Indian equity benchmarks
ended higher for a second straight session and closed around a percent higher
on Thursday. Domestic indices made a gap opening and remained in green for whole
day, as sentiments got a boost with the Reserve Bank of India (RBI) announced a
series of measures to attract foreign flows in an attempt to protect the local
currency amid depleting foreign exchange reserves.

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The Nifty50 has
formed a small positive candle on the daily chart with a long lower shadow, in
a sign it is headed towards its next hurdle at 16,175, according to Nagaraj
Shetti, Technical Research Analyst at HDFC Securities.

“A sustainable
move above 16,200 could open a sharp upmove with immediate support at
16,000,” he said.

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Indian Indices

Sensex rose 427.49 points or 0.80% to 54,178.46 and the
Nifty was up by 143.10 points or 0.89% to 16,132.90 in the previous session. Sensex
touched high and low of 54,254.79 and 53,927.26, respectively. There were 21
stocks advancing against 9 stock declining on the index. Nifty traded in a
range of 16,150.50 and 16,045.95. There were 38 stocks advancing against 12
stocks declining on the index.

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Broader Indices

The broader indices ended in green with the BSE Mid cap
index rising 1.19%, while Small cap index was up by 1.30%. On the sectoral
front, Metal was up by 4.49%, Consumer Durables was up by 3.24%, Realty was up
by 2.55%, Basic Materials was up by 2.22% and Capital Goods was up by 2.01%,
while there were no losing sectoral indices on the 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 5.25%
to 19.20 on Thursday.

SGX Nifty

The trends on SGX Nifty indicate
a positive opening for the index in India with a 130 points gain. The Nifty futures were trading
at 16,265.00 on the Singaporean Exchange
around 06:48 hours IST.

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Support and
Resistance levels

The key support level
for the Nifty is placed at 16,069, followed by 16,005. If the index moves up,
the key resistance levels to watch out for are 16,174 and 16,214, according to
pivot charts.

US Markets

The S&P 500 rose 57.54 points, or 1.5%, to 3,902.62.

The Dow Jones Industrial Average rose 346.87 points, or 1.1%, to 31,384.55.

The Nasdaq rose 259.49 points, or 2.3%, to 11,621.35.

The Russell 2000 index of smaller companies rose 42.06 points, or 2.4%, to 1,769.60.

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Asian Markets

Asian markets ended
mostly higher on Thursday. The Nikkei 225 rose 1.47%, the Heng Seng rose 0.26%,
the KOSPI Composite rose 1.84% and the Shanghai Composite rose 0.27%.

European Markets

European markets
ended mostly higher on Thursday, London’s FTSE 100 was up by 1.14%, France’s
CAC 40 was up by 1.60% and Germany’s DAX was up by 1.97%.

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Major News Headlines

Jaguar Land Rover reports 37% decline in retail
sales in June quarter

UK-based Jaguar Land Rover posted sales volumes at 78,825
units for the quarter ended June 2022, down 37% year on year and flat compared
to the previous quarter. Despite a record order book of 2 lakh units, sales
continued to be low due to global chip shortage, worsened by the run out of the
prior model Range Rover Sport, with deliveries just starting, and the impact of
Covid lockdown in China.

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Vedanta to buy Athena Chhattisgarh Power for Rs
564 crore

The company will acquire Athena Chhattisgarh Power which is
a 1200MW coal-based power plant at Jhanjgir Champa district, Chhattisgarh, and
is under the liquidation process. The acquisition is expected to be completed
in fiscal 2022-23. It will fulfill the power requirement of the Vedanta
aluminum business. The acquisition cost is Rs 564.67 crore.

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Power Finance Corporation signs pact with JBIC
for $200 million loan

The company signed a loan pact for JPY 30 billion with
Japan Bank for International Cooperation (JBIC). JBIC has provided a long-term
facility to PFC under its initiative ‘Global action for Reconciling Economic
growth and Environmental preservation’ (GREEN), wherein JBIC provides financing
for projects which ensure the effective reduction of greenhouse gas emissions
and conservation of the global environment.

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Bulk Deal data

SANJEEV HARBANSLAL BHATIA sold 84,000 shares in AAA Technologies
Limited at Rs 96.58 per share on the NSE.

EARC TRUST SC 30 sold 82,062 shares in Electrotherm (India) at Rs
80.10 per share on the NSE.

shares in Richa Info Systems Limited at Rs 58.10 per share as per NSE.

OSWAL INFRASTRUCTURE LIMITED sold 14,55,336 shares in Uttam Galva
Steels Limited at Rs 3.70 per share on the NSE.

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DII and FII data

Foreign institutional
investors (FIIs) sold shares worth a net Rs 925.22 crore, while domestic
institutional investors (DIIs) bought shares worth a net Rs 980.59 crore in the
Indian equity market on July 7, as per provisional data available on the NSE.

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No stock is under the
F&O ban for July 8. 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.