Stock Market Today: Top 10 things to know before the market opens 0n 28th july
The market is likely to see a positive opening for the GIFT Nifty with a gain of 50 points at 19,809 points.
On July 27, the BSE Sensex dropped 440 points to 66,267, while the Nifty50 slipped 118 points to close at 19,660 despite uptrend in global peers, led by banking & financial services, auto, FMCG, oil & gas, and select IT stocks.
The pivot point calculator suggests that the Nifty may get support at 19,610, followed by 19,547 and 19,446.
In case of an upside, 19,811 can be the key resistance area followed by 19,874 and 19,974.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today.
We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.
GIFT Nifty
The GIFT Nifty indicates a positive start for the broader index with a gain of 50 points on Friday.
The futures stood at 19,809 points.
US Markets
Stock futures were near flat on Thursday night as Wall Street awaited new inflation data due Friday morning.
Futures tied to the Dow Jones Industrial Average were little changed.
S&P 500 futures ticked higher by 0.03 percent, while Nasdaq 100 futures advanced 0.07 percent.
A mixed batch of earnings reports sent stocks in diverging directions after hours.
Intel jumped more than 7 percent as investors applauded a return to profitability, while Roku climbed 8 percent after beating Wall Street expectations on both the top and bottom lines.
Investors will watch for June data for the personal consumption expenditures price index, a gauge of inflation that’s closely followed by the Federal Reserve.
Economists polled by Dow Jones expect that the core PCE gained 0.2 percent from the prior month and climbed 4.2 percent when compared with a year earlier.
The data is of particular interest after the central bank raised interest rates earlier this week in a widely expected move.
Wall Street is coming off a losing session.
The Dow’s nearly 0.7 percent tumble marked the end of a 13-day win streak, a length not seen since 1987. The S&P 500 and Nasdaq Composite each finished around 0.6 percent lower.
European Markets
European stock markets closed higher on Thursday as investors cheered the prospect of the European Central Bank pausing interest rate hikes as soon as September.
The pan-European Stoxx 600 provisionally closed up 1.4 percent, extending earlier gains following the ECB announcement of its latest monetary policy decision.
Media stocks rocketed 4.2 percent higher as tech climbed 4.1 percent, with futures on the U.S. Nasdaq-100 also buoyant following strong results from Meta.
The ECBs widely expected 25 basis points brings its main rate to 3.75 percent and marks a full year of consecutive rate hikes in the euro zone.
Inflation continues to decline but is still expected to remain too high for too long, the central bank said in a statement. However, the central bank also hinted at a possible pause to rate hikes Thursday.
Asian Markets
Asia-Pacific markets largely fell ahead of the Bank of Japan’s rate decision on Friday.
Japan’s central bank is expected to keep its benchmark policy rate unchanged at -0.1 percent, but investors will be keenly watching for any signs of a shift in stance towards its yield curve control policy.
The Nikkei 225 tumbled 1.35 percent in early trade, while the Topix saw a smaller loss of 1 percent.
In Australia, the S&P/ASX 200 fell 0.76% ahead of its producer price index figures for the second quarter.
South Korea’s markets were more mixed, with the Kospi down 0.25 percent and the Kosdaq up 0.51 percent.
Futures for Hong Kong’s Hang Seng index also point to a lower open for the index, standing at 19,347 compared to the HSI’s last close of 19,639.11.
NSE Q1 profit up 9% at Rs 1,844 crore, contributes Rs 7,889 crore to the exchequer
The National Stock Exchange (NSE) on July 27 reported a net profit of Rs 1,844 crore on a consolidated basis for Q1 FY24, up by 9 percent on a year-on-year (YoY) basis. The exchange’s consolidated income from operations came in at Rs 2,987 crore for Q1 FY 24, up by 13 percent YoY.
“Apart from trading revenue, the revenue from operations was also supported by other revenue lines which includes listing, index services, data services and colocation services,” said the exchange in a press release.
NSE also informed that it contributed Rs 7,889 crore to the exchequer during the quarter, of which STT comprised of Rs 6,411 crore, stamp duty of Rs 503 crore, GST of Rs 475 crore, income tax of Rs 225 crore and SEBI Rs 275 crore.
Shriram Finance Q1 results: Net profit rises 25% YoY to Rs 1,675 crore
Shriram Finance on July 27 reported a 25.13 percent rise in its April-June quarter net profit to Rs 1,675.44 crore, as against Rs 1,338.95 crore recorded in the year-ago period.
Net Interest Income (NII) for the first quarter ended June 30 increased by 11.31 percent and stood at Rs 4,435.27 crore as against Rs 3,984.44 crore in the same period of the previous year.
Total Assets under Management (AUM) as on June 30, 2023 stood at Rs 1,93,214.66 crore as compared to Rs 1,62,970.04 crore as on June 30, 2022 and Rs. 1,85,682.86 crore as on 31st March, 2023.
In the AUM, personal loans increased 81.31 percent on-year to Rs 79,19.65 crore and passenger vehicles segment rose 28.47 percent on-year to Rs 362,91.97 crore in April-June quarter.
Oil Prices
Oil climbed on Thursday, with Brent crude topping $84 a barrel for the first time since April, supported by supply tightness following OPEC+ production cuts and renewed bullishness on the outlook for Chinese demand and global growth.
Crude has posted four consecutive weekly gains on an expected tightening of supply because of output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, as well as some involuntary outages.
Dollar Index
The Dollar index traded 0.17 percent higher in futures at 101.71, whereas the value of one dollar hovered near Rs 82.22
Gold
Gold prices slipped more than 1 percent to a two-week low on Thursday, weighed down by a stronger dollar and an uptick in bond yields after better-than-expected U.S. economic data.
Spot gold dropped 1.2 percent to $1,948.69 per ounce by 01:53 p.m. EDT (1753 GMT), its lowest since July 12. U.S. gold futures settled 1.2 percent lower to $1,945.70.
FIIs and DIIs
Foreign institutional investors (FII) sold shares worth Rs 3,979.44 crore, whereas domestic institutional investors (DII) purchased shares worth Rs 2,528.15 crore on July 27, provisional data from the National Stock Exchange (NSE) shows.
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