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News & Impact



· Focus Today (Trend – Positive – Gift Nifty up 120 points or 0.50%. FIIs net buyers nearly Rs5500cr, US closed record high and strong domestic PMI data. US market is shut today. UK election today ). – Nifty shifted to new support level at 24200 level while expected uptrend to be continue. Technically Bank Nifty formed a small Bullish candle on daily scale Positive on housing finance, metal, defines, PSU capital goods, IT , defence, and rail stocks. Copper, aluminium price surged by 2-3% on LME. ADR/GDR – Axis Bank up 2.5% and SBI up 1.5%.



· Today’s Market Outlook – Record high closing US market, rally in the across the global market on hope of rate cut by US Fed, falling US 10-Year bond Yield, better than expected domestic June PMI data and strong FIIs inflow, may open domestic bourses on a positive note. Gift Nifty is up 120 points or 0.5%. Yesterday, Nifty gained over half percent to close record high led by banking, metal and defense stocks. FIIs were net buyers nearly Rs5500cr yesterday.

· Global Market– The US S&P 500 and technology-laden Nasdaq rose over 0.5% to post record high closes, as data pointing to a softening economy raised hopes the Federal Reserve could cut interest rates in September. US 10-Year bond Yield declined 10bps to close at 4.34%. Asian markets gained up to 1% as Japan market intra-day surged to record high. European market gained 1% ahead of France Election outcome while UK election commence from today.

• Domestic Market Trend and Major Sectors to focus today – Expects rally on domestic market to be continue. Better-than-expected domestic June Service PMI and Composite PMI data, a rally in global markets, strong GST collections, hopes of a US Fed interest rate cut following dovish comments on inflation, strong June auto sales and impressive quarterly earnings updates by corporates will be positive for the market sentiment. Expects positive for defense stocks on hope of good quarterly results and strong order booking. Metal stocks may positive due to strong rising base metal price on LME.



· Global Market Summary – US market ended record high.US 10- Year Bond Yield declined 8bps to 4.34% after softer than expected US Job data. Rate cut hope lifted European and Asian market by 1%. Oil price 2-month high as decline US oil inventory



· US Market –US market ended on a record high as bonds yields fell after a string of weaker-than-estimated economic reports reinforced the case for the Federal Reserve to
start cutting rates this year. In a shortened session ahead of the US holiday. Both Nasdaq Composite and S&P 500 gained 0.7% and 0.5% to close all time high. US 10-Year bond Yield decline 10bps to 4.34%. US jobless claims rose for a ninth straight week in the longest stretch since 2018



· Asian Market –Stocks in Asia rose Thursday after US shares touched a fresh peak as economic data supported the case for Federal Reserve rate cuts. A gauge for equities in the region gained for a fifth straight session as Japan’s Topix hit a record intraday high and
shares in South Korea and Australia advanced



· European Market - Eurozone stock markets rallied Wednesday and the euro rose on hopes France could avoid a far-right majority in looming polls, while London also gained ground on
the eve of its general election. Both Germany and France Index gained 1% each while FTSE Index advance 0.7%.



· Gold –- Gold edged higher by 1% to 2360/ounce, with poor US economic data bolstering the prospect of the Federal Reserve pivoting to monetary easing as soon as September.



· Brent Crude – Oil traded near a two-month high as US crude inventories plunged and Hurricane Beryl threatened production. Brent crude traded above $87 a barrel after rising by 1.3%



· Nifty Technical Level – Nifty formed a Bullish candle on daily frame and has been making higher lows from the last seven sessions. Now it has to hold above 24200 zones to extend the move towards 24400 and 24500 zones whereas supports are placed at 24200 then 24000 zones.



• Bank Nifty Technical Levels – Bank Nifty remained consolidative at a higher band in between 53000 to 53200 zones and formed a small Bullish candle on daily scale. Index ended with decent gains of 920 points as buying was seen across banking heavyweights and gave the highest daily close. Now it has to continue to hold above 52750 zones for an up move towards 53250 then 53750 levels while on the downside support is seen at 52750 then 52500 zones.



