Stock Market Today: Top 10 things to know before the market opens on 17th july
The market is likely to open flat today as the GIFT Nifty indicates a muted start for the broader index, with a gain of 20 points after opening the session at 19,639.
The market is likely to open flat today as the GIFT Nifty indicates a muted start for the broader index, with a gain of 20 points after opening the session at 19,639.
On July 14, the Sensex ended up 502.01 points or 0.77 percent at 66,060.90, and the Nifty 150.70 points or 0.78 percent at 19,564.50.
The pivot point calculator suggests that the Nifty may get support at 19,469, followed by 19,431 and 19,369.
In case of an upside, 19,593 can be a key resistance area, followed by 19,631 and 19,693.
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 flat start for the broader index with a gain of 20 points on Monday. The futures stood at 19,639.
US Markets
The S&P 500 ended down slightly on July 14, with bank and financial shares mostly lower on the day following quarterly reports that kicked off earnings season, but all three major US stock indexes posted solid weekly gains.
Offsetting some of the declines, UnitedHealth Group’s stock rallied following its stronger-than-expected results.
Shares of JPMorgan Chase rose 0.6 percent and Wells Fargo eased 0.3 percent, while the S&P 500 banks index fell 0.9 percent.
Both major banks reported higher quarterly profits, but said they have set aside more money for expected losses from commercial real estate loans.
The biggest drags on the benchmark index were the energy sector, down 2.8 percent, and financials, down 0.7 percent.
The Dow Jones Industrial Average rose 113.89 points, or 0.33 percent, to 34,509.03, the S&P 500 lost 4.62 points, or 0.10 percent, to 4,505.42 and the Nasdaq Composite dropped 24.87 points, or 0.18 percent, to 14,113.70.
For the week, the Dow was up 2.3 percent, the S&P 500 rose 2.4 percent and the Nasdaq advanced 3.3 percent.
The S&P 500 remains up 17 percent for the year to date.
Asian Markets
Asia-Pacific markets fell on Monday as investors look ahead to key economic data out of China, including gross domestic product figures for the second quarter and industrial output numbers for June.
Last week, a Reuters poll said that while GDP is expected to grow 7.3% year on year, this is off a low base, and ”[recovery] momentum is rapidly faltering, raising expectations Beijing will have to roll out more stimulus measures soon.”
Hong Kong’s Hang Seng index was poised for a lower open after a five day winning streak last week, with futures at 19,319 compared to the HSI’s last close of 19,413.78.
However, Hong Kong’s markets will see a delayed open, due to a warning issued for Typhoon Talim.
The city’s exchange said should the typhoon warning extend beyond 12pm Hong Kong time, all trading sessions will be cancelled.
South Korea’s Kospi dipped 0.43 percent, ahead of the release of its trade figures for June.
Elsewhere, Japan’s markets are closed for a holiday, but more trade data will be released from Singapore and Indonesia.
European Markets
European stock markets closed lower Friday, after five positive sessions.
The regional Stoxx 600 index closed 0.1 percent lower after moving between marginal gains and losses throughout the day.
Tech stocks held on to recent gains, up 1.2 percent, while telecom stocks fell by 1.3 percent after Nokia cut its sales and margin outlook and Ericsson results underwhelmed. Oil and gas was down 2.1 percent and mining stocks lost 1 percent.
India’s forex reserves rise $1.23 billion to $596.28 billion
India’s foreign exchange reserves jumped $1.229 billion to $596.28 billion in the week ended July 7, the Reserve Bank of India said on Friday. In the previous reporting week, the overall forex reserves increased $1.85 billion to $595.05 billion. In the previous reporting week, the overall forex reserves increased $1.85 billion to $595.05 billion.
In October 2021, the country’s forex kitty had reached an all-time high of $645 billion.
The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
For the week ended July 7, the foreign currency assets, a major component of the reserves, increased $989 million to $528.968 billion, according to the Weekly Statistical Supplement released by the RBI.
For the week ended July 7, the foreign currency assets, a major component of the reserves, increased $989 million to $528.968 billion, according to the Weekly Statistical Supplement released by the RBI.
DMart Q1 result: Net profit rises 2% to Rs 659 crore; revenue up 18%, misses estimates
Avenue Supermarts, which operates the retail chain DMart, on July 15 reported a consolidated net profit of Rs 6,58.71 crore for the first quarter of the financial year 2023-24, up 2 percent from Rs 642.89 crore in the year-ago period.
The company’s consolidated net profit rose 43 percent from Rs 460.10 crore in the previous quarter.
Standalone net profit increased 2.2 percent at Rs.695 crore for Q1FY24, as compared to Rs. 680 crore in the corresponding quarter of last year.
The company reported an 18.2 percent YoY (year-on-year) rise in consolidated revenue from operations at Rs 11,865.44 crore against Rs 10,038.07 crore a year ago.
The revenue rose 12 percent from Rs 10,594.11 crore in the previous quarter.
Dollar Updates:
A bruised dollar took respite on Monday after suffering its worst weekly drop of the year, as traders waited on economic data and policy decisions before selling it down any further.
Chinese growth data and loan-rate settings are due later in the session, ahead of U.S. retail sales and British inflation later in the week and a slew of central bank meetings next week.
The euro, which jumped 2.4 percent last week to a 16-month high, held just below that peak at $1.1228. The yen, also up 2.4 percent last week, held at 138.69 per dollar.
The dollar’s slide began with yen buying, as investors unwound yen-funded positions in emerging markets, but extended sharply after softer-than-expected U.S. inflation data leant support to wagers that U.S. interest rates will soon peak.
Crude Price Updates:
Oil prices dipped for a second session on Monday after Libya resumed production over the weekend while China, the world’s largest crude importer, is expected to release economic data showing that its post-pandemic recovery is fizzling out.
Brent crude futures fell 57 cents, or 0.7 percent, to $79.30 a barrel by 0055 GMT, while US West Texas Intermediate crude was at $74.90 a barrel, down 52 cents, or 0.7 percent.
FII and DII data
Foreign institutional investors (FII) have net bought shares worth Rs 2,636.43 crore, whereas domestic institutional investors (DII) net sold shares worth Rs 772.45 crore on July 14, provisional data from the National Stock Exchange (NSE) shows.
Stocks under F&O ban on NSE
The NSE has added RBL Bank to its F&O ban list for July 17, while retaining Delta Corp, Hindustan Copper, Indiabulls Housing Finance, Manappuram Finance, and Punjab National Bank.
Securities banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
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