Indian equity benchmarks
ended close to day’s high point on Wednesday, led by strong gains in Auto,
Consumer Discretionary and FMCG stocks amid positive opening in European stock markets.
After the initial uptick, the benchmarks gradually inched higher as the session
progressed and settled around the day’s high as foreign funds turning net
buyers of domestic equities after a long gap.
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The Nifty50 has
formed a long bull candle on the daily chart that almost engulfed its negative
candle the previous day, suggesting a positive bias ahead on Dalal Street,
according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities. He
sees the possibility of a strong breakout as the bulls took the 50-scrip index
past the key 15,850-15,900 hurdle. “A sustainable move above 15,950 could
mean a sharp upside ahead,” he said.
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Sensex fell 616.62 points or 1.16% to 53,750.97 and the
Nifty was up by 178.95 points or 1.13% to 15,989.80 in the previous session. Sensex
touched high and low of 53,819.31 and 53,143.28, respectively. There were 25
stocks advancing against 5 stock declining on the index. Nifty traded in a
range of 16,011.35 and 15,800.90. There were 40 stocks advancing against 10
stocks declining, while 2 stocks remain unchanged on the index.
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Broader Indices
The broader indices ended in green with the BSE Mid cap
index rising 1.76%, while Small cap index was up by 0.94%. On the sectoral
front, Auto was up by 2.73%, Consumer Discretionary was up by 2.47%, FMCG was
up by 2.45%, Consumer Durables was up by 2.42% and Realty was up by 2.39%,
while Energy down by 0.27% and Metal down by 0.25% were the few losing indices
on BSE.
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India VIX Index
Nifty or India VIX, a
gauge of the market’s expectation of volatility over the near term, fell 2.50%
to 20.27 on Wednesday.
SGX Nifty
The trends on SGX Nifty indicate
a positive opening for the index in India with a 94 points gain. The Nifty futures were trading
at 16,077.00 on the Singaporean Exchange
around 07:50 hours IST.
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Support and
Resistance levels
The key support level
for the Nifty is placed at 15,857, followed by 15,724. If the index moves up,
the key resistance levels to watch out for are 16,067 and 16,144, according to
pivot charts.
The S&P 500 rose 13.69 points, or 0.4%, to 3,845.08.
The Dow Jones Industrial Average rose 69.86 points, or 0.2%, to 31,037.68.
The Nasdaq rose 39.61 points, or 0.3%, to 11,361.85.
The Russell 2000 index of smaller companies fell 13.78 points, or 0.8%, to 1,727.55.
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Asian Markets
Asian markets ended
mostly lower on Wednesday. The Nikkei 225 fell 1.20%, the Heng Seng fell 1.22%,
the KOSPI Composite fell 2.13% and the Shanghai Composite fell 1.43%.
European Markets
European markets
ended mostly higher on Wednesday, London’s FTSE 100 was up by 1.17%, France’s
CAC 40 was up by 2.03% and Germany’s DAX was up by 1.56%.
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Major News Headlines
Titan reports threefold rise in Q1 sales, on the back of low base,
non disruption
The Tata Group firm said its sales in the April-June quarter were
up nearly three-fold on a year-on-year basis, on the back of the low base of
the Covid-19 impacted quarter in the last year. “Sales in Q1FY23 grew 205%
YoY on a low base and clocked 3-year CAGR of 20.5% over Q1FY20,” Titan
said. Its jewelry division, which contributes nearly 85% of its revenue,
reported 207% growth and added 19 new stores during the quarter, taking the
total count to 463.
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Reliance Retail partners with Gap Inc to bring Gap to India
Reliance Retail has signed a franchise agreement with Gap Inc to
bring back the American fashion brand to India. Gap will return to India the
second time after parting ways with Arvind Fashions in 2020. Reliance Retail
will be the official retailer for the fashion house in India, mixing exclusive
stores and digital commerce platforms.
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Piramal Enterprises gets shareholders’ approval to demerge pharma
business
Ajay Piramal-owned Piramal Enterprises has received shareholders’
approval to demerge its pharmaceuticals business and simplify the corporate
structure. The demerger will divide the company into two focused entities
—financial services and pharmaceuticals.
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Power Grid gets board approval to raise up to Rs 11,000 crore
The board of state-owned Power Grid Corporation of India Ltd
(PGCIL) approved two proposals to raise Rs 11,000 crore through the issuance of
bonds and term loans. The company is looking to raise Rs 6,000 crore from the
domestic market through the issue of secured/unsecured, non-convertible,
non-cumulative/cumulative, redeemable, taxable/tax-free debentures/bonds under
private placement during the financial year 2023-24 in up to twenty
tranches/offers. The remaining Rs 5,000 crore will be raised through rupee term
loans from commercial banks to meet capital expenditure requirements.
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SHASHANK PRAVINCHANDRA DOSHI sold 1,02,000 shares in AAA
Technologies Limited at Rs 91.28 per share on the NSE.
EMRALD COMMERCIAL LIMITED sold 50,000 shares in Ambani Organics
Limited at Rs 100.00 per share as per NSE.
GRETEX CORPORATE SERVICES PRIVATE LIMITED sold 1,03,200 shares in
Bodhi Tree Multimedia Limited at Rs 106.85 per share on the NSE.
EARC TRUST SC 30 sold 1,00,000 shares in Electrotherm (India) at Rs
82.64 per share on the NSE.
AMAYSHA TEXTILES PRIVATE LIMITED bought 5,96,000 shares in
Globesecure Technology Limited at Rs 132.35 per share as per NSE.
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Foreign institutional
investors (FIIs) sold shares worth a net Rs 330.13 crore, while domestic
institutional investors (DIIs) bought shares worth a net Rs 1,464.33 crore in
the Indian equity market on July 6, as per provisional data available on the
NSE.
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No stock is under the
F&O ban for July 7. Securities in the ban period under the F&O segment
include companies in which the security has crossed 95% of the market-wide
position limit.
