News & Impact
Expects market to open on a flat note on account of global cues. Asian stocks opened steady Tuesday as traders weigh a jump in crude oil amid an OPEC+ crisis that derailed a deal to boost output. Treasuries dipped as trading resumed after a U.S. holiday. Gains were modest in Japan, Australia and South Korea (up nearly half percent each). SGX Nifty declined 0.2% while US Dow Future is up 0.2%
European equities climbed as investors weighed the prospects of economic recovery against Covid-19 risks, in addition to digesting U.K. corporate deal news. FTSE Index gained over half percent as European Union June PMI data surged to 15-year high. Both France and Germany Index gained marginally.
Brent oil spiked to above $77 a barrel after OPEC+ ended days of talks without a deal to bring back more halted output next month, depriving the market of vital barrels as the global economic recovery gathers pace.
Gold rises in morning Asia trade as a weaker USD boost its appeal to investors. The precious metal could also be supported by signs of strong demand from central banks. Gold gained half percent to $1793/ounce
Positive sentiment in the market on account steady decline in active COVID-19 cases. Encouraged by the reduced case load, most Indian states have started to announce gradational opening of the activity. The pace of activity resumption has gathered momentum. Yesterday, FIIs were net sellers Rs338cr while DIIs were net buyers Rs646cr.
Actionable - BUY Godrej Consumers, IEX, ONGC, OIL and Castrol
Brokers Radar – HDFC Bank Morgan Stanley TGT at 2000, Macquarie TGT on HDFC Bank at2005, Jefferies TGT on HDFC Bank at 1900, CLSA TGT on HDFC Bank at 1825, Morgan Stanley TGT on IndusInd Bank at 1225, Macquaire TGT on IndusInd Bank at 1110, Au Small Finance Bank TGT by Morgan Stanley at 1150,
Events – Coforge board meeting, PEL ex-dividend Rs33 a share, Century Textiles AGM. SKF India AGM and ex-dividend 14.50 a share, - US Service PMI, Composite PMI,
Market Summary - MCX signs MOU with European Energy Exchange for Electricity Derivatives, Heranba gets environmental clearness for Srinagar plant IndusInd Bank Net Advances at Rs2.11T as on June 30, Up 7% YoY, HDFC Bank Advances Rise 1.3% Q/q, Deposits Increase 0.8%, Godrej Consumer Sees Strong Double-Digit 1Q Sales Growth, Power Market trades 7093 MU in June'21 achieving 48% YoY growth.
Govt to sell up to 7.49% (including green shoe option) stake in NMDC via OFS; fixes floor price of Rs 165 per share (CMP 175) - NMDC announced government plans to offload 4% stake in the company through an offer for sale (OFS) which opens for subscription on Tuesday (non-retail). The floor price for the offer shall be Rs 165 per equity share
MCX and European Energy Exchange AG (EEX) have entered into a MOU, with the objective of knowledge sharing and exchanging of expertise on electricity derivative products.- Positive
Heranba has received Environmental Clearance from Ministry of Environment for expansion of Pesticides at district Valsad, Gujarat - Positive
Zomato IPO likely to hit market on July 19 - The much-awaited initial public offer (IPO) of online food delivery and restaurant discovery platform Zomato is expected to open for subscription on July 19 at a price band of Rs 70-72 per share. The offer size will likely be as much as Rs 9,375 crore at this price – Positive for InfoEdge (holding 18% stake)
The Indian Energy Exchange traded 7093 MU of electricity volume in June'21 recording 48% YoY growth, highest ever peak demand at 191.51 GW. The growth has been led by relaxations in COVID-19 related lockdowns across the country along with peak summer season and heat wave in Northern India. – Positive
Maruti Suzuki produced 1,65,576 units in June 2021, against 50,742 units of production in June 2020.
By: via @AlliesFin Serve Stock Market