• Previous Day Market Summary – Dalal Street made history as the Sensex crossed the 80,000 mark during intra-day trading, led primarily by banking heavyweights, particularly HDFC Bank, which surged 3% due to investor expectation about an increased stock weightage in the MSCI index in the upcoming August review. The Sensex gained 5,000 points, rising from 75,000 to 80,000, in just 57 days. Key sectors such as banking, metals, NBFCs, and defense stocks saw significant gains. The Sensex reached a lifetime high of 80,074 points, a 0.69% increase, while the broader Nifty index hit a peak of 24,309 before closing at 24,287, up by 163 points or 0.67%. FIIs were net sellers Rs2000cr while DIIs were net buyers Rs648cr. FIIs were net buyers Rs5483cr while DIIs were net sellers 924cr



• Actionable BUY –BHEL, HAL, Paras Defense, SAIL, IDEA, PNB, Nalco, BEL, NBCC, NCC, FSL, Mindtree, IRFC, Happiest Mind, Mapmy India. MRPL. Bajaj Finance.



· Events –Vodafone Idea tariff hike will be implement from today.



· IPO Update –Bansal Wire Industries Price Bank between Rs243 – Rs256 (Rs5 paid up)



· Brokers Radar – Citi TGT on Indigene at 510, Morgan Stanley TGT on Bajaj Finance at Bajaj Finance at 9000. L&T Finance TGT by CITI at 230 and UBS TGT at 240. Dabur India TGT by JP Morgan at 580.



· Results – Ixigo



· Corporate Action ––Balaji Amines - Dividend Rs. 11, Eclerx Service - Buy Back of Shares, SKF India - Dividend Rs. 130, Solar Idustries - Dividend Rs. 8.5, Tata Power - Dividend Rs. 2.



· Global Data Today –UK - Construction PMI & 1 - Year CPI expectation. Germany - Factory orders, Construction PMI



· Market Summary – Bajaj Auto expects to outpace Industry Growth In April-June Quarter. Reuters reported government has asked state-run utility companies to order equipment to boost capacity. Mahindra selects ABB's innovative PixelPaint technology. JSW Infra to develop cargo berth at VO Chidambaranar Port in Tamil Nadu. Govt plans to hike rural housing subsidies to over $6.5 bln after election setback, sources say – Reuters Report. Persistent Systems on acquiring US firm. Axis Bank and Piramal Finance partner to boost MSME and home loans



· BHEL – Company formed JV with Coal India for coal gasification projects. The government has asked state power utility giants to order equipment worth $33 billion to meet the country’s soaring power demand, the report says. – Expect positive for BHEL



· NHPC – Company signed a Power Purchase Agreement with Jakson Green to supply 400 MW of solar power. - positive



· Bajaj Auto – Company expects to outpace the industry's growth in the first quarter of fiscal 2025. "We hope to outpace this growth because it is weighted in favour of the top half of the industry, where we have got a lot of play and we have been, over many previous quarters, outpacing the industry and gaining market share,"



· ABB – Mahindra & Mahindra selected the ABB’s innovative PixelPaint technology for its new electric vehicle paint facility. The technology, which uses an award-winning paint head similar to an inkjet printer, will begin serial production in 2025. – positive



· Brigade Enterprises – Company has announced a joint development residential project in Bengaluru with a gross development value of Rs 1,100 crore. The company will develop 8 acres of land, with a total development area of about 1.2 million square feet.- positive .



· Bajaj Finance Q1 Business Update : The company reported new loans grew by 10% year-on-year to 10.97 million, AUM grew by 31% year-on-year to 3.54 lakh crore, and deposit book at up 26% year-on-year at 62,750 crores for the end of Q1 FY25. - positive



· Vedanta Q1 Business Update: The company reported aluminum production up 3% year-on-year at 596 kt, while Saleable zinc production up 1% year-on-year at 262 kt, Saleable steel production up 10% year-on Year at 356 kt, YoY, Overall power sales at 4,791 MU, up 13% YoY for the end of Q1 FY25.- positive



· L&T Finance: The company reported Portfolio realisation at 95%, Retail disbursements up 33% year-on-year at Rs 14,830 crore, and Retail loan book up 31% year-on-year at Rs 84,440 crore. – positive



· Tata Steel: The company received NCLT's nod for the merger of Angul Energy into itself. – POSITIVE



· Bandhan Bank: The bank reported loans and advances at Rs up 21.8% year-on-year at Rs 1.03 lakh crore, deposits at Rs up 22.8% year-on-year at Rs 1.08 lakh crore, While CASA ratio at 36.0% vs 37.1% QoQ for the end of Q1 FY25. - POSITIVE



· GE T&D: The company received a €64 million order from France's Grid Solutions for the supply of high-voltage products. – POSITIVE



· Cochin Shipyard: The government appointed Jose VJ as Director of Finance for 3 years.



