Stock Market Live: Gift Nifty soars 140 pts, indicates gap-up for Indian bourses

Stock Market LIVE on July 3: The benchmarks Sensex, Nifty may see a stellar opening on Wednesday, tracking gains from global markets

Indian Share market, BSE, Stock market

Stock Market LIVE on Wednesday, July 3, 2024: The benchmarks Sensex, Nifty may see a stellar opening on Wednesday, tracking gains from global markets.

The GIFT Nifty futures, too, indicated a gap-up opening, quoting just 146 points higher to Nifty 50 futures at 24,349 levels.

Asia-Pacific markets staged a strong show on Wednesday morning following remarks by US Federal Reserve Chair Jerome Powell indicating progress in controlling inflation. The investors are also eying release of crucial data later in the day, including June business activity figures from India and China.

Japan’s Nikkei 225 climbed 0.69 per cent, while the broader Topix index was trading flat, down marginally by 0.06 per cent.

South Korea’s Kospi edged up by 0.14 per cent, while the Kosdaq, which focuses on small-cap stocks, gained 0.25 per cent. Australia’s S&P/ASX 200 soared by 0.13 per cent.

In the US overnight, the Dow Jones Industrial Average rose by 0.41 per cent, the S&P 500 advanced by 0.62 per cent, and the Nasdaq Composite surged by 0.84 per cent. Both the Nasdaq and the S&P 500 achieved record high closing levels.

Meanwhile, Indian equity benchmark indices ended with slight losses on Tuesday due to selling pressure in banking shares. The S&P BSE Sensex reached a new high of 79,856 during the session but closed 35 points lower at 79,441. The NSE Nifty 50 index also touched a peak of 24,236 before finishing with a decline of 18 points at 24,124.

Stocks to watch:

Yes Bank: It reported a 14.8 per cent year-on-year growth in loans and advances, reaching Rs 2.29 lakh crore for Q1FY25. Deposits also saw a robust increase of 20.8 per cent YoY, reaching Rs 2.64 lakh crore.

Avenue Supermarts: It achieved standalone revenue from operations of Rs 13,711.87 crore for the quarter ended June FY25, marking an 18.4 per cent growth compared to Rs 11,584.44 crore in Q1FY24. The company operated a total of 371 stores as of June 2024.

MOIL: The manganese ore mining company, recorded a 14.5 per cent YoY growth in sales for the June FY25 quarter. This growth was supported by a record quarterly production of 4.70 lakh tonnes, marking a 7.8 per cent increase compared to the previous year.

8:41 AM

Stocks to Watch, July 3: HDFC Bank, Zomato, Concor, RVNL, M&M Fin, Britannia

HDFC Bank: The latest foreign ownership data, released on Tuesday, July 2, showed FII holding in the private bank falling to 54.83 per cent. This opens room for a weight increase in the MSCI index. Brokerages estimate an inflow of $3-4 billion in MSCI’s August rejig.

Rail Vikas Nigam Ltd (RVNL): The railway company has bagged a Rs 132.6-crore order from Central Railways.

It has emerged as the lowest bidder for overhead equipment (OHE) modification work for upgrading the existing 1 x 25-kilovolt electric traction system to a 2 x 25-kilovolt AT feeding system in the Wardha-Ballarshah section of the Nagpur division of Central Railway to meet a loading target of 3,000 MT.

Zomato: Food and grocery delivery major Zomato has pulled the plug on its plan to enter the lending business. Zomato Financial Services, a wholly-owned subsidiary of Zomato, has withdrawn its application for a non-banking financial company (NBFC) licence with the Reserve Bank of India (RBI), stating that the company does not have plans to pursue lending in the future. Read more

8:25 AM

Quant MF raises wager on HDFC Bank, exposure increases across schemes

Quant Mutual Fund (MF), one of the few fund houses to run a significant underweight position in private banks, has raised its allocation towards HDFC Bank.

The private lender is now among the top two holdings in most of the schemes. Reliance Industries and Jio Financial Services are among the top holdings in most schemes.

Banks have the highest weight in bluechip indices Nifty50 and Sensex, with HDFC Bank accounting for a large portion. Read more

HDFC Bank

8:17 AM

Gold strategy on July 3: Support at Rs 71,300; Resistance at Rs 72,000

Spot gold rose slightly ahead of the US Fed Chair Powell’s speech at the European Central Bank forum on central banking in Sintra, Portugal. However, the attempt to rise was thwarted once again at the stiff resistance of $2340-$2350 zone as the US Fed Chief continued to maintain a cautious stance on the possibility of rate cuts by the Fed.

The yellow metal at the time of the MCX closing was changing hands at $2324, down nearly 0.30 per cent on the day, whereas the MCX August gold contract was at Rs 71,570 (LTP), down 0.12 per cent. Read more

gold price, gold share

8:00 AM

Silver surrenders gain as US Fed Chief remains cautious on rate cuts

Spot silver was buoyant on Tuesday as the metal rallied from the day’s low of $29.20 to $29.82 on softer US yields, the highest level since June 21.

The US yields, after a sharp rise in the last two days, corrected lower ahead of the Fed Chair Powell’s speech. However, Powell reiterating his cautious views on the US Fed’s monetary policy and a slightly better than expected US JOLTs openings data sent the metal sharply down from its day’s high.

COMEX silver, at the time of the MCX closing, was trading at $29.39, down 0.15 per cent on the day, whereas the MCX September Silver contract at Rs 89,939 was up 0.21per cent. Read more

silver trading silver investment

7:48 AM

Crude Oil, Copper: Check trading strategy, target price and more

Crude oil prices rose on Monday, with WTI Crude futures up 2.3 per cent to $83.38 a barrel. The increase was driven by OPEC’s slight production decline in June and China’s better-than-expected manufacturing activity. Additionally, geopolitical tensions in the Middle East and Russia, along with a falling dollar, contributed to the price gains. Read more

7:46 AM

Should investors book profits in Nifty PSU, Pvt Bank? Insight from charts

The Nifty PSU Bank Index is currently trading at 7,178.00. The near-term trend on the charts indicates a downward movement. Given this bearish outlook, the most prudent trading strategy would be to sell on any rise in the index’s value. The index is expected to find support at the levels of 6,925 and 6,500. Read more

share market

7:44 AM

Market outlook July 03: Gap-up open likely; Vraj Iron, Bank Nifty in focus

Pre-market update for Wednesday, July 03, 2024:The BSE Sensex and the NSE Nifty are likely to start Wednesday’s trading session on an upbeat note tracking gains across global markets.

At 07:00 AM, GIFT Nifty futures quoted around 24,340 levels, indicating a likely gap-up of over 100-odd points on the Nifty 50 index this morning. On the economic data front, focus will be on HSBC Composite and Services data to be announced today. That apart, Bank Nifty will be on traders radar ahead of the weekly expiry.

In other news, India Meteorological Department (IMD) said the southwest monsoon covered the entire country six days ahead of its normal date, thus boosting prospects of kharif sowing. Read more

7:37 AM