Gift Nifty indicates a negative start for the Indian stock indices; The US markets ended lower; The Asian markets also traded lower following the Wall Street

PRE-MARKET REPORT

The domestic equity market indices, Sensex and Nifty 50, are expected to open lower on Wednesday tracking weakness in global peers.

Gift Nifty was trading around 24,405 level, a discount of nearly 45 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

The US stock market ended marginally lower on Tuesday as investors focused on the latest earnings from Alphabet and Tesla.

The Dow Jones Industrial Average declined 57.35 points, or 0.14%, to 40,358.09, while the S&P 500 eased 8.67 points, or 0.16%, to 5,555.74. The Nasdaq Composite ended 10.22 points, or 0.06%, lower at 17,997.35.

Asian markets traded lower on Wednesday following overnight losses on Wall Street. Japan’s Nikkei 225 was flat, while the Topix fell 0.23%. South Korea’s Kospi was 0.7% lower, and the Kosdaq was down marginally. Hong Kong Hang Seng index futures indicated a flat opening.

STOCKS TODAY

Tata Consumer Products: The FMCG company has fixed July 27 as a record date for its Rs 3,000 crore rights issue. The rights issue price has been fixed at Rs 818 per share. The rights issue will open on August 5 and close on August 19.

Bajel Projects: The company has received contracts for the supply of goods and services for a transmission line package from PowerGrid Corporation of India, amounting to Rs 586.28 crore.

South Indian Bank: The bank said the board members will meet on July 30 to consider raising funds via the issuance of equity shares through preferential issue and/or Qualified Institutions Placement (QIP) or any other methods on a private placement basis, or FPO.

Titagarh Rail Systems: The company has commenced the export of traction converters. The first batch of 8 converters was shipped to Titagarh Firema SpA (Titagarh Firema), Italy, on July 19. This export is part of a 7.18 million euros (Rs 65 crore) order received by Titagarh Rail from Titagarh Firema.

Dr Reddy’s Laboratories: The Board of Directors of the pharma company will meet on July 27 to consider the sub-division of existing equity shares, including the American Depository Shares.

Vedanta: The company, at its board meeting on July 26, will consider the second interim dividend on equity shares, if any, for FY25.