News & Impact
Expect market to open on a soft note on account of global cues. U.S. stocks fell, snapping a streak of seven consecutive closing record highs, as a plunge in Treasury yields to the lowest since February weighed on banks and small caps. New data released Tuesday showed that growth in the U.S. services sector eased in June compared with the previous month. The benchmark 10-year US yield fell as much as 7.4 basis points to just under 1.35%, the lowest level since Feb. 24. The 30-year bond’s yield slid 5 basis points to 1.99%, testing its 200-day moving average and its first time below 2% since June. Dow Jones slipped 0.6% while Nasdaq Composite gained 0.2%. FOMC Minutes of meeting will be announce today. SGX Nifty declined 0.3% while Dow Jones Future is flat to negative.
European stocks retreated sharply from two-week highs on Tuesday, breaking a three-day winning streak as investors flocked to bonds on worries over risks to rebounding global economic growth. UK, Germany and France Index declined 1% each.
Most Asian stocks fell Wednesday after U.S. shares snapped a winning streak and Treasury yields retreated on concerns about the economic outlook and risks from Covid-19 variants. Japan, Hong Kong, China and South Korea Index fell half to one percent.
Gold gained half percent to above $1800/ounce, following a dip in U.S. treasury yields and amid reports indicating that bullion purchases among central banks were gathering steam
Brent Crude declined over 3% to below $75/bbl. The OPEC+ crisis sent oil prices lurching as the cartel left the market wondering whether supply will rise or fall.
Expects profit booking in the market on account of weak global market. Expects stocks specific action in the market and traders buy on decline strategy on ahead of volatile market.Domestic cues remain positive on account of fall on pandemic cases and progress of vaccination. FIIs were net sellers Rs543cr while DIIs were net buyers Rs521cr.
Actionable – BUY Delta, ICICI Bank, NCL, Infosys
Brokers Radar – Titan TGT by Macquarie at 1750, Morgan Stanley TGT on Titan at 1358, Goldman Sachs TGT on Titan at 895, Credit Swiss TGT on Titan at 1700, Tata Motor TGT by Macquarie at 275, Morgan Stanley TGT on Tata Motor at 300, Jefferies TGT on Tata Motor at 435, Nomura TGT on Tata Motor at 353, Bajaj Finance TGT by Morgan Stanley at 6000, Nomura TGT on Bajaj Finserve at 12200, Jefferies TGT on Sobha Ltd at 592
Events – Cabinet meeting at11am, NMDC Retail sector FPO at Rs165, Redington board meeting for bonus, Laurus Lab – AGM, Onward Tech – AGM and ex-dividend Rs3 a share. GR Infraprojects IPO to open – IPO Price at 828-837. Clean Science IPO, US FOMC Minutes of meeting
Market summary - Demand outlook on the tyre industry remains favourable: ICRA, June Gross GST Rev. Collection fell to 8-month low at Rs92850cr, Up 2% YoY, Tata Steel Aiming for 55m Tons Capacity Globally by 2030. JLR Sees Negative Ebit Margin in 1Q, 2Q; Chip Shortage to Worsen, Bajaj Finance Booked 4.6m New Loans in First Quarter, Ashok Leyland to ramp up production this month as covid lockdown eases, Japan’s SMFG Said to Near $2 Billion Deal for Fullerton India, Route Mobile Limited completes acquisition of IP from Sarv Webs Pvt Ltd, Godawari Power repays entire long-term loans, Info Edge (India) Ltd to acquire 100% stake in doselect.com for Rs. 21 crores, RDIF and Morepen Laboratories announce production of the test batch of Sputnik V in India.
Titan Q1 Update: Sales Rise On Low Base – Titan said in its quarterly update that sales in the first three weeks of April were hit, and after that, most outlets reopened only in June with restrictions. Titan’s witnessing a gradual recovery across segments along with rise in store operational days. “The company recorded revenue growth of approximately 117% in Q1’22, with revenue contribution of approximately 50%, 10% and 40% coming from April, May and June respectively,” - Positive HDFC Bank has partnered with Creditas Solutions to
By: via @AlliesFin Serve Stock Market
