Stock Market Today: Top 10 things to know before the market opens on 11th july
The market is likely to open with marginal gains today as the GIFT Nifty indicates a firm start for the broader index, with a gain of 24 points after opening the session at 19,480.
On July 10, the Sensex was up 63.72 points, or 0.10 percent, at 65,344.17, and the Nifty was up 24.10 points, or 0.12 percent, at 19,355.90.
The pivot point calculator suggests that the Nifty may get support at 19,331, followed by 19,306 and 19,264, whereas in the case of an upside, 19,414 can be a key resistance area followed by 19,440 and 19,482.
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 24 points on Tuesday. The futures stood at 19,480.
US Markets
US stocks ended higher on Monday following last week’s losses, while Federal Reserve officials’ comments bolstered the view that the U.S. central bank may be near the end of its tightening cycle.
The S&P 500 added to slight gains before the close, with caution prevailing for much of the session ahead of Wednesday’s consumer prices report and the start of second-quarter earnings later this week.
Investors are anxious to see if price pressures are continuing to moderate.
That could shed light on the interest rate outlook, with many traders expecting the Fed to raise interest rates by 25 basis points this month.
The Dow Jones Industrial Average rose 209.52 points, or 0.62%, to 33,944.4, the S&P 500 gained 10.58 points, or 0.24%, at 4,409.53 and the Nasdaq Composite added 24.77 points, or 0.18%, at 13,685.48.
Asian Markets
Asia-Pacific markets rose on Tuesday, tracking moves on Wall Street as U.S. markets snapped a three-day losing streak.
Australia will release consumer confidence surveys out from Australia, while the Philippines will also publish its trade numbers for June.
In Australia, the S&P/ASX 200 climbed 0.22% and Japan’s Nikkei 225
advanced 0.6%, while the Topix saw a smaller gain of 0.32%.
South Korea’s Kospi led gains in the region among benchmark indexes, gaining 0.69%, while the Kosdaq was up 0.74%.
Hong Kong’s Hang Seng index looks to extend its gains from Monday, with futures at 18,642 compared to the HSI’s last close of 18,479.72.
European Markets
European markets closed slightly higher on Monday, as investors digest a surprisingly low Chinese inflation reading and look ahead to key U.S. data and corporate earnings later in the week.
Direct tax collections at Rs 4.75 lakh crore, up 15.87% so far in FY24
The Union government has collected Rs 4.75 lakh crore in direct taxes in the first quarter of 2023-24, the Finance Ministry said on July 9.
As per the ministry, as on July 9, the direct tax collected was 15.87 percent higher compared to the same period last financial year.
This collection is 26.05 percent of the total budget estimates of direct taxes for FY 2023-24.
Refunds amounting to Rs. 42,000 crore have been issued during April 1 to July 9, which are 2.55 percent higher than refunds issued during the same period in the preceding year, the ministry said.
The overall rate of growth is faster than what the government had anticipated. In the Union Budget for 2023-24, presented by Finance Minister Nirmala Sitharaman on February 1, direct tax collections were seen rising 10.5 percent from 2022-23.
Dollar Updates:
The dollar weakened on Tuesday after Federal Reserve officials signalled that the central bank was nearing the end of its tightening cycle, though it traded in a tight range ahead of a key U.S. inflation report.
Several Fed officials said on Monday the central bank will likely need to raise interest rates further to bring down still-high inflation, but that the end to its current monetary policy tightening cycle is getting close.
The comments knocked the greenback to a two-month low of 101.88 against a basket of currencies in early Asia trade, as traders pared back their expectations of how much further U.S. interest rates have to rise.
Crude Price Updates:
Oil prices edged higher on Tuesday, recouping some of the losses from the previous session, as traders focused on supply cuts by the world’s biggest oil exporters Saudi Arabia and Russia and awaited data that could help ascertain demand.
Brent crude futures rose 33 cents, or 0.4%, to $78 a barrel by 0050 GMT, and U.S. West Texas Intermediate crude was up 35 cents, or 0.5%, at $73.34.
Prices had eased 1% on Monday on higher expectations that further U.S. interest rate hikes are coming and as investors took profit after last week’s 4.5% rise.
Vedanta, Foxconn call it quits on chip JV, both looking for new partners
Vedanta Ltd plans to go ahead with its semiconductor business venture despite Taiwan’s Foxconn pulling out of the joint venture which planned to invest $19.5 billion to set up a manufacturing unit in Gujarat, the metals and mining company said late July 10.
In a major blow to billionaire Anil Agarwal’s ambitious plan to set up a semiconductor unit in India — a project that has thus far been mired in controversy — Hon Hai Technology Group, widely known as Foxconn, said that it will split from its JV partner Vedanta but continue to look for local partnerships in India.
FII and DII data
Foreign institutional investors (FII) bought shares worth Rs 588.48 crore, while domestic institutional investors (DII) purchased shares worth Rs 288.38 crore on July 10, provisional data from the National Stock Exchange (NSE) shows.
Stock under F&O ban on NSE
The NSE has added Indiabulls Housing Finance, Punjab National Bank, and Zee Entertainment India to its F&O ban list for July 11, while retaining Granules India, India Cements, BHEL and Delta Corp. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
Bymoneycontrol