· Marico: The company partnered with Kaya to handle sales of its science-based personal care products. – POSITIVE



· ITD Cementation: Promoter Italian Thai Development Public Company is exploring the potential divestment of its investment in the company.- POSITIVE



· Cello World: The company launched a qualified institutional placement to raise up to Rs 800 crore. - POSITIVE



· JSW Infra– Company had entered into a concession agreement with V.O. Chidambaranar Port Authority, Tamil Nadu, for the development Mechanisation of North Cargo Berth-III for Handling Dry Bulk cargo at V.O. Chidambaranar Port on Design, Build, Finance, Operate and Transfer (DBFOT) Basis. – positive



· Piramal Finance - Axis Bank and Piramal Capital and Housing Finance have formed a partnership to co-lend in the micro, small, and medium enterprises (MSMEs) and home loan segments. – positive



· Britannia Industries - Company has announced the appointment of former RBI governor Urjit Patel as an additional Non-Executive Independent Director on the board. This appointment will last for five years



· Expect positive for housing finance stock - Government plans to increase state subsidies on rural housing in the upcoming federal budget by as much as 50% from the previous year to more than $6.5 billion, after setbacks for the prime minister's party in election. The planned hike in housing subsidies is part of a broader government initiative to boost spending on rural infrastructure including village roads and a jobs programme to help millions of young people stuck in the agriculture sector amid limited manufacturing jobs. If approved, it would mark the largest annual increase in federal spending on the rural housing programme since its inception in 2016. – Expect positive for Hudco, PNB Housing, GIC Housing, Can Finance.



· Samvardhana Motherson – Company raises $350mn via overseas bond, used to refinance debt - positive



· Hindustan Zinc – Company said it is committed to partner with the country's auto companies to "unlock zinc potential" and drive India's mobility.- positive



· MRPL – Company has deferred maintenance-related closure of a distillation unit at its refinery to 2025, from July-September quarter this year. The company is seeking to capture demand during the monsoon period, when other refiners are planning to close for maintenance. The unit processes 144,000 barrels a day of crude – Positive



· One 97 Communications Limited (OCL), which owns brand Paytm, has rolled out ‘Paytm Health Saathi’, an exclusive health and income protection plan for its merchant partners. This plan is available on the ‘Paytm for Business’ app.



· Persistent Systems – Company announced the intent to acquire 100% stake in US-based software firm Starfish Associates for $20.7 million (around Rs173cr). The acquisition is aimed to build on Persistent’s existing engineering capabilities in the Contact Center and Unified Communications space.



· Federal Bank provisional business update for Q1FY25 - Total deposits for the quarter rose 19.6% YoY, and gross advances rose 20.1%; the CASA Ratio was 29.28% compared to 29.38% sequentially.- Positive



· Dr. Reddy's Lab- Company said it was on track to achieve an average double-digit growth in revenue and operating profit in the current fiscal.- positive

· Confidence Petroleum – Company acquired 99.99% equity (22.50 lakh shares) of Punjab Petroleum Corporation at Rs19.5/share amounting Rs4.37 crore. – positive

· Sundaram Clayton - Board has approved raising as much as Rs 400 crore via QIP. – positive

· June PMI Data - Services PMI rises to 60.5 in June vs 60.4 in May and Composite PMI rises to 60.9 in June vs 60.5 in May – Strong PMI data indicating a solid domestic market - positive for the market sentiment

· Indiabulls Housing Finance – Company said its long-standing proposal to change its name to Sammaan Capital has secured the approval of the central bank and registrar of companies. – positive

· V-Mart - company reported a 16% y/y sales in June quarter and same-store sales growth was at 11% in 1Q – positive

· Shriram Properties – Company’s CFO Ran Shankar Venkataraman resigns as CFO – Any sharp decline will be buying opportunity

· Suryoday Small Finance Bank: The bank reported gross advances up 42% year-on-year at Rs 9,037 crore, deposits up 42% year-on-year at Rs 8,137 crore, CASA ratio at 17.7% vs 20.1% QoQ, while GNPA at 2.67% vs 2.80% QoQ.- positive

· Castrol to soon launch - Liquid immersion cooling fluids in India – where the IT hardware in Data Centre is fulcly submerged in a dielectric fluid made by Castrol to transport heat away from the equipment - this solution offers a great energy saving potential for the IT industry. Castrol Immersion cooling technology can help to increase the overall efficiency and sustainability of IT operations at Data Centres.- stock gained 14% yesterday