61 percent in the same quarter of FY 2023-24, it stated.